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Fairness through the Lens of Cooperative Game Theory: An Experimental Approach

Clippel, Geoffroy de; Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2013

This paper experimentally investigates cooperative game theory from a normative perspective. Subjects designated as Decision Makers express their view on what is fair for others, by recommending a payoff allocation for three subjects (Recipients) whose substitutabilities and complementarities...

Persistent link: https://www.econbiz.de/10010895694

Revealed Preferences for Risk and Ambiguity

Brown, Donald J.; Erdman, Chandra; Ling, Kirsten; … - Cowles Foundation for Research in Economics, Yale University - 2010

We replicate the essentials of the Huettel et al. (2006) experiment on choice under uncertainty with 30 Yale …

Persistent link: https://www.econbiz.de/10008692925

Promises and Expectations

Ederer, Florian; Stremitzer, Alexander - Cowles Foundation for Research in Economics, Yale University - 2013

effects. In a controlled laboratory experiment we show that exogenous variation of second-order expectations (promisors …

Persistent link: https://www.econbiz.de/10011252589

Testing for Fictive Learning in Decision-Making under Uncertainty

Bunn, Oliver; Calsamiglia, Caterina; Brown, Donald J. - Cowles Foundation for Research in Economics, Yale University - 2013

are lotteries where the relative frequencies of outcomes are not known or may not exist. The trials in each experiment are … process used to generate the relative frequencies of the payoffs of the ambiguous lotteries. In the first experiment, the … ambiguous lotteries. In the second experiment the sample averages do not converge. If we define fictive learning in an …

Persistent link: https://www.econbiz.de/10010895663

Fictive Learning in Choice under Uncertainty: A Logistic Regression Model

Brown, Donald J.; Bunn, Oliver; Calsamiglia, Caterina; … - Cowles Foundation for Research in Economics, Yale University - 2013

This paper is an exposition of an experiment on revealed preferences, where we posit a novel discrete binary choice …

Persistent link: https://www.econbiz.de/10010895691

History-Dependent Risk Attitude

Dillenberger, David; Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2010

We propose a model of history-dependent risk attitude, allowing a decision maker’s risk attitude to be affected by his history of disappointments and elations. The decision maker recursively evaluates compound risks, classifying realizations as disappointing or elating using a threshold rule....

Persistent link: https://www.econbiz.de/10008462010

The Evolution of Our Preferences: Evidence from Capuchin-Monkey Trading Behavior

Chen, M. Keith; Lakshminarayanan, Venkat; Santos, Laurie - Cowles Foundation for Research in Economics, Yale University - 2005

Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. But are these biases learned or innate? We investigate this question using experiments on a novel set of subjects — capuchin monkeys. By introducing a fiat currency and trade to a capuchin...

Persistent link: https://www.econbiz.de/10005087355

Randomized Sign Test for Dependent Observations on Discrete Choice under Risk

Bracha, Anat; Gray, Jeremy; Ibragimov, Rustam; Nadler, Boaz - Cowles Foundation for Research in Economics, Yale University - 2005

experiment -- the Casino Game. …

Persistent link: https://www.econbiz.de/10005087369

Risky Curves: From Unobservable Utility to Observable Opportunity Sets

Friedman, Daniel; Sunder, Shyam - Cowles Foundation for Research in Economics, Yale University - 2011

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or similar) function. We tour 60 years of empirical search and conclude that no such functions have yet been found that are useful for out-of-sample prediction. Nor do we find...

Persistent link: https://www.econbiz.de/10009251218

Believe and Let Believe: Axiomatic Foundations for Belief Dependent Utility Functionals

Yariv, Leeat - Cowles Foundation for Research in Economics, Yale University - 2001

A large body of experimental data demonstrates that people's beliefs influence their well-being beyond the indirect effect through the actions taken. I present a model that incorporates beliefs into an agent's utility function. The paper provides axiomatic foundations for a special class of...

Persistent link: https://www.econbiz.de/10005593381