Milton Friedman has famously claimed that the responsibility of a manager who is not the owner of a firm is "to conduct the business in accordance with their [the shareholders'] desires, which generally will be to make as much money as possible." In this paper we argue that when contracts are...

The Holt and Laury (2002) mechanism (HL) is the most widely-used method for eliciting risk preferences in economics. Participants typically make ten decisions with different variance options, with one of these choices randomly-chosen for actual payoff. For this mechanism to provide an accurate...

The extensive theoretical and experimental economics literature on lying has focused nearly exclusively on lying for material rewards. However, in everyday interactions, lying to enhance one’s image is ubiquitous and perhaps even more common than lying to gain a financial advantage. In this...

The extensive theoretical and experimental economics literature on lying has focused nearly exclusively on lying for monetary rewards. However, in everyday interactions, lying to enhance one’s image is ubiquitous and perhaps even more common than lying to gain a financial advantage. In this...