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What is the actual shape of perception utility?

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2011

Cumulative Prospect Theory (Kahneman, Tversky, 1979, 1992) holds that the value function is described using a power function, and is concave for gains and convex for losses. These postulates are questioned on the basis of recently reported experiments, paradoxes (gain-loss separability...

Persistent link: https://www.econbiz.de/10009147682

Make Almost Stochastic Dominance really Almost

Guo, Xu; Wong, Wing-Keung; Zhu, Lixing - Volkswirtschaftliche Fakultät, … - 2013

Leshno and Levy (2002) extend stochastic dominance (SD) theory to almost stochastic dominance (ASD) for {\it most} decision makers. When comparing any two prospects, Guo, et al.\ (2013) find that there will be ASD relationship even there is only very little difference in mean, variance,...

Persistent link: https://www.econbiz.de/10011107819

Previous outcomes and reference dependence: A meta study of repeated investment tasks with and without restricted feedback

Hopfensitz, Astrid - Volkswirtschaftliche Fakultät, … - 2009

When investment is repeated, previous outcomes (winning/losing) as well as the current budget level (gain/loss domain … experiments initially conducted to investigate myopic-loss-aversion. We observe that investment is related to the number of … analysis is extended to settings with restricted flexibility concerning investment. …

Persistent link: https://www.econbiz.de/10005039981

Overconfidence, risk aversion and (economic) behavior of individual traders in experimental asset markets

Michailova, Julija - Volkswirtschaftliche Fakultät, … - 2010

risk aversion was implemented in a sample of former participants of the asset market experiment (32 persons). The presented …In this paper influence of behavioral factors (overconfidence and risk aversion) on financial decision making of … economic subjects is analyzed. For this purpose two kinds of experiments were conducted: asset market and risk aversion …

Persistent link: https://www.econbiz.de/10008694158

Overconfidence, Risk Aversion and Individual Financial Decisions in Experimental Asset Markets

Michailova, Julija - Volkswirtschaftliche Fakultät, … - 2010

We investigate the influence of overconfidence and risk aversion on individual financial decision making in the … five “rational” markets and most overconfident subjects formed five “overconfident” markets. The asset market experiment … was followed by post hoc risk aversion measurement. Our results revealed that in the suggested setting, performance and …

Persistent link: https://www.econbiz.de/10011266111

Problems of utility and prospect theories. A discontinuity of Prelec’s function

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014

A possibility of the existence of a discontinuity of Prelec’s (probability weighting) function W(p) at the probability p = 1 is discussed. This possibility is supported by the Aczél–Luce question whether Prelec’s weighting function W(p) is equal to 1 at p = 1, by the purely mathematical...

Persistent link: https://www.econbiz.de/10011109059

Problems of utility and prospect theories. Certainty effect near certainty

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014

A need for experiments on the certainty effect near the certainty (near the probability p = 1) is stated in this paper. The need supported by the Aczél–Luce question whether Prelec’s weighting function W(p) is equal to 1 at p = 1, by the purely mathematical restrictions and the...

Persistent link: https://www.econbiz.de/10011109350

Problems of utility and prospect theories. A ”certain-uncertain” inconsistency of the random-lottery incentive system

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014

include the certain outcomes, cannot be unquestionably correct. The experiment of Starmer and Sugden (1991) evidently supports …

Persistent link: https://www.econbiz.de/10011112848

Not All Price Endings Are Created Equal: Price Points and Asymmetric Price Rigidity

Snir, Avichai; Levy, Daniel; Gotler, Alex; Chen, Haipeng - Volkswirtschaftliche Fakultät, … - 2012

: a laboratory experiment, a field study, and a large US supermarket chain, to study the cognitive underpinning and the …

Persistent link: https://www.econbiz.de/10011111811

Choices About Competition: Differences by gender and hormonal fluctuations, and the role of relative performance feedback.

Wozniak, David - Volkswirtschaftliche Fakultät, … - 2009

Economic experiments have shown that when given the choice between piece-rate and winner-take-all tournament style compensation, women are more reluctant than men to choose tournaments. These gender difference experiments have all relied on a similar framework where subjects were not informed of...

Persistent link: https://www.econbiz.de/10008592978