Experimental studies of the WTP-WTA gap avoid social trading by implementing an incentive compatible mechanism for each individual trader. We compare a traditional random price mechanism and a novel elicitation mechanism preserving social trading, without sacrificing mutual incentive...

Popular models for decision making under ambiguity assume that people use not one but multiple priors. This paper is a first attempt to experimentally elicit the min and the max of multiple priors directly. In an ambiguous scenario we measure a participant's single prior, her min and max of...

The evidence for hypothetical bias over uncertain outcomes is reviewed. Consistent with the evidence for deterministic outcomes, it appears that subjects respond differently to risky prospects when they face real economic consequences of their choices instead of hypothetical economic...