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Limited depth of reasoning and failure of cascade formation in the laboratory
Kübler, Dorothea; Weizsäcker, Georg - 2000
We examine the robustness of information cascades in laboratory experiments. Apart from the situation in which each player can obtain a signal for free (as in the experiment by Anderson and Holt, 1997, American Economic Review), the case of costly signals is studied where players decide whether...
Persistent link: https://www.econbiz.de/10009612571
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On the regulation of social norms
Kübler, Dorothea - 2000
A model is developed to understand how norms can be influenced by "norm entrepreneurs", e.g. lawmakers, government agencies, unions etc. Two instruments of influencing the dynamics of normfollowing behavior are analyzed, namely transforming the (monetary) incentives and changing the meaning or...
Persistent link: https://www.econbiz.de/10009583884
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From full to bounded rationality : the limits of unlimited rationality
Güth, Werner; Kliemt, Hartmut - 2001
choice making. We illustrate why this role is not being fulfilled well by standard models of full rationality and that … theories of bounded rationality are needed not only for better predictions, but also for developing better advice. Our main … point is that one cannot succeed here without studying how theories of bounded rationality causally influence the behavior …
Persistent link: https://www.econbiz.de/10009612562
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Through trial & error to collusion
Huck, Steffen; Oechssler, Joerg; Normann, Hans-Theo - 1999
In this note we study a very simple trial & error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity by one unit as long as this leads to higher profits. We show that despite the absence of...
Persistent link: https://www.econbiz.de/10009580461
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Does cascade behavior in information cascades reflect Bayesian updating? : an experimental study
Oberhammer, Clemens; Stiehler, Andreas - 2001
Updating behavior in cascade experiments is usually investigated on the basis of urn prediction. But urn predictions alone can only provide a very rough information on individual updating behavior. Therefore, we implement a BDM mechanism. Subjects have to submit maximum prices that they are...
Persistent link: https://www.econbiz.de/10009613603
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Simultaneous over- and underconfidence : evidence from experimental asset markets
Maciejovsky, Boris; Kirchler, Erich - 2001
In this paper individual overconfidence within the context of an experimental asset market is investigated. Overall, 72 participants traded one risky asset on six markets of 12 participants each. The results indicate that individuals were not generally overconfident. Moreover, overconfidence was...
Persistent link: https://www.econbiz.de/10009614297
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Net based spreadsheets in quantitative finance
Aydinli, Gökhan - 2002
Persistent link: https://www.econbiz.de/10009624849
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Financial calculations on the net
Härdle, Wolfgang; Sperlich, Stefan - 1997
Persistent link: https://www.econbiz.de/10009657120
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Combining rational choice and evolutionary dynamics : the indirect evolutionary approach
Königstein, Manfred; Müller, Wieland - 1999
that are well known from game theory and evolutionary game theory to solve these games. For illustration we include two …
Persistent link: https://www.econbiz.de/10009580475
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Retributive responses
Güth, Werner; Kliemt, Hartmut; Ockenfels, Axel - 2001
Retributive responses do play a role in human behavior. Whether they are primarily triggered by supposed intentions or by observed consequences of actions is an important question. It can be addressed by experimental studies of retributive responses in situations in which the individual actor...
Persistent link: https://www.econbiz.de/10009612563