This paper investigates how the introduction of social preferences affects players’ equilibrium behavior in both the one-shot and the infinitely repeated version of the Prisoner’s Dilemma game. We show that fairness concerns operate as a ”substitute” for time discounting in the...

We report on an experiment examining behavior and equilibrium selection in two similar, infinitely repeated games, Stag Hunt and Prisoner's Dilemma under anonymous random matching. We are interested in the role that precedents may play for equilibrium selection between these two stage game...

We study indefinitely-lived assets in experimental markets and find that the traded prices ofthese assets are on average about 40% of the risk neutral fundamental value. Neither uncertaintyabout the value of total dividend payments nor horizon uncertainty about the duration of tradecan account...