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We investigate the impact of behavioral ordering on profits under competition. Specifically, we use controlled laboratory experiments to evaluate the differences in profits between a behavioral competitor (where a human places orders), and a management science-driven competitor (where orders are...
Persistent link: https://www.econbiz.de/10012904634
In the Ultimatum Game (UG) one player, named “proposer”, has to decide how to allocate a certain amount of money between herself and a “responder”. If the offer is greater than or equal to the responder’s minimum acceptable offer (MAO), then the money is split as proposed, otherwise,...
Persistent link: https://www.econbiz.de/10014114958
In an experts-assisted decision making paradigm, the information collection design becomes a strategic variable under a weak assumption that the final decision is dependent on the design used to collect information as well. As a result, the same information of the experts and the decision maker...
Persistent link: https://www.econbiz.de/10014049931
We study how changes to the informativeness of signals in Bayesian games and single-agent decision problems affect the distribution of equilibrium actions. A more precise private signal about an unknown state of the world leads to an mean-preserving spread of an agent's beliefs. Focusing on...
Persistent link: https://www.econbiz.de/10012851657
We study the experimentation dynamics of a decision maker (DM) in a two-armed bandit setup (Bolton and Harris [1999]), where the agent holds ambiguous beliefs regarding the distribution of the return process of one arm and is certain about the other one. The DM entertains Multiplier preferences...
Persistent link: https://www.econbiz.de/10012852164
We study how information affects equilibria and welfare in games. For an agent, more precise information about an unknown state of the world leads to a mean-preserving spread of beliefs. We provide necessary and sufficient conditions to obtain either a non-increasing mean or a...
Persistent link: https://www.econbiz.de/10012166206
This paper studies the set of Pareto optimal insurance contracts and the core of an insurance game. Our setting allows multiple insurers with translation invariant preferences. We characterise the Pareto optimal contracts, which determines the shape of the indemnities. Closed-form and numerical...
Persistent link: https://www.econbiz.de/10012933359
Persistent link: https://www.econbiz.de/10012842492
Stochastic independence (SI) has a complex status in probability theory. It is not part of the definition of a probability measure, but it is nonetheless an essential property for the mathematical development of this theory, hence a property that any theory on the foundations of probability...
Persistent link: https://www.econbiz.de/10012872039
We explore how risk-taking in the card game contract bridge, and in a financial gamble, correlate with variation in the dopamine receptor D4 gene (DRD4) among serious tournament bridge players. In bridge risk-taking, we find significant interactions between genetic predisposition and skill....
Persistent link: https://www.econbiz.de/10014193647