The paper re-expresses arguments against the normative validity of expected utility theory in Robin Pope (1983, 1991a, 1991b, 1985, 1995, 2000, 2001, 2005, 2006, 2007). These concern the neglect of the evolving stages of knowledge ahead (stages of what the future will bring). Such evolution is...

A central concern in health economics is to understand the influence of commonly used physician payment systems. We introduce a controlled laboratory experiment to analyze the influence of fee-for-service (FFS) and capitation (CAP) payments on physicians' behaviour. Medical students decide as...

I was born in Breslau on October 5th, 1930. At that time, Breslau, now called Wroclaw, belonged to Germany and only German was spoken there. After the second world war Breslau became Polish and the original German population was almost completely replaced by a Polish one. I have never visited...

Prize Lecture to the memory of Alfred Nobel, December 9, 1994.

Interview with Professor Reinhard Selten at the 1st Meeting of Laureates in Economic Sciences in Lindau, Germany, September 1-4, 2004. Interviewer is freelance journalist Marika Griehsel.

We conducted an experimental study of price competition in a duopolistic market. The market was operationalized as a repeated game between two "teams" with one, two, or three players in each team. We found that asking (and winning) prices were significantly higher in competition between...

In the evaluation of experiments often the problem arises how to compare the predictive success of competing probabilistic theories. The quadratic soring rule can be used for this purpose. Originally this rule has been proposed as an incentive compatible elicitation method for probabilistic...