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Tournament Fever and the Perception of StrategicUncertainty in Performance Contests

Uske, Tobias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008

the inherent variability of competitors' effort choices introduce uncertainty to tournament settings with respect to the … outcome.If heterogeneous agents interact in such a setting, experimental results suggest thatincreasing uncertainty leads to … mainly overestimate their opponents. Leveling uncertainty inuencesboth overshooting and the precision of beliefs. …

Persistent link: https://www.econbiz.de/10005866448

Testing the Modigliani-Miller theorem directly in the lab:a general equilibrium approach

Mahagaonkar, Prashanth; Qiu, Jianying - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008

In this paper, we experimentally test the Modigliani-Miller theorem. Applying ageneral equilibrium approach and not allowing for arbitrage among ¯rms with differ-ent capital structure, we are able to address a question fundamental to the valuationof firms: does capital structure affect the...

Persistent link: https://www.econbiz.de/10005866450

Prior-Free Optimality and Satisficing- A Common Framework and its Experimental Implementation

Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008

Similar to welfare economics where with(out) interpersonal comparisonsone defines unique (set-valued) welfare (Pareto) optima, we present a frameworkfor one-person decision making where with(out) a prior probability distributionindividual optimality prescribes usually a unique (set of)...

Persistent link: https://www.econbiz.de/10005866454

Time to Defect: Repeated Prisoners’ DilemmaExperiments with Uncertain Horizon

Bruttel, Lisa; Güth, Werner; Kamecke, Ulrich - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

Using a symmetric 2-person prisoners’ dilemma as the base game, each playerreceives a signal for the number of rounds to be played with the same partner.The actual number of rounds (the length of the supergame) is determined bythe maximal signal where each player expects the other’s signal...

Persistent link: https://www.econbiz.de/10005866526

A Note on Skewness Seeking:An Experimental Analysis

Brünner, Tobias; Levinsky, Rene; Qiu, Jianying - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

In this paper we experimentally test skewness seeking at the individuallevel. Several prospects that can be ordered with respect to the third-degreestochastic dominance (3SD) criterion are ranked by the participants of theexperiment. We find that the skewness of a distribution has a...

Persistent link: https://www.econbiz.de/10005866533

Scenario-Based Satisficing in Saving:A Theoretical and Experimental Analysis

Güth, Werner; Levati, Maria Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

Contrary to the models of deterministic life cycle saving, we take itfor granted that uncertainty of one's future is … uncertainty by a non-Bayesian scenario-based satisficingapproach. Decision makers first form aspirations for a few relevant …

Persistent link: https://www.econbiz.de/10005866571

Valuation of Self-Insurance and Self-Protection under Ambiguity: Experimental Evidence

Ozdemier, Ozlem - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

This experimental study, first, compares the individual valuations of two risk reduction mechanisms: self-insurance and …

Persistent link: https://www.econbiz.de/10005866603

Loss aversion and mental accounting: the favorite longshot bias in parimutuel betting

Qiu, Jianying - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

Parimutuel betting markets are simplified financial markets, andcan thus provide a clearer view of pricing issues which are more complicatedelsewhere. Though empirical studies generally conclude thatthe parimutuel betting markets are surprisingly efficient, it is alsofound that for horses with...

Persistent link: https://www.econbiz.de/10005866605