This chapter surveys the literature on behavioral industrial organization, covering four broad
topics:(1) how rational firms interact with consumers who make systematic mistakes in …

This chapter discusses structural econometric approaches to auctions. Remarkably, much of
what can be learned from auction data can be learned without restrictions beyond those …

An indispensable survey of new developments and results in experimental economics When
The Handbook of Experimental Economics first came out in 1995, the notion of economists …

ONE PARTY TO AN EXCHANGE often knows something relevant to the transaction that the
other party does not know. Such asymmetries of information are pervasive in economic …

Next time that you find yourself a little short of cash for lunch, try the following experiment in
your class. Take a jar and fill it with coins, noting the total value of the coins. Now auction off …

Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the
received economic wisdom by revealing many of the paradoxes that abound even in the …

Abstract The “Winner's Curse,” is just one of the surprising and puzzling conclusions turned
up by modern research into auctions. Another is the theoretical proposition that, for example …

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 …

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