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The purpose of this paper is to argue that the time is ripe to establish a powerful tradition in Experimental International Business (IB). Probably due to what the Arjen van Witteloostuijn refers to as the external validity myth, experimental laboratory designs are underutilized in IB, which implies that the internal validity miracle of randomized experimentation goes largely unnoticed in this domain of the broader management discipline.

In the following pages, the author explains why the author believes this implies a missed opportunity, providing arguments and examples along the way.

Although an Experimental Management tradition has never really gained momentum, to the author, the lab experimental design has a very bright future in IB (and management at large). To facilitate the development of an Experimental IB tradition, initiating web-based tools would be highly instrumental. This will not only boost further progress in IB research, but will also increase the effectiveness and playfulness of IB teaching.

Given the high potential of an Experimental IB, the Cross-Cultural and Strategic Management journal will offer a platform for such exciting and intriguing laboratory work, cumulatively contributing to the establishment of an Experimental IB tradition.

This paper uses the theory of planned behavior (TPB) to explain entrepreneurial intentions (EIs) among students from different South-East (SE) European countries, considering various personal and situational variables. The authors examine how the regional cultural context affects individual perceptions and beliefs about entrepreneurship, which in turn form the basis of the cognitive antecedents of the TPB model.

Using a sample of 850 respondents, the authors estimate a two-level model, addressing the issue of endogeneity in the relationship between attitudes and beliefs and the respondents' EI. Specifically, the authors focus on heterogeneity across nations in attitudes toward entrepreneurial behavior (ATEB), subjective norms (SN) and perceived behavioral control (PBC).

The results show that the perceived behavioral control and the attitude toward entrepreneurial behavior are the main determinants of Balkan students' EI. The authors find that the role of SE European culture in entrepreneurship intentions does not follow the Western pattern. In this particular regional environment dominated by collectivist culture, students' EIs are influenced more by cooperation, caring for others and other non-monetary benefits.

Like any study, this study has limitations. First, all the variables were measured using a single questionnaire. Although common method bias was shown not to be an issue, in future research different variables should be measured with different methods. For instance, using the items by Liñán and Chen (2009) which were developed in the United States of America, to measure SE European students' entrepreneurial perceived behavioral control might ignore some requisite resources or abilities typical for SE European students, such as personal relational network (similar to the notion of guanxi in China (see, e.g. Hwang et al., 2009). Second, Busenitz et al. (2000) indicate that cross-national differences in entrepreneurship are best explained by a broader set of institutions, i.e. educational and governmental support agencies. In general, the empirical evidence on the relationship between national culture and entrepreneurial behavior is mixed and this is generally agreed that an important issue that needs to be considered is the interactions between cultural values, social institutions, industry characteristics and outcomes such as entrepreneurship (Hayton et al., 2002). In the future, similar studies could include respondents with a larger dispersion of prior education, age, and human, social and financial capital.

The existence of support received in the family environment and the lack of individualistic and competitive aspirations create a more favorable environment for a young person to become entrepreneur. This must be taken seriously into account by educators and policy makers aiming at encouraging entrepreneurship, because in the societies studied here the motivation of prospective entrepreneurs depends on totally different drivers than those usually encountered in the Western world. Furthermore, from a gender perspective, the authors' study suggests that in societies with stronger family ties and more gender discrimination, an individual's closer social environment may not create the appropriate context for women to decide to become entrepreneurs.

A strong hierarchical culture in a society goes against the intention of becoming an entrepreneur. That is, when people accept that social mobility is low and, thus, reversing people's relative positions in the society is unlikely, people are less prone to becoming entrepreneurs. In Western societies, where collectivism is low, the contrary holds. In the societies considered here, where family and social links are strong, entrepreneurship is considered to be a rather safer option, which is encouraged by non-individualistic values and is negatively associated with aggressive competitiveness. In those societies, formal institutions such as the government and the educational sector could play an important role to support prospective female entrepreneurs (Borges et al., 2021).

The motivation of prospective entrepreneurs in SE European countries depends on totally different drivers than those usually encountered in the Western world.

The objective of the study is to evaluate the impact of social affinity on the strategic choices made by economic agents using the framework of Ultimatum Game. Conventional theory underpinning the Ultimatum Game predicts the complete absence of altruistic behaviour wherein the agents are expected to maximise individual monetary payoffs of the agents. The authors' experimental findings disprove this assumption of purely self-interested behaviour of the agents as proposed by orthodox neo-classical utility maximisation model.

The final outcome of the Ultimatum Game is mutually dependent on the agent's strategic choices, i.e. the proposer's altruistic concern towards the responder and their expectation of altruistic concern by the responder. In this study, the authors evaluate the participant's strategic choice under three levels of partner selection arrangements – (1) stranger, (2) face-to-face interface with a peer and (3) friend.

From the experimental results, the authors found that the proposers reflected greater degree of altruism towards proposers' partners and also expected greater degree of altruism to be reciprocated by proposers' partners. The proposers were voluntarily willing to offer fair share to proposers' socially close partners and also increasingly expected that the proposers would be willing to accept unfair offers.

The study stresses that the ignorance of the human capacity for altruism runs the serious risk of legitimising narrow-minded selfishness and failure in recognising the capacity for public spiritedness which can distort the range and choice of optimum policy prescriptions. This requires policy makers to adopt a more holistic and less-pessimistic view of human nature.

The authors study offers a novel experimental framework that provides insights on how increase in social affinity can influence both altruistic behaviour and altruistic expectations of the participants, highlighting the inadequacy of the neo-classical maximisation hypothesis predicated on all agents.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-07-2022-0481.

Theories on industrial buying behavior differ fundamentally with regard to motivation and direction of industrial purchasing decisions. This becomes extremely in the case of new institutional economics, highlighting administrative aspects, and market process theory, focusing on entrepreneurial aspects of buying decisions. This paper aims to challenge these approaches by setting up an experimental design. Decisions of sales and purchasing managers were investigated with respect to their motivation of self‐protection or opportunity seeking.

The contribution is based on an experimental design. The design is based on a prospect theory scenario. Prospect theory states that successful economic agents show a stronger tendency towards self‐protection, whereas under‐performing economic agents are willing to bear greater risks in search for opportunities.

The results suggest that indeed out‐performers show a tendency to risk avoidance and under‐performers are willing to bear more risks. The most important implication is that new institutional economics‐based approaches to buying behavior are not universally valid. However, they apply to specific situations. In that respect the contribution shows a direction for the proper application of transaction cost‐based concepts.

Managers are advised to take the economic performance of their customer companies into account. Outperforming companies are more responsive to measures for self‐protection. Under‐performing customers may be more tolerant towards risk if it is compensated with the expectation of better opportunities.

The empirical research is new in so far as it is the first to apply a prospect theory framework to a business market environment. The results show clearly that the methodology, as originally applied in prospect theory, needs refinement when transferred to a business market context.

Reports on a project to create a new infrastructure for experimental economics and sociology by connecting cutting edge research to Web‐based software development. The project will build and maintain an active Web site of highly flexible modular architecture for theoretically‐driven experimentation. The Web site, itself a laboratory, fundamentally advances experimental study, automatically records and archives data, and maintains electronic journals. To increase the integrity and effectiveness of social science knowledge acquisition, the Web site will support replications while creating large and systematic databases. The Web‐lab’s goal is to change social science investigation by allowing experiments to be run using subjects from large and diverse populations. The Web‐lab will democratize experimental research; a local laboratory will need no more than a few computers with access to the Web. Using designs at the Web‐lab, extensive laboratory components will be developed for mainstream graduate and undergraduate social science courses.

The traditional newsvendor model has focused on deriving the optimal order quantity that minimises the balance between stocking too much or too less number of products. However, the managers make inventory decisions based on intuitions and shortcuts, which may involve human errors and biases. The effect of cognitive biases and heuristics influencing the inventory ordering decisions in newsvendor settings is highlighted. The advancement of research associated to the newsvendor biases is reviewed to appreciate the behavioral aspects of the minds underlying this process.

The use of experimental and non-experimental methods to investigate the ordering behaviour of newsvendors is described and we present a framework of the existing literature and highlight the research gaps to point to future research possibilities and priorities.

The proposed framework gives a systematic approach to confirm the existence of a substantial scope of research opportunities and points to specific areas for further research. It synthesizes the existing results of behavioral newsvendor research and will act as a key reference paper. In addition, it will help the practitioners and software tool vendors to comprehend the behavioral perspective of newsvendor preferences and design strategies to mitigate this effect. The insights will be helpful for academicians, researchers and practitioners working in the areas of experimental economics, behavioral economics, behavioral operations, bounded rationality theory, newsvendor modelling and supply chain contracts.

A summary of literature in this evolving area of research is very scarce. Considering the impact of behavioral economics on managerial decisions in the contemporary world, it is highly important to have an educational summary which can act as a tool for the practitioners and researchers in the area of behavioral operations management.

The paper provides a comprehensive overview of the biases in inventory decisions, under the umbrella of behavioural operations, considering research findings that used experimental methods. Research in this field has gained traction but, to the best of our knowledge, review articles that summarize these research findings are scarce. Hence, there is a need to synthesize the anomalies and biases reported in inventory decision-making literature to gain a more integrated understanding.

This study reviews themes relevant to inventory and behavioural operations management from the articles published in recognized top-tier journals during the period between 2000 and 2020 with an aim to build a classification framework. Further, using a systematic review procedure, the relevant research studies are divided into sub-sections and appropriate search strategies are adopted to pleat more information on inventory ordering biases.

This study presents a classification framework by highlighting the factors influencing the biases in inventory decisions and describes the effects of utility preferences on the decision-making behaviour. It highlights the inventory ordering pattern under unconventional settings and also for different supply chain settings. This systematic review helps in identifying the research gap and in giving directions for future researchers.

The study presents a systematic review and detailed analysis of the research in inventory decision making through a behavioural lens. The study shows a clear direction of progress over the years, and implies new directions for looking beyond placing orders and for moving towards a more integrated approach while making supply chain decisions. It will be useful for researchers and practitioners working on newsvendor decisions, supply chain contracts, behavioural economics, behavioural operations management, bounded rationality theory and experimental economics.

This paper draws upon the work of Georgescu‐Roegen to outline some theoretical alternatives to standard welfare theory, and to examine the policy implications of discarding the Walrasian core of neoclassical economics.

Current work in behavioral economics and game theory shows that economic behavior depends on social context, a point understood by social economists for a hundred years or more. This work is related to Georgescu's contributions to utility theory and bioeconomics.

Neoclassical welfare economics continues to dominate economic theory and policy even though its theoretical foundations, economic man and perfect competition, have been discredited by mainstream theorists. Economic processes take place in specific social contexts and also coevolve with the biophysical universe.

Although modern economics is incorporating many of Georgescu's insights about human preferences it has yet to come to grips with the fact that human economic activity is shaped by its biophysical context. It is believed this should be a major focus of future economic research.

Provides further insights into welfare theory and bioeconomics.

This paper is devoted to the question of what motivates man in his pursuit of economic activities. Particular attention is given to the notion that economic activities of individuals may not be motivated by their self‐interest alone.

Using literary analysis, the paper first reconsiders the role of self‐interest and non‐selfish motives in the historical schools. Then it is demonstrated that at least some non‐selfish motives were incorporated in the voluntary exchange theory of public economy. Next it is shown that during the evolution of the theory of public goods these non‐selfish motives were lost and that the modern theory of public goods rests entirely on the self‐interest hypothesis. However, over the last two decades results of public goods experiments have cast considerable doubt on the pure self‐interest hypothesis.

A major finding of this paper is that several non‐selfish motives of man that show up in recent public goods experiments were already discussed by representatives of the historical schools.

An agenda for future research on the topic is sketched in the final section.

Practical implications include that the allocation of many goods, not just public goods, may improve if agents pay more attention to non‐selfish motives of man.

The paper adds to the existing body of related writings by linking developments in the evolution of theory of public goods, in particular recent findings from public goods experiments, to a specific aspect already advocated by representatives of the historical schools, that is, the notion that man in his pursuit of economic activities is not motivated by his self‐interest alone. To this extent, the paper is of interest for researchers working on public goods theory, experimental economics and the history of economic thought.

The purpose of this paper, and a companion paper (Duxbury, 2015), is to review the insights provided by experimental studies examining financial decisions and market behavior.

Focus is directed on those studies examining explicitly, or with direct implications for, the most robustly identified phenomena or stylized facts observed in behavioral finance. The themes for this first paper are theory and financial markets.

Experiments complement the findings from empirical studies in behavioral finance by avoiding some of the limitations or assumptions implicit in such studies.

The authors synthesize the valuable contribution made by experimental studies in extending the knowledge of the functioning of financial markets and the financial behavior of individuals.