For the Euro 2000 Soccer Championships an experimental asset market was conducted, with traders buying and selling contracts on the winners of individual matches. Market-generated probabilites are compared to professional bet quotas, and factors that are responsible for the quality of the market...

In the experiment two bureaucrats independently can grant a permitwith the profit of the private party depending on when the permit is given.Whereas one bureaucrat can only veto the project, the second one hasadditional discretion in granting the permit earlier or later. We speakof greasing when...

Threat power is the ability to impose a great loss on someone else at relativelylow own cost and can be measured by the ratio of other’s and own loss. It can bevaried by assuming that rejecting an ultimatum reduces the payoff of the proposerto its lambda–share and that of the responder to...

In this paper we study information revelation on asset markets with endogenousand exogenous information. Our results indicate that superior informationcan only be exploited in the beginning of trading. Information disseminateson the market and informational advantages are counter-balancedover...

We investigate the intertemporal and interpersonal allocation behavior ofspouses with different deterministic life expectations in an experiment. In eachperiod of their life both partners propose a consumption level one of which isthen randomly implemented. In spite of the complex dynamics...

Similar to Levati and Neugebauer (2001), a clock is used by which participantscan vary their individual contributions for voluntarily providing apublic good. As time goes by, participants either in(de)crease their contributiongradually or keep it constant. Groups of two poorly and two...

We conducted a laboratory study with a public goods game in which contributions are notsubmitted all at once but incrementally as coordinated in real time by a clock. Individualspress a button as soon as the clock equals their willingness to contribute. This publicgoods institution exploits the...

We experimentally test overconfidence in investment decisions by offering participants the possibility to substitute their own for alternative investment choices.Overall, 149 subjects participated in two experiments, one with just one risky asset, the other with two risky assets. Overconfidence...

This paper focuses on egocentric biases in financial decisions. Subjects first designa portfolio, whereby each combination of assets yields the same expected returnand variance of returns. They are then confronted with two alternative portfolios;the average portfolio and the portfolio of one’s...

In this paper we study the robustness of the deadline effect in bargaininggames using constant and slowly decreasing pies, different time horizons,and both constant and alternating role modes. With decreasing pies efficiency requires early agreements while constant pies allow for efficient late...