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Hanany, Eran; Klibanoff, Peter - 2008

ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we … characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth … ambiguity preferences (Klibanoþ, Marinacci and Mukerji [Econometrica 73 2005, pp. 1849-1892]) and the variational preferences …

Persistent link: https://www.econbiz.de/10010266275

Subjective expected utility theory without states of the world

Karni, Edi - 2005

This paper develops an axiomatic theory of decision making under uncertainty that dispenses with the state space. The results are subjective expected utility models with unique, action-dependent, subjective probabilities, and a utility function defined over wealth-effect pairs that is unique up...

Persistent link: https://www.econbiz.de/10010293467

Die (innere) Logik des Entscheidens: Zur neurobiologischen Fundierung ökonomischer Entscheidungen

Lehmann-Waffenschmidt, B. Cornelia; Roth, Gerhard; … - 2008

Ziel des Beitrages ist es, die neueren Erkenntnisse der Neurobiologie zum Entscheidungsverhalten von Menschen für die Entwicklung eines idealtypischen Ablaufplans ökonomischer Entscheidungsvorgänge einzusetzen, indem die Logik deutlich gemacht wird, die den Aufbau des menschlichen Gehirns...

Persistent link: https://www.econbiz.de/10010300600

What to Do if Dollar is Not a Dollar? The Impact of Inflation Risk on Production and Risk Management

Adam-Müller, Axel F. A. - 2001

Persistent link: https://www.econbiz.de/10010324059

Deal or No Deal? Decision-making under Risk in a Large-payoff Game Show

Post, Thierry; Baltussen, Guido; van den Assem, Martijn - 2006

We examine the risky choices of contestants in the popular TV game show “Deal or No Deal” and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion...

Persistent link: https://www.econbiz.de/10010325560

Separating Real Incentives and Accountability

Vieider, Ferdinand M. - 2008

In experimental investigations of the effect of real incentives, accountability—the implicit or explicit expectation of a decision maker that she may have to justify her decisions in front of somebody else—is often confounded with the incentives themselves. This confounding of accountability...

Persistent link: https://www.econbiz.de/10010326033

Loss aversion and perceptional risk aversion

Maggi, Mario Alessandro - 2004

This paper analyzes, for S-shaped value functions, the relations between loss aversion and perceptional risk aversion (i.e. computed with the perceived probability weights) in Cumulative Prospect Theory. We show that perceptional risk aversion for mixed sign lotteries is equivalent to weak loss...

Persistent link: https://www.econbiz.de/10010326089

A characterization of S-shaped utility functions displaying loss aversion

Maggi, Mario Alessandro - 2004

This paper deals with utility (or value) function for reference dependent models. A new characterization of S-shaped utility functions displaying loss aversion is put forward. Then it is used to analyze some standard forms commonly used in the literature. It is shown that, unless some...

Persistent link: https://www.econbiz.de/10010326114

Signal qualities, order of decisions, and informational cascades: Experimental evidences

Sasaki, Shunichiro - 2004

This paper reports the results of informational cascades experiments where two different decision-making systems, anti-seniority and seniority are investigated. By implementing heterogeneous signal qualities associated with the fixed order of decisions I compare the property of each system and...

Persistent link: https://www.econbiz.de/10010332216

Performance Pay and Multidimensional Sorting - Productivity, Preferences and Gender

Dohmen, Thomas; Falk, Armin - 2011

This paper studies the impact of incentives on worker self-selection in a controlled laboratory experiment. Subjects face the choice between a fixed and a variable payment scheme. Depending on the treatment, the variable payment is a piece rate, a tournament or a revenue-sharing scheme. We find...

Persistent link: https://www.econbiz.de/10010334140