We conduct experiments on common value auctions with rationing. In each auction, the good is randomly allocated to each of the k highest bidders, at the (k+1)st highest price. As the degree of rationing increases, the theoretical winner's curse decreases, and the equilibrium bid function...

In an experiment comparing two-person bargaining and multiperson markets in Israel, Japan, the United States, and Yugoslavia, market outcomes converged to equilibrium everywhere, with no payoff-relevant differences between countries. Bargaining outcomes were everywhere different from equilibrium...

Laboratory data from bargaining experiments have started a debate about the prospects for various parts of game theory as descriptive theories of observable behavior and about whether, to what extent, and how a successful descriptive theory must take into account peoples' perceptions of...

Considerable evidence has accumulated which shows that the choice behavior of individuals exhibits systematic departures from expected utility maximization. The focus of the paper is to develop some measures of the extent to which utility maximization nevertheless remains a useful approximation....