Two insurance experiments using real-money consequences and multiple rounds to provide experience are described. In the first experiment, subjects bid for insurance to prevent a fixed loss of $4 at probabilities ranging from .01 to .9. Mean bids were near expected value except at the lowest...

This paper reports the results of several experiments investigating dynamic consumer behavior. When consumers know their incomes and prices but are uncertain about their preferences, the authors find that they typically adopt a two-step approach to locating optimal consumption bundles....

This paper examines the parallelism which exists between demand behavior determined from the sale of a private good in an actu al "real world" field setting and in a laboratory auction setting. The demand behavior observed in the two settings is significantly the same leading to the...

The problems associated with accurately measuring the value of a public good in an applied setting are considered. The values obtained from hypothetical elicitation procedures are compared and contrasted with those obtained in a marketplace. When hypothetical measurements are elicited in the...