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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

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

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 … economic theory suggests to solve the decision problem. But since real decision makers can hardly be expected to behave … part of the paper I discuss how much of the data can be explained by assuming that experimental subjects are risk averse. …

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

Drivers and impediments of consumer online information search : self-controlled versus agent-based search in a high involvement context

Spiekermann, Sarah; Strobel, Martin; Temme, Dirk - 2002

Persistent link: https://www.econbiz.de/10009622678

Private information, risk aversion, and the evolution of market research

Güth, Sandra; Güth, Werner; Müller, Wieland - 2000

know the distribution. We first derive the market results when sellers are risk averse, similarly to Ponssard (1979) who … assumed risk neutrality throughout. With the help of these results evolutionary processes are formulated according to which …

Persistent link: https://www.econbiz.de/10009612010

Information cascades on the labor market

Kübler, Dorothea; Weizsäcker, Georg - 2001

A model of herding behavior on the labor market is discussed where employers only receive signals with limited precision about the workers' types, but can observe previous employers' decisions. In particular, we study a situation where the employer and the worker can influence the signal...

Persistent link: https://www.econbiz.de/10009616781

Optimal consumption choice under uncertainty with intertemporal substitution

Bank, Peter; Riedel, Frank - 1999

generated by a Lévy process and agents exhibit constant relative risk aversion, closed-form solutions are derived. Depending on …

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

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

Droge, Bernd - 2002

interval. In a decision-theoretic framework we study finite sample properties of a class of nonlinear' estimators. These … mean ; soft thresholding ; minimax regret decision theory ; non linear estirnation ; nonparametric regression ; orthogonal …

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

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

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

whether the willingness to invest can help to explain saving behavior, i.e. experimentally observed intertemporal decision …

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

Existence and structure of stochastic equilibria with intertemporal substitution

Bank, Peter; Riedel, Frank - 2000

We prove existence of an Arrow-Debreu equilibrium when agents' preferences exhibit local substitution in the sense of Hindy, Huang, and Kreps (1992). Efficient allocations and supporting price functionals are identified and characterized. Under Hindy Huang Kreps preferences, equilibrium price...

Persistent link: https://www.econbiz.de/10009612019