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Limited depth of reasoning and failure of cascade formation in the laboratory

Kübler, Dorothea; Weizsäcker, Georg - 2000

player can obtain a signal for free (as in the experiment by Anderson and Holt, 1997, American Economic Review), the case of …

Persistent link: https://www.econbiz.de/10009612571

Strategies, heuristics and the relevance of risk aversion in a dynamic decision problem

Müller, Wieland - 1999

In this paper I consider a complex decision problem where subjects have to cope with a time horizon of uncertain duration and must update their termination probabilities which depend on stochastic events during "life". First I describe how economic theory suggests to solve the decision problem....

Persistent link: https://www.econbiz.de/10009581111

On saving and investing : an experimental study of intertemporal decision making in a complex stochastic environment

Anderhub, Vital; Güth, Werner; Knust, Florian - 2000

The experimental situation presents a complex stochastic intertemporal allocation problem. First, two initial chance moves select one of three possible termination probabilities which then determines whether "life" lasts 3,4,5, or 6 periods. Compared to Anderhub et al. (1997) participants are...

Persistent link: https://www.econbiz.de/10009582396

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

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

Fairness versus efficiency : an experimental study of (mutual) gift giving

Güth, Werner; Kliemt, Hartmut; Ockenfels, Axel - 2000

provision games. In our experiment participants can increase efficiency by gift giving at the cost of reducing their own …

Persistent link: https://www.econbiz.de/10009612570

The local power of some unit root tests for panel data

Breitung, Jörg - 1999

do not require a bias correction. The results of a Monte Carlo experiment suggest that avoiding the bias can improve the … (1993) and Im, Pesaran and Shin (1997) suggest bias adjusted t-statistics. Such corrections are necessary to account for the … affected by two different terms. The first term represents the asymptotic effect on the bias due the detrending method and the …

Persistent link: https://www.econbiz.de/10009581103

Measurement error, biases, and the validation of complex models

Carroll, Raymond J.; Galindo, Christian D. - 1997

There are three major points to this article: 1. Measurement error causes biases in regression fits. The line one would obtain if one could accurately measure exposure to environmental lead media will differ in important ways when one measures exposure with error. 2. The effects of measurement...

Persistent link: https://www.econbiz.de/10009631751

On the minimax regret estimation of a restricted normal mean, and implications

Droge, Bernd - 2002

Consider estimating the mean of a normal distribution with known variance, when that mean is known to lie in a bounded interval. In a decision-theoretic framework we study finite sample properties of a class of nonlinear' estimators. These estimators are based on thresholding techniques which...

Persistent link: https://www.econbiz.de/10009627280

Optimal consumption choice under uncertainty with intertemporal substitution

Bank, Peter; Riedel, Frank - 1999

We extend the analysis of the intertemporal utility maximization problem for Hindy-Huang-Kreps utilities reported in Bank and Riedel (1998) to the stochastic case. Existence and uniqueness of optimal consumption plans are established under arbitrary convex portfolio constraints, including both...

Persistent link: https://www.econbiz.de/10009581101