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Social anchor effects in decision-making under ambiguity

Lahno, Amrei M. - Volkswirtschaftliche Fakultät, … - 2014

I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity. In a between-subjects design I vary whether subjects learn choices made individually by a "peer" in a first part when facing the same task a second time, and whether prospects...

Persistent link: https://www.econbiz.de/10010897328

Peer Effects in Risk Taking

Lahno, Amrei M.; Serra-Garcia, Marta - Volkswirtschaftliche Fakultät, … - 2012

This paper examines the effect of peers on individual risk taking. In the absence of informational motives, we investigate why social utility concerns may drive peer effects. We test for two main channels: utility from payoff differences and from conforming to the peer. We show experimentally...

Persistent link: https://www.econbiz.de/10010897331

Justification and cooperation

Xiao, Erte - Volkswirtschaftliche Fakultät, … - 2012

The need for justification is a widely observed social phenomenon. This paper develops a theoretical framework and reports laboratory evidence to show how pure justification pressure affects cooperative behavior in economic exchange environments. In a one-shot anonymous interaction, compared...

Persistent link: https://www.econbiz.de/10009422008

Reference Points in Renegotiations: The Role of Contracts and Competition

Bartling, Björn; Schmidt, Klaus M. - Volkswirtschaftliche Fakultät, … - 2012

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

Persistent link: https://www.econbiz.de/10011106293

Promises and Image Concerns

Schütte, Miriam; Thoma, Carmen - Volkswirtschaftliche Fakultät, … - 2014

According to several psychological and economic studies, non-binding communication can be an effective tool to increase trust and enhance cooperation. This paper focuses on reasons why people stick to a given promise and analyzes to what extent image concerns of being perceived as a promise...

Persistent link: https://www.econbiz.de/10011106295

Team Reasoning as a Guide to Coordination

Lahno, Amrei Marie; Lahno, Bernd - Volkswirtschaftliche Fakultät, … - 2014

A particular problem of traditional Rational Choice Theory is that it cannot explain equilibrium selection in simple … the theory of Team Reasoning (TR). Special consideration is given to TR’s concept of opportunistic choice and to the … cognitive hierarchy theory may be more suitable to explain the observed pattern of behavior. …

Persistent link: https://www.econbiz.de/10011108615

Is Cumulative Prospect Theory a Serious Alternative for the Expected Utility Paradigm?

Lewandowski, Michal - Volkswirtschaftliche Fakultät, … - 2006

The purpose of this paper is to demonstrate that Cumulative Prospect Theory is a serious alternative for Expected … Utility Theory. It does not contradict Expected Utility, but includes it as a special example. A very useful example, because …

Persistent link: https://www.econbiz.de/10011110405

Expressing Emotion and Fairness Crowding-out in an Ultimatum Game with Incomplete Information

Chen, Josie I; Kamei, Kenju - Volkswirtschaftliche Fakultät, … - 2014

Recent experimental research has shown that when rating systems are available, buyers are more generous in accepting unfair offers made by sellers. It has also shown that sellers make fairer decisions when they are rated, while some studies show that they are little affected by the rating...

Persistent link: https://www.econbiz.de/10011110716

Not All Price Endings Are Created Equal: Price Points and Asymmetric Price Rigidity

Snir, Avichai; Levy, Daniel; Gotler, Alex; Chen, Haipeng - Volkswirtschaftliche Fakultät, … - 2012

There is evidence that 9-ending prices are more common and more rigid than other prices. We use data from three sources: a laboratory experiment, a field study, and a large US supermarket chain, to study the cognitive underpinning and the ensuing asymmetry in rigidity associated with 9-ending...

Persistent link: https://www.econbiz.de/10011111811

A short-but-efficient test for overconfidence and prospect theory. Experimental validation

Peon, David; Calvo, Anxo; Antelo, Manel - Volkswirtschaftliche Fakultät, … - 2014

Two relevant areas in the behaviorist literature are prospect theory and overconfidence. Many tests are available to … contributes to provide two short tests, based on classic works in the literature, to derive a complete profile on prospect theory … overconfidence and prospect theory using the same sample of respondents allows us to provide new insights on the relationship between …

Persistent link: https://www.econbiz.de/10011111828