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A model of reference-dependent belief updating
Maier, Johannes K.; König, Clemens - 2016
We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...
Persistent link: https://www.econbiz.de/10011557745
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Cognitive uncertainty and overconfidence
Amelio, Andrea - 2022
Overconfidence is one of the most ubiquitous cognitive bias. There is copious evidence of overconfidence being relevant in a diverse set of economic domains. In this paper, we relate the recent concept of cognitive uncertainty with overconfidence. Cognitive uncertainty represents a decision...
Persistent link: https://www.econbiz.de/10013257953
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Price discontinuities in an online used car market : conference paper
Englmaier, Florian; Schmöller, Arno Robin; Stowasser, Till - 2013
We examine empirically whether individuals evaluating used cars efficiently aggregate all relevant information on its constituent characteristics. Based on detailed field data on more than 80,000 used car offers in a large online marketplace, we provide evidence for biased information...
Persistent link: https://www.econbiz.de/10010338953
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From intent to inertia : experimental evidence from the retail electricity market
Gravert, Christina - 2024
, their beliefs, preferences, and intentions to switch providers. Crucially, I can link their intentions with actual switching … consumers leaves money on the table by not switching. The low switching rates cannot be explained by biased beliefs or high … procrastinate and quickly forget to switch. Based on these findings, I suggest that simply drawing attention to information or …
Persistent link: https://www.econbiz.de/10014463078
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Imperfect recall and time inconsistencies : an experimental test of the absentminded driver “paradox”
Levati, M. Vittoria; Uhl, Matthias; Zultan, Ro'i - 2010
Absentmindedness is a special case of imperfect recall which according to Piccione and Rubinstein (1997a) leads to time inconsistencies. Aumann, Hart and Perry (1997a) question their argument and show how dynamic inconsistencies can be resolved. The present paper explores this issue from a...
Persistent link: https://www.econbiz.de/10003980493
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - 2014
I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity. In a between-subjects design I vary whether subjects learn choices made individually by a "peer" in a first part when facing the same task a second time, and whether prospects...
Persistent link: https://www.econbiz.de/10010364762
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Time pressure and regret in sequential search
Klimm, Felix; Kocher, Martin; Opitz, Timm; Schudy, Simeon - 2022
Perceived urgency and regret are common in many sequential search processes; for example, sellers often pressure buyers in search of the best offer, both time-wise and in terms of potential regret of forgoing unique purchasing opportunities. theoretically, these strategies result in anticipated...
Persistent link: https://www.econbiz.de/10014476728
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Time pressure and regret in sequential search
Klimm, Felix; Kocher, Martin; Opitz, Timm; Schudy, Simeon - 2021
Perceived urgency and regret are common in many sequential search processes; for example, sellers often pressure buyers in search of the best offer, both time-wise and in terms of potential regret of forgoing unique purchasing opportunities. Theoretically, these strategies result in anticipated...
Persistent link: https://www.econbiz.de/10012534681
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Social comparison nudges : guessing the norm increases charitable giving
Bartke, Simon; Friedl, Andreas; Gelhaar, Felix; Reh, Laura - 2016
argue that guessing draws attention to the norm and therefore increases its effectiveness. Our results suggest that the … effectiveness of nudges that use descriptive norms depends on how the a priori beliefs about the descriptive norm are updated. …
Persistent link: https://www.econbiz.de/10011559978
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The role of communication of performance schemes : evidence from a field experiment
Englmaier, Florian; Roider, Andreas; Sunde, Uwe - 2015
In corporate practice, incentive schemes are often complicated even for simple tasks. Hence, the way they are communicated might matter. In a controlled field experiment, we study a minimally invasive change in the communication of a well-established incentive scheme - a reminder regarding the...
Persistent link: https://www.econbiz.de/10011285314