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Working paper
A Behavioral Characterization of the Likelihood Ratio Order
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Working paper
Information Aggregation in Competitive Markets
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Mood-driven Choices and Self-regulation
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Working paper
Adverse Selection in Distributive Politics
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The Perverse Politics of Polarization
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Working paper
Adverse and Advantageous Selection in the Laboratory
In: American economic review, Band 111, Heft 7, S. 2152-2178
ISSN: 1944-7981
We study two-player games where one-sided asymmetric information can lead to either adverse or advantageous selection. We contrast behavior in these games with settings where both players are uninformed. We find stark differences, suggesting that subjects do account for endogenous selection effects. Removing strategic uncertainty increases the fraction of subjects who account for selection. Subjects respond more to adverse than advantageous selection. Using additional treatments where we vary payoff feedback, we connect this difference to learning. We also observe a significant fraction of subjects who appear to understand selection effects but do not apply that knowledge. (JEL C92, D82, D91)
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Working paper