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Believe and Let Believe: Axiomatic Foundations for Belief Dependent Utility Functionals
Yariv, Leeat - Cowles Foundation for Research in Economics, Yale University - 2001
getting any additional future information, she prefers today's beliefs to be consistent with her past choices. Preferences …
Persistent link: https://www.econbiz.de/10005593381
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I'll See It When I Believe It - A Simple Model of Cognitive Consistency
Yariv, Leeat - Cowles Foundation for Research in Economics, Yale University - 2002
Psychological experiments demonstrate that people exhibit a taste for consistency. Individuals are inclined to interpret new evidence in ways that confirm their pre-existing beliefs. They also tend to change their beliefs to enhance the desirability of their past actions. I present a model that...
Persistent link: https://www.econbiz.de/10005463891
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Preference for Information and Dynamic Consistency
Grant, Simon; Kajii, Atsushi; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 1999
definition of dynamically consistent behavior, and we discuss whether an intrinsic information lover (say, an anxious person) is …
Persistent link: https://www.econbiz.de/10005762811
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Dynamic Strategic Information Transmission
Golosov, Mikhail; Skreta, Vasiliki; Tsyvinski, Aleh; … - Cowles Foundation for Research in Economics, Yale University - 2011
This paper studies strategic information transmission in a dynamic environment where, each period, a privately informed …, full information revelation is possible. The gradual revelation of information and the eventual full revelation is … decision maker is incentivized by the reward of further information revelation if he chooses the separation-inducing actions …
Persistent link: https://www.econbiz.de/10009019140
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Game Theory Without Partitions, and Applications to Speculation and Consensus
Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 1989
Decision theory and game theory are extended to allow for information processing errors. This extended theory is then … not be. Five axioms of information processing are shown to be especially important to speculation and consensus. They are … sufficient that each agent's information processing errors be nondeluded and (1) balanced so that the agents cannot agree to …
Persistent link: https://www.econbiz.de/10005249171
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The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement Assets
Chen, M. Keith - Cowles Foundation for Research in Economics, Yale University - 2011
Languages differ widely in the ways they encode time. I test the hypothesis that languages that grammatically associate the future and the present, foster future-oriented behavior. This prediction arises naturally when well-documented effects of language structure are merged with models of...
Persistent link: https://www.econbiz.de/10009275590
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Reforming Social Security with Progressive Personal Accounts
Geanakoplos, John; Zeldes, Stephen P. - Cowles Foundation for Research in Economics, Yale University - 2008
The heated debate about how to reform Social Security has come to a standstill because the view of most Democrats (that Social Security must be a defined benefits plan similar in spirit to the current system) seems irreconcilable with the proposals supported by many Republicans (to create a...
Persistent link: https://www.econbiz.de/10005010140
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Hyperbolic Discounting Is Rational: Valuing the Far Future with Uncertain Discount Rates
Farmer, J. Doyne; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2009
Conventional economics supposes that agents value the present vs. the future using an exponential discounting function. In contrast, experiments with animals and humans suggest that agents are better described as hyperbolic discounters, whose discount function decays much more slowly at large...
Persistent link: https://www.econbiz.de/10005010141
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The Ideal Inflation Indexed Bond and Irving Fisher's Impatience Theory of Interest in an Overlapping Generations World
Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2003
Irving Fisher long advocated inflation indexed bonds. I prove in the context of a multicommodity CAPM world that the best welfare improving bond pays the minimum money needed to achieve the same utility, and not the minimum needed to buy an ideal commodity bundle. Irving Fisher also developed...
Persistent link: https://www.econbiz.de/10005761445
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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