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Optimal illusion of control and related perception biases
Gossner, Olivier; Steiner, Jakub - 2016
Persistent link: https://www.econbiz.de/10011580295
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Optimal Illusion of Control and Related Perception Biases
Gossner, Olivier - 2016
We study perception biases arising under second-best perception strategies. An agent correctly observes a parameter … information until her decision. A designer of the decision process chooses a perception strategy that determines the distribution … of the perception errors. If some information loss is unavoidable due to cognition constraints, then (under additional …
Persistent link: https://www.econbiz.de/10012983461
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Loss aversion
Imai, Taisuke; Schmidt, Klaus M. - 2023 - This version: November 21, 2023
Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, “the most significant contribution of psychology to behavioral economics” (Kahneman, 2011, p. 300). It has powerful...
Persistent link: https://www.econbiz.de/10014487321
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Loss aversion
Imai, Taisuke; Schmidt, Klaus M. - 2023 - This version: November 21, 2023
Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, "the most significant contribution of psychology to behavioral economics" (Kahneman, 2011, p. 300). It has powerful...
Persistent link: https://www.econbiz.de/10014451904
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A review of the certainty effect and influence of information processing
Ramirez, Patrick A.; Levine, Daniel S. - 2013
This review considers two explanations for behavioral decision-making in reference to the certainty and framing effects. The findings from various paradigms such as a single questionnaire, gambles with repetition, and gambles guided by feedback are explained either by prospect theory or by...
Persistent link: https://www.econbiz.de/10009791189
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Cumulative prospect theory version with fuzzy values of outcome estimates
Uzhga-Rebrov, Oleg; Grabusts, Peter - In: Risks : open access journal 9 (2021) 4, pp. 1-16
Choosing solutions under risk and uncertainty requires the consideration of several factors. One of the main factors in choosing a solution is modeling the decision maker's attitude to risk. The expected utility theory was the first approach that allowed to correctly model various nuances of the...
Persistent link: https://www.econbiz.de/10012508716
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Comparing experiments for modelling farm risk management decisions with a focus on extreme weather losses
Duden, Christoph; Offermann, Frank; Mußhoff, Oliver - 2023
Extreme weather events pose an economic threat to farms. The risk management behaviour against such events is often studied using prospect theory as a framework, but empirically deriving corresponding parameters in the field involving farmers is challenging. To address this issue, we compare...
Persistent link: https://www.econbiz.de/10014247000
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Why policymakers and social scientists should adopt behavioral economics : an analysis for the period 2000-2020
Aliende, Iñaki; Escot Mangas, Lorenzo - In: Revista finanzas y política económica 14 (2022) 2, pp. 453-487
Persistent link: https://www.econbiz.de/10013383635
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Entrepreneurial decision-making under risk
Ma, Dalong; Fiet, James O.; Dubofsky, David A. - In: Entrepreneurship research journal : ERJ 13 (2023) 2, pp. 221-249
Persistent link: https://www.econbiz.de/10014293800
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How false feedback influences decision-makers' risk preferences
Kusev, Petko; Schaik, Paul van; Teal, Joseph; Martin, Rose - In: Journal of behavioral decision making 35 (2022) 5, pp. 1-9
Persistent link: https://www.econbiz.de/10013464452