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The Nature of Risk Preferences: Evidence from Insurance Choices
Barseghyan, Levon; Molinari, Francesca; O'Donoghue, Ted; … - CESifo - 2012
We use data on insurance deductible choices to estimate a structural model of risky choice that incorporates "standard" risk aversion (diminishing marginal utility for wealth) and probability distortions. We find that probability distortions - characterized by substantial overweighting of small...
Persistent link: https://www.econbiz.de/10010571178
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A Note on the Design of Experiments Involving Public Goods
Graves, Philip E. - CESifo - 2010
Concern about potential free riding in the provision of public goods has a long history. More recently, experimental economists have turned their attention to the conditions under which free riding would be expected to occur. A model of free riding is provided here which demonstrates that...
Persistent link: https://www.econbiz.de/10008671727
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The Role of Salience in Performance Schemes: Evidence from a Field Experiment
Englmaier, Florian; Roider, Andreas; Sunde, Uwe - CESifo - 2012
tasks. We analyze the effects of the salience of incentives in a team production setting where the principal has an interest … incentive system without changing the incentive system. The results indicate that salience of incentives itself is statistically … and economically important for performance. We find that higher salience of incentives for quantity increases quantity …
Persistent link: https://www.econbiz.de/10010539149
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Complex Tax Incentives - An Experimental Investigation
Abeler, Johannes; Jäger, Simon - CESifo - 2013
How does tax complexity affect people’s reaction to tax changes? To answer this question, we conduct an experiment in which subjects work for a piece rate and face taxes. One treatment features a simple, the other a complex tax system. The payoff-maximizing effort level and the incentives...
Persistent link: https://www.econbiz.de/10010652444
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Shop Around and You Pay More
Yan, Ji; Tian, Kun; Dixon, Huw D.; Heravi, Saeed; … - CESifo - 2014
We examine the relationship between the prices paid by households and their shopping patterns measured in terms of shopping frequency and the range of stores visited. We use the TNS data which allows us to control for household heterogeneity. The main contribution of the paper is that we find...
Persistent link: https://www.econbiz.de/10010888454
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Contracts, Biases and Consumption of Access Services
Leider, Stephen G.; Sahin, Özge - CESifo - 2012
We consider a consumption model that takes into account the valuation and demand uncertainties that consumers face while using access services. Typical examples of such services include telecommunication services, extended warranties for consumer electronics, and club memberships. We demonstrate...
Persistent link: https://www.econbiz.de/10009416116
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Controlling Product Risks when Consumers are Heterogeneously Overconfident: Producer Liability vs. Minimum Quality Standard Regulation
Baniak, Andrzej; Grajzl, Peter - CESifo - 2014
Contributing to the literature on the consequences of behavioral biases for market outcomes and institutional design, we contrast producer liability and minimum quality standard regulation as alternative means of social control of product-related torts when consumers are heterogeneously...
Persistent link: https://www.econbiz.de/10010948857
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Expectations as Reference Points: Field Evidence from Experienced Subjects in a Competitive, High-Stakes Environment
Bartling, Björn; Brandes, Leif; Schunk, Daniel - CESifo - 2012
We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of...
Persistent link: https://www.econbiz.de/10010551016
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Variation in Risk Seeking Behavior in a Natural Experiment on Large Losses Induced by a Natural Disaster
Page, Lionel; Savage, David A.; Torgler, Benno - CESifo - 2012
This study explores people’s risk attitudes after having suffered large real-world losses following a natural disaster. Using the margins of the 2011 Australian floods (Brisbane) as a natural experimental setting, we find that homeowners who were victims of the floods and face large losses in...
Persistent link: https://www.econbiz.de/10010556847
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Children Do Not Behave Like Adults: Gender Gaps in Performance and Risk Taking within a Random Social Context in the High-StakesGame Shows Jeopardy and Junior Jeopardy
Säve-Söderbergh, Jenny; Lindquist, Gabriella Sjögren - CESifo - 2014
Using unique panel data, we compare cognitive performance and wagering behavior of children (10-11 years) with adults playing in the Swedish version of the TV-shows Jeopardy and Junior Jeopardy. Although facing the same well-known high-stakes game, and controlling for performance differences,...
Persistent link: https://www.econbiz.de/10010736749