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Approximate Expected Utility Rationalization
Echenique, Federico - 2019
We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty. In a revealed preference setup, and given a positive number e, we provide a characterization of the datasets whose deviation (in beliefs, utility, or perceived prices) is...
Persistent link: https://www.econbiz.de/10012892237
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On the Causes and Consequences of Deviations from Rational Behavior
Zegners, Dainis - 2020
This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making – and for the corresponding causes and consequences. The analysis is based on move-by-move data from chess tournaments and an identification strategy that compares behavior of...
Persistent link: https://www.econbiz.de/10012831655
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The weak rationality principle in economics
Kirchgässner, Gebhard - 2005
The weak rationality principle is not an empirical statement but a heuristic rule of how to proceed in social sciences …-foundation and, therefore, employ the rationality assumption in economic models. Then, with reference to the ?bounded rationality … a part of the rationality assumption. We conclude with some remarks on handling the problems of ?free will? as well as …
Persistent link: https://www.econbiz.de/10010272873
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Rationality in Economics: Theory and Evidence
Dhami, Sanjit; al-Nowaihi, Ali - 2018
We examine the various senses in which economist use the term “rationality” and then outline some of the commonly drawn …
Persistent link: https://www.econbiz.de/10011794211
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Are groups more rational than individuals? A review of interactive decision making in groups
Kugler, Tamar; Kausel, Edgar E.; Kocher, Martin G. - 2012
consistent in revealing that groups behave closer to the game-theoretical assumption of rationality and selfishness than …
Persistent link: https://www.econbiz.de/10010280824
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Is Prescott right?: welfare state policies and the incentives to work, learn and retire
Jacobs, Bas - 2008
This paper bolsters Prescott's (2004) claim that high taxes are responsible for lacklustre labor market performance in continental European countries. We develop a lifecycle model with endogenous skill formation, endogenous labor supply, and endogenous retirement. Labor taxation distorts not...
Persistent link: https://www.econbiz.de/10010264345
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Do rankings reflect research quality?
Frey, Bruno S.; Rost, Katja - 2008
Publication and citation rankings have become major indicators of the scientific worth of universities and countries, and determine to a large extent the career of individual scholars. We argue that such rankings do not effectively measure research quality, which should be the essence of...
Persistent link: https://www.econbiz.de/10010264471
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Economists in the PITS?
Frey, Bruno S. - 2009
Academic economists today are caught in a Publication Impossibility Theorem System" or PITS. To further their careers, they are required to publish in A-journals, but this is impossible for the vast majority because there are few slots open in such journals. Such academic competition is held to...
Persistent link: https://www.econbiz.de/10010264595
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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10010266065
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The cult of statistical significance
Krämer, Walter - 2010
This article takes issue with a recent book by Ziliak and McCloskey (2008) of the same title. Ziliak and McCloskey argue that statistical significance testing is a barrier rather than a booster for empirical research in many fields and should therefore be abandoned altogether. The present...
Persistent link: https://www.econbiz.de/10010274828