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Lionel Robbins: a methodological reappraisal

Resende, Marcelo; Zeidan, Rodrigo M. - 2007

developments. In particular, the methodology of scientific research programmes (MSRP) advanced by Lakatos (1968, 1970) has been …

Persistent link: https://www.econbiz.de/10010264265

Did we overestimate the role of social preferences? The case of self-selected student samples

Falk, Armin; Meier, Stephan; Zehnder, Christian - 2010

Social preference research has fundamentally changed the way economists think about many important economic and social phenomena. However, the empirical foundation of social preferences is largely based on laboratory experiments with self-selected students as participants. This is potentially...

Persistent link: https://www.econbiz.de/10010274947

Standing on the Shoulders of Giants or Science? – Lessons from Ordoliberalism

Feld, Lars P.; Köhler, Ekkehard A. - 2023

James Buchanan would have celebrated his 100th birthday in 2019. This serves as an inspiration to look at the future of public choice and the question of how much normativity public choice can bear. In our analysis we draw parallels between public choice and German ordoliberalism (and its source...

Persistent link: https://www.econbiz.de/10014290292

Lab in the Field: Measuring Preferences in the Wild

Gneezy, Uri; Imas, Alex - 2016

In this chapter, we discuss the “lab-in-the-field” methodology, which combines elements of both lab and field … begin by examining how the methodology has been used to test economic models with populations of theoretical interest. Next … covariates to test theoretical predictions and explore behavioral mechanisms. We proceed to discuss how the methodology can be …

Persistent link: https://www.econbiz.de/10011522453

On Credibility and Causality in Economics: A Critical Appraisal

Bergh, Andreas; Wichardt, Philipp C. - 2024

Establishing causal relationships is a core aspect of empirical economics. Borrowing ideas from the medical sciences, we propose tentative guidelines for reliable causal inferences that cover aspects related to both the study itself and its fit with the existing background knowledge. We argue...

Persistent link: https://www.econbiz.de/10015061959

Approximate Expected Utility Rationalization

Echenique, Federico; Imai, Taisuke; Saito, Kota - 2018

distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments …

Persistent link: https://www.econbiz.de/10011932098

The Dead-anyway Effect Revis(it)ed

Breyer, Friedrich; Felder, Stefan - 2002

In the expected-utility theory of the monetary value of a statistical life, the so-called "dead-anyway" effect discovered by Pratt and Zeckhauser (1996) asserts that an individuals' willingness to pay (WTP) for small reductions in mortality risk increases with the initial level of risk. Their...

Persistent link: https://www.econbiz.de/10010315735

Risk Aversion and the Subjective Time Discount Rate: A Joint Approach

van Praag, Bernard M.S.; Booij, Adam S. - 2003

In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...

Persistent link: https://www.econbiz.de/10010315793

Once upon a time preference: How rationality and risk aversion change the rationale for discounting

2012

The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...

Persistent link: https://www.econbiz.de/10010281940

Risk Matters : Breaking Certainty Equivalence

Parra-Alvarez, Juan Carlos - 2020

In this paper we use the property that certainty equivalence, as implied by a first-order approximation to the solution of stochastic discrete-time models, breaks in its equivalent continuous-time version. We study the extent to which a first-order approximated solution built by perturbation...

Persistent link: https://www.econbiz.de/10012834991