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The psychological basis for rank-dependent probability weighting, and for an inverse-S probability weighting function (PWF) in particular, has often been questioned. I examine the existence and shape of the PWF in a model allowing for optimism/pessimism over probability distributions and for...
Persistent link: https://www.econbiz.de/10012860507
', SWB has recently been compared to 'decision utility' using specific experiments, most often based on stated preferences …Subjective well-being (SWB) data is increasingly used to perform welfare analyses. Interpreted as 'experienced utility …
Persistent link: https://www.econbiz.de/10012948690
This paper studies aggregate dynamics in a cobweb model where learning takes place through a selection mechanism, by which more successful firms are replicated at a higher rate. The structure of the model allows to characterize analytically the aggregate dynamics, and to compute the effect on...
Persistent link: https://www.econbiz.de/10013042991
It is shown that any completely preordered topological real algebra admits a continuous utility representation which is … utility pace is discussed …
Persistent link: https://www.econbiz.de/10013317217
In this paper we investigate how cognitive ability and character skills influence behavior, success and the evolution of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment and find striking differences according to cognitive...
Persistent link: https://www.econbiz.de/10013052550
If choices depend on the decision maker's mood, is the attempt to derive any consistency in choice doomed? In this …
Persistent link: https://www.econbiz.de/10013133371
these two sets of results. This kind of validation of experienced utility via direct comparison with decision utility …
Persistent link: https://www.econbiz.de/10013016299
Nutrition Survey, we find that the social network effects in the enrollment decision are large and significant. Furthermore, we …
Persistent link: https://www.econbiz.de/10013085066
Standard consumption utility is linked in time to a consumption event, whereas the timing of prosocial utility flows is … ambiguous. Prosocial utility may depend on the actual utility consequences for others – it is consequence-dated – or it may be …-offs, existing models of other-regarding preferences abstract from the time signature of utility flows, limiting their explanatory …
Persistent link: https://www.econbiz.de/10013250248
commodities in utility functions. We then use the evidence of price discrimination in product markets against minorities in the U …
Persistent link: https://www.econbiz.de/10012906476