Please see my website at


Charles N. Noussair


June 2013


Department of Economics                             

Faculty of Economics and Business Administration                         

Tilburg University

P.O.Box 90153

5000 LE Tilburg

The Netherlands

Phone:  +31 13 466-2690



Date of Birth: September 27, 1965.           

Citizenship:  USA, Dutch resident             





Ph.D. Social Science, California Institute of Technology, USA, 1993.


M.S. Social Science, California Institute of Technology, USA, 1990.


B.A. Economics and Psychology, University of Pennsylvania, USA, 1987.



Current Position


Arie Kapteyn Professor of Economics, Tilburg University, Tilburg, The Netherlands, 2006 – present.



Past Positions


Professor of Economics, Emory University, Atlanta, GA, USA, 2004-2006, Associate Professor (with tenure), 2002-2004.


Associate Professor of Economics (with tenure), Krannert School of Management, Purdue University, West Lafayette, IN, USA, 1998 – 2002, Assistant Professor, 1994 - 1998.


Assistant Professor of Mathematical Economics, Econometric Institute, Erasmus University Rotterdam, The Netherlands, 1992-1994.


Visiting Professor, University Jaume I, Castellon, Spain, July – August 2012.


Visiting Professor, Copenhagen University, Copenhagen, Denmark, March – June 2007.


Adjunct Professor, University of Melbourne, Melbourne, Australia, 2008 – 2010, Visiting Scholar, September 2005, August 2006.


Visiting Professor, University of Montpelier, Montpelier, France, June 2004.


Visiting Professor, University Louis Pasteur, Strasbourg, France, November 2001 - December 2001, March 2003, May 2004.


Associate Professor, German International School of Management (GISMA), Hannover, Germany, Fall 1999, Fall 2000.


Visiting Scholar, Institute of Industrial Economics. Stockholm, Sweden, June 1999 – July 1999.


Visiting Scholar, Institut National Polytechnique Grenoble, France, August 1998 - October 1998.


Visiting Scholar, Waseda University, Tokyo, Japan, June 1997 – July 1997.



Research Interests


Experimental Economics, Game Theory, Applied Microeconomics, Financial Markets, Neuroeconomics





Associate Editor, Judgment and Decision Making, 2010 –


Editorial Board, Journal of Neuroscience, Psychology, and Economics, 2011 -


Editorial Board, Experimental Economics, 2004 -


Editorial Board, Pacific Economic Review, 2003 -


Editorial Board, Journal of Economic Studies, 2005-


Editorial Board, Journal of Prediction Markets, 2006 -


Associate Editor, Journal of Economic Behavior and Organization, 2009 - 2012


Associate Editor, European Economic Review, 2003 – 2005.


Editorial Board, Lecture Notes in Economics and Mathematical Systems, Springer Verlag Publishers, 1998-2001.


Editor, New Zealand Economic Papers, Special Issue on Experimental Economics, August 2009


Editor, Managerial and Decision Economics, Special Issue on Experimental Economics, September 2006


Editor, Pacific Economic Review, Special Issue on Experimental Research in Economics and Finance, June 2006


Co-Editor, Advances in Experimental Markets, Springer Verlag Publishers, 2001.


Co-Editor, Economic Theory, Special Issue on Experimental Markets, November 2000. 




”Justification as a Means of Creating Legitimacy of a Punishment System”, Journal of Institutional and Theoretical Economics, forthcoming.


"Emotions, Sanctions and Cooperation", with Matteus Joffily, David Masclet, and Marie-Claire Villeval", Southern Economic Journal, forthcoming.


"Risk and Religion", With Stefan Trautmann, Gijs van de Kuilen, and Nathanael Vellekoop, Journal of Risk and Uncertainty, forthcoming.


"Higher Order Risk Attitudes, Demographics, and Financial Decisions", with Stefan Trautmann and Gijs van de Kuilen, Review of Economic Studies, forthcoming.


“Experimental Approaches to Resource and Environmental Economics”, with Daan van Soest, Annual Reviews of Resource Economics, forthcoming.


“The Impact of Asset Repurchases and Issues in an Experimental Market”, with Ernan Haruvy and Owen Powell, Review of Finance, forthcoming.


“Experimental Research on Asset Pricing”, with Steven Tucker”, Journal of Economic Surveys 27(3), July 2013, pages 554 - 569.


"The Nexus Between Artificial Intellgence and Economics”, with Ad van de Gevel, Springer Briefs in Economics, Springer Verlag, 2013.


“A Collection of Surveys on Market Experiments”, with Steven Tucker ,Journal of Economic Surveys 27(3), July 2013.


"Threat and Punishment in Public Goods Experiments”, with David Masclet and Marie-Claire Villeval, Economic Inquiry 51(2), April 2013,  pages 1421 - 1441.


“Long-Term Financial Transportation Rights: An Experiment”, with Bastian Henze and Bert Willems, in Financial Transmission Rights: Analysis, Experiences, and Prospects, T. Kristainsen and J. Rosellon, eds., Lecture Notes in in Energy, Volume 7, 2013 Springer Verlag, pages 211 - 226.


“The Influence of Probability Format on Elicited Certainty Equivalents”, with Bodo Vogt, in Progress in Brain Research: Neural and Behavioural Approaches, V. S. C. Pammi and N. Srinivasan, eds., Elsevier, January 2013, pages 151 - 171.


“From the Lab to the Field: Cooperation Among Fishermen”,with Jan Stoop and Daan van Soest, Journal of Political Economy, 120(6), December 2012, pages 1027 - 1056 (lead article)


“Normative Conflict and Feuds: The Limits of Self-Enforcement”, with Nikos Nikiforakis and Thomas Wilkening, Journal of Public Economics, 96, 9-10, October 2012, pages 797-807.


"Regulation of Network Infrastructure Investments: An Experimental Evaluation" with Bastian Henze and Bert Willems, Journal of Regulatory Economics 42, 1, August 2012, pages 1 – 38 (lead article).


“Information Aggregation and Belief Elicitation in Experimental Parimutuel Betting Markets", with Frederic Koessler and Anthony Ziegelmeyer, Journal of Economic Behavior and Organization 83(2), July 2012, pages 195-208.


“Money Illusion and Nominal Inertia in Experimental Asset Markets”, with Gregers Richter and Jean-Robert Tyran, Journal of Behavioral Finance 13, 1, March 2012, pages 27 - 37.


“Experimental Prediction and Parimutuel Betting Markets”, in Prediction Markets: Theory and Applications, ed. Leighton Vaughan Williams, London/New York: Routledge Publishers, 2011.


“Voting on Punishment Systems Within a Heterogeneous Group”, with Fangfang Tan, Journal of Public Economic Theory 13, 5, October 2011, pages 661 – 693.


“Announcement, Observation and Honesty in the Voluntary Contributions Game,” with Laurent Denant-Boemont and David Masclet, Pacific Economic Review 16, 2, May 2011, pages 207-228.


 Bad to Worse: Striatal Coding of the Relative Value of Painful Decisions”, with Gregory S. Berns, Andrew Brooks, C. Monica Capra, Jan Engelmann, and V. S. Chandrasekhar Pammi , Frontiers in Neuroscience 4, October 2010, art. 176.


 “Peaks and Valleys: Price Discovery in Experimental Asset Markets with Non-Monotonic Fundamentals”, with Owen Powell, Journal of Economic Studies, May 2010, pages 152-180 (lead article).


 “Neural Mechanisms of the Influence of Popularity on Adolescent Ratings of Music’, with Gregory S. Berns, C. Monica Capra, and Sara Moore, Neuroimage 49, 3, February 2010, pages 2687-2696.


“Laboratory Experiments in Economics, Finance and Political Science”, with Maros Servatka and Steven Tucker, New Zealand Economic Papers 43, 2, August 2009, pages 1 – 2.


“The Impact of Simple Institutions in Experimental Economies with Poverty Traps”, with C. Monica Capra, Colin Camerer, Tomomi Tanaka, Lauren Feiler, and Veronica Sovero, Economic Journal 119, 539, July 2009, pages 977 - 1009  (lead article).


“Expert Financial Advice Neurobiologically ‘Offloads’ Financial Decision Making Under Risk”, with Gergory S. Berns, C. Monica Capra and Jan Engelmann, Public Library of Science – One (PLOS-1), Vol. 4, No. 3, March 2009, pages 1 – 14.


“Three Studies on the Neuroeconomics of Decision Making When Payoffs are Real and Negative”, with Gergory Berns, C. Monica Capra, and Sara Moore, in Advances in Health Economics and Health Services Research, D. Houser and K. McCabe, eds., Emerald Insight Publishers, 2008, pages 1 – 31.


“Measuring Preferences for Genetically Modified Food Products”, with Stephane Robin and Bernard Ruffieux, in Experimental Methods, Environmental Economics, T. Cherry, S. Kroll, and J. Shogren, eds., Routledge Publishers, 2008, pages 344 - 365.


“Bubbles in Asset Markets: Common Knowledge Failure or Confusion?” with Charles Plott, Handbook of Experimental Economic Results, C. Plott and V. Smith, eds., 2008.


“Parimutuel Betting under Asymmetric Information”, with Frederic Koessler and Anthony Ziegelmeyer, Journal of Mathematical Economics 44, 7-8, July 2008, pages 733 – 744.


 “Nonlinear Neurobiological Probability Weighting Functions for Aversive Outcomes”, with Gregory S. Berns, C. Monica Capra, and Sara Moore, Neuroimage, February 2008, Vol. 39, No. 4, pages 2047-2057.


“Neurobiological Regret and Rejoice Functions for Aversive Outcomes”, with Pammi V. S. Chandrasekhar, Gregory S. Berns, C. Monica Capra, and Sara Moore”, Neuroimage, February 2008, Vol. 39, No. 3, pages 1472-1484.


“Voluntary Contributions to a Dynamic Public Good: Experimental Evidence,” with Cindy Soo, Economics Letters, January 2008, Vol. 98, No. 1, pages 71-77.


“Probability Weighting Over Losses: Behavioral and Neurobiological Measures”, with Gregory Berns, C. Monica Capra, Jonathan Chappelow, and Sara Moore, in Shakai Kagaku no Jikken Apurochi, Keisoshobo publishers, Tokyo, Japan, 2007.


“Traders’ Expectations in Asset Markets: Experimental Evidence”, with Ernan Haruvy and Yaron Lahav, American Economic Review, December 2007, Vol. 97, No. 5, pages 1901-1920.


“Equilibrium Selection in an Experimental Macroeconomy”, with Vivian Lei, Southern Economic Journal, October 2007, Vol. 74, No. 2, pages 448-482.


 “Punishment, Counterpunishment, and Sanction Enforcement in a Social Dilemma Experiment” with Laurent Denant-Boemont and David Masclet, Economic Theory, October 2007, Vol. 33, pages 145-167.


“A Shocking Experiment: New Evidence on Probability Weighting and Common Ratio Violations”, with Gregory Berns, C. Monica Capra, and Sara Moore, Judgment and Decision Making, August 2007, Vol. 2, No. 4, pages 234-242.


“Contracting Inside an Organization: An Experimental Study”, with John Ledyard, Harley Thronson, Peter Ulrich, Giulio Varsi, and Paul Healy, Experimental Economics, June 2007, Vol. 10, No. 2, pages 143-167.


“Receptor Theory and Biological Constraints on Value”, with Gregory Berns and C. Monica Capra, Annals of the New York Academy of Sciences, June 2007, Vol. 1104, pages 301-309.


“A Market with Frictions in the Matching Process: An Experimental Study”, with Timothy Cason, International Economic Review, May 2007, Vol. 48, No. 2, pages 665 – 691.


“Public Observability of Decisions and Voluntary Contributions in a Multi-Period Context”, with Steven Tucker, Public Finance Review, March 2007, Vol. 35, No. 2, pages 176 – 198.


“Production, Trade and Exchange Rates in Large Experimental Economies”, with Charles Plott and Raymond Riezman, European Economic Review, January 2007, Vol. 51, No. 1, pages 49-76.


“Risk Aversion in the Present and the Future: An Experimental Study”, with Ping Wu, Managerial and Decision Economics, September 2006, Vol. 27, No. 6, pages 401 - 412


“The Effect of Short-Selling on Bubbles and Crashes in Experimental Spot Asset Markets”, with Ernan Haruvy, Journal of Finance, June 2006, Vol. 61, No 3, pages 1119-1157.


“Futures Markets and Bubble Formation in Experimental Asset Markets”, Pacific Economic Review, June 2006, Vol. 11, No 2, pages 167-184.


“Introduction: Experimental Methods in Economics and Finance”, Pacific Economic Review, June 2006, Vol. 11, No. 2, pages. 131-132.


“Behavior in All-Pay Auctions Under Incomplete Information”, with Jonathon Silver, Games and Economic Behavior, April 2006, Vol. 55, No 1, pages 189-206.


“Combining Monetary and Social Sanctions to Promote Cooperation,” with Steven Tucker, Economic Inquiry, July 2005, Vol. 43, No. 3, pages 649-660.


 “A lesson from the experimental study of markets: the contrast in efficiency between service and asset markets”, with Bernard Ruffieux, in Cognitive Economics: An Interdisciplinary Approach, P. Bourgine and J. Nadal, eds., Springer Verlag Publishers, 2004.


“Revealing Consumers’ Willingness to Pay: A Comparison of the BDM Mechanism and the Vickrey Auction”, with Stephane Robin and Bernard Ruffieux, Journal of Economic Psychology, December 2004, Vol. 25, No .6, pages 725-741.


 “Bidding Behavior in the ‘Price is Right’ Game: An Experimental Study” with Paul Healy, Journal of Economic Behavior and Organization, Vol.54, No. 2, June 2004, pages 231-247. 


“A Comparison of Hedonic Rating and Demand Revealing Auctions”, with Stephane Robin and Bernard Ruffieux, Food Quality and Preference, Vol. 15, No. 4, June 2004, pages 393-402.


 “Do European Consumers Really Refuse to Buy GM Food?” with Stephane Robin and Bernard Ruffieux, Economic Journal, Vol. 114, No. 492, January 2004, pages 102-120.


“Optimization” in Social Science Encyclopedia, A. Kuper and J. Kuper, eds. Vol. 2, Routledge Publishers, London and New York, 2003, pages 696-698.


 “Rate of Return Dominance and Efficiency in an Experimental Economy”, with Gabriele Camera and Steven Tucker, Economic Theory, Vol. 22, No 3, October 2003, pages 629-660.


“Innovations in the Development of Bundled-Item Auctions”, Proceedings of the National Academy of Sciences, Vol. 100, No. 19, September 2003, pages 10590-10591.


 “Monetary and Non-Monetary Punishment in the Voluntary Contributions Mechanism”, with David Masclet, Steven Tucker, and Marie-Claire Villeval, American Economic Review, Vol. 93, No. 1, March 2003, pages 366-380.


 “De l’opinion publique aux comportements des consommateurs. Faut-il une filiere sans OGM?” with Stephane Robin and Bernard Ruffieux, Revue Economique, Vol. 54, No. 1, January 2003, pages 47-69.


“Un enseignement majeur de l’approche expérimentale des marchés: marchés non financiers et marchés financiers s’opposent en matière d’efficacité”, with Bernard Ruffieux, Revue Economique, Vol. 53, No. 5, September 2002, pages 1051-1074.


“A Comparison of Multiple-Unit All-Pay and Winner-Pay Auctions Under Incomplete Information”, with Yasar Barut and Dan Kovenock, International Economic Review, Vol. 43, No. 3, August 2002, pages 675-708.


“An Experimental Test of an Optimal Growth Model”, with Vivian Lei, American Economic Review, Vol. 92, no 3, June 2002, pages 549-570.


“Dynamic Optimization: An International Comparison”, with Fumihiko Hiruma, Review of Economics and Finance, March, 2002, pages 65-84.


“Do Consumers Not Care About Biotech Foods or Do They Just Not Read the Labels?” with Stephane Robin and Bernard Ruffieux, Economics Letters, Vol. 75, no 1, March 2002, pages 47-53.


“Comportement des consommateurs face aux aliments ‘avec OGM’ et ‘sans OGM’: une etude experimentale”, with Stephane Robin and Bernard Ruffieux, Economie Rurale, Vol. 266, November/December 2001, pages 30-44.


 “Non-Speculative Bubbles in Experimental Asset Markets: Lack of Common Knowledge of Rationality vs. Actual Irrationality” with Vivian Lei and Charles Plott, Econometrica, Vol 69, No. 4, July 2001, pages 831-859 (lead article).


Price Bubbles in Laboratory Asset Markets with Constant Fundamental Values”, with Stephane Robin and Bernard Ruffieux, Experimental Economics, Vol. 4, No 1, June 2001, pages 87-105.


“The Experimental Study of Market Behavior”, with Timothy Cason, in Advances in Experimental Markets, with Timothy Cason, Springer Verlag Publishers, June 2001, pages 1-14.


 “Experimental Markets: Introduction”, with Timothy Cason, Economic Theory, Vol. 16, No. 3, November, 2000, pages 1-8.


“An Experimental Study of Decisions in Dynamic Optimization Problems”, with Kenneth Matheny, Economic Theory, Vol. 15, No. 2, January 2000, pages 389-419.


“Student Decision Making as Active Learning”, with James Walker, in Teaching Undergraduate Economics: Alternatives to Chalk and Talk, Eds. W. Becker and M. Watts, Edward Elgar Publishing, Inc., Northampton, MA, 1999.


“What are the Effects of Closing a Domestic Market to Imported Goods?” in Master Curriculum Guide in Economics: International Trade, National Council on Economic Education, February, 1999.


“The Effect of Transaction Costs on Double Auction Markets”, with Stephane Robin and Bernard Ruffieux, Journal of Economic Behavior and Organization, August 1998, pages 221-233.


“Experimental Comparisons of English and Uniform Price Sealed Bid Auctions under Single-and Two-Unit Demands”, with Paul Alsemgeest and Mark Olson, Economic Inquiry, January 1998, pages 87-97.


“Optimal Bidding in a Uniform Price Auction with Multi-Unit Demand”, with Teun Draaisma, Economics Letters, September 1997, pages 157-162.


“The Principles of Exchange Rate Determination in an International Finance Experiment”, with Charles Plott and Raymond Riezman, Journal of Political Economy, August 1997, pages 822-862.


“Dynamic Decisions in a Laboratory Setting,” with Mark Olson, Southern Economic Journal, April 1997, pages 978-992.


“The Allocation of a Shared Resource within an Organization”, with John Ledyard and David Porter, Economic Design, Vol 2., No. 2, November 1996, pages 163-192, (co-winner of the award for the best paper of the year published in the journal).


“An Experimental Investigation of the Patterns of International Trade”, with Charles Plott and Raymond Riezman, American Economic Review, June 1995, pages 462-491.


“Equilibria in a Multi-Object Uniform Price Sealed Bid Auction with Multi-Unit Demands”, Economic Theory, March 1995, pages 337-351.


“Una Investigacion Experimental Sobre la Estructura del Comercio Internacional” with Charles Plott and Raymond Riezman, Cuadneros Economicos de Informacion Comercial Espanola, vol. 54, no. 2, 1993, pages 51-100.


“Allocating Priority with Auctions: An Experimental Analysis”, with David Porter, Journal of Economic Behavior and Organization, October 1992, pages 169-195. 


“Voting on Growth Control Measures: Preferences and Strategies”, with Jeffrey Dubin and D. Roderick Kiewiet, Economics and Politics, July 1992, pages 191-213.



Plenary and Keynote Presentations


Alhambra Workshop on Experimental Economics, Granada, Spain, October 2012.


Experimental Finance Conference, Luxembourg, September 2012


International Meeting on Experimental and Behavioral Economics, Castellon, Spain, March 2012


Economic Science Association Asia-Pacific Meeting, Xiamen, China, December 2011


Wiley Online Conference on Communications with Economists: Current and Future Trends, November 2011


Doctoral Students Association Meeting (DMM), Montpellier, France, May 2011


Obergurgl Workshop on Risk and Financial Markets, Obergurgl, Austria, April 2011


1st LeeX International Conference on Theoretical and Experimental Macroeconomics, Barcelona, Spain, June 2010


Australian Workshop on Experimental Economics, Christchurch, New Zealand, December 2009.


Economic Science Association European Meetings, Lyon, France, September 2008


Conference on Risk Attitudes, Montpellier, France, May 2007


Netherlands Network of Economics, Utrecht, Netherlands, December 2006


Australian Conference of Economists, Melbourne, September 2005


Journees d’Economie Experimentale, Rennes, France, June 2005.


International Meeting on Behavioral and Experimental Economics, Cordoba, Spain, December, 2004.



PhD students supervised and their current appointments


Vivian Lei, University of Wisconsin-Milwaukee, Milwaukee, USA.


Steven Tucker, Waikato University, New Zealand.


Yaron Lahav, Ben Gurion University of the Negev, Beersheva, Israel.


Owen Powell, University Carlos III Madrid, Madrid, Spain.


Jan Stoop, Erasmus University, Rotterdam, The Netherlands.


Fangfang Tan, Max-Planck Institute, Munich, Germany.