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Risk, Balanced Skills and Entrepreneurship

Hsieh, Chihmao; Parker, Simon C.; Praag, C. Mirjam van - Tinbergen Institute - 2011

This paper proposes that risk aversion encourages individuals to invest in balanced skill profiles, making them more … the impacts both of risk aversion and balanced skills on the likelihood individuals choose entrepreneurship. Data on Dutch … university graduates provides evidence which supports this contention. It thereby raises the possibility that even risk …

Persistent link: https://www.econbiz.de/10009399735

Environmental Damage and Price Taking Behaviour by Firms and Consumers

Houba, Harold; Kremers, Hans - Tinbergen Institute - 2009

Integrated assessment models lack a microeconomic foundation in modelling environmental damages to the economy. To overcome this, damage coefficients are incorporated in standard microeconomic models. Firms and consumers take both damages and prices as given. Demand, supply, profit and...

Persistent link: https://www.econbiz.de/10005209528

How Consumers use Gift Certificates

Felso, Flora; Soetevent, Adriaan R. - Tinbergen Institute - 2012

There are two important reasons for consumers to spend gift certificates differently than gifts in cash or non-gift income: a) they are forced to change their shopping pattern because of the conditions imposed by the issuer of the certificates, or b) they purposely separate gift certificates...

Persistent link: https://www.econbiz.de/10009391879

A Joint Framework for Category Purchase and Consumption Behavior

Oest, Rutger van; Paap, Richard; Franses, Philip Hans - Tinbergen Institute - 2002

We propose a consistent utility-based framework to jointly explain a household's decisions on purchase incidence, brand choice and purchase quantity. The approach differs from other approaches, currently available in the literature, as it is able to take into account consumption dynamics. In the...

Persistent link: https://www.econbiz.de/10005137035

A Dynamic Utility Maximization Model for Product Category Consumption

Oest, Rutger van; Franses, Philip Hans; Paap, Richard - Tinbergen Institute - 2002

It is conceivable that the "whether to buy" and "how much to buy" decisions in the purchasing process of households are influenced by the inventory process. In this paper we therefore put forward a model for consumption, where we rely on established economic theory. We incorporate this model in...

Persistent link: https://www.econbiz.de/10005137292

Optimal Search with Costly Recall

Janssen, Maarten C.W.; Parakhonyak, Alexei - Tinbergen Institute - 2007

This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under perfect recall. Under costly recall, the optimal...

Persistent link: https://www.econbiz.de/10005450788

Errors in Judicial Decisions

Sonnemans, Joep; Dijk, Frans van - Tinbergen Institute - 2008

In criminal cases the task of the judge is to transform the uncertainty about the facts into the certainty of the verdict. In this experiment we examine the relationship between evidence of which the strength is known, subjective probability of guilt and verdict for abstract cases. We look at...

Persistent link: https://www.econbiz.de/10005209452

Performance Measurement, Expectancy and Agency Theory: An Experimental Study

Sloof, Randolph; Praag, Mirjam van - Tinbergen Institute - 2007

Theoretical analyses of (optimal) performance measures are typically performed within the realm of the linear agency model. This model implies that, for a given compensation scheme, the agent’s optimal effort is unrelated to the amount of noise in the performance measure. In contrast,...

Persistent link: https://www.econbiz.de/10005209530

Starting an R&D Project under Uncertainty

Dobbelaere, Sabien; Luttens, Roland Iwan; Peters, Bettina - Tinbergen Institute - 2009

differences in risk premia. We deduct testable hypotheses on the basis of which we empirically analyze the impact of uncertainty …

Persistent link: https://www.econbiz.de/10005016252

Investment, Resolution of Risk, and the Role of Affect

Winden, Frans van; Krawczyk, Michal; Hopfensitz, Astrid - Tinbergen Institute - 2008

This experimental study is concerned with the impact of the timing of the resolution of risk on people’s willingness to … inferred from decisions regarding hypothetical choice problems, we had participants put their own money at risk in a real … period under delayed resolution (which involved two days). Affective traits and risk attitudes were measured through a web …

Persistent link: https://www.econbiz.de/10005144438