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The Origin of Prospect Theory, or Testing the Intuitive Statistician

Heukelom, Floris - Tinbergen Instituut - 2005

The origin of prospect theory is the desire to test the intuitive statistician in the real world. The development of … this theory by the cognitive psychologists Kahneman and Tversky can be traced to the formers work in cognitive … psychophysics, in which deviations from average behavior are termed (statistical) errors; and the latters work on decision theory …

Persistent link: https://www.econbiz.de/10011256975

In and out of Equilibrium II: Evolution in Repeated Games with Discounting and Complexity Costs

Veelen, Matthijs van; Garcia, Julian - Tinbergen Instituut - 2012

We explore evolutionary dynamics for repeated games with small, but positive complexity costs. To understand the dynamics, we extend a folk theorem result by Cooper (1996) to continuation probabilities, or discount rates, smaller than 1. While this result delineates which payoffs can be...

Persistent link: https://www.econbiz.de/10011256705

A Behavioral Model for Participation Games with Negative Feedback

Dindo, Pietro; Tuinstra, Jan - Tinbergen Instituut - 2006

We study participation games with negative feedback, i.e. games where players choose either to participate in a certain project or not and where the payoff for participating decreases in the number of participating players. We use the replicator dynamics to model the competition between...

Persistent link: https://www.econbiz.de/10011257028

Reconciling Consumption Inequality with Income Inequality

Lepetyuk, Vadym; Stoltenberg, Christian A. - Tinbergen Instituut - 2013

theory, can explain the relationship and can avoid the systematic bias of the expected utility models. The chance attitudes …

Persistent link: https://www.econbiz.de/10011257548

Measuring the Power of Nodes in Digraphs

Herings, P. Jean-Jacques; Laan, Gerard van der; Talman, Dolf - Tinbergen Instituut - 2001

This discussion paper led to a publication in 'Social Choice and Welfare', 2005, 24, 439-454. Many economic and social situations can be represented by a digraph. Both axiomatic and iterativemethods to determine the strength or power of all the nodes in a digraph have been proposed inthe...

Persistent link: https://www.econbiz.de/10011256523

Altruism, Fairness and Evolution: the Case for Repeated Stochastic Games

Veelen, Matthijs van - Tinbergen Instituut - 2002

This paper is an effort to convince the reader that using a stochastic stage game in a repeated setting - rather than a deterministic one - comes with many advantages. The first is that as a game it is more realistic to assume that payoffs in future games are uncertain. The second is that it...

Persistent link: https://www.econbiz.de/10011256557

Intention-Based Reciprocity and the Hidden Costs of Control

Siemens, Ferdinand von - Tinbergen Instituut - 2011

Empirical research suggests that - rather than improving incentives - exerting controlcan reduce workers' performance by eroding motivation. The present paper shows thatintention-based reciprocity can cause such motivational crowding-out if individuals differin their propensity for reciprocity...

Persistent link: https://www.econbiz.de/10011256604

Transboundary Externalities and Property Rights: An International River Pollution Model

Laan, Gerard van der; Moes, Nigel - Tinbergen Instituut - 2012

In this paper we study international river pollution problems. We introduce a model in which the agents (countries) located along a river derive benefit while causing pollution, but also incur environmental costs of experiencing pollution from all upstream agents. We find that total pollution in...

Persistent link: https://www.econbiz.de/10011256658

Asymmetric Nash Solutions in the River Sharing Problem

Houba, Harold; Laan, Gerard van der; Zeng, Yuyu - Tinbergen Instituut - 2013

This discussion paper resulted in a publication in Strategic Behavior and the Environment, 2014, 4, 321-360. We study multiple agents along a general river structure that is expressed by a geography matrix and who have access to limited local resources, quasi-linear preferences over water and...

Persistent link: https://www.econbiz.de/10011256978

The Socially Stable Core in Structured Transferable Utility Games

Herings, P. Jean-Jacques; Laan, Gerard van der; Talman, Dolf - Tinbergen Instituut - 2004

This discussion paper resulted in a publication in 'Games and Economic Behavior', 2007, 59, 85-104. We consider cooperative games with transferable utility (TU-games), in which we allow for a social structure on the set of players. The social structure is utilized to refine the core of the...

Persistent link: https://www.econbiz.de/10011257354

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