Showing 1 - 10 of 217
Experimental and behavioral economics are well established branches in the economic science. This essay presents and discusses some results and behavioral regularities from these fields which are of potential importance for public policy. After a brief introduction of what experimental and...
Persistent link: https://www.econbiz.de/10013149003
We study experimentally the protection of property in five widely distinct countries - Austria, Mexico, Mongolia, South Korea and the United States. Our main results are that the security of property varies with experimental institutions, and that our subject pools exhibit significantly...
Persistent link: https://www.econbiz.de/10013315835
We investigate whether there is a link between conditional cooperation and betrayal aversion. We use a public goods …
Persistent link: https://www.econbiz.de/10013018458
This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success of IEA formation when countries are risk neutral and...
Persistent link: https://www.econbiz.de/10013059058
An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can account for empirically observed violations of expected utility-based theories. Almost all relevant applied models presume a general dislike of ambiguity. In this paper, we provide...
Persistent link: https://www.econbiz.de/10013024692
We introduce a simple, easy to implement instrument for jointly eliciting risk and ambiguity attitudes. Using this instrument, we structurally estimate a two-parameter model of preferences. Our findings indicate that ambiguity aversion is significantly overstated when risk neutrality is assumed....
Persistent link: https://www.econbiz.de/10013315553
We show that ambiguity aversion increases the value of a statistical life as soon as the marginal utility of wealth is higher if alive than dead. The intuition is that ambiguity aversion has a similar effect as an increase in the perceived baseline mortality risk, and thus operates as the "dead...
Persistent link: https://www.econbiz.de/10013316532
This paper uses data from a firm with team production to investigate the association between workers' productivity …, risk aversion and preferred bonus scheme (team or individual). Standard economics make a strong prediction in this case …. Workers persistently producing above the team average should vote for an individual bonus. The only concern that may moderate …
Persistent link: https://www.econbiz.de/10013117787
cooperation systems that differ both in their level of in-group favoritism and in the tools that they employ to enforce … cooperation regimes. This paper uses an anthropological measure of the tightness of historical kinship systems to study the … structure of cooperation patterns and enforcement devices across historical ethnicities, contemporary countries, ethnicities …
Persistent link: https://www.econbiz.de/10012924360
This paper proposes a decision-theoretic framework for experiment design. We model experimenters as ambiguity-averse decision-makers, who make trade-offs between subjective expected performance and robustness. This framework accounts for experimenters' preference for randomization, and clarifies...
Persistent link: https://www.econbiz.de/10012944972