Similar Search Results

Overconfidence, Experience, and Professionalism: An Experimental Study

Menkhoff, Lukas; Schmeling, Maik; Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2010

three investor groups. Moreover, investment experience and age have a significant impact on the degree of overconfidence … the impact of experience on behavior in (financial) markets …

Persistent link: https://www.econbiz.de/10008631613

Endogenous Prospect Theory

Schmidt, Ulrich; Zank, Horst - Institut für Weltwirtschaft (IfW) - 2010

In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This paper provides an axiomatization of a new specification of cumulative prospect theory, termed endogenous prospect...

Persistent link: https://www.econbiz.de/10010955835

Insurance Demand and Prospect Theory

Schmidt, Ulrich - Institut für Weltwirtschaft (IfW) - 2012

Empirical evidence has shown that people are unwilling to insure rare losses at subsidized premiums and at the same time take-up insurance for moderate risks at highly loaded premiums. This paper explores whether prospect theory, in particular diminishing sensitivity and loss aversion, can...

Persistent link: https://www.econbiz.de/10009391896

Endogenizing Prospect Theory's Reference Point

Schmidt, Ulrich; Zank, Horst - Institut für Weltwirtschaft (IfW) - 2010

In previous models of (cumulative) prospect theory reference-dependence of preferences is imposed beforehand and the location of the reference point is exogenously determined. This note provides a foundation of prospect theory, where reference-dependence is derived from preference conditions and...

Persistent link: https://www.econbiz.de/10008631615

Uncertainty and economic analysis of climate change : a survey of approaches and findings

Peterson, Sonja - Institut für Weltwirtschaft (IfW) - 2006

frameworks and techniques for analyzing climate policy in the context of uncertainty. This paper will give an overview of …

Persistent link: https://www.econbiz.de/10010955710

Wechselkursunsicherheit und Außenhandel: Eine Analye der theoretischen Literatur

Fischer, Malte - Institut für Weltwirtschaft (IfW) - 1997

The impact of exchange rate uncertainty on international trade has been discussed controversially in economic policy … the influence of exchange rate uncertainty on trade, conclude that exchange rate uncertainty has a negative impact on the … assumptions in order to better reflect reality, these extended modeis show that under certain conditions exchange rate uncertainty …

Persistent link: https://www.econbiz.de/10009276144

The Contribution of Economics to the Analysis of Climate Change and Uncertainty: A Survey of Approaches and Findings

Peterson, Sonja - Institut für Weltwirtschaft (IfW) - 2004

analysis of climate change is confronted with a large degree of uncertainty and (c) that these uncertainties need to be taken … task is to provide formal frameworks and techniques for analyzing climate policy in the context of uncertainty. The aim of …

Persistent link: https://www.econbiz.de/10005818798

Ex-ante regulation and ex-post liability under uncertainty and irreversibility: governing the coexistence of GM crops

Beckmann, Volker; Soregaroli, Claudio; Wesseler, Justus - Institut für Weltwirtschaft (IfW) - 2009

standard model is advanced by including irreversibility and uncertainty and taking into account transaction costs of …

Persistent link: https://www.econbiz.de/10008561127

Minority Voting and Public Project Provision

Gersbach, Hans - Institut für Weltwirtschaft (IfW) - 2007

We propose a two-stage process called minority voting to allocate public projects in a polity. In the first period, a society decides by a simple majority decision whether to provide the public project. If the proposal in the first period is rejected, the process ends. Otherwise the process...

Persistent link: https://www.econbiz.de/10005083379

The Impact of Climate on Life Satisfaction

Maddison, David; Rehdanz, Katrin - Institut für Weltwirtschaft (IfW) - 2010

We analyse the influence of climate on average life satisfaction in 87 countries using data from the World Values Survey. Climate is described in terms of ‘degree-months’ calculated using an optimally-selected base temperature of 65°F (18.3°C). Our results suggest that countries with...

Persistent link: https://www.econbiz.de/10008693815