This paper merges the non-expected utility approach (Tversky and Kahneman, J Risk Uncertain 5:297–323, <CitationRef CitationID="CR17">1992</CitationRef> and Quiggin, J Econ Behav Organ 3:323–343, <CitationRef CitationID="CR14">1982</CitationRef>) into Akerlof’s (Quart J Econ 84:488–500, <CitationRef CitationID="CR2">1970</CitationRef>) model of Market for Lemons. We derive the results for different probability...</citationref></citationref></citationref>

We test whether bond ratings contain pricing-relevant information by examining security price reactions to Moody's refinement of its rating system, which was not accompanied by any fundamental change in issuers' risks, was not preceded by any announcement, and was carried simultaneously for all...

We analyze one-shot Prisoner’s Dilemma decisions made by participants of the high-stakes TV game show The Manipulation, and document the influence of social life factors on economic decisions, alongside the participants’ rational considerations. In particular, we employ a social psychology...