We present a theoretical framework for understanding the relationship between anchoring bias, hypothetical bias, and cheap talk in constructed markets. In our theory, interviewers provide agents with signals such as cheap talk and bid values while eliciting the value for nonmarket goods. In response to these signals, agents revise their prior distributions over the value of the good. Previous e...

A group of rational individuals with common interest need to select one of two outcomes. The optimal decision depends on whether certain premises or pieces of evidence are established as being true, and each member receives a noisy signal of the truth value of the relevant premises. Should the group reach a decision by voting whether each premise is true or false, or should they simply vote on ...

abnormal function of the gastrointestinal tract, hepatobiliary system, and pancreas. It is published 12 times a year (monthly) by the publishes original articles pertaining to all aspects of research involving normal or AJP-Gastrointestinal and Liver Physiology

Comparison is a fundamental principle of science as well as a basic element of everyday life. It is a spontaneous mental process, so that “[t]hinking without comparison is unthinkable” (Swanson, 1971, p. 145). Daily we compare lines in shops (shorter or longer), the weather from one day to the next (better or worse), the size of clothing articles (larger or smaller), the arrival of trains (earl...