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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

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 to obtain private information or not, at a small but positive cost. In …

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

Self-rated and changes in self-rated health as predictors of mortality : first evidence from german panel data

Schwarze, Johannes; Andersen, Hanfried H.; Anger, Silke - 2002

Background: Studies from several countries have shown that self-rated health is an independent predictor of mortality. However, no empirical evidence exists for Germany so far. We investigate the effectiveness of (i) self-ratings of health by individuals and (ii) changes in self-rated health, as...

Persistent link: https://www.econbiz.de/10009626677

Non-time additive utility optimization : the case of certainty

Riedel, Frank; Bank, Peter - 1998

We study the intertemporal utility maximization problem for Hindy-Huang-Kreps utilities. Necessary and sufficient conditions for optimality are given. An explicit solution is provided for a large class of utility functions. In particular, the case of separable power utilities with a finite time...

Persistent link: https://www.econbiz.de/10009578558

Optimal consumption choice for ratchet investors

Riedel, Frank - 2001

The utility maximization problem of "ratchet investors" who do not tolerate any decline in their consumption rate is solved explicitly for all felicity functions in a Markovian framework which includes Brownian motion and Poisson processes as special cases. The optimal consumption plan turns out...

Persistent link: https://www.econbiz.de/10009616776

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

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

The false consensus effect disappears if representative information and monetary incentives are given

Engelmann, Dirk; Strobel, Martin - 1999

In this paper we present an experiment on the false consensus effect. Unlike previous experiments, we provide monetary … provide information about other subjects' choices. There we find no false consensus effect. At an aggregate level, subjects … not provide information. …

Persistent link: https://www.econbiz.de/10009581106

Local risk-minimization under transaction costs

Lamberton, Damien; Pham, Huyên; Schweizer, Martin - 1998

We propose a new approach to the pricing and hedging of contingent claims under transaction costs in a general incomplete market in discrete time. Under the assumptions of a bounded mean-variance tradeoff, substantial risk and a nondegeneracy condition on the conditional variances of asset...

Persistent link: https://www.econbiz.de/10009576212