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Dynamic decision structure and risk taking

Eichberger, Jürgen; Güth, Werner; Müller, Wieland - 1999

This paper investigates the behaviour in repeated decision situations. The experimental study shows that subjects show 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...

Persistent link: https://www.econbiz.de/10009582412

Hedging the standard of living via cost of living index futures

Schulz, Rainer - 2000

People dislike inflation because inflation erodes the real value of future nominal income and wealth. Adjustment of future nominal values via a cost of living index is an appropriate way to handle the problem of real income risk. Nonetheless an important aspect needs more discussion: If markets...

Persistent link: https://www.econbiz.de/10009612030

An experimental study of the repeated trust game with incomplete information

Anderhub, Vital; Güth, Werner; Engelmann, Dirk - 1999

reputation formation, this game is played repeatedly. Learning can be analysed since participants play successively several … which allows testing the qualitative and quantitative aspects of reputation equilibria also at an individual level. …

Persistent link: https://www.econbiz.de/10009582410

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

Efficient contracting and fair play in a simple principal-agent experiment

Anderhub, Vital; Gächter, Simon; Königstein, Manfred - 1999

Modern 'principal-agent theory' has made a lot of progress in proposing theoretical Solutions to agency problems. This … evidence on offered contracts and effort choices in a simple agency game. In line with principal-agent theory we find that in … design has to regard an equity constraint that has so far been neglected by contract theory. In fact, most contract offers …

Persistent link: https://www.econbiz.de/10009581090

Do banks crowd in or out business ethics? : an indirect evolutionary analysis

Güth, Werner - 1998 - Rev.

The evolution of trustworthiness as a major aspect of business ethics depends crucially on whether it can be signaled. If this is impossible, only opportunistic traders will survive. Whereas previous studies have analysed detection agencies (Güth and Kliemt, 1994 and 1998) or have substituted...

Persistent link: https://www.econbiz.de/10009578022

Will banks promote trade? : equilibrium selection for the trust game with banks

Güth, Werner; Ockenfels, Peter - 1998 - Rev.

according to which banks are not used at all. By applying the theory of equilibrium selection it is analysed which of the two …

Persistent link: https://www.econbiz.de/10009578562

An experimental test of direct and indirect reciprocity in case of complete and incomplete information

Dufwenberg, Martin; Genîzî, Ûrî; Güth, Werner; … - 2000

Direct reciprocity means to respond in kind to another person whereas indirect reciprocity is understood here as rewarding someone else. We perform corresponding experiments which use a similar underlying structure as the reciprocity experiment of Berg, Dickhaut, and McCabe (1995). Another...

Persistent link: https://www.econbiz.de/10009583886

Quantile hedging

Föllmer, Hans; Leukert, Peter - 1998

In a complete financial market every contingent claim can be hedged perfectly. In an incomplete market it is possible to stay on the safe side by superhedging. But such strategies may require a large amount of initial capital. Here we study the question what an investor can do who is unwilling...

Persistent link: https://www.econbiz.de/10009574876

On model based seasonal adjustment procedures

Breitung, Jörg - 1998

In this note the unobserved component approach underlying the software package SEATS is compared with the Beveridge-Nelson type of decomposition for seasonal time series. The main strength of the SEATS approach lies in the appealing model formulation and the careful specification and adjustment...

Persistent link: https://www.econbiz.de/10009574877

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