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Risk, Uncertainty and Entrepreneurship: Evidence From a Lab-in-the-Field Experiment

Koudstaal, Martin; Sloof, Randolph; Praag, Mirjam van - Tinbergen Instituut - 2014

Theory predicts that entrepreneurs have distinct attitudes towards risk and uncertainty, but empirical evidence is … mixed. To better understand the unique behavioral characteristics of entrepreneurs and the causes of these mixed results, we … perform a large ‘lab-in-the-field’ experiment comparing entrepreneurs to managers – a suitable comparison group – and …

Persistent link: https://www.econbiz.de/10011255528

Entrepreneurial Exit in Real and Imagined Markets

Stam, Erik; Thurik, Roy; Zwan, Peter van der - Tinbergen Instituut - 2008

1109-1139. Entrepreneurs exit their business due to selection mechanisms experienced in the market place. Next to this … well known ex-post decision to exit, entrepreneurs select ex-ante whether they are willing to pursue an entrepreneurial … factors as determinants of these two types of selection: exit in real and in imagined markets. Entrepreneurs in imagined …

Persistent link: https://www.econbiz.de/10011256382

Explaining Hedge Fund Investment Styles by Loss Aversion

Siegmann, Arjen; Lucas, André - Tinbergen Instituut - 2002

Recent research reveals that hedge fund returns exhibit a range of different,possibly non-linear pay-off patterns. It is difficult to qualify all these patternssimultaneously as being rational in a traditional framework for optimal financial decisionmaking. In this paper we present a simple...

Persistent link: https://www.econbiz.de/10011257172

Optimal Saving Rules for Loss-Averse Agents under Uncertainty

Siegmann, Arjen H. - Tinbergen Instituut - 2001

Most empirical studies assume only monotonic preferences for households. Behavioral research however providessubstantial evidence that preferences for wealth are measured relative to a reference point. In this paper weintroduce and solve a two-period consumption and savings model for a...

Persistent link: https://www.econbiz.de/10011255497

Risk Aversion and the Subjective Time Discount Rate: A Joint Approach

Praag, Bernard M.S. van; Booij, Adam S. - Tinbergen Instituut - 2003

coefficient of -.3. Furthermore we explain γ and ρ by income,age, gender, entrepreneurship and an obesity index. Very significant …

Persistent link: https://www.econbiz.de/10011255702

HIV/AIDS, Risk Aversion and Intertemporal Choice

Lammers, Judith; Wijnbergen, Sweder van - Tinbergen Instituut - 2007

This study analyses the relation between perceived health status and intertemporal choice. We use data from experiments with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These experimental data, based on muitiple price lists developed by...

Persistent link: https://www.econbiz.de/10011255821

The Condorcet Paradox Revisited

Herings, P. Jean-Jacques; Houba, Harold - Tinbergen Instituut - 2010

We analyze the simplest Condorcet cycle with three players and three alternatives within a strategic bargaining model with recognition probabilities and costless delay. Mixed consistent subgame perfect equilibria exist whenever the geometric mean of the agents' risk coefficients, ratios of...

Persistent link: https://www.econbiz.de/10011255823

Public Sector Employees: Risk Averse and Altruistic?

Buurman, Margaretha; Dur, Robert; Bossche, Seth Van den - Tinbergen Instituut - 2009

This discussion paper has led to a publication in the Journal of Economic Behavior and Organization, 2012, 83(3), 279-291. We assess whether public sector employees have a stronger inclination to serve others and are more risk averse than employees in the private sector. A unique feature of our...

Persistent link: https://www.econbiz.de/10011256208

Stochastic Dominance: Convexity and Some Efficiency Tests

Lizyayev, Andrey M. - Tinbergen Instituut - 2009

This paper points out the importance of Stochastic Dominance (SD) efficient sets being convex. We reviewclassic convexity and efficient set characterization results on SD efficiency of a given portfolio relative to adiversified set of assets and generalize them in the following aspects. First,...

Persistent link: https://www.econbiz.de/10011256268

Risk Aversion under Preference Uncertainty

Kraeussl, Roman; Lucas, Andre; Siegmann, Arjen - Tinbergen Instituut - 2010

We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA) utility functions. We illustrate the consequences of this...

Persistent link: https://www.econbiz.de/10011256400