This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making - and for the corresponding causes and consequences. The analysis is based on move-by-move data from chess tournaments and an identification strategy that compares behavior of...

With the increasing popularity of e-commerce systems, commercial transactions are becoming more and more frequent. Such transactions are not direct but mediated, putting the buyer in a position of weakness with respect to the seller, especially in the case of a failure of a transaction. The...