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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
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Tax evasion and risky investments in an intertemporal context : an experimental study
Giese, Sebastian; Hoffmann, Antje - 2000
In this experimental study of tax evasion and its determinants participants earn their income in a complex stochastic intertemporal environment including the possibility to invest into a risky asset. The earned income has to be declared in four tax returns which are randomly verified. If tax...
Persistent link: https://www.econbiz.de/10009583891
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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
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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
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Dynamic decision structure and risk taking
Eichberger, Jürgen; Güth, Werner; Müller, Wieland - 1999
low or no risk-aversion, but put very high value on the opportunity to sell the lottery in every stage of the decision … problem. There is evidence that risk attitudes depend on whether they are measured by comparing the certainty equivalent and … the expected value of a lottery or by preferences over mean-preserving spreads. -- Dynamic decisions ; risk taking …
Persistent link: https://www.econbiz.de/10009582412
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American options, multi-armed bandits and optimal consumption plans : a unifying view
Bank, Peter (contributor); Föllmer, Hans (contributor) - 2003 - [Elektronische Ressource], rev
Persistent link: https://www.econbiz.de/10001917057
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Probabilistic aspects of financial risk
Föllmer, Hans - 2000
Problems arising in Finance have become a significant source of new developments in Stochastic Analysis. We discuss some recent case studies, in particular some decomposition and representation theorems which are motivated by problems of hedging derivatives and of intertemporal consumption choice.
Persistent link: https://www.econbiz.de/10009612020
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A psychological approach to individual differences in intertemporal consumption patterns
Brandstätter, Hermann; Güth, Werner - 1998
When people decide about saving and consumption across the various periods of their life time they take into account their life expectancy when comparing present and future needs and resources for satisfying them. The experimental design, applied at two sites (Humboldt-University at Berlin and...
Persistent link: https://www.econbiz.de/10009578010
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Heterogeneous time preferences and interest rates : the preferred habitat theory revisited
Riedel, Frank - 1999
Habitat Theory of Modigliani and Sutch, a model for intertemporal preferences accounting for preferred habitats is proposed … term bonds to shorter instruments as the Preferred Habitat Theory predicts. …
Persistent link: https://www.econbiz.de/10009579171
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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