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uncertainty. We designed a multi-period experiment in which each period consisted of two stages, an R&D phase and a pricing stage …. Participants in the experiment had almost no information about the underlying functions, parameters, and probabilities. Subjects …' behavior in the fundamentally uncertain environment of our experiment may best be characterized as some kind of procedural …
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' welfare, measured by the discounted sum of the payoffs at the beginning of the experiment, on the other hand, are not …
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theory of ecological rationality. The main casualty of this rebuilding process is optimality. Once we view optimality as a …
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