The literature analyzing the efficiency of financial institutions has evolved rapidly over the last twenty years. Most research has focused on the input side, analyzing either cost, input technical efficiency or input allocative efficiency, whereas comparatively fewer studies have examined the...

This paper provides an experimental test of the traveller's dilemma using individual and group data. Our investigation aims to address three fundamental research questions, which can be summarised as follows: (i) claims are affected by the size of the penalty/reward; (ii) individual decisions...

We investigate the effect of beliefs and preferences on trust and trustworthiness in the first experiment involving a stratified sample of association members and a demographically comparable sample of non-members. We show that: (1) Neither expectations on others’ behaviour nor risk aversion...

This paper studies the effects of economic integration in Latin America on the margins of trade. The analysis is performed on bilateral exports of goods from eleven member countries of the Latin American Integration Association (LAIA) over the period 1962-2009. We distinguish the effects of...

A new panel method is applied to the case of Chinese provinces to analyze the existence of club convergence in terms of per capita income, labor productivity, capital intensity, and total factor productivity from 1952 to 2008. The advantage of this approach is that it takes into account the...

We consider the relationship between the emotional state of asset traders and market prices. We create experimental asset markets with the structure first studied by Smith, Suchanek and Williams (1988), which is known to generate price bubbles and crashes. We analyze participants' facial...

The present research shows how one can deal with stationary plus trend trade balance variables in a trade model where the rest of the variables contain a unit root. Data are used in a monthly and a quarterly basis from January 1980 to June 2011 and applied to four countries (Germany, France,...

Based on Gossner, Hernández and Neyman’s (2006) 3-player game (hereafter GHN) we analyze communication efficiency in the lab. In that game, player 1 represents random nature an i.i.d. procedure, player 2 is a fully informed player (wiser), and player 3 is the less informed player (agent). The...

The aim of this paper is to generalize the results of Peter and Tijs [10] and [9]. We propose a characterization that holds both for n-agent problems and for a larger class of problems. The axioms used in our characterization are weaker because they are implied by the characterization in the...

This article tests whether workers are indifferent between risky and safe jobs provided that, in labour market equilibrium, wages should serve as a utility equalizing device. Workers’ preferences are elicited through a partial measure of overall job satisfaction: satisfaction with job-related...