We use an experiment to test whether consumers optimally acquire information on energy costs in appliance markets where, like many contexts, consumers are poorly informed and make mistakes despite freely available information. To test for optimal information acquisition we compare the average...

We use an experiment to test whether consumers optimally acquire information on energy costs in appliance markets where, like many contexts, consumers are poorly informed and make mistakes despite freely available information. To test for optimal information acquisition we compare the average...

Sequential choices are ubiquitous in daily life, yet making optimal decisions in such settings--where properly accounting for option value is crucial--can be challenging. This paper provides field experimental evidence on the neglect of option value in high-stakes decisions and quantifies the...

"This comprehensive textbook explores how technological developments and emerging technologies impact on, and engage with, consumer behaviour and decision-making globally. The book will enable readers to develop a coherent understanding of the basic underpinning of consumer behaviour as they...

Marginal outcome tests compare the expected effects of a decision on individuals who are of different races but at the same indifference point of the decision-maker. I present a simple formalization of how such tests can detect racial bias, defined as a deviation from accurate statistical...

Personal experiences of economic outcomes, from global financial crises to individual-level job losses, can shape individual beliefs, risk attitudes, and choices for years to come. A growing literature on experience effects shows that individuals act as if past outcomes that they experienced...

Marginal outcome tests compare the expected effects of a decision on individuals who are of different races but at the same indifference point of the decision-maker. I present a simple formalization of how such tests can detect racial bias, defined as a deviation from accurate statistical...

We use an experiment to test whether consumers optimally acquire information on energy costs in appliance markets where, like many contexts, consumers are poorly informed and make mistakes despite freely-available information. We find consumers acquire information suboptimally; there is little...

We study the political economy of redistribution over a broad class of decision rules. Since the core is generically non-unique, we suggest a simple and elegant procedure to select a robust equilibrium. Our selected policy depends on the full income profile, and in particular, on the preferences...

"The author considers the interaction of three national macrosystems (economic, legal, and social) within a national public metasystem, justifying and solving the problem of their balancedness using the concept of Berge equilibrium. This equilibrium mathematically expresses the Golden Rule of...

This book includes up-to-date contributions in the broadly defined area of probabilistic analysis of voting rules and decision mechanisms. Featuring papers from all fields of social choice and game theory, it presents probability arguments to allow readers to gain a better understanding of the...

1 Introduction Mostapha Diss and Vincent Merlin -- Part IThe Condorcet Efficiency of Voting Rules and Related Paradoxes -- 2 Analyzing the Probability of Election Outcomes with Abstentions William V. Gehrlein and Dominique Lepelley -- 3 Condorcet Efficiency of General Weighted Scoring Rules...

"This reference book presents a variety of contributed chapters that explore how decision support systems have been developed and implemented across diverse industries through perspectives on the technology, the utilizations of these tools, and from a decision management standpoint"--

Shaping choices -- Plausible paths -- Assembled preferences -- Goals of choice architecture -- Decisions by default -- How many options? -- Putting things in order -- Describing options -- Building choice engines -- Becoming better choice architects.

"This reference book presents a variety of contributed chapters that explore how decision support systems have been developed and implemented across diverse industries through perspectives on the technology, the utilizations of these tools, and from a decision management standpoint"--

We conduct a laboratory experiment to shed light on the cognitive limitations that may affect the way decision makers respond to changes in their economic environment. The subjects solve a tracking problem: they estimate the probability of a binary event, which changes stochastically. The...

This paper presents an overview of the structure of probabilistic catastrophe risk models, discusses their importance for appraising sovereign disaster risk financing and insurance instruments and strategy, and puts forward a model and a process for improving decision making on the linked...

Virtualization is a promising approach for consultancies to optimize their consulting processes and thereby an innovative option to gain a sustainable competitive advantage. Using state-of-the-art ICT enables consultancies to deliver customized solutions anytime and anywhere while the individual...

We conduct a laboratory experiment to shed light on the cognitive limitations that may affect the way decision makers respond to changes in their economic environment. The subjects solve a tracking problem: they estimate the probability of a binary event, which changes stochastically. The...

We conduct a laboratory experiment to shed light on the cognitive limitations that may affect the way decision makers respond to changes in their economic environment. The subjects solve a tracking problem: they estimate the probability of a binary event, which changes stochastically. The...