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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 Social Networks

Kovarik, Jaromir; Leij, Marco J. van der - Tinbergen Instituut - 2011

This discussion paper resulted in a publication in the 'Review of Network Economics' (forthcoming). Agents involved in the formation of a social or economic network typically face uncertainty about the benefits of creating a link. However, the interplay of such uncertainty and risk attitudes has...

Persistent link: https://www.econbiz.de/10011256629

Auctions under Payoff Uncertainty: The Case with Heterogeneous Bidder-Aversion to Downside Risk

Hu, Audrey; Zou, Liang - Tinbergen Instituut - 2008

This paper characterizes the optimal first-price auction (FPA) and second-price auction (SPA) for selling rights, contracts, or licenses that involve ensuing payoff uncertainty for the winning bidder. The distribution of the random payoff is common knowledge, except that bidders have private...

Persistent link: https://www.econbiz.de/10011256873

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