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It is widely held that under ordinal utility, utility differences are ill-defined. Allegedly, for these to be well-defined (without turning to choice under risk or the like), one should adopt as a new kind of primitive quaternary relations, instead of the traditional binary relations underlying...
Persistent link: https://www.econbiz.de/10014350299
In this paper we give a survey of recent works on game theory devoted to modeling of decision making process under bounded rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral principles (religious beliefs, altruism, patriotism),...
Persistent link: https://www.econbiz.de/10010895070
In this paper we give a survey of recent work on game theory devoted to modeling decision making under bounded rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral principles (religious beliefs, altruism, patriotism), emotions (envy,...
Persistent link: https://www.econbiz.de/10010839411
/stick ; high-stakes incentives ; rewards ; punishment ; Economics of Religion …
Persistent link: https://www.econbiz.de/10003863809
between the members of the same groups. In the real world, individuals are members of groups and want to reward or punish … those groups whose members have been kind or unkind to members of their own. In this paper, we extend Dufwenberg and … Kirchsteiger's model of sequential reciprocity (Games Econ Behav 47(2):268-298, 2004) to groups of individuals and define a new …
Persistent link: https://www.econbiz.de/10011994324
between the members of the same groups. In the real world, individuals are members of groups and want to reward or punish … those groups whose members have been kind or unkind to members of their own. In this paper, we extend Dufwenberg and … Kirchsteiger’s model of sequential reciprocity (Games Econ Behav 47(2):268–298, 2004) to groups of individuals and define a new …
Persistent link: https://www.econbiz.de/10011885713
How does a group’s gender composition influence its decisions? Economists have found women to be more generous and … egalitarian than men, so one might expect groups with more women to be more generous/egalitarian. Group polarization, whereby … experimental evidence. Femalemajority groups are more generous/egalitarian than male-majority groups,ut female unisex groups are …
Persistent link: https://www.econbiz.de/10005645464
The paper lists salient characteristics of the certainty theory of consumer choice and discusses the import of prominent empirical analyses of the theory. All of them reject the theory's empirical relevance which suggests that the theory is unfit to analyze consumer choice in an uncertain world....
Persistent link: https://www.econbiz.de/10012939250
The paper lists salient characteristics of the certainty theory of consumer choice and discusses the import of prominent empirical analyses of the theory. All of them reject the theory's empirical relevance which suggests that the theory is unfit to analyze consumer choice in an uncertain world....
Persistent link: https://www.econbiz.de/10012661252
This paper proposes a tractable alternative to Cobb-Douglas utility to resolve the problems of lack of reservation price and income effects in demand functions derived from Cobb-Douglas utility or quasilinear utility. Another advantage of this alternative is that it provides a closed-form...
Persistent link: https://www.econbiz.de/10010541794