This paper reports the results of an experiment designed to uncover the stochastic structure of individual preferences over lotteries. Unlike previous experiments, which have presented subject with pairwise choices between lotteries, our design allowed subjects to choose (virtually) any convex...

We report results of an experiment testing for present-value maximization in intertemporal income choice. Two-thirds of subjects did not maximize present value. Through a series of experimental manipulations that impose costs on non-present value maximizers, we are able to reduce the level of...

We conduct an experiment to (i) measure the structure of preferences over lotteries and (ii) test for stability of the probability transformation functions over different choice sets. The design is based on manipulations of the "probability triangle" A disaggregated nonparametric analysis in...

This paper presents an experimental test of the theory of individual sense of fairness of Karni and Safra (2000). According to this theory individuals' choice among random procedures designed to allocate indivisible goods is motivated, in part, by concern for fairness. The experimental study is...

We present the results of an experiment on learning in a continuous-time low-information setting. For a Cournot oligopoly with differentiated products, a dominance solvable game, we find little evidence of convergence to the Nash equilibrium. In an asynchronous setting, play tends toward the...