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Eichberger, Jürgen; Grant, Simon; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009

This paper shows that, for CEU preferences, the axioms consquentialism, state independenceand conditional certainty equivalent consistency under updating characterise a family of capacities,called Genralised Neo-Additive Capacities (GNAC). This family contains as special casesamong others...

Persistent link: https://www.econbiz.de/10005868377

Multi-Attribute Decision-Makingin Individual and Social Choice

Bossert, Walter; Peters, Hans - University <Nottingham> / Department of Economics - 1998

This paper provides an analysis of individual and social decision criteria foralternatives that are composed of several … attributes. We derive additive and multiplicativecriteria for individual decision-making with new axioms and apply these criteria …

Persistent link: https://www.econbiz.de/10005869346

A theory of demand for gambles

Nyman, John A. - 2004

Although gambling is primarily an economic activity, no single theory of the demand for gambles has gained wide-spread acceptance among economists. This paper proposes a simple model of the demand for gambling that is based on the standard economic assumptions that (1) resources are scarce and...

Persistent link: https://www.econbiz.de/10010282070

Updating ambiguity averse preferences

Hanany, Eran; Klibanoff, Peter - 2008

ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we …

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

An Experimental Test of the Global-Game Selection in Coordination Games with Asymmetric Players

Heinemann, Frank - 2023

In symmetric binary-choice coordination games, the global-game selection (GGS) has been proven to predict a high proportion of observed choices correctly. In these games, the GGS is identical to the best response to Laplacian beliefs about the fraction of players choosing either action. This...

Persistent link: https://www.econbiz.de/10014467731

The commitment effect in belief evolution

Gehring, Thomas; Güth, Werner; René Levínský - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003

In this note we establish that rational demand expectations willtypically not evolve in an evolutionary model. In an evolutionarymodel beliefs act like a commitment device to more aggressive be-havior. This commitment effect has the same direction for strategicsubstitutes and complements and...

Persistent link: https://www.econbiz.de/10005866911

Individual or team decision-making –Causes and consequences of self-selection

Kocher, Martin; Strauß, Sabine; Sutter, Matthias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

Even though decision-making in small teams is pervasive in business and in private life, littleis known about subjects …’ preferences with respect to individual and team decision-making andabout the consequences of respecting these preferences. We … decision-making. About 60% of subjects prefer to act in a team, and teams win thegame significantly more often than individuals …

Persistent link: https://www.econbiz.de/10005866770

Are four heads better than two?An experimental beauty-contest game with teams of different size

Sutter, Matthias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

We examine the influence of team size on decision making in a beauty-contest experiment.Teams with four members … outperform teams with two members and single personssignificantly, whereas the latter two types of decision makers do not differ. …

Persistent link: https://www.econbiz.de/10005866817

The Decision Maker Matters: Individual versus Group Behaviour in Experimental Beauty-Contest Games

Kocher, Martin G.; Sutter, Matthias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

Economics has devoted little attention so far as to whether the type of decision maker matters for economic decisions … findings suggest that groups are not smarter decision makers per se, but that they learn faster than individuals. When …

Persistent link: https://www.econbiz.de/10005866848

Time is money –Time pressure, incentives, and the quality of decision-making

Kocher, Martin G.; Sutter, Matthias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

depend on the speed of decision-making, like, for instance, when buying and selling stocks. In this paper, we examine the … influence of time pressure and time-dependent incentive schemes on the quality of decision-making in an experimental beauty … pressure. Interestingly, time-dependent payoffs under high time pressure lead to significantly quicker decision-making without …

Persistent link: https://www.econbiz.de/10005866854