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Biodiversity Prospecting over Time and under Uncertainty: A Theory of Sorts

Batabyal, Amitrajeet A.; Nijkamp, Peter - Tinbergen Instituut - 2013

Biodiversity prospecting refers to the exploration of the commercial value of genetic and biochemical resources. In this chapter, we study a drug producing pharmaceutical firm (PF) that searches for potentially useful chemicals made by wild organisms in a conservation area. This PF is able to...

Persistent link: https://www.econbiz.de/10011256729

Loss Modification Incentives for Insurers under Expected Utility and Loss Aversion

Soetevent, Adriaan R.; Zhou, Liting - Tinbergen Instituut - 2014

Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the expected profit maximizing loss probability within an...

Persistent link: https://www.econbiz.de/10011256470

Optimal Search with Costly Recall

Janssen, Maarten C.W.; Parakhonyak, Alexei - Tinbergen Instituut - 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/10011257200

Using Preferred Outcome Distributions to estimate Value and Probability Weighting Functions in Decisions under Risk

Donkers, Bas; Lourenco, Carlos J.S.; Dellaert, Benedict G.C. - Tinbergen Instituut - 2013

In this paper we propose the use of preferred outcome distributions as a new method to elicit individuals' value and probability weighting functions in decisions under risk. Extant approaches for the elicitation of these two key ingredients of individuals' risk attitude typically rely on a long,...

Persistent link: https://www.econbiz.de/10011255452

Fostering Cooperation through the Enhancement of Own Vulnerability

Kopanyi-Peuker, Anita; Offerman, Theo; Sloof, Randolph - Tinbergen Instituut - 2012

We consider the possibility that cooperation in a prisoner's dilemma is fostered by people's voluntarily enhancement of their own vulnerability. The vulnerability of a player determines the effectiveness of possible punishment by the other. In the "Gradual" mechanism, players may condition their...

Persistent link: https://www.econbiz.de/10011255969

On the Composition of Committees

Beniers, Klaas J.; Swank, Otto H. - Tinbergen Instituut - 2003

This discussion paper led to a publication in the 'Journal of Law, Economics & Organization', 2004, 20, 353-378. This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must be motivated to collect information. Committees improvethe...

Persistent link: https://www.econbiz.de/10011242149

Information at a Cost: A Lab Experiment

Robalo, Pedro; Sayag, Rei S. - Tinbergen Instituut - 2012

The supposed irrelevance of historical costs for rational decision making has been the subject of much interest in the economic literature. In this paper we explore whether individual decision making under risk is affected by the cost of the supplied information. Outside of the lab, it is...

Persistent link: https://www.econbiz.de/10011256591

On the Composition of Committees

Beniers, Klaas J.; Swank, Otto H. - Tinbergen Instituut - 2003

Persistent link: https://www.econbiz.de/10011256626

Risk Aversion and Social Networks

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

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 been neglected in the network formation literature. We … individuals. Moreover, we show how the generated network architecture depends on the uncertainty in the environment it is embedded …

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

A Simple Model of Self-Assessments

Martinez, Silvia Dominguez; Swank, Otto H. - Tinbergen Instituut - 2006

We develop a simple model that describes individuals’ self-assessments oftheir abilities. We assume that individuals learn about their abilities from appraisalsof others and experience. Our model predicts that if communicationis imperfect, then (i) appraisals of others tend to be too positive,...

Persistent link: https://www.econbiz.de/10011257106

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