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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...

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

Optimal Diversity in Investments with Recombinant Innovation

Bergh, Jeroen C.J.M. van den; Zeppini-Rossi, Paolo - Tinbergen Instituut - 2008

This discussion paper resulted in a publication in Structural Change and Economic Dynamics, 2013, 24, 141-156. We address the notion of dynamic, endogenous diversity and its role in theories of investment and technological innovation. We develop a formal model of an innovation arising from the...

Persistent link: https://www.econbiz.de/10011255510

Evolutionary Thinking in Environmental Economics

Bergh, Jeroen C.J.M. van den - Tinbergen Instituut - 2007

Evolutionary and environmental economics have a potentially close relationship. This paper reviews past and identifies … potential applications of evolutionary concepts and methods to environmental economics. This covers a number of themes: resource …, organizational and technological-evolutionary phenomena. Attention will be drawn to the fact that evolutionary economics shows a …

Persistent link: https://www.econbiz.de/10011256552

Who are the Behavioral Economists and what do they say?

Heukelom, Floris - Tinbergen Instituut - 2007

The most important financial source for behavioral economics is the Russell Sage Foundation (RSF). The most prominent … behavioral economists among the RSF’s twenty-six member Behavioral Economics Roundtable (BER) are Kahneman, Tversky, Thaler …, Camerer, Loewenstein, Rabin, and Laibson. The theoretical core of behavioral economics made up of the work of these seven …

Persistent link: https://www.econbiz.de/10011256865

Gigerenzer the Decided: A Tale of Difficult Distinctions

Heukelom, Floris - Tinbergen Instituut - 2005

This paper provides an overview of the work of Gigerenzer, thereby focusing on his criticisms of the Heuristics and Biases theory of Kahneman and Tversky. It is proposed that Gigerenzer's work can be both thematically and chronologically organized as: historical research on statistics =...

Persistent link: https://www.econbiz.de/10011257298

Do Polls create Momentum in Political Competition?

Denter, Philipp; Sisak, Dana - Tinbergen Instituut - 2013

We explore how public opinion polls affect candidates' campaign spending in political competition. Generally, polls lead to (more) asymmetric behavior. Under a majority rule there always exists an equilibrium in which the initially more popular candidate invests more in the campaign and thereby...

Persistent link: https://www.econbiz.de/10011255586

Members, Joiners, Free-riders, Supporters

Ansink, Erik; Withagen, Cees - Tinbergen Instituut - 2015

We augment the standard cartel formation game from non-cooperative coalition theory, often applied in the context of international environmental agreements on climate change, with the possibility that singletons support coalition formation without becoming coalition members themselves. Rather,...

Persistent link: https://www.econbiz.de/10011255680

On Socio-economic Roles and Specialization

Gilles, Robert P.; Lazarova, Emiliya; Ruys, Pieter H.M. - Tinbergen Instituut - 2006

Xiaokai Yang's theory of economic specialization under increasing returns to scale is a formal development of the fundamental Smith-Young theorem on the extent of the market and the social division of labor. In this theory specialization and, thus, the social division of labor is firmly embedded...

Persistent link: https://www.econbiz.de/10011255766

On the Measurement of Success and Satisfaction

Brink, René van den; Steffen, Frank - Tinbergen Instituut - 2012

This discussion paper led to a chapter in .Voting Power and Procedures: Essays in Honour of Dan Felsenthal and Moshé Machover', (eds. R. Fara, D. Leech, and M. Salles), pp 41-64, 2014. The main purpose of the present paper is to disentangle the mix-up of the notions of success and satisfaction...

Persistent link: https://www.econbiz.de/10011255947

Axiomatizations of a Positional Power Score and Measure for Hierarchies

Brink, René van den; Steffen, Frank - Tinbergen Instituut - 2008

This discussion paper resulted in a publication in 'Public Choice', 151, 757-787. Power is a core concept in the analysis and design of organizations. One of the problems with the extant literature on positional power in hierarchies is that it is mainly restricted to the analysis of power in...

Persistent link: https://www.econbiz.de/10011256751