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Enjoyment takes time: Some implications for choice theory
Nisticò, Sergio - Institut für Weltwirtschaft (IfW) - 2014
The paper suggests that casting the choice problem in terms of alternative time-consuming activities can foster the …. The first part emphasizes how mainstream, utility-based choice theory has eradicated "time" from the analysis, in contrast …
Persistent link: https://www.econbiz.de/10010983170
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A generalized unification theorem for choice theoretic foundations: Avoiding the necessity of pairs and triplets
He, Junnan - Institut für Weltwirtschaft (IfW) - 2012
requirements, such as those proposed by Arrow, Sen, Samuelson etc., are equivalent if the domain of choice functions satisfy some …
Persistent link: https://www.econbiz.de/10010956032
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The magic of storytelling: How curiosity and aesthetic preferences work
Bianchi, Marina - Institut für Weltwirtschaft (IfW) - 2014
Why do we love stories? That this is not an idle question is shown by the fact that we spend an enormous amount of time in our lives following stories: telling and listening to them; reading them; watching them on television or in films or on stage. Despite their recurrent similarity and even...
Persistent link: https://www.econbiz.de/10010956066
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Religiosity as a determinant of happiness
Opfinger, Matthias; Gundlach, Erich - Institut für Weltwirtschaft (IfW) - 2011
We find a U-shaped relation between happiness and religiosity in cross-country panel data after controlling for income … levels. At a given level of income, the same level of happiness can be reached with high and low levels of religiosity, but … not with intermediate levels. A rise in income causes an increase in happiness along with a decline of religiosity. Our …
Persistent link: https://www.econbiz.de/10010955857
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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
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Estimating risk attitudes in conventional and artefactual lab experiments: The importance of the underlying assumptions
Drichoutis, Andreas C.; Koundouri, Phoebe - Institut für Weltwirtschaft (IfW) - 2012
In this paper the authors assess the importance of sample type in the estimation of risk preferences. The authors elicit and compare risk preferences from student subjects and subjects drawn from the general population, using the multiple price list method devised by Holt and Laury (Risk...
Persistent link: https://www.econbiz.de/10010956059
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Experimental test of utility maximization
He, Yuqing - Institut für Weltwirtschaft (IfW) - 2012
The study tests the cardinal utility maximization hypothesis by an experimental procedure in a framework of utility scaling approach following the psychophysical-econometric paradigm, conceived in He (Psychophysical Interpretation for Utility Measures, 2011). It reveals (i) the utility...
Persistent link: https://www.econbiz.de/10010956086
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Siblings, not triplets: social preferences for risk, inequality and time in discounting climate change
Atkinson, Giles D.; Dietz, Simon; Helgeson, Jennifer; … - Institut für Weltwirtschaft (IfW) - 2009
Arguments about the appropriate discount rate often start by assuming a Utilitarian social welfare function with isoelastic utility, in which the consumption discount rate is a function of the (constant) elasticity of marginal utility along with the (much discussed) utility discount rate. In...
Persistent link: https://www.econbiz.de/10005083419
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Regular Adjustment. Theory and Evidence
Konieczny, Jerzy; Rumler, Fabio - Institut für Weltwirtschaft (IfW) - 2007
We ask why, in many circumstances and many environments, decision-makers choose to act on a time-regular basis (e.g. adjust every six weeks) or on a stateregular basis (e.g. set prices ending in a 9), even though such an approach appears suboptimal. The paper attributes regular behaviour to...
Persistent link: https://www.econbiz.de/10005818800
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Psychophysical interpretation for utility measures
He, Yuqing - Institut für Weltwirtschaft (IfW) - 2011
description of commodity choice and the power law for risk choice. The further mathematical demonstration indicates the …
Persistent link: https://www.econbiz.de/10009370689