Few if any natural resource systems are completely understood and fully observed. Instead, there almost always is uncertainty about the way a system works and its status at any given time, which can l
Are systematic biases in decision making self-corrected in the long run when agents are accumulating feedback informative of optimal behavior? This paper focuses on a canonical updating problem where
We document individuals' willingness to pay to control their own payoff. Experiment participants choose whether to bet on themselves or on a partner answering a quiz question correctly. Given particip
