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Uncertainty pervades most aspects of life. From selecting a new technology to choosing a career, decision makers rarely know in advance the exact outcomes of their decisions. Whereas the consequences of decisions in standard decision theory are explicitly described (the decision from description...
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We replicate three pricing tasks of Gneezy, List and Wu (2006) for which they document the so-called uncertainty effect, namely, that people value a binary lottery over non-monetary outcomes less than other people value the lottery's worse outcome. While the authors implemented a verbal lottery...
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Viele Ökonominnen und Ökonomen in Deutschland beklagen die zumeist langsame Geschwindigkeit, mit der Regierungen … unabhängig von ihrer politischen Couleur Wirtschaftsreformen umsetzen. Die Volkswirte wünschen sich dabei oft tiefgreifende und … wissenschaftstheoretisch offensichtlich, dass auch Werturteile und persönliche Präferenzen für die Unterschiede im Reformeifer eine Rolle …
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Does risk taking change as a function of age? We conducted a systematic literature search and found 29 comparisons between younger and older adults on behavioral tasks thought to measure risk taking (N = 4,093). The reports relied on various tasks differing in several respects, such as the...
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The social world is often portrayed as being less predictable and more uncertain than the nonsocial world. People may therefore feel the need to search more for information before making a choice. However, we suggest that cognitive tools such as social projection and norm-based expectation may...
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