This report summarizes some of the findings of an experimental investigation motivated by the question, How might exchange, specialization, and property--rules governing actions--emerge jointly in human economic betterment? Sparse experimental instructions in a virtual village environment serve...

We design an experiment to examine behavior and welfare in a multi-level trust game representing a pass through investment in an intermediated market. In a repeated game, an investor invests via an intermediary who lends to a borrower. A pre-experiment one-shot version of the game serves as a...

Key differential structural characteristics of environments studied in previous market experiments have documented large divergences in their observed performance, particularly discrepancies in their convergence to expected equilibrium outcomes. We investigate why this should be so. The type of...

The present paper summarizes the results of a detailed empirical investigation of the theory of economic equipment policy as applied to one important kind of industrial equipment, viz line-haul truck-tractor power units. The objective of this research was to ascertain, for a type of equipment...

In this paper the theory of optimal replacement investment decisions is employed to interpret the problem of depreciation accounting and market valuation. An asset should be replaced when its net contribution to present worth from an additional (marginal) year of service no longer exceeds its...