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Risk, Balanced Skills and Entrepreneurship

Hsieh, Chihmao; Parker, Simon C.; Praag, C. Mirjam van - Tinbergen Institute - 2011

This paper proposes that risk aversion encourages individuals to invest in balanced skill profiles, making them more … the impacts both of risk aversion and balanced skills on the likelihood individuals choose entrepreneurship. Data on Dutch … university graduates provides evidence which supports this contention. It thereby raises the possibility that even risk …

Persistent link: https://www.econbiz.de/10009399735

A Joint Framework for Category Purchase and Consumption Behavior

Oest, Rutger van; Paap, Richard; Franses, Philip Hans - Tinbergen Institute - 2002

We propose a consistent utility-based framework to jointly explain a household's decisions on purchase incidence, brand choice and purchase quantity. The approach differs from other approaches, currently available in the literature, as it is able to take into account consumption dynamics. In the...

Persistent link: https://www.econbiz.de/10005137035

A Dynamic Utility Maximization Model for Product Category Consumption

Oest, Rutger van; Franses, Philip Hans; Paap, Richard - Tinbergen Institute - 2002

It is conceivable that the "whether to buy" and "how much to buy" decisions in the purchasing process of households are influenced by the inventory process. In this paper we therefore put forward a model for consumption, where we rely on established economic theory. We incorporate this model in...

Persistent link: https://www.econbiz.de/10005137292

Environmental Damage and Price Taking Behaviour by Firms and Consumers

Houba, Harold; Kremers, Hans - Tinbergen Institute - 2009

Integrated assessment models lack a microeconomic foundation in modelling environmental damages to the economy. To overcome this, damage coefficients are incorporated in standard microeconomic models. Firms and consumers take both damages and prices as given. Demand, supply, profit and...

Persistent link: https://www.econbiz.de/10005209528

How Consumers use Gift Certificates

Felso, Flora; Soetevent, Adriaan R. - Tinbergen Institute - 2012

There are two important reasons for consumers to spend gift certificates differently than gifts in cash or non-gift income: a) they are forced to change their shopping pattern because of the conditions imposed by the issuer of the certificates, or b) they purposely separate gift certificates...

Persistent link: https://www.econbiz.de/10009391879

Optimal Search with Costly Recall

Janssen, Maarten C.W.; Parakhonyak, Alexei - Tinbergen Institute - 2007

This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under perfect recall. Under costly recall, the optimal...

Persistent link: https://www.econbiz.de/10005450788

A Dynamic Model of Investor Decision-Making: How Adaptation to Losses affects Future Selling Decisions

Lee, Carmen; Kraeussl, Roman; Lucas, André; Paas, … - Tinbergen Institute - 2008

According to disposition effect theory, people hold losing investments too long. However, many investors eventually sell at a loss, and little is known about which psychological factors contribute to these capitulation decisions. This study integrates prospect theory, utility maximization...

Persistent link: https://www.econbiz.de/10005504910

A Comonotonic Image of Independence for Additive Risk Measures

Goovaerts, Marc J.; Kaas, Rob; Laeven, Roger J.A.; … - Tinbergen Institute - 2004

This paper presents a new axiomatic characterization of risk measures that are additive for independent random … variables. In contrast to previous work, we include an axiom that guarantees monotonicity of the risk measure. Furthermore, the …. The risk measure characterized can be regarded as a mixed exponential premium. …

Persistent link: https://www.econbiz.de/10005450808

A Simple Model of Self-Assessments

Martinez, Silvia Dominguez; Swank, Otto H. - Tinbergen Institute - 2006

We develop a simple model that describes individuals’ self-assessments of

Persistent link: https://www.econbiz.de/10005036249

Dynamic Choice, Independence and Emotions

Hopfensitz, Astrid; Winden, Frans van - Tinbergen Institute - 2006

problem involves the presence of a “global risk,” that is, a chance of losing everything whichever safe or risky option is … variable is the particular decision stage at which a global risk is resolved: (i) before the investment decision; (ii) after … the investment decision, but before the resolution of the decision risk; (iii) after the resolution of the decision risk …

Persistent link: https://www.econbiz.de/10005042230