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Imperfect recall and time inconsistencies: An experimental test of the absentminded driver 'paradox'
Levati, Maria 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/10010277338
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Imperfect Recall and Time Inconsistencies: An experimental test of the absentminded driver "paradox"
Levati, Vittoria M.; Uhl, Matthias; Ro'i Zultan - Wirtschaftswissenschaftliche Fakultät, … - 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/10008511322
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Are the Unskilled Really That Unaware? Understanding Seemingly Biased Self-Assessments
Krajc, Marian - Center for Economic Research and Graduate Education and … - 2008
The so-called unskilled-and-unaware problem was experimentally identified a decade ago: The unskilled are seemingly afflicted by a double curse because they also seem unaware of their (relative) lack of skills. Numerous authors have elaborated on this problem – experimentally as well as...
Persistent link: https://www.econbiz.de/10005357525
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Information Gatekeepers: Theory and Experimental Evidence
Brocas, Isabelle; Carrillo, Juan D; Palfrey, Thomas R - C.E.P.R. Discussion Papers - 2009
is little evidence of learning over the 40 matches of the experiment. …
Persistent link: https://www.econbiz.de/10008528540
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Three heuristics of search for a low price when initial information about the market is obsolete
Skořepa, Michal - Institut ekonomických studií, Univerzita Karlova v Praze - 2006
(e.g., markets for durables). This paper studies experimentally the search rules that buyers might use in this case of … extreme lack of information on prices. The paper identifies three general search heuristics, derives three specific rules from … the heuristics and, using data from a small-scale experiment, estimates parameters of the rules. …
Persistent link: https://www.econbiz.de/10005067746
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A Dynamic Ellsberg Urn Experiment
Dominiak, Adam; Dürsch, Peter; Lefort, Jean-Philippe - Alfred-Weber-Institut für Sozial- und … - 2009
experiment and nd that subjectsact more often in line with consequentialism than with dynamic consistency.[...] …
Persistent link: https://www.econbiz.de/10009249016
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Ellsberg meets Keynes at an urn
Chew, Soo-Hong; Miao, Bin; Zhong, Songfa - In: Quantitative economics : QE ; journal of the … 14 (2023) 3, pp. 1133-1162
Keynes (1921) and Ellsberg (1961) have articulated an aversion toward betting on an urn containing balls of two colors of unknown proportion to one with a 50-50 composition. Keynes views this as reflecting different preferences for bets arising from different sources of uncertainty. Ellsberg...
Persistent link: https://www.econbiz.de/10014362573
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On the benefits of robo-advice in financial markets
Lambrecht, Marco; Oechssler, Joerg; Weidenholzer, Simon - 2023
on individual characteristics like risk attitudes. In a portfolio choice experiment running over 10 weeks, we study how …
Persistent link: https://www.econbiz.de/10014380288
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The individual and joint performance of economic preferences, personality, and self-control in predicting criminal behavior
Friehe, Tim; Schildberg-Hörisch, Hannah - 2014
We explore the individual and joint explanatory power of concepts from economics, psychology, and criminology for criminal behavior. More precisely, we consider risk and time preferences, personality traits from psychology (Big Five and locus of control), and a self-control scale from...
Persistent link: https://www.econbiz.de/10010235856
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An experimental test of a search model under ambiguity
Asano, Takao; Okudaira, Hiroko; Sasaki, Masaru - 2014
This paper's objective is to design a laboratory experiment to explore the effect of ambiguity on a subject's search … behavior in a finite-horizon sequential search model. In so doing, we employ a new approach to observe the potential trend of …
Persistent link: https://www.econbiz.de/10010239264