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Comparison of Mean-Variance Theory and Expected-Utility Theory through a Laboratory Experiment

Morone, Andrea - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2005

In the 40's and early 50' two decision theories were proposed and have since dominated the scene of the fascinating field of decision-making. In 1944 - when von Neumann and Morgenstern showed that if preferences are consistent with a set of axioms then it is possible to represent these...

Persistent link: https://www.econbiz.de/10005765197

Comparison of Mean-Variance Theory and Expected-Utility Theory through a Laboratory Experiment

Morone, Andrea - Dipartimento di Scienze Economiche, Facoltà di Economia - 2007

In the 40.s and early 50. two decision theories were proposed and have since dominated the scene of the fascinating field of decision-making. In 1944 . when von Neumann and Morgenstern showed that if preferences are consistent with a set of axioms then it is possible to represent these...

Persistent link: https://www.econbiz.de/10005729360

Comparison of Mean-Variance Theory and Expected-Utility Theory through a Laboratory Experiment

Morone, Andrea - In: Economics Bulletin 3 (2008) 40, pp. 1-7

In the 40's and early 50''s two decision theories were proposed and have dominated the scene of the fascinating field of decision-making. Since 1944 - when von Neumann and Morgenstern showed that if preferences are consistent with a set of axioms then it is possible to represent these...

Persistent link: https://www.econbiz.de/10005182027

Comparison of Mean-Variance Theory and Expected-Utility Theory through a Laboratory Experiment

Morone, Andrea - In: Economics Bulletin 3 (2008) 40, pp. 1-7

Persistent link: https://www.econbiz.de/10010629730

An experiment on partnership protocols for bilateral trade with incomplete information

Sopher, Barry; Sopher, Revan - 2012

We study experimentally partnership protocols of the sort proposed by Kalai and Kalai (2010), for bilateral trade games with incomplete information. We utilize the familiar game analyzed by Chatterjee and Samuelson (1983) and Myerson and Sattherwaite (1983), with a buyer and seller with value...

Persistent link: https://www.econbiz.de/10010334257

Performance Pay, Group Selection andGroup Performance

Königstein, Manfred; Ruchala, Gabriele K. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007

Within a laboratory experiment we investigate a principal-agent game in which agents may,first, self-select into a group task (GT) or an individual task (IT) and, second, choose workeffort. In their choices of task and effort the agents have to consider pay contracts for bothtasks as offered by...

Persistent link: https://www.econbiz.de/10005863219

Price competition and nominal illusion: Experimental evidence and a behavioural model

Morales, Antonio J.; Fatas, Enrique - In: SERIEs - Journal of the Spanish Economic Association 12 (2021) 4, pp. 607-632

The standard approach to nominal illusion in Economics sees it as a transitory phenomenon, as economic agents eventually see through the nominal veil, making the right choices. Recent empirical studies suggest that money illusion may persist, distorting real prices in a variety of economic...

Persistent link: https://www.econbiz.de/10014496070

Mandatory Sick Pay Provision: A Labor Market Experiment

Bauernschuster, Stefan; Dürsch, Peter; Oechssler, Jörg; … - Universität <Jena> / Wirtschaftswissenschaftliche Fakultät; … - 2009

Sick-pay is a common provision in labor contracts. It insures workersagainst a sudden loss of income due to unexpected absences andhelps them smooth consumption. Therefore, many governments findsick-pay socially desirable and choose to mandate its provision. Butsick-pay is not without its...

Persistent link: https://www.econbiz.de/10009248999

Attitudes towards Uncertainty and Randomization: An Experimental Study

Dominiak, Adam; Schnedler, Wendelin - Alfred-Weber-Institut für Sozial- und … - 2009

Individuals exhibit a randomization preference if they prefer random mix-tures of two bets to each of the involved bets. Such preferences provide thefoundation of various models of uncertainty aversion. However, it has to ourknowledge not been empirically investigated whether uncertainty-averse...

Persistent link: https://www.econbiz.de/10009249012

Field Experiments with Firms

Bandiera, Oriana; Barankay, Iwan; Rasul, Imran - Institut zur Zukunft der Arbeit <Bonn> - 2011

We discuss how the use of field experiments sheds light on long standing research questionsrelating to firm behavior …. We present insights from two classes of experiments: within andacross firms, and draw common lessons from both sets …. Field experiments within firmsgenerally aim to shed light on the nature of agency problems. Along these lines, we discusshow …

Persistent link: https://www.econbiz.de/10009360520