In recent years, experiments have documented a new mechanism that leads to failures of
profit maximization: the failure of contingent thinking (FCT). This article summarizes key …

This article surveys some of the recent literature on technology markets, and summarizes its
main issues and insights. We structure our analysis in three parts: the supply and demand of …

Experimental economists are leaving the reservation. They are recruiting subjects in the field
rather than in the classroom, using field goods rather than induced valuations, and using …

We review the experimental evidence on risk aversion in controlled laboratory settings. We
review the strengths and weaknesses of alternative elicitation procedures, the strengths and …

Economists, psychologists, and marketers are interested in determining the monetary value
people place on non-market goods for a variety of reasons: to carry out cost-benefit analysis …

We develop an equilibrium framework that relaxes the standard assumption that people
have a correctly specified view of their environment. Each player is characterized by a …

There is evidence that people do not fully take into account how other people's actions
depend on these other people's information. This paper defines and applies a new …

The Social Science Encyclopedia, first published in 1985 to acclaim from social scientists,
librarians and students, was thoroughly revised in 1996, when reviewers began to describe …

This paper proposes a structural nonequilibrium model of initial responses to incomplete‐
information games based on “level‐k” thinking, which describes behavior in many …

We compare individuals with two-person teams in signaling game experiments. Teams
consistently play more strategically than individuals and generate positive synergies in more …