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The paper considers the application of Genetic Algorithms (GA) on coordination games with non-point pollution controlling systems including collective and random fines. During the GA simulations populations continually switch between the two symmetric Nash equilibria of the game. Coordination of...
Persistent link: https://www.econbiz.de/10005537641
We provide an experimental test of the traveler's dilemma using individual and group data. Our investigation aims to assess whether individual decisions differ significantly from group decisions. Experimental findings reported in this paper show that: (1) groups are always more rational – i.e....
Persistent link: https://www.econbiz.de/10011261630
In this paper, the empirical performance of several preference functionals is assessed using individual and group experimental data. We investigate if there is a risky choice theory that fits group decisions better than alternative theories, and if there are significant differences between...
Persistent link: https://www.econbiz.de/10010988769
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In the 40’s and early 50’ two decision theories were proposed and have since dominated the scene of the fascinating field of decision-making. In 1944 – when von Neumann and Morgenstern showed that if preferences are consistent with a set of axioms then it is possible to represent these...
Persistent link: https://www.econbiz.de/10005408229
Experimental research on decision making under risk has until now always employed choice data in order to evaluate the empirical performance of expected utility and the alternative non-expected utility theories. The present paper performs a similar analysis which relies on pricing data instead...
Persistent link: https://www.econbiz.de/10005464744
This paper provides an experimental test of the traveller’s dilemma. Our investigation aims to address the research hypothesis that introducing a reference point à la Schelling (set equal to the Pareto optimal solution) might drive people away from rationality even when the size of the...
Persistent link: https://www.econbiz.de/10011108447
In this paper we analyse the empirical performance of several preference functionals using individual and group data. Our investigation aims to address two fundamental questions that have, until now, not been addressed in literature. Specifically, we intend to assess if there exists a risky...
Persistent link: https://www.econbiz.de/10011108949