This paper reports on an experiment designed to test whether pairs of individuals are able to exploit efficiency gains in the sharing of a risky financial prospect. Observations from a previous experiment had suggested a general rejection of efficiency in favour of ex post equality. The present...

This paper tests experimentally, in a common value setting, the equivalence between the Japanese English auction (or clock auction) and an open outcry auction, where bidders are allowed to call their own bids. We find that (i) bidding behaviour is different in each type of auction, but also that...

This paper analyses an indefinitely-repeated Cournot duopoly. Firms select simple dynamic decision rules which, taken together, comprise a first-order linear difference equation system. A boundedly-rational objective function is assumed, by which the firm’s payoff is its profit at the point of...

We present a simple dynamic model of the demand and supply for elective surgery in the NHS and test it using a panel of quartely data for 123 English health authorities from the second quarter of 1987 to the first quarter of 1993. We find that supply is increasing in measures of the previous...

We consider differences in current job tenure of individuals using linked employee and workplace data. This enables us to distinguish between variation in tenure associated with the characteristics of individual employees and those of the workplace in which they work. The various individual...

We consider the interaction between the risk of unemployment, random house prices, consumption and savings. A critical decision is that of refinancing house purchase, up to 100% mortgages are possible. There is also a fixed transaction cost of refinancing. In a CARA framework we derive the value...