This paper studies, both theoretically and experimentally, framing effects in the context of a public good game in which players have to make a costly contribution either (i) to achieve or (ii) not to lose a non-excludable monetary prize. Our protocol leads to public good provision (not...

Experimental evidence suggests that the frequency with which individuals get feedback information on their investments has an effect on risk-taking behavior. In particular, when they are given information sufficiently often, they take fewer risks compared with a situation in which they are...

We study whether cognitive ability explains choices in a wide variety of behavioral tasks, including riskand social preferences, by collecting evidence from almost 1,200 subjects across eight experimentalprojects. Since Frederick (2005)'s Cognitive Reflection Test (CRT) has been administered to...

The demographic aging of the older population itself has turned out as an issue of great scope, accumulating a large amount of research in recent years. In this context, the prediction or explanation is of much interest. However, little research has studied this prediction when some factors,...

This paper analyzes the provision of discrete public goods when individuals exhibit regret/rejoicing in their preferences. The problem is studied using Regret Theory as opposed to the Bayesian approach. this model is shown to be supported by existing experimental data on binary voluntary...

This paper reports the results of an experiment in which probabilistic insurance, as proposed by Kahneman and Tversky (1979), is compared both with full insurance and no insurance. The experimental results conform to the intuitive prediction that risk-averse agents who are indifferent between...

The purpose of this paper is to introduce a new way of analyzing the portfolio problem by using a different approach of the Von Neumann & Morgenstern utility theory. In so doing, we consider the Regret Theory as a suitable alternative. Some new results on diversification are then obtained. El...

This paper is an extension of an amplified version of the Regret Theory (Sirvent and Tomás, 1992) applied to dependent valuations of the world state. Here is used in the analysis of the provision of insurance for irreplaceable goods as well as for special flight insurances. These are two cases...

In this paper we model choice under risk by means of a new version of Regret Theory, called here Expanded Utility Theory. We analyze some classical problems in the insurance literature by means of this approach by considering two basic types of attitudes towards success/failure. We show that...