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Intuitive optimizing for time allocation decisions in newly formed ventures
Lévesque, Moren; Schade, Christian D. - 2002
This article investigates whether decision makers intuitively optimize close to the normative prediction in entrepreneurial decision situations where their time must be allocated between a wage job and a newly formed venture. We offer an analytical model based on maximizing expected utility, and...
Persistent link: https://www.econbiz.de/10009621420
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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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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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Preemption in capacity and price determination : a study of endogenous timing of decisions for homogeneous markets
Güth, Sandra; Güth, Werner - 1998 - Rev.
The theory of industrial organization has experienced an impressive boom by using the methods of (non-cooperative) game … theory. The conclusions depend, however. crucially on subtle details of the market decision processes about which there exist …
Persistent link: https://www.econbiz.de/10009578566
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Quantifying the value of initial investment information
Amendinger, Jürgen; Becherer, Dirk; Schweizer, Martin - 2000
We consider an investor maximizing his expected utility from terminal wealth with portfolio decisions based on the available information flow. This investor faces the opportunity to acquire some additional initial information G.. The subjective fair value of this information for the investor is...
Persistent link: https://www.econbiz.de/10009583881
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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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On the minimax regret estimation of a restricted normal mean, and implications
Droge, Bernd - 2002
mean ; soft thresholding ; minimax regret decision theory ; non linear estirnation ; nonparametric regression ; orthogonal …
Persistent link: https://www.econbiz.de/10009627280
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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
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Strategies, heuristics and the relevance of risk aversion in a dynamic decision problem
Müller, Wieland - 1999
economic theory suggests to solve the decision problem. But since real decision makers can hardly be expected to behave …
Persistent link: https://www.econbiz.de/10009581111