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Measuring Individual Risk Attitudes in the Lab: Task orAsk? An Empirical Comparison

Lönnqvist, Jan-Erik; Verkasalo, Markku; Walkowitz, Gari; … - Cologne Graduate School in Management, Economics and … - 2011

the lab | herethe amount sent in a trust game (Berg, Dickaut, McCabe, 1995). As it turns out,the measures themselves are … correlations with a Big Five personality measure and iscorrelated with actual risk-taking behaviour. The results suggest that the …. Moreover, with respect to trust, the highre-test stability of trust transfers (p = :70) further supports the conjecture that …

Persistent link: https://www.econbiz.de/10009302654

A Dynamic Ellsberg Urn Experiment

Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009

Two rationality arguments are used to justify the link between condi-tional and unconditional preferences in decision theory: dynamic consistencyand consequentialism. Dynamic consistency requires that ex ante contingentchoices are respected by updated preferences. Consequentialism states...

Persistent link: https://www.econbiz.de/10009249016

Relating the two Dimensions of Risk Attitudes: AnExperimental Analysis

Qiu, Jianying; Steiger, Eva-Marie - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

In the framework of expected utility theory, risk attitudes are entirely capturedby the curvature of the utility function. In cumulative prospect theory (CPT) riskattitudes have an additional dimension: the weighting of probabilities. With thismodication, one question arises naturally: since...

Persistent link: https://www.econbiz.de/10005866427

Valuing Protection against Low Probability,High Loss Risks: Experimental Evidence

Morone, Andrea; Ozdemir, Ozlem - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

The study investigates protective responses in low probability and high loss risk situations.Particularly, it (1) detects individual protection valuations to variations in probability versus tovariations in loss for payment decisions and choice decisions, (2) elicits the thresholdprobability in...

Persistent link: https://www.econbiz.de/10005866644

Do Individuals Recognize Cascade Behavior of Others? - An Experimental study

Stiehler, Andreas - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003

In a cascade experiment subjects are confronted with artificial predecessors prdecting in line with the BHW model (Bikhchandandi, Hirshleifer and Welch, 1992). Using the BDM mechanism we study subjects' probability assignments based on price limits for participating in the prediction game. We...

Persistent link: https://www.econbiz.de/10005866980

Overconfidence in Investment Decisions:An Experimental Approach

Dittrich, Dennis; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001

We experimentally test overconfidence in investment decisions by offering participants the possibility to substitute their own for alternative investment choices.Overall, 149 subjects participated in two experiments, one with just one risky asset, the other with two risky assets. Overconfidence...

Persistent link: https://www.econbiz.de/10005867326

The Hidden Costs of Control:An Unsuccessful Replication Study

Ploner, Matteo; Ziegelmeyer, Anthony - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

This note reports a replication study of Falk and Kosfeld’s (2006) medium control treatment.In the experimental game, an agent has an endowment of 120 experimental currency units anddecides how much to transfer to a principal. For every unit that the agent gives up, the principalreceives two...

Persistent link: https://www.econbiz.de/10005866534

Recognition-Based and Familiarity-Based PortfolioStrategies – An Experimental Study

Diao, Linan - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2011

Empirical evidences show that investors tend to be biased toward investing indomestic (home bias) and local (local bias) stocks. Familiarity is considered to be one of thereasons. A similar concept was proposed by Goldstein and Gigerenzer (1999, 2002), known asthe recognition heuristic: “when...

Persistent link: https://www.econbiz.de/10009248893

Reinforcement Learning in Repeated Portfolio Decisions

Diao, Linan; Rieskamp, Jörg - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2011

How do people make investment decisions when they receive outcome feedback? We examinedhow well the standard mean-variance model and two reinforcement models predict people’sportfolio decisions. The basic reinforcement model predicts a learning process that relies solelyon the portfolio’s...

Persistent link: https://www.econbiz.de/10009248894

A Tool for Electronic Instructions in Laboratory Experiments

Schmelz, Katrin - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2011

E-nstructions facilitates the use of electronic instructions in computerized laboratory ex-periments in social sciences. In this article I provide a set of guidelines for the installationand the use of E-nstructions.

Persistent link: https://www.econbiz.de/10009248895