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Using Experimental Economics to Measure Social Capital And Predict Financial Decisions

Karlan, Dean S. - 2005

Questions remain as to whether results from experimental economics games are generalizable to real decisions in non-laboratory settings. Furthermore, important questions persist about whether social capital can help solve seemingly missing credit markets. I conduct two experiments, a Trust game...

Persistent link: https://www.econbiz.de/10010369258

The dead anyway effect revis(it)ed

Breyer, Friedrich; Felder, Stefan - 2002

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect …

Persistent link: https://www.econbiz.de/10010260809

An Experimental Investigation of the Role of Errors for Explaining Violations of Expected Utility

Neugebauer, Tibor; Schmidt, Ulrich - 2003

One possible conclusion from recent experimental research on decision making under risk is that observed behaviour can be reasonable accommodated by expected utility plus an error term. This conclusion implies that the violation rate of expected utility should decrease if errors are excluded....

Persistent link: https://www.econbiz.de/10010261667

Less Rationality, More Efficiency: a Laboratory Experiment on "Lemon" Markets.

Kirstein, Annette; Kirstein, Roland - 2004

We have experimentally tested a theory of bounded rational behavior in a "lemon market". It provides an explanation for … the observation that real world players successfully conclude transactions when perfect rationality predicts a market … constellation, the number of transactions did not drop to zero. Our bounded rationality approach to explain these observations …

Persistent link: https://www.econbiz.de/10010296891

Europäischer Verbraucherschutz - Ausdruck grenzenloser Regulierungswut oder sinnvoller Schutz für Käufer? Erkenntnisse aus einem Laborexperiment

Kirstein, Roland; Kirstein, Annette - 2006

Wir nutzen die Ergebnisse eines Experiments über Lemons-Märkte, um wirtschaftspolitische Folgerungen über die EU-Verbraucherschutzregulierung von 1999 abzuleiten. Die beiden Marktdesigns, die im Experiment getestet wurden, unterscheiden sich hinsichtlich des Grades, zu dem die Verbraucher das...

Persistent link: https://www.econbiz.de/10010296934

Less Rationality, More Efficiency: a Laboratory Experiment on "Lemons" Markets

Kirstein, Annette; Kirstein, Roland - 2004

In this paper we experimentally test a theory of boundedly rational behavior in a "lemons market." We analyzed two … different market designs, for which perfect rationality implies complete and partial market collapse, respectively. Our … empirical observations deviate substantially from these predictions of rational choice theory: Even after 20 repetitions, the …

Persistent link: https://www.econbiz.de/10010296939

Dimensionen des Wissens: ein kognitiv-evolutionärer Ansatz auf der Grundlage von F. A. von Hayeks Theorie der Sensory Order

Herrmann-Pillath, Carsten - 2009

The standard economic treatment of knowledge mixes a mentalist approach in game theory and an externalist approach in … growth theory and related fields. This confusing state requires a philosophical clarification. I propose to start out from F …

Persistent link: https://www.econbiz.de/10010299981

Toward a cognitive science of markets: Economic agents as sense-makers

Johnson, Samuel G. B. - In: Economics: The Open-Access, Open-Assessment E-Journal 13 (2019) 2019-49, pp. 1-29

structure and understand information. He illustrates how these ideas from cognitive science can illuminate puzzles in economics …

Persistent link: https://www.econbiz.de/10012143212

Mediated truth

Strulovici, Bruno - 2017

Many facts are learned through the intermediation of individuals with special access to information, such as law … societies can learn about such facts when information is costly to acquire, cheap to manipulate, and produced sequentially. The …

Persistent link: https://www.econbiz.de/10011882627

Modeling Social Preferences: A Generalized Model of Inequity Aversion

Khan, Hayat - 2009

Taking note of the wide variety and growing list of models in the literature to explain patterns of behavior observed in laboratory experiments, this paper identifies two tests, the Variety Test (ability of a model to explain outcomes under variety or alternative scenarios) and the Psychological...

Persistent link: https://www.econbiz.de/10011496094