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Booms, Recessions and Financial Turmoil : A Fresh Look at Investment Decisions under Cyclical Uncertainty
Chen, Yu-Fu - 2009
The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief …
Persistent link: https://www.econbiz.de/10013156881
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Does Capital Tax Uncertainty Delay Irreversible Risky Investment?
Niemann, Rainer; Sureth-Sloane, Caren - 2021
tax audits, and simplified estimates of capital tax bases in investment models. Uncertain returns on investment as well as … stochastic taxation contribute to overall uncertainty and may significantly affect investment decisions. Hitherto, it is unknown … how capital tax uncertainty affects investment timing. However, it is well known that both uncertainty and capital tax may …
Persistent link: https://www.econbiz.de/10013315489
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Enforcement of Contribution Norms in Public Good Games with Heterogeneous Populations
Reuben, Ernesto - 2011
Economic and social interaction takes place between individuals with heterogeneous characteristics. We investigate experimentally the emergence and informal enforcement of different contribution norms to a public good in homogeneous and different heterogeneous groups. When punishment is not...
Persistent link: https://www.econbiz.de/10013134512
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Estimating Individual Ambiguity Aversion : A Simple Approach
Gneezy, Uri; Imas, Alex; List, John A. - 2021
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
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Collusive Tax Evasion and Social Norms
Abraham, Martin A. - 2015
the model's predictions in a laboratory experiment. Because collusive tax evasion involves social interaction, this paper …
Persistent link: https://www.econbiz.de/10013028921
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Intention-Based Fairness Preferences in Two-Player Contests
Hoffmann, Magnus - 2013
We analyze equilibria of two-player contests where players have intention-based preferences. We find that players invest more effort compared to the case with selfish preferences and are even willing to exert effort when the monetary value of the prize converges to zero. As a consequence,...
Persistent link: https://www.econbiz.de/10013086605
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A Psychological Game with Interdependent Preference Types
Amegashie, J. Atsu - 2021
In psychological games, higher-order beliefs, emotions, and motives - in addition to actions - affect players' payoffs. Suppose you are invited to a party, movie, dinner, etc not because your company is desired but because the inviter would feel guilty if she did not invite you. In all of these...
Persistent link: https://www.econbiz.de/10013317374
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A Strategic R&D Investment with Flexible Development Time in Real Option Game Analysis
Villani, Giovanni - 2009
The real option theory provides a useful tool to evaluate an R&D investment under uncertainty because, unlike the NPV … (Net Present Value), it considers the managerial flexibility that may be expand the investment opportunity value. However …, most R&D investment projects are open to competing firms in the same industry or line of business, and so the strategic …
Persistent link: https://www.econbiz.de/10013157504
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Dark Clouds or Silver Linings? Knightian Uncertainty and Climate Change
Chen, Yu-Fu - 2013
This paper examines the impact of Knightian uncertainty upon optimal climate policy through the prism of a continuous-time real option modelling framework. We analytically determine optimal intertemporal climate policies under ambiguity. Additionally, numerical simulations are provided to...
Persistent link: https://www.econbiz.de/10013092649
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Noblesse Oblige? Determinants of Survival in a Life and Death Situation
Frey, Bruno S. - 2008
the sinking of the RMS Titanic as a quasi-natural experiment to provide behavioural evidence that is rare in such a …
Persistent link: https://www.econbiz.de/10012769705