world. We create an experiment on individual choice under uncertainty. In this experiment, the subject observes an urn …

incomplete information games. This has been achieved by appropriately restricting beliefs at unreached information sets. Each new … refinement gives stricter and more mathematically-complicated limitations on permitted beliefs. A simpler approach is taken here …, where the whole idea of beliefs is dispensed with, and a new equilibrium concept, called the ideal reactive equilibrium …

incomplete information games. This has been achieved by appropriately restricting beliefs at unreached information sets. Each new … refinement gives stricter and more mathematically-complicated limitations on permitted beliefs. A simpler approach is taken here …, where the whole idea of beliefs is dispensed with, and a new equilibrium concept, called the ideal reactive equilibrium …

The modern world is complex and difficult to understand for voters, who may hold beliefs that are at variance with … reality. Politicians face incentives to pander to voters' beliefs to get reelected. We analyze the welfare effects of this …