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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

Reconciling Consumption Inequality with Income Inequality

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

The rise in within-group consumption inequality in response to the increase in within-group income inequality over the last three decades in the U.S. is puzzling to expected-utility-based incomplete market models. The two-sided lack of commitment models exhibit too little consumption inequality...

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

Endogenous Technological Change under Uncertainty

Hek, Paul A. de - Tinbergen Instituut - 2002

How does risk or uncertainty in the productivity of research affect the growth rate of the economy? To answer this …&D from profit-maximizing firms. The uncertainty arises from the productivity of these investments in R&D. The main result of … this analysis is that the relationship between long-run growth and uncertainty (on the productivity of knowledge creation …

Persistent link: https://www.econbiz.de/10011255608

The Impact of Uncertainty on Investment: A Meta-Analysis

Koetse, Mark J.; Groot, Henri L.F. de; Florax, Raymond … - Tinbergen Instituut - 2006

In this paper we perform a meta-analysis on empirical estimates of the impact between investment and uncertainty. Since … can explain to a large extent why empirical estimates of the investment-uncertainty relationship differ. …

Persistent link: https://www.econbiz.de/10011255622

Deliberation, Information Aggregation and Collective Decision Making

Swank, Otto H.; Wrasai, Phongthorn - Tinbergen Instituut - 2002

We study a model of collective decision making with endogenous information collection.Agents collect information about the consequences of a project, communicate, and then vote onthe project. We examine under what conditions communication may increase the probability thatgood decisions are made....

Persistent link: https://www.econbiz.de/10011255757

The Economics of Information in Transport

Rietveld, Piet - Tinbergen Instituut - 2010

Travelers often are incompletely informed about travel alternatives, which has important implications for various domains of travel behavior such as whether or not to make a trip, modal choice, the timing of a trip or route choice. During the last decade large efforts have been made to increase...

Persistent link: https://www.econbiz.de/10011255988

Policy Makers, Advisors, and Reputation

Wrasai, Phongthorn; Swank, Otto H. - Tinbergen Instituut - 2004

This discussion paper resulted in an article in the 'Journal of Economic Behavior and Organization' (2007). Volume 62, pages 579-590.<P> When hiring an adviser (he), a policy maker (she) often faces the problem that she has incomplete information about his preferences. Some advisers are good, in...</p>

Persistent link: https://www.econbiz.de/10011256246

Uncertain Technological Change under Capital Mobility

Hek, Paul A. de - Tinbergen Instituut - 2005

is, the growth-uncertainty relationship depends on whether returns to scale in knowledge creation are increasing or non …

Persistent link: https://www.econbiz.de/10011256297

Mapping the Minds of Retirement Planners

Hershey, Douglas A.; Henkens, Kène; Dalen, Hendrik P. van - Tinbergen Instituut - 2006

This study explored the psychological mechanisms that underlie the retirement planning and saving tendencies of Dutch and American workers. Participants were 988 Dutch and 429 Americans, 25-64 years of age. Analyses were designed to: (a) examine the extent to which structural variables were...

Persistent link: https://www.econbiz.de/10011256396

An Environmental-Economic Assessment of Genetic Modification of Agricultural Crops

Bergh, Jeroen C.J.M. van den; Holley, Justin M. - Tinbergen Instituut - 2001

countries. An overall evaluation requires that attention is given to the perception and endogeneity of uncertainty …

Persistent link: https://www.econbiz.de/10011256472