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Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

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Page 1: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 2: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 3: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 4: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 5: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 6: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 7: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 8: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 9: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 10: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 11: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 12: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 13: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 14: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 15: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 16: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 17: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 18: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 19: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 20: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 21: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 22: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 23: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 24: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 25: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 26: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 27: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 28: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 29: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 30: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

0.4,0.1

t1

A c1

0.2,0.8

t2

B c2

6.4,1.6

t5

A c5

0.8,3.2

t4

B c4

1.6,0.4

t3

A c3

3.2,12.8

t6

B c6 25.6,6.4

0.4,0.1

t1

A c1

0.2,0.8

t2

B c2

6.4,1.6

t5

A c5

0.8,3.2

t4

B c4

1.6,0.4

t3

A c3

3.2,12.8

t6

B c6 25.6,6.4

0.4,0.1

t1

A c1

0.2,0.8

t2

B c2

6.4,1.6

t5

A c5

0.8,3.2

t4

B c4

1.6,0.4

t3

A c3

3.2,12.8

t6

B c6 25.6,6.4

0.4,0.1

t1

A c1

0.2,0.8

t2

B c2

6.4,1.6

t5

A c5

0.8,3.2

t4

B c4

1.6,0.4

t3

A c3

3.2,12.8

t6

B c6 25.6,6.4

0.4,0.1

t1

A c1

0.2,0.8

t2

B c2

6.4,1.6

t5

A c5

0.8,3.2

t4

B c4

1.6,0.4

t3

A c3

3.2,12.8

t6

B c6 25.6,6.4

0.4,0.1

t1

A c1

0.2,0.8

t2

B c2

6.4,1.6

t5

A c5

0.8,3.2

t4

B c4

1.6,0.4

t3

A c3

3.2,12.8

t6

B c6 25.6,6.4

Page 31: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 32: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 33: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 34: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 35: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 36: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

lambda

0

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome i

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome iitA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome iii

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

lambda

0

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome i

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome iitA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome iii

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

lambda

0

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome i

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome iitA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome iii

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

lambda

0

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome i

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome iitA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome iii

Page 37: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

lambda

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome BiiitA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome Bi

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome Bii

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

lambda

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome BiiitA*=t1 tB*=t2

rA*=t1 rB*=t2

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome BiiitA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome Bi

tA*=c5 tB*=t6

rA*=c5 rB*=t6

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome Bi

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome Bii

tA*=t5 tB*=t6

rA*=c5 rB*=t6

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome Bii

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

lambda

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome BiiitA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome Bi

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome Bii

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

lambda

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome BiiitA*=t1 tB*=t2

rA*=t1 rB*=t2

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome BiiitA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome Bi

tA*=c5 tB*=t6

rA*=c5 rB*=t6

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome Bi

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome Bii

tA*=t5 tB*=t6

rA*=c5 rB*=t6

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome Bii

Page 38: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t3 tB*=t4

rA*=c5 rB*=t6

Outcome III

tA*=t1 tB*=t2

rA*=c5 rB*=t6

Outcome IV

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome II

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome I

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t3 tB*=t4

rA*=c5 rB*=t6

tA*=t3 tB*=t4

rA*=c5 rB*=t6

Outcome III

tA*=t1 tB*=t2

rA*=c5 rB*=t6

tA*=t1 tB*=t2

rA*=c5 rB*=t6

Outcome IV

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome II

tA*=t5 tB*=t6

rA*=c5 rB*=t6

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome II

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome I

tA*=c5 tB*=t6

rA*=c5 rB*=t6

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome I

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t3 tB*=t4

rA*=c5 rB*=t6

Outcome III

tA*=t1 tB*=t2

rA*=c5 rB*=t6

Outcome IV

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome II

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome I

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t3 tB*=t4

rA*=c5 rB*=t6

tA*=t3 tB*=t4

rA*=c5 rB*=t6

Outcome III

tA*=t1 tB*=t2

rA*=c5 rB*=t6

tA*=t1 tB*=t2

rA*=c5 rB*=t6

Outcome IV

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome II

tA*=t5 tB*=t6

rA*=c5 rB*=t6

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome II

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome I

tA*=c5 tB*=t6

rA*=c5 rB*=t6

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome I

Page 39: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

mu

0

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome III-

tA*=c5 tB*=t6

rA*=t1 rB*=t2

Outcome I-

tA*=t1 tB*=t6

rA*=t1 rB*=t2

Outcome II-

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome III-

tA*=t1 tB*=t2

rA*=t1 rB*=t2

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome III-

tA*=c5 tB*=t6

rA*=t1 rB*=t2

Outcome I-

tA*=c5 tB*=t6

rA*=t1 rB*=t2

tA*=c5 tB*=t6

rA*=t1 rB*=t2

Outcome I-

tA*=t1 tB*=t6

rA*=t1 rB*=t2

tA*=t1 tB*=t6

rA*=t1 rB*=t2

Outcome II-

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome III-

tA*=c5 tB*=t6

rA*=t1 rB*=t2

Outcome I-

tA*=t1 tB*=t6

rA*=t1 rB*=t2

Outcome II-

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

mu

0

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome III-

tA*=t1 tB*=t2

rA*=t1 rB*=t2

tA*=t1 tB*=t2

rA*=t1 rB*=t2

Outcome III-

tA*=c5 tB*=t6

rA*=t1 rB*=t2

Outcome I-

tA*=c5 tB*=t6

rA*=t1 rB*=t2

tA*=c5 tB*=t6

rA*=t1 rB*=t2

Outcome I-

tA*=t1 tB*=t6

rA*=t1 rB*=t2

tA*=t1 tB*=t6

rA*=t1 rB*=t2

Outcome II-

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

Page 40: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 41: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 42: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 43: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 44: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s
Page 45: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

outcome i / Bi

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome ii / Bii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome iii / Biii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

experimental average

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 5

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 6

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 7

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome i / Bi

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome ii / Bii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome iii / Biii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

experimental average

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 5

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 6

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 7

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome i / Bi

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome ii / Bii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome iii / Biii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

experimental average

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 5

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 6

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 7

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome i / Bi

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome ii / Bii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome iii / Biii

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

experimental average

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 5

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 6

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

Session 7

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

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outcome III

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome I-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome II-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome BIII

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome IV

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome III

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome I-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome II-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome BIII

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome IV

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome III

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome I-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome II-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome BIII

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome IV

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome III

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome I-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome II-

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome BIII

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

outcome IV

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1 2 3 4 5 6 7

terminal node

freq

uenc

y

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0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

rho2

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome BII

tA*=t1 tB*=t6

rA*=c5 rB*=t6

Outcome BIII

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome BI

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

rho2

tA*=t5 tB*=t6

rA*=c5 rB*=t6

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome BII

tA*=t1 tB*=t6

rA*=c5 rB*=t6

Outcome BIII

tA*=t1 tB*=t6

rA*=c5 rB*=t6

tA*=t1 tB*=t6

rA*=c5 rB*=t6

Outcome BIII

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome BI

tA*=c5 tB*=t6

rA*=c5 rB*=t6

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome BI

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

rho2

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome BII

tA*=t1 tB*=t6

rA*=c5 rB*=t6

Outcome BIII

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome BI

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.00

rho2

tA*=t5 tB*=t6

rA*=c5 rB*=t6

tA*=t5 tB*=t6

rA*=c5 rB*=t6

Outcome BII

tA*=t1 tB*=t6

rA*=c5 rB*=t6

Outcome BIII

tA*=t1 tB*=t6

rA*=c5 rB*=t6

tA*=t1 tB*=t6

rA*=c5 rB*=t6

Outcome BIII

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome BI

tA*=c5 tB*=t6

rA*=c5 rB*=t6

tA*=c5 tB*=t6

rA*=c5 rB*=t6

Outcome BI

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-.25

-.15

-.05

.05

.15

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.2-.1

5-.1

-.05

0

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-.25

-.15

-.05

.05

.15

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.2-.1

5-.1

-.05

0

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

Page 91: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

-.7-.6

-.5-.4

-.3-.2

-.10

.1.2

.3.4

.5

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-10

-50

510

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.3-.2

-.10

.1

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-.7-.6

-.5-.4

-.3-.2

-.10

.1.2

.3.4

.5

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-10

-50

510

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.3-.2

-.10

.1

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

Page 92: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (1) Specification (5)

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (1) 95 % CI

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (5) 95 % CI

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (1) Specification (5)

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (1) 95 % CI

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (5) 95 % CI

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-.25

-.15

-.05

.05

.15

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (1) Specification (2)Specification (5)

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-.4-.2

0.2

.4

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (2) 95 % CI

-.25

-.15

-.05

.05

.15

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (1) Specification (2)Specification (5)

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-.4-.2

0.2

.4

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-.08

-.06

-.04

-.02

0.0

2.0

4.0

6

1960 1970 1980 1990 2000year

Specification (2) 95 % CI

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-.6-.5

-.4-.3

-.2-.1

0.1

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.2-.1

5-.1

-.05

0

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-1.5

-1-.5

0.5

1

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-.6-.5

-.4-.3

-.2-.1

0.1

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.2-.1

5-.1

-.05

0

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-1.5

-1-.5

0.5

1

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

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-.25

-.15

-.05

.05

.15

.25

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-1-.5

0.5

1

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-.25

-.15

-.05

.05

.15

.25

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.15

-.1-.0

50

.05

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-1-.5

0.5

1

1960 1970 1980 1990 2000 2010year

Yes oil 95 % CI

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

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-1.5

-1-.5

0.5

1

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

-1.5

-1-.5

0.5

1

1960 1970 1980 1990 2000 2010year

Full sample No oilYes oil

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

Full sample 95 % CI

-.2-.1

5-.1

-.05

0.0

5

1960 1970 1980 1990 2000 2010year

No oil 95 % CI

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0

2

4

6

8

10

12

14

16

Austria

Arm

enia

Australia

Bulgaria

Canada

Cyprus

Denm

ark

Estonia

Finland

France

Germ

any

Greece

Hong K

ong

Italy

New

Zealand

Nigeria

Philippines

Portugal

South A

frica

Spain

Sw

eden

Thailand

United K

ingdom

United S

tates

0

2

4

6

8

10

12

14

16

Austria

Arm

enia

Australia

Bulgaria

Canada

Cyprus

Denm

ark

Estonia

Finland

France

Germ

any

Greece

Hong K

ong

Italy

New

Zealand

Nigeria

Philippines

Portugal

South A

frica

Spain

Sw

eden

Thailand

United K

ingdom

United S

tates

Page 119: Stockholm School of Economics in Russia · /puhss` 2 ^pzo [v [ohur t` whylu[z a;4 /- +256>3-,/-4-5; 2 ht l_[yltls` nyh[lm\s

0

2

4

6

8

10

12

14

16

Australia

Canada

France

Germ

any

Greece

Hong

Kong

New

Zealand

Portugal

Spain

United

States

negative info

bankruptcy data

0

2

4

6

8

10

12

14

16

Australia

Canada

France

Germ

any

Greece

Hong

Kong

New

Zealand

Portugal

Spain

United

States

negative info

bankruptcy data

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Information about borrowers isdisclosed (if any).

Lenders offer (a menu of)contracts.

Borrowers choose a contract.

Borrowersdecide oneffort.

Shock isrealized.

Repaymentsand defaultsare made.

Creditregisterupdatescreditreport.

t t+1

Information about borrowers isdisclosed (if any).

Lenders offer (a menu of)contracts.

Borrowers choose a contract.

Borrowersdecide oneffort.

Shock isrealized.

Repaymentsand defaultsare made.

Creditregisterupdatescreditreport.

t t+1

Information about borrowers isdisclosed (if any).

Lenders offer (a menu of)contracts.

Borrowers choose a contract.

Borrowersdecide oneffort.

Shock isrealized.

Repaymentsand defaultsare made.

Creditregisterupdatescreditreport.

t t+1

Information about borrowers isdisclosed (if any).

Lenders offer (a menu of)contracts.

Borrowers choose a contract.

Borrowersdecide oneffort.

Shock isrealized.

Repaymentsand defaultsare made.

Creditregisterupdatescreditreport.

t t+1

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0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.2

0.4

0.6

0.8

1.0

effort

omega*

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.00.0

0.2

0.4

0.6

0.8

1.0

effort

omega*

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A complete publication list can be found at www.hhs.se/research/publications. Books and dissertations are published in the language indicated by the title and can be ordered via e-mail: [email protected].

A complete publication list can be found at www.hhs.se/research/publications. Books and dissertations are published in the language indicated by the title and can be ordered via e-mail: [email protected].

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