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Toward the integration of personality theory and decision theory in the explanation of economic and health behavior
Rustichini, Aldo; DeYoung, Colin G.; Anderson, Jon; … - 2012
emphasizing variables derived from formal decision theory. In a data set on trainee truckers in a large US company, we provide a … comparing the predictive power of measurements derived from personality theory and decision theory for several individual …. Further, decision theory and personality variables are meaningfully related. For example, we confirm that cognitive ability …
Persistent link: https://www.econbiz.de/10010287694
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Time Will Tell: Recovering Preferences When Choices Are Noisy
Alós-Ferrer, Carlos; Fehr, Ernst; Netzer, Nick - 2018
The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis. Overwhelming evidence shows that choice is stochastic, which has given rise to random utility models as the dominant paradigm in applied microeconomics. However, as is well known, it...
Persistent link: https://www.econbiz.de/10011984478
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Doing Your Best When Stakes Are High? Theory and Experimental Evidence
Houy, Nicolas; Nicolaï, Jean-Philippe; Villeval, Marie … - 2016
Achieving an ambitious goal frequently requires succeeding in a sequence of intermediary tasks, some being critical for the final outcome, and others not. Individuals are not always able to provide a level of effort sufficient to guarantee success in all the intermediary tasks. The ability to...
Persistent link: https://www.econbiz.de/10011479284
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Rule of Law, Institutional Quality and Information
Bruno, Randolph Luca - Institute for the Study of Labor (IZA) - 2008
The focus of this paper is the analysis of the persistent lawlessness attitude observed in some transition and developing countries where an overall increase in the quality of institutions is recorded. The mechanism of information diffusion on institutional quality is explored using a model...
Persistent link: https://www.econbiz.de/10005703508
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What happiness research can tell us about self-control problems and utility misprediction
Stutzer, Alois; Frey, Bruno S. - 2006
Neoclassical economic theory rules out systematic errors in consumption choice. According to the basic view, individuals know what they choose. They are able to predict how much utility an activity or a good produces for them now and in the future and they can maximize their utility. This...
Persistent link: https://www.econbiz.de/10010267422
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Suboptimal choices and the need for experienced individual well-being in economic analysis
Hsee, Christopher K.; Rottenstreich, Yuval; Stutzer, Alois - 2012
social sciences thus frequently describe some patterns of decision as suboptimal. We review evidence of suboptimal choices …
Persistent link: https://www.econbiz.de/10010282196
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Are children decision-makers within the household?
Dauphin, Anyck; El Lahga, AbdelRahmen; Fortin, Bernard; … - 2008
capacity nor the power to influence the household decision process. The literature on collective models has so far incorporated …); Blundell et al. (2005)]. This paper seeks to determine whether children of a certain age are decision-makers. We focus on the … decision-making process within households composed of two adults and one child of at least 16 years of age. We first summarize …
Persistent link: https://www.econbiz.de/10010273855
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Prospect Theory and Tax Evasion: A Reconsideration of the Yitzhaki Puzzle
Piolatto, Amedeo; Rablen, Matthew D. - 2013
The standard expected utility model of tax evasion predicts that evasion is decreasing in the marginal tax rate (the Yitzhaki puzzle). The existing literature disagrees on whether prospect theory overturns the puzzle. We disentangle four distinct elements of prospect theory and find loss...
Persistent link: https://www.econbiz.de/10010328988
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Foundations of the Rank-Dependent Probability Weighting Function
Rablen, Matthew D. - 2019
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/10012141336
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Prospect Theory and Tax Evasion: A Reconsideration of the Yitzhaki Puzzle
Piolatto, Amedeo; Rablen, Matthew D. - Institute for the Study of Labor (IZA) - 2013
The standard expected utility model of tax evasion predicts that evasion is decreasing in the marginal tax rate (the Yitzhaki puzzle). The existing literature disagrees on whether prospect theory overturns the puzzle. We disentangle four distinct elements of prospect theory and find loss...
Persistent link: https://www.econbiz.de/10010884369