This paper examines the role of other-regarding and time preferences for cooperation in the field. We study the preferences of fishermen whose main, and often only, source of income stems from using a common pool resource (CPR). The exploitation of a CPR involves a negative interpersonal and...

This paper examines the role of other-regarding and time preferences for cooperation in the field. We study the preferences of fishermen whose main, and often only, source of income stems from using a common pool resource (CPR). The exploitation of a CPR involves a negative interpersonal and...

This paper examines the role of cooperativeness and impatience in the exploitation of common pool resources (CPRs) by combining laboratory experiments with field data. We study fishermen whose main, and often only, source of income stems from the use of fishing grounds with open access. The...

We have experimentally tested a theory of bounded rational behavior in a "lemon market". It provides an explanation for the observation that real world players successfully conclude transactions when perfect rationality predicts a market collapse. We analyzed two different market designs :...

Wir nutzen die Ergebnisse eines Experiments über Lemons-Märkte, um wirtschaftspolitische Folgerungen über die EU-Verbraucherschutzregulierung von 1999 abzuleiten. Die beiden Marktdesigns, die im Experiment getestet wurden, unterscheiden sich hinsichtlich des Grades, zu dem die Verbraucher das...

In this paper we experimentally test a theory of boundedly rational behavior in a "lemons market." We analyzed two different market designs, for which perfect rationality implies complete and partial market collapse, respectively. Our empirical observations deviate substantially from these...

The standard economic treatment of knowledge mixes a mentalist approach in game theory and an externalist approach in growth theory and related fields. This confusing state requires a philosophical clarification. I propose to start out from F.A von Hayek’s approach developed in his book on...

Behavioral economics characterizes decision-makers using psychologically-informed models. Cognitive science produces psychologically-informed models. Why don't these disciplines talk more? Here, the author presents several arguments for why cognitive science should inform behavioral economics -...

Many facts are learned through the intermediation of individuals with special access to information, such as law enforcement officers, employees with a security clearance, or experts with specific knowledge. This paper considers whether societies can learn about such facts when information is...

Taking note of the wide variety and growing list of models in the literature to explain patterns of behavior observed in laboratory experiments, this paper identifies two tests, the Variety Test (ability of a model to explain outcomes under variety or alternative scenarios) and the Psychological...