Many verifiable contracts are impossible or difficult to enforce. This applies to contracts among family and friends, contracts regulating market transactions, and sovereign debt contracts. Do such non-enforceable contracts ...

Volunteering is essential for developed economies. While previous research about volunteering has focused on the volunteers themselves, our study investigates how volunteers are viewed by society. We conducted a randomized ...

The present paper reports results from the first study designed to examine the neuronal responses to income inequality in situations in which individuals have made different contributions in terms of work effort. ...

We study the relative importance of intrinsic moral motivation and extrinsic social motivation in explaining behavior in the dictator game. We introduce a novel design that manipulates these two dimensions. The paper ...

Fairness preferences fundamentally affect individual behavior and play an important role in shaping social and political institutions. However, people differ both with respect to what they view as fair and with respect ...

The pari passu principle is the most prominent principle in the law of insolvency. We report from a lab experiment designed to study whether people find this principle a fair solution to the bankruptcy problem. The ...

It has been shown that participants in the dictator game are less willing to give money to the other participant when their choice set also includes the option to take money. We examine whether this effect is due to the ...

We show that cyclical skill mismatch, defined as mismatch between the skills supplied by college graduates and skills demanded by hiring industries, is an important mechanism behind persistent career loss from graduating ...

We report an experimental test of the four touchstones of rationality in choice under risk – utility maximization, stochastic dominance, expected-utility maximization and small-stakes risk neutrality – with students from ...