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Pricing risk and ambiguity: The effect of perspective taking
Trautmann, Stefan T.; Schmidt, Ulrich - 2011
There is a large literature showing that willingness-to-accept (WTA) is usually much higher than willingness-to-pay (WTP) in empirical studies although they should be roughly equal according to traditional economic theory. A second stream of literature shows that people are typically ambiguity...
Persistent link: https://www.econbiz.de/10010285717
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Donations to US based NGOs in international development cooperation: How (un-)informed are private donors?
Nunnenkamp, Peter; Öhler, Hannes - 2011
Apart from scaling up foreign aid by NGOs, informed choices of private donors could also encourage an efficient and targeted use of NGO funds in international development cooperation. We assess the determinants of private donations across a large sample of US based NGOs with foreign aid...
Persistent link: https://www.econbiz.de/10010285490
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Individual expectations and aggregate behavior in learning to forecast experiments
Hommes, Cars; Lux, Thomas - 2008
Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...
Persistent link: https://www.econbiz.de/10010263533
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An experimental investigation of violations of transitivity in choice under uncertainty
Birnbaum, Michael H.; Schmidt, Ulrich - 2008
Several models of choice under uncertainty imply systematic violations of transitivity of preference. Our experiments explored whether people show patterns of intransitivity predicted by these models. To distinguish "true" violations from those produced by "error", a model was fit in which each...
Persistent link: https://www.econbiz.de/10010273147
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Enforcement of environmental liability in the case of uncertain causality and asymmetric information
Bartsch, Elga - 1996
In providing precautionary incentives and allocating environmental risk, liability for environmental damages faces two …
Persistent link: https://www.econbiz.de/10010275334
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Asymmetrically dominated alternatives and random incentive mechanisms
Schmidt, Ulrich - 2010
observe risk behavior in a given choice problem. We show that by integrating a second, asymmetrically dominated choice problem … in a random incentive mechanism risk behavior can be manipulated systematically. This implies that the isolation …
Persistent link: https://www.econbiz.de/10010278010
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Explaining the harmonic sequence paradox
Schmidt, Ulrich; Zimper, Alexander - 2011
According to the harmonic sequence paradox (Blavatskyy 2006), an expected utility decision maker's willingness-to-pay for a gamble whose expected payoffs evolve according to the harmonic series is finite if and only if his marginal utility of additional income becomes zero for rather low payoff...
Persistent link: https://www.econbiz.de/10010278013
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Paradoxes and mechanisms for choice under risk
Cox, James C.; Sadiraj, Vjollca; Schmidt, Ulrich - 2011
hypothesis or the independence axiom. We report two experiments with 710 subjects. Experiment 1 provides the first simple test of …Experiments on choice under risk typically involve multiple decisions by individual subjects. The choice of mechanism … the isolation hypothesis. Experiment 2 is a crossed design with six payoff mechanisms and five lottery pairs that can …
Persistent link: https://www.econbiz.de/10010285720
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Noise and bias in eliciting preferences
Hey, John Denis; Morone, Andrea; Schmidt, Ulrich - 2007
In the context of eliciting preferences for decision making under risk, we ask the question: "which might be the 'best …
Persistent link: https://www.econbiz.de/10010272943
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Transitivity in health utility measurement: An experimental analysis
Schmidt, Ulrich; Stolpe, Michael - 2008
monetary outcomes. The goal of our experiment is to test whether these violations also affect the evaluation of health states …
Persistent link: https://www.econbiz.de/10010278001