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Combining imprecise or conflicting probability judgments: A choice-based study

Baillon, Aurelien; Cabantous, Laure - Business School, University of Nottingham - 2009

Sources of uncertainty appear to affect attitude towards ambiguity. For instance, when two advisors agree on a range of … the same. This study draws upon prospect theory and ambiguity research to empirically test how sources of uncertainty …. revealed beliefs). Findings support the predictions that the source of ambiguity matters in particular for low and high …

Persistent link: https://www.econbiz.de/10005014574

The relationship between farmers' shock experiences and their uncertainty preferences - experimental evidence from Mexico

Freudenreich, Hanna; Mußhoff, Oliver; Wiercinski, Ben - 2017

aversion, along with a coefficient for ambiguity aversion. These are estimated controlling for survey data of sociodemographic … related to loss aversion or ambiguity aversion. …

Persistent link: https://www.econbiz.de/10011631008

An inquiry into the nature and causes of the description - experience gap

Cubitt, Robin P.; Kopsacheilis, Orestis; Starmer, Chris - 2020

to information differences (sampling bias), to a feature of preferences (ambiguity sensitivity) or to aspects of …

Persistent link: https://www.econbiz.de/10012242996

Windfall gains and house money: The effects of endowment history and prior outcomes on risky decision–making

Jelschen, Hauke; Schmidt, Ulrich - In: Journal of Risk and Uncertainty 66 (2023) 3, pp. 215-232

In a seminal contribution, Thaler and Johnson ( 35 ) detected the existence of a house money effect which is defined as an increase in risk tolerance after previous gains resulting from a risky activity. Subsequent studies used the term house money effect also in case of windfall gains, i.e.,...

Persistent link: https://www.econbiz.de/10015205199

Skill reputation, prospect theory, and regret theory

Harbaugh, Richmond - 2002

When a risky decision involves both skill and chance, success or failure is a signal of the decision maker's skill. Adopting standard models from the career concerns literature, we show that a rational desire to avoid looking unskilled may help explain several anomalies associated with prospect...

Persistent link: https://www.econbiz.de/10010272010

A parametric analysis of prospect theory's functionals for the general population

Booij, Adam S.; van Praag, Bernard M. S.; van de … - 2009

This paper presents the results of an experiment that completely measures the utility function and probability weighting function for different positive and negative monetary outcomes, using a representative sample of N = 1935 from the general public. The results confirm earlier findings in the...

Persistent link: https://www.econbiz.de/10010276981

A parametric analysis of prospect theory's functionals for the general population

Booij, Adam S.; van Praag, Bernard M. S.; van de … - 2009

Persistent link: https://www.econbiz.de/10010277017

Third-generation prospect theory

Schmidt, Ulrich; Starmer, Chris; Sugden, Robert - In: Journal of Risk and Uncertainty 36 (2008) 3, pp. 203-223

We present a new theory of decision under uncertainty: third-generation prospect theory (PT3). This retains the predictive power of previous versions of prospect theory, but extends that theory by allowing reference points to be uncertain while decision weights are specified in a rank-dependent...

Persistent link: https://www.econbiz.de/10010332930

Risk attitudes and digit ratio (2D:4D): Evidence from prospect theory

Neyse, Levent; Vieider, Ferdinand M.; Ring, Patrick; … - In: Journal of Risk and Uncertainty (2020) 60, pp. 29-51

Prenatal androgens have organizational effects on brain and endocrine system development, which may have a partial impact on economic decisions. Numerous studies have investigated the relationship between prenatal testosterone and financial risk taking, yet results remain inconclusive. We...

Persistent link: https://www.econbiz.de/10012245082

Making regulation fit by taking irrationality into account: the case of the whistleblower

Oelrich, Sebastian - In: Business Research 12 (2019) 1, pp. 175-207

frame in a setting of ambiguity and high stakes. Results suggest that people exhibit the typical s-shaped value function and …

Persistent link: https://www.econbiz.de/10012502906