productivity. Nevertheless, only a minority of sessions converge to this system, indicating a tendency for the voting process to …

This paper studies how updating affects ambiguity-attitude. In particular we focus on the generalized Bayesian update … of the Jaffray-Phillipe sub-class of Choquet Expected Utility preferences. We find conditions for ambiguity-attitude to … be the same before and after updating. A necessary and sufficient condition for ambiguity-attitude to be unchanged when …

contribution, the paper extends the smooth ambiguity model by providing a threefold disentanglement between, risk aversion …, ambiguity aversion, and the propensity to smooth consumption over time. …

We study risk attitudes, ambiguity attitudes, and time preferences of 661 children and adolescents, aged ten to … eighteen years, in an incentivized experiment and relate experimental choices to field behavior. Experimental measures of … mass index, are less likely to save money and show worse conduct at school. Experimental measures for risk and ambiguity …

We show that ambiguity aversion increases the value of a statistical life as soon as the marginal utility of wealth is … higher if alive than dead. The intuition is that ambiguity aversion has a similar effect as an increase in the perceived … baseline mortality risk, and thus operates as the “dead anyway” effect. We suggest, however, that ambiguity aversion should …

Government or company decisions on whom to hire are mostly delegated to politicians, public sector officials or human …

become less relevant. Different institutions varying from selection by arts councils, bureaucrats or politicians to less …

When politicians have lower discount factors than voters, democratic elections cannot sufficiently motivate politicians … to undertake long-term socially beneficial projects. When politicians can offer incentive contracts which become … politicians’ time preferences. In the non-commitment case, incentive contracts may need to include a golden parachute clause …

We empirically investigate whether the persistence of politicians in political institutions affects the innovation …’ innovation activity. However, once the causal effect is isolated by means of instrumental variables, using death of politicians …-term connections with politicians. …