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The conjunction fallacy occurs whenever probability compounds are thought of as more likely than its component probabilities alone. In the experiment we present, subjects chose between simple and compound lotteries after some practice. Depending on the condition, they were given more or less...
Persistent link: https://www.econbiz.de/10010605216
approach allows for endogenous and biased beliefs, and effort crowd-out, without using a structural model of human decision …
Persistent link: https://www.econbiz.de/10015421900
We axiomatize preferences that can be represented by a monotonic aggregation of subjective expected utilities generated by a utility function and some set of i.i.d. probability measures over a product state space, S1. For such preferences, we define relevant measures, show that they are treated...
Persistent link: https://www.econbiz.de/10010780802
a concept of relevant beliefs, it is impossible to check from preferences whether a model is reflecting what the modeler …
Persistent link: https://www.econbiz.de/10010605069
This paper tests the external validity of a simple Dictator Game as a laboratory analogue for a naturally occurring policy-relevant decision-making context.  In Uganda, where teacher absenteeism is a problem, primary school teachers' allocations to parents in a Dictator Game are positively but...
Persistent link: https://www.econbiz.de/10011004328
Using a specially designed lab-type experiment conducted in the field, we compare the willingness of head teachers, centrally appointed public servants, and community representatives to hold Ugandan primary school teachers to account.  We find no difference in the willingness of centrally...
Persistent link: https://www.econbiz.de/10011004348
An experiment on choices between single and compound lotteries is presented, and results are calibrated with neural network models. Many subjects tend to average out probabilities, though behaviour becomes more rational with more exposure to compound lotteries in the practice stage. The Prior...
Persistent link: https://www.econbiz.de/10005047948
This paper argues that the prevalence of compensation systems which reward winners without explicitly identifying losers can be rationalized by workers` concern for relative payoffs. If the workers` participation constraints are binding, the firm must compensate its employees for the disutility...
Persistent link: https://www.econbiz.de/10005047936
We investigate the role of respect and monetary gifts in the service industry. We report findings from purchases of more than 800 doner durum, a common lunch snack. Prior to the food’s preparation, we either give a compliment about the product, or a monetary gift by tipping. We repeat the...
Persistent link: https://www.econbiz.de/10011099816
determinants of subjective well-being.  Less attention has been paid to its normative implications.  Taking China as a case study …
Persistent link: https://www.econbiz.de/10011159009