This paper examines the influence of external information on their purchase behaviour of GM food. Data are gathered from auction experiments. The results show that external information affects the purchase behaviour of consumers. Participants who receive single negative information from...

While major stock market indices are followed by large monetary investments, we document that membership decisions for the S&P 500 index have a nontrivial amount of discretion. We show that firms' purchases of S&P ratings appear to improve their chance of entering the index (but purchases of...