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Frey, Bruno S. - CESifo - 2009

This paper argues that the “Economics of Crime” concentrates too much on punishment as a policy to fight crime, which is unwise for several reasons. There are important instances in which punishment simply cannot reduce crime. Several feasible alternatives to punishment exist, such as...

Persistent link: https://www.econbiz.de/10005013061

Poverty and Welfare Measurement on the Basis of Prospect Theory

Jäntti, Markus; Kanbur, Ravi; Nyyssölä, Milla; … - CESifo - 2013

This paper examines the measurement of social welfare, poverty and inequality taking into account reference-dependence, loss aversion and diminishing sensitivity—aspects emphasized in Prospect Theory—to social welfare measurement. We suggest a new notion of equivalent income, the income...

Persistent link: https://www.econbiz.de/10010607471

A Parametric Analysis of Prospect Theory's Functionals for the General Population

Booij, Adam S.; Praag, Bernard M.S. Van; Kuilen, Gijs Van De - CESifo - 2009

This paper presents the results of an experiment that completely measures the utility function and probability …

Persistent link: https://www.econbiz.de/10005000376

Health Values, Preference Inconsistency, and Insurance Demand

Wrede, Matthias - CESifo - 2005

Several empirical studies provide evidence that their actual health state affects people’s attitudes towards health and medical care in hypothetical health states. In the tradition of behavioural economics this paper considers the actual health state as a point of reference and builds a model...

Persistent link: https://www.econbiz.de/10005406000

Consistency of Higher Order Risk Preferences

Deck, Cary; Schlesinger, Harris - CESifo - 2012

Risk aversion (a 2nd order risk preference) is a time-proven concept in economic models of choice under risk. More …-averse behaviors might be generated by a simple type of basic lottery preference for either (1) combining “good” outcomes with “bad … dichotomy. Our own experiment is the first to look beyond 4th order risk preferences and we examine risk attitudes at even …

Persistent link: https://www.econbiz.de/10010602003

Informational Requirements of Nudging

Benkert, Jean-Michel; Netzer, Nick - CESifo - 2015

A nudge is a non-coercive paternalistic intervention that attempts to improve choices by manipulating the framing of a … welfare-theoretic foundation for nudging similar in spirit to the classic revealed preference approach, by investigating a …

Persistent link: https://www.econbiz.de/10011272627

Bribery vs. Extortion: Allowing the Lesser of two Evils

Khalil, Fahad; Lawarrée, Jacques; Yun, Sungho - CESifo - 2007

Rewards to prevent supervisors from accepting bribes create incentives for extortion. This raises the question whether a supervisor who can engage in bribery and extortion can still be useful in providing incentives. By highlighting the role of team work in forging information, we present a...

Persistent link: https://www.econbiz.de/10005765652

Petroleum Taxation and Investment Behaviour

Osmundsen, Petter; Emhjellen, Magne; Johnsen, Thore; … - CESifo - 2014

Petroleum administration can be regarded as a principal-agent problem. The government allocates exploration and production rights to petroleum companies on behalf of the population. The government is the principal and the companies are agents. With the aim of capturing revenue for the state, the...

Persistent link: https://www.econbiz.de/10010948872

What is an Award Worth? An Econometric Assessment of the Impact of Awards on Employee Performance

Neckermann, Susanne; Cueni, Reto; Frey, Bruno S. - CESifo - 2009

Behavioral economics documents the importance of status and self-image concerns in the workplace, but is largely silent about how to instrumentalize them to induce effort. Awards - widespread in the corporate sector and elsewhere - are motivators that derive their value from such social...

Persistent link: https://www.econbiz.de/10004979427

Wage Policy and Endogenous Wage Rigidity: A Representative View From the Inside

Agell, Jonas; Bennmarker, Helge - CESifo - 2002

have an impact on attitudes concerning effort and motivation. …

Persistent link: https://www.econbiz.de/10005051594