Showing 1 - 9 of 9
In rural economies with missing or incomplete markets, idiosyncratic risk is frequently pooled through informal networks. Idiosyncratic shocks, however, are not limited to private goods but can also restrict an individual from partaking in or benefiting from a collective activity. In these...
Persistent link: https://www.econbiz.de/10011157036
We conduct a laboratory experiment to explore whether the protection of intellectual property (IP) incentivizes people to create non-rivalrous knowledge goods, foregoing the production of other rivalrous goods. In the contrasting treatment with no IP protection, participants are free to resell...
Persistent link: https://www.econbiz.de/10010817414
Persistent link: https://www.econbiz.de/10010817417
Experiments using economic games are becoming a major source for the study of human social behavior. These experiments are usually conducted with university students who voluntarily choose to participate. Across the natural and social sciences, there is some concern about how this...
Persistent link: https://www.econbiz.de/10010817436
We report the results of experiments where in each period of her lifetime the subject must choose how to allocate real earned income between health investment and life enjoyment in each period of a nine-period life in order to maximize aggregate life enjoyment. The key dynamic optimization...
Persistent link: https://www.econbiz.de/10011094999
This article examines individual and social influences on investments in health and enjoyment from immediate consumption. We report the results of a lab experiment that mimics the problem of health investment over a lifetime, building on Grossman’s (1972a, 1972b) theoretical framework....
Persistent link: https://www.econbiz.de/10011095000
This paper uses a laboratory experiment to probe the proposition that property emerges anarchically out of social custom. We test the hypothesis that whalers in the 18th and 19th century developed rules of conduct that minimized the sum of the transaction and production costs of capturing their...
Persistent link: https://www.econbiz.de/10008556053
We report an experiment designed to study whether inecient rms are systematically driven from overcrowded markets. We implement a series of 3800 wars of attrition of a type modeled in Fudenberg and Tirole (1986). Exit tends to be ecient and exit times conform reasonably well to point predictions...
Persistent link: https://www.econbiz.de/10008527024
If, as Hume argues, property is a self-referring custom of a group of people, then property rights depend on how that group forms and orders itself. In this paper we investigate how people construct a convention for property in an experiment in which groups of self-selected individuals can...
Persistent link: https://www.econbiz.de/10008534336