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Learning, Forecasting and Optimizing: An Experimental Study

Bao, Te; Duffy, John; Hommes, Cars - 2012

Rational Expectations (RE) models have two crucial dimensions: 1) agents correctly forecast future prices given all available information, and 2) given expectations, agents solve optimization problems and these solutions in turn determine actual price realizations. Experimental testing of such...

Persistent link: https://www.econbiz.de/10010326375

Learning, Forecasting and Optimizing: An Experimental Study

Bao, Te; Duffy, John; Hommes, Cars - Tinbergen Instituut - 2012

This discussion paper led to a publication in the 'European Economic Review' (2013). Vol. 61, pp. 186-204.<P> Rational Expectations (RE) models have two crucial dimensions: 1) agents correctly forecast future prices given all available information, and 2) given expectations, agents solve...</p>

Persistent link: https://www.econbiz.de/10011256912

Do You Know That I Am Biased? An Experiment

Ludwig, Sandra; Nafziger, Julia - 2007

This experiment explores whether individuals know that other people are biased. We confirm that overestimation of abilities is a pervasive problem, but observe that most people are not aware of it, i.e. they think others are unbiased. We investigate several explanations for this result. As a...

Persistent link: https://www.econbiz.de/10010264906

Financial Incentives and Cognitive Abilities: Evidence from a Forecasting Task with Varying Cognitive Load

Rydval, Ondřej - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

I examine how financial incentives interact with intrinsic motivation and especially cognitive abilities in explaining heterogeneity in performance. Using a forecasting task with varying cognitive load, I show that the effectiveness of high-powered financial incentives as a stimulator of...

Persistent link: https://www.econbiz.de/10005866579

The Interaction between Financial Incentives and Task-specific Cognitive Capital: More Evidence in Support of Camerer and Hogarth (1999)

Rydval, Ondřej - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

This paper extends existing evidence on the interaction between financial incentives and cognitive capital. I focus on the impact of task-specific cognitive capital, the role of which is central to the capital-labor-production framework of Camerer and Hogarth (1999) and has long been studied in...

Persistent link: https://www.econbiz.de/10005866583

Valuing A Risky Prospect Less Than Its Worst Outcome: Uncertainty Effect or Task Ambiguity?

Ortmann, Andreas; Prokosheva, Alexandra; Rydval, Ondřej; … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

Gneezy, List and Wu [Q. J. Econ. 121 (2006) 1283-1309] document that lotteries are often valued less than the lotteries’ worst outcomes. We show how to undo this result.

Persistent link: https://www.econbiz.de/10005866586

Testing the strength and robustness of the attraction effect in consumer decision making

Crosetto, Paolo; Gaudeul, Alexia - Wirtschaftswissenschaftliche Fakultät, … - 2014

We report the results of an original experiment that was designed to test the strength and robustness of the attraction effect. Rather than the usual simple tests for this effect, we consider a conceptually simple consumer purchasing task where alternatives are however difficult to evaluate. For...

Persistent link: https://www.econbiz.de/10010890001

Adaptive vs. Eductive Learning: Theory and Evidence

Duffy, John; Bao, Te - Department of Economics, University of Pittsburgh - 2013

Adaptive learning and eductive learning are two widely used ways of modeling learning behavior in macroeconomics. Both … such differences in stability conditions under adaptive and eductive learning to investigate which learning approach … provides a better description of the learning behavior of human subjects. Our results suggest that adaptive learning is a …

Persistent link: https://www.econbiz.de/10010908261

The False Consensus Effect: Deconstruction and Reconstruction of an Anomaly

Engelmann, Dirk; Strobel, Martin - Center for Economic Research and Graduate Education and … - 2004

We present a striking example of the deconstruction and reconstruction of an anomaly. In line with previous experiments we show in a one-shot setting that the allegedly robust false consensus effect disappears if representative information is readily available. But the effect reappears if a...

Persistent link: https://www.econbiz.de/10005146528

Reaching for the Stars: An Experimental Study of the Consumption Value of Social Approval

Greiff, Matthias; Paetzel, Fabian - Volkswirtschaft Abteilung, Fachbereich … - 2012

We present a theoretical model of a linear public good game in which heterogeneous players express social approval after observing contributions. The model explains how social approval is expressed and predicts positive contributions if subjects have a preference for social approval. Using a...

Persistent link: https://www.econbiz.de/10010612070

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