Search Results - subject:"bayesian updating"

Essays in Environmental Economic Valuation and Decision Making in the Presence of an Environmental Disaster

Czajkowski, Jeffrey Robert - 2007

The first essay developed a respondent model of Bayesian updating for a double-bound dichotomous choice (DB … willingness-to-pay (WTP) may often fail given this respondent Bayesian updating context. Further simulations demonstrated that a … simple extension of current DB-DC identifications derived explicitly from the Bayesian updating behavioral model can correct …

Persistent link: https://www.econbiz.de/10009460524

Scenario-based satisficing in saving: a theoretical and experimental analysis

Güth, Werner; Levati, Maria Vittoria; Ploner, Matteo - 2007

Contrary to the models of deterministic life cycle saving, we take it for granted that uncertainty of one's future is the essential problem of saving decisions. However, unlike the stochastic life cycle models, we capture this crucial uncertainty by a non-Bayesian scenario-based satisficing...

Persistent link: https://www.econbiz.de/10010275031

Valuing the Cultural Monuments of Armenia: Bayesian Updating of Prior Beliefs in Contingent Valuation

Alberini, Anna; Longo, Alberto - Fondazione ENI Enrico Mattei (FEEM) - 2007

Bayesian updating model of prior beliefs, and empirically implement it using the data from our survey. We find that uncertainty …

Persistent link: https://www.econbiz.de/10004990054

Scenario-Based Satisficing in Saving: A Theoretical and Experimental Analysis

Gueth, Werner; Levati, M. Vittoria; Ploner, Matteo - Wirtschaftswissenschaftliche Fakultät, … - 2007

incentivized. JEL Classiflcation: C91; D81; D90 Keywords: Intertemporal allocation decisions; Bayesian updating; Satisflcing …

Persistent link: https://www.econbiz.de/10005090582

Utility Indifference Pricing in an Incomplete Market Model with Incomplete Information

Takino, Kazuhiro - Graduate School of Economics, Osaka University - 2007

incomplete information. In that situation, the corresponding problem becomes a easy to treat by Separating Principle and Bayesian … updating formula. We apply these arguments to the utility indifference price approach, and present pricing method taken into …

Persistent link: https://www.econbiz.de/10005774303

Agricultural yield expectations under climate change - a Bayesian approach

Krause, Jette - European Association of Agricultural Economists - EAAE - 2007

linearly increasing trend. This results from the Bayesian Updating approach I apply to agricultural yield data. The updating …

Persistent link: https://www.econbiz.de/10005801188

High Heterogeneous Information and Investment under Uncertainty

Ni, Shawn; Ratti, Ronald - Economics Department, University of Missouri - 2007

investor information and Bayesian updating of outlook for the project. Simulation of the model suggests that during a state …

Persistent link: https://www.econbiz.de/10005184899

Individual and Group Decision Making Under Risk: An Experimental Study of Bayesian Updating and Violations of First-order Stochastic Dominance

Charness, Gary B; Karni, Edi - Department of Economics, University of California-Santa … - 2007

with respect to first-order stochastic dominance and Bayesian updating, when making decisions under risk. The results …

Persistent link: https://www.econbiz.de/10010538309

Half empty, half full and the possibility of agreeing to disagree

Zimper, Alexander - Economic Research Southern Africa (ERSA) - 2007

Aumann (1976) derives his famous we cannot agree to disagree result under the assumption of rational Bayesian learning. Motivated by psychological evidence against this assumption, we develop formal models of optimistically, resp. pessimistically, biased Bayesian learning within the framework of...

Persistent link: https://www.econbiz.de/10008594436

Herding And Social Pressure In Trading Tasks: A Behavioural Analysis

Baddeley, M.; Pillas, D.; Christopoulos, Y.; Schultz, W.; … - Faculty of Economics, University of Cambridge - 2007

We extend the experimental literature on Bayesian herding using evidence from a financial decision-making experiment. We identify significant propensities to herd increasing with the degree of herd-consensus. We test various herding models to capture the differential impacts of Bayesian-style...

Persistent link: https://www.econbiz.de/10005113886