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CONSUMER SEARCH: NOT ENOUGH OR TOO MUCH?

Zwick, Rami; Rapoport, Amnon; Lo, Alison King Chung; … - EconWPA - 2001

We study search behavior in a generalized "secretary problem" environment in which consumers search sequentially for the best alternative from a known and finite set of multi-attribute alternatives. In contrast to most previous studies, we make no distributional assumptions about the quality of...

Persistent link: https://www.econbiz.de/10005408222

The Neural Basis of Financial Risk Taking

Kuhnen, Camelia; Knutson, Brian - EconWPA - 2005

Investors systematically deviate from rationality when making financial decisions, yet the mechanisms responsible for these deviations have not been identified. Using event-related fMRI, we examined whether anticipatory neural activity would predict optimal and suboptimal choices in a financial...

Persistent link: https://www.econbiz.de/10005556666

How Do People Learn by Listening to Others? Experimental Evidence from Thailand

Healy, Andrew - EconWPA - 2005

This paper presents experimental evidence about how individuals learn from information that comes from inside versus … outside their ethnic group. In the experiment, Thai subjects observed information that came from Americans and other Thais … overconfidence in their own opinions and place too low a value on the information that they observe. Second, conditional on this …

Persistent link: https://www.econbiz.de/10005125584

Equilibrium PLay and Best Response to (Stated) Beliefs in Constant Sum Games

Biel, Pedro Rey - EconWPA - 2005

In a laboratory experiment, subjects played ten two-person 3x3 constant sum games and stated beliefs about the frequencies of play by their opponents. Contrary to previous experimental evidence, game-theoretical predictions work well: 80% of actions coincided with Nash equilibrium, subjects were...

Persistent link: https://www.econbiz.de/10005125558

The Monty Hall Dilemma Revisited: Understanding the Interaction of Problem Definition and Decision Making

Mueser, Peter R.; Granberg, Donald - EconWPA - 1999

game in which actors have possibly opposing interests, and as an environment with information provided by an objective …

Persistent link: https://www.econbiz.de/10005125570

Income Distributions versus Lotteries: Happiness, Response Mode Effects and Preference Reversals

Morone, Andrea; Seidl, Christian; Camacho-Cuena, Eva - EconWPA - 2004

Persistent link: https://www.econbiz.de/10005408217

Equilibrium Play and Best Response in Sequential Constant Sum Games

Biel, Pedro Rey - EconWPA - 2005

We perform a further experiment to check the robustness of the main result in Rey Biel (2005) to sequential play. We find that Equilibrium predictions work even better when the same games are played sequentially: 85% of first movers choose the Equilibrium strategy and 85% of second movers best...

Persistent link: https://www.econbiz.de/10005556675

Experimental Evidence on the Divergence Between Measures of Willingness to Pay and Willingness to Accept--The Role of Value Uncertainty

Mueser, Peter R.; Dow, Jay K. - EconWPA - 1998

One of the most robust findings in experimental analysis in economics is that subjects often display a large discrepancy between the dollar value they are willing to accept in order to sell an item (WTA) and the dollar value they are willing to pay to purchase it (WTP). We suggest that often...

Persistent link: https://www.econbiz.de/10005556676

Trust and Reciprocity in Incentive Contracting

Rigdon, Mary - EconWPA - 2005

Principals can attempt to get agents to perform certain actions preferable to the principal by using ex post}punishments and rewards to align incentives. Field data is mixed on whether, and to what extent, such informal incentive contracting (paradoxically) crowds out efficient solutions to the...

Persistent link: https://www.econbiz.de/10005556679

Evidence Theory: A Mathematical Framework for Unpredictable Hypotheses

Fioretti, Guido - EconWPA - 2002

Shafer's evidence theory is a branch of the mathematics of uncertain reasoning that allows for novel possibilities to be conceived by a decision-maker. Many of its findings exhibit striking similarities with an alternative decision theory purported by Shackle in the 1950s, before expected...

Persistent link: https://www.econbiz.de/10005125582

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