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Rationality and choices in economics: behavioral and evolutionary approaches

Graziano, Mario; Schilirò, Daniele - Volkswirtschaftliche Fakultät, … - 2012

The paper critically discusses the issue of rationality and choices in economics in both the behavioural and … the analysis of economic choices, showing the limits of rationality. On the other hand, the work offers a reinterpretation … single and undifferentiated thought, locked into the idea of perfect rationality, but, on the opposite, is a discipline that …

Persistent link: https://www.econbiz.de/10009418485

Inconsistency Pays?: Time-inconsistent subjects and EU violators earn more

Berg, Nathan; Eckel, Catherine; Johnson, Cathleen - Volkswirtschaftliche Fakultät, … - 2010

Experimental choice data from 881 subjects based on 40 time-tradeoff items and 32 risky choice items reveal that most subjects are time-inconsistent and most violate the axioms of expected utility theory. These inconsistencies cannot be explained by well-known theories of behavioral...

Persistent link: https://www.econbiz.de/10008693573

Od człowieka racjonalnego do emocjonalnego. Zmiana paradygmatu nauk ekonomicznych

Wach, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

The paper discusses the concept of an economic man in economics and management. The concept of “homo oeconomicus” assumes the full rational behaviour of a deciding man and was applied in classical and neoclassical theories. Based on resent findings of the neuronal, cognitive and behavioural...

Persistent link: https://www.econbiz.de/10009147885

Soft Paternalism and Nudging - Critique of the Behavioral Foundations

Pasche, Markus - Volkswirtschaftliche Fakultät, … - 2014

This brief note rises doubts on the argument that nudging will help people to behave more rational in terms of their own preferences. This justification of soft paternalism overlooks some methodological problems of expected utility theory which are one of the roots of behavioral economics.

Persistent link: https://www.econbiz.de/10011109175

Decision Making in the Stock Market: Incorporating Psychology with Finance

Chandra, Abhijeet - Volkswirtschaftliche Fakultät, … - 2008

The decision-making by individual investors is usually based on their age, education, income, investment portfolio, and other demographic factors. The impact of behavioural aspect of investing is, however, often ignored. The objective of this paper is to explore the impact of behavioural factors...

Persistent link: https://www.econbiz.de/10008562626

On apparent irrational behaviors : interacting structures and the mind

Gosselin, Pierre; Lotz, Aileen; Wambst, Marc - Volkswirtschaftliche Fakultät, … - 2013

We develop a general method to solve models of interactions between multiple agents, including the possibility of strategic advantage for some of them. We argue that this type of model applies to the description of apparently irrational or biased behaviors in a person whose action is the...

Persistent link: https://www.econbiz.de/10011258738

Applying relevant ethical theories to equality

Punabantu, Siize - Volkswirtschaftliche Fakultät, … - 2012

Nelson Mandela said, “During my lifetime I have dedicated myself to this struggle of the African people. I have fought against White domination, and I have fought against Black domination. I have cherished the ideal of a democratic and free society in which all persons live together in harmony...

Persistent link: https://www.econbiz.de/10011259042

Rational Interacting Agents and Volatility Clustering: A New Approach

Siddiqi, Hammad - Volkswirtschaftliche Fakultät, … - 2007

volatility. Hence, there is no need to reject the notion of rationality in agent based models. …

Persistent link: https://www.econbiz.de/10005260132

Forecasts of relative performance in tournaments: evidence from the field

Santos-Pinto, Luís; Park, Young-Joon - Volkswirtschaftliche Fakultät, … - 2004

This paper uses a field experiment to investigate the quality of individuals' forecasts of relative performance in tournaments. We ask players in luck-based (poker) and skill-based (chess) tournaments to make point forecasts of rank. The main finding of the paper is that players' forecasts in...

Persistent link: https://www.econbiz.de/10005260227

A Generalization of Sen’s Unification Theorem: Avoiding the Necessity of Pairs and Triplets

He, Junnan - Volkswirtschaftliche Fakultät, … - 2011

This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in literature rest upon the ability to choose over budget sets that contains only 2 or 3 elements, the situations which are not observable in real life. In order to give a more...

Persistent link: https://www.econbiz.de/10009652930

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