We propose and analyze a generalization of present value maximization, 'time-order dependent present value (TODPV),' for intertemporal income choice. The model is analagous to the rank dependent expected utility model (RDEU) for choice under risk. The main feature of interest in the model is the...

This paper reports on an experiment testing Credible Message Rationalizability (CMR) in one-shot and repeated signaling games with costless communication. CMR is a non-equilibrium theory combining rationalizability with the idea that players will, using the natural meaning of the language,...

The empirical observation of preference reversals has been viewed as a fundamental challenge to economic theory, though exactly what the implications for economic theory are has not been investigated in depth. We argue in two ways that the implications for economics are not so serious as has...

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...

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