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Uncertainty effect revisited using physical lottery format

Rydval, Ondřej; Ortmann, Andreas; Prokosheva, Sasha; … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2009

We replicate three pricing tasks of Gneezy, List and Wu (2006) for which they document the so called uncertainty effect, namely that people value a binary lottery over non-monetary outcomes less than other people value the lottery’s worse outcome. Unlike the authors who implement a verbal...

Persistent link: https://www.econbiz.de/10005866429

Valuing Protection against Low Probability,High Loss Risks: Experimental Evidence

Morone, Andrea; Ozdemir, Ozlem - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

measure,(3)calculates relative risk aversion. The results of the experiment indicate that as theprobability of loss and loss …The study investigates protective responses in low probability and high loss risk situations.Particularly, it (1 … women) are found to be risk aversefor low probabilities. …

Persistent link: https://www.econbiz.de/10005866644

Voluntary contributions with imperfect information:An experimental study

Fiore, Annamaria; Levati, M. Vittoria; Morone, Andrea - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

examine the effect of imperfect information on contributions levels. To assess prior risk attitudes, individual valuations of … clear evidence of risk aversion, and of a negative relationship between the latter and willingness to cooperate. …

Persistent link: https://www.econbiz.de/10005866650

Costly bargaining and renegotiation

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 1998

We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly,...

Persistent link: https://www.econbiz.de/10010928645

Transaction costs and the robustness of the Coase Theorem

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 2000

This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic ‘hold-up problem’ which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the...

Persistent link: https://www.econbiz.de/10010745037

Costly coasian contracts

Anderlini, Luca; Felli, Leonardo - London School of Economics (LSE) - 1998

We identify and investigate the basic ‘hold-up problem’ which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a ‘contractual solution’ to this hold-up problem is not...

Persistent link: https://www.econbiz.de/10010745370

Financial Incentives and Cognitive Abilities: Evidence from a Forecasting Task with Varying Cognitive Load

Rydval, Ondřej - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

I examine how financial incentives interact with intrinsic motivation and especially cognitive abilities in explaining heterogeneity in performance. Using a forecasting task with varying cognitive load, I show that the effectiveness of high-powered financial incentives as a stimulator of...

Persistent link: https://www.econbiz.de/10005866579

The Interaction between Financial Incentives and Task-specific Cognitive Capital: More Evidence in Support of Camerer and Hogarth (1999)

Rydval, Ondřej - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

This paper extends existing evidence on the interaction between financial incentives and cognitive capital. I focus on the impact of task-specific cognitive capital, the role of which is central to the capital-labor-production framework of Camerer and Hogarth (1999) and has long been studied in...

Persistent link: https://www.econbiz.de/10005866583

Valuing A Risky Prospect Less Than Its Worst Outcome: Uncertainty Effect or Task Ambiguity?

Ortmann, Andreas; Prokosheva, Alexandra; Rydval, Ondřej; … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

Gneezy, List and Wu [Q. J. Econ. 121 (2006) 1283-1309] document that lotteries are often valued less than the lotteries’ worst outcomes. We show how to undo this result.

Persistent link: https://www.econbiz.de/10005866586

On the Absorbability of the Guessing Game Theory -A Theoretical and Experimental Analysis

Morone, Andrea; Sandri, Serena; Uske, Tobias - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

absorptionand experimentally test the effects of informing none, some, or all playersabout how to derive equilibrium predictions. …

Persistent link: https://www.econbiz.de/10005866646