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A Test of the Rational Expectations Hypothesis using data froma Natural Experiment
Del Conte, Anna; Moffatt, Peter G.; Di Cagno, Daniela T.; … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009
Data on contestants’ choices in Italian Game Show Affari Tuoi are analysed in a way that separatesthe effect of risk attitude (preferences) from that of beliefs concerning the amount ofmoney that will be offered to contestants in future rounds. The most important issue addressedin the paper is...
Persistent link: https://www.econbiz.de/10009022166
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Understanding the Two Components of Risk Attitudes: AnExperimental Analysis
Qiu, Jianying; Steiger, Eva-Maria - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009
Economics and management science share the tradition of ordering risk aversionby fitting the best expected utility (EU …) model with a certain utility function to in-dividual data, and then using the utility curvature for each individual as the … introduced the weighting of probabilities as anadditional component to capture risk attitude. However, if utility curvature and …
Persistent link: https://www.econbiz.de/10009022172
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The Role of Preferences in Disagreements over Scientific Hypothesis: An Empirical Inquiry into Environmental and Economic Decision Making
Kataria, Mitesh - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2010
The Porter hypothesis suggests that environmental regulations, such as restricting firms to reduce pollution, stimulates innovations and create a win-win situation for the environment and for firms. It has received a great deal of attention from academics as well as bureaucrats who disagree...
Persistent link: https://www.econbiz.de/10009248913
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Relating the two Dimensions of Risk Attitudes: AnExperimental Analysis
Qiu, Jianying; Steiger, Eva-Marie - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009
In the framework of expected utility theory, risk attitudes are entirely capturedby the curvature of the utility … thismodication, one question arises naturally: since both utility and probability weight-ing determine the attitude towards risk …
Persistent link: https://www.econbiz.de/10005866427
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(Over-)Stylizing experimental findings and theorizing with sweeping generality
Güth, Werner; Kliemt, Hartmut; Levati, Vittoria M: - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
Human decision making is a process guided by different and partly competing mo-tivations that can each dominate behavior and lead to different effects depending on strength and circumstances. “Over-stylizing” neglects such competing concerns and context-dependence, although it facilitates...
Persistent link: https://www.econbiz.de/10005866432
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Satisficing in strategic environments:a theoretical approach and experimental evidence
Güth, Werner; Levati, M. Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
The satisficing approach is generalized and applied to finite n-person games.Based on direct elicitation of aspirations, we formally define the conceptof satisficing, which does not exclude (prior-free) optimality but includesit as a border case. We also review some experiments on strategic...
Persistent link: https://www.econbiz.de/10005866442
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Individual behavior and group membership: Comment
Sutter, Matthias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
Charness et al. (2007b) have shown that group membership has a strong effect on individualdecisions in strategic games when group membership is salient through payoff commonality.In this comment I show that their findings also apply to non-strategic decisions, even when nooutgroup exists, and I...
Persistent link: https://www.econbiz.de/10005866444
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Satisficing and prior-free optimality in price competition:a theoretical and experimental analysis
Güth, Werner; Levati, M. Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
On a heterogeneous experimental oligopoly market, sellers choose a price,specify a set-valued prior-free conjecture about the others' behavior, andform their own profit-aspiration for each element of their conjecture. Weformally define the concepts of satisficing and prior-free optimality...
Persistent link: https://www.econbiz.de/10005866446
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Prior-Free Optimality and Satisficing- A Common Framework and its Experimental Implementation
Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008
Similar to welfare economics where with(out) interpersonal comparisonsone defines unique (set-valued) welfare (Pareto) optima, we present a frameworkfor one-person decision making where with(out) a prior probability distributionindividual optimality prescribes usually a unique (set of)...
Persistent link: https://www.econbiz.de/10005866454
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A Note on Skewness Seeking:An Experimental Analysis
Brünner, Tobias; Levinsky, Rene; Qiu, Jianying - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007
In this paper we experimentally test skewness seeking at the individuallevel. Several prospects that can be ordered with respect to the third-degreestochastic dominance (3SD) criterion are ranked by the participants of theexperiment. We find that the skewness of a distribution has a...
Persistent link: https://www.econbiz.de/10005866533