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Why Lying Pays: Truth Bias in the Communication with Conflicting Interests
Kawagoe, Toshiji; Takizawa, Hirokazu - EconWPA - 2005
We conduct experiments of a cheap-talk game with incomplete information in which one sender type has an incentive to misrepresent her type. Although that Sender type mostly lies in the experiments, the Receiver tends to believe the Sender's messages. This confirms ``truth bias'' reported in...
Persistent link: https://www.econbiz.de/10005556670
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From Bounded Rationality to Behavioral Economics
Egidi, Massimo - EconWPA - 2005
The paper provides an brief overview of the “state of the art” in the theory of rational decision making since the 1950 … normative interpretation of decision-making theory is therefore questioned, and the two challenging views against this approach …
Persistent link: https://www.econbiz.de/10005408218
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A Continuous-Time Asset Pricing Model with Boundedly Rational Heterogeneous Agents
Gomes, Orlando - EconWPA - 2004
Asset prices are forward looking. This evidence implies that prices of financial assets are essentially determined by the traders expectations about future prices. Another evidence about asset prices is that these do not seem to follow a predictable pattern over time; we observe periods of high...
Persistent link: https://www.econbiz.de/10005413133
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The Strategic Impact of Pace in Double Auction Bargaining
Gjerstad, Steven - EconWPA - 2003
. Automated buyers are similar. Across experiment sessions we vary the exponential distribution parameters of automated sellers … profile of types present in each experiment session. This econometric model demonstrates that (1) human buyers outperform …
Persistent link: https://www.econbiz.de/10005413252
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The Statistical Mechanics of Complex Product Development: Empirical and Analytical Results
Braha, Dan; Bar-Yam, Yaneer - EconWPA - 2005
providing insight into ways of improving the strategic and operational decision-making of the organization. We show that the …
Persistent link: https://www.econbiz.de/10005413261
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Matching games with partial information
Zhang, Paolo Laureti Yi-Cheng - EconWPA - 2003
We analyze different ways of pairing agents in a bipartite matching problem, with regard to its scaling properties and to the distribution of individual ``satisfactions''. Then we explore the role of partial information and bounded rationality in a generalized {\it Marriage Problem}, comparing...
Persistent link: https://www.econbiz.de/10005062392
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Valuation Equilibria
Jehiel, Philippe; Samet, Dov - EconWPA - 2003
class. The solution concept is applied to decision problems and multi-player extensive form games. It is contrasted with …
Persistent link: https://www.econbiz.de/10005550956
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ECONOMIC AGENCY THROUGH MODULARITY THEORY
Suroso, Rendra - EconWPA - 2004
Economic agency as a matter of rational decision-making and as a problem of bounded rationality has never gone too far … concerning higher level cognition as another general program of cognitive science is not as easy as behavioral studies. This … cognition as the black box of economics if we can identify the appropriate level of description of cognitive structure, i …
Persistent link: https://www.econbiz.de/10005561508
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The Structural Dynamics of Corruption: Artificial Society Approach
Situngkir, Hokky - EconWPA - 2004
Corruption has been an important issue as it becomes obstacle to achieve the better and more efficient economic governmental system. The paper defines corruption in two ways, as state capture and administrative corruption to grasp the quintessence of the corruption cases modeled in dynamical...
Persistent link: https://www.econbiz.de/10005561517
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Rationalizing Boundedly Rational Choice
Manzini, Paola; Mariotti, Marco - EconWPA - 2004
A Rational Shortlist Method (RSM) translates into economic language some sequential choice heuristics studied in psychology. We show that the use of this boundedly rational procedure can be detected from observed choice data through tests that are very similar to those used to detect `rational'...
Persistent link: https://www.econbiz.de/10005561780