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Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting
Traeger, Christian - CESifo - 2012
future utility when uncertainty increases over time. The more we know about the future welfare consequences of our (in …)actions, the more weight they receive. If uncertainty is endogenous to the decision process, the new rationale for discounting will …
Persistent link: https://www.econbiz.de/10010544183
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Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting
Traeger, Christian P. - 2012
future utility when uncertainty increases over time. The more we know about the future welfare consequences of our (in …) actions, the more weight they receive. If uncertainty is endogenous to the decision process, the new rationale for discounting …
Persistent link: https://www.econbiz.de/10013107349
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Happiness as a Driver of Risk-Avoiding Behavior
Goudie, Robert J. B.; Mukherjee, Sach N.; De Neve, … - 2021
Understanding the reasons why individuals take risks, particularly unnecessary risks, remains an important question in economics. We provide the first evidence of a powerful connection between happiness and risk-avoidance. Using data on 300,000 Americans, we demonstrate that happier individuals...
Persistent link: https://www.econbiz.de/10013316014
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Happiness as a Driver of Risk-Avoiding Behavior
Goudie, Robert J. B.; Mukherjee, Sach; Neve, Jan-Emmanuel De - CESifo - 2011
Understanding the reasons why individuals take risks, particularly unnecessary risks, remains an important question in economics. We provide the first evidence of a powerful connection between happiness and risk-avoidance. Using data on 300,000 Americans, we demonstrate that happier individuals...
Persistent link: https://www.econbiz.de/10009020100
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Expectations as Reference Points: Field Evidence from Experienced Subjects in a Competitive, High-Stakes Environment
Bartling, Björn; Brandes, Leif; Schunk, Daniel - CESifo - 2012
We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee’s assignment of...
Persistent link: https://www.econbiz.de/10010551016
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A Parametric Analysis of Prospect Theory's Functionals for the General Population
Booij, Adam S.; Praag, Bernard M.S. Van; Kuilen, Gijs Van De - CESifo - 2009
This paper presents the results of an experiment that completely measures the utility function and probability weighting function for different positive and negative monetary outcomes, using a representative sample of N = 1935 from the general public. The results confirm earlier findings in the...
Persistent link: https://www.econbiz.de/10005000376
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Global Warming and Extreme Events : Rethinking the Timing and Intensity of Environmental Policy
Chen, Yu-Fu - 2010
The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time...
Persistent link: https://www.econbiz.de/10013139799
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Why are Educated and Risk-Loving Persons More Mobile Across Regions?
Bauernschuster, Stefan - 2012
Why are better educated and more risk-friendly persons more mobile across regions? To answer this question, we use micro data on internal migrants from the German Socio-Economic Panel (SOEP) 2000-2006 and merge this information with a unique proxy for region-pair-specific cultural distances...
Persistent link: https://www.econbiz.de/10013100274
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Variation in Risk Seeking Behavior in a Natural Experiment on Large Losses Induced by a Natural Disaster
Page, Lionel - 2012
This study explores people's risk attitudes after having suffered large real-world losses following a natural disaster. Using the margins of the 2011 Australian floods (Brisbane) as a natural experimental setting, we find that homeowners who were victims of the floods and face large losses in...
Persistent link: https://www.econbiz.de/10013103582
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The Impact of Uncertainty on the European Energy Market : A Scenario Aggregation Approach
Brekke, Kjell Arne - 2013
decision problems under uncertainty, is used to build a large stochastic numerical equilibrium model of the Western European … energy markets. We use the stochastic model to analyze the impact of economic and political uncertainty on the Western … European energy markets. We demonstrate that the equilibria under uncertainty differ significantly from the deterministic …
Persistent link: https://www.econbiz.de/10013072087