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Optimal Illusions and Decisions Under Risk
Gollier, Christian - 2021
subjective beliefs on the distribution of returns. However, the bias of these endogenous subjective beliefs induces the choice of …
Persistent link: https://www.econbiz.de/10013318772
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Optimal Illusions and Decisions under Risk
Gollier, Christian - CESifo - 2005
subjective beliefs on the distribution of returns. However, the bias of these endogenous subjective beliefs induces the choice of …
Persistent link: https://www.econbiz.de/10005406370
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Optimal choice and beliefs with ex ante savoring and ex post disappointment
Gollier, Christian; Muermann, Alexander - 2006
We propose a new decision criterion under risk in which people extract both utility from anticipatory feelings ex ante and disutility from disappointment ex post. The decision maker chooses his degree of optimism, given that more optimism raises both the utility of ex ante feelings and the risk...
Persistent link: https://www.econbiz.de/10010298342
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Rational overconfidence and social security
Krabbe Nielsen, Carsten - 2014
are invested. Here, a rationale for these two features, based on rational overconfidence, is proposed. Rational … overconfidence is present when equally informed agents hold diverse confident, rational beliefs. The fact that beliefs are diverse … overconfidence, Pareto efficiency is no longer the natural criterion for comparing policies and we suggest ex-post welfare optimality …
Persistent link: https://www.econbiz.de/10011774418
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On portfolio choice with savoring and disappointment
Jouini, Elyès; Karehnke, Paul; Napp, Clotilde - In: Management science : journal of the Institute for … 60 (2014) 3, pp. 796-804
Persistent link: https://www.econbiz.de/10010347864
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Optimal illusions and decisions under risk
Gollier, Christian (contributor) - 2005
Persistent link: https://www.econbiz.de/10003174419
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Optimal illusions and decisions under risk
Gollier, Christian (contributor) - 2005
subjective beliefs on the distribution of returns. However, the bias of these endogenous subjective beliefs induces the choice of …
Persistent link: https://www.econbiz.de/10002572472
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Optimal illusions and decisions under risk
Gollier, Christian - 2005
subjective beliefs on the distribution of returns. However, the bias of these endogenous subjective beliefs induces the choice of …
Persistent link: https://www.econbiz.de/10002703620
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Collective risk-taking decisions with heterogeneous beliefs
Gollier, Christian - 2003
Suppose that a group of agents having divergent expectations can share risks efficiently. We examine how this group should behave collectively to manage these risks. We show that the beliefs of the representative agent is in general a function of the group.s wealth level, or equivalently, that...
Persistent link: https://www.econbiz.de/10011507677
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Anxiety, overconfidence, and excessive risk taking
Eisenbach, Thomas M.; Schmalz, Martin C. - 2015
We provide a preference-based rationale for endogenous overconfidence. Horizon-dependent risk aversion, combined with a … possibility to forget, can generate overconfidence and excessive risk taking in equilibrium. An "anxiety prone" agent, who is more … results to the literature on empirically observed overconfidence and excessive risk taking in several domains of financial and …
Persistent link: https://www.econbiz.de/10010482950