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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

Peer Effects in Risk Taking

Lahno, Amrei M.; Serra-Garcia, Marta - CESifo - 2012

We examine peer effects in risk taking with complete information and compare explanations for peer effects based on relative payoff concerns to explanations that allow peer choices to matter. We vary experimentally whether individuals can condition a simple lottery choice on the lottery choice,...

Persistent link: https://www.econbiz.de/10010739341

Hidden Skewness: On the Difficulty of Multiplicative Compounding under Random Shocks

Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - CESifo - 2014

Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...

Persistent link: https://www.econbiz.de/10010764292

Simply a Matter of Luck & Looks? Predicting Elections when Both the World Economy and the Psychology of Faces Count

Garretsen, Harry; Stoker, Janka I.; Alessie, Rob; … - CESifo - 2014

Economic research shows that candidates have a higher chance of getting (re-)elected when they have the luck that the world economy does well even though this is beyond their control and unrelated to their competence. Psychological research demonstrates that candidates increase their chances if...

Persistent link: https://www.econbiz.de/10010877923

Are Groups more Rational than Individuals? A Review of Interactive Decision Making in Groups

Kugler, Tamar; Kausel, Edgar E.; Kocher, Martin G. - CESifo - 2012

consistent in revealing that groups behave closer to the game-theoretical assumption of rationality and selfishness than …

Persistent link: https://www.econbiz.de/10009416117

The Weak Rationality Principle in Economics

Kirchgässner, Gebhard - CESifo - 2005

The weak rationality principle is not an empirical statement but a heuristic rule of how to proceed in social sciences …-foundation and, therefore, employ the rationality assumption in economic models. Then, with reference to the ‘bounded rationality … a part of the rationality assumption. We conclude with some remarks on handling the problems of ‘free will’ as well as …

Persistent link: https://www.econbiz.de/10005406455