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preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly … almost half of our subjects. Among those, roughly 24%are rational expected utility maximizers, 24% make occasional mistakes …
Persistent link: https://www.econbiz.de/10014556632
deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a …We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty … 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/10011931433
A general framework is described specifying how boundedly rational decision makers generate their choices. Starting … decision routines (by applying New Problem Solver). Our admittedly bold attempt is loosely related to some stylized …
Persistent link: https://www.econbiz.de/10009781608
We present a self- and social-signaling model formalizing findings in political psychology that moral and political judgments stem primarily from intuition and emotion, while reasoning serves to rationalize these intuitions to maintain an image of impartiality. In social interactions, agents’...
Persistent link: https://www.econbiz.de/10015404496
We formulate a general theory of preferences over outcome-time-probability triplets and decompose uncertainty into risk … general discounted utility model which encompasses the main empirically supported discounted utility models. We show that our … axioms on preferences are satisfied in our general discounted utility model. Finally, we discuss the various explanations of …
Persistent link: https://www.econbiz.de/10012599133
-with-evaluation-errors theory that incorporates both dimensions and delivers sharp empirical predictions about their effect on choice behavior. We …. Second, even highly experienced decision-makers are more likely to make mistakes when choosing from sets with higher …
Persistent link: https://www.econbiz.de/10012602341
, agents can either decide rationally according to expected utility theory or intuitively according to case-based decision …We study the influence of reason and intuition on decision making over time. Facing a sequence of similar problems … theory. Rational decisions are more precise but create higher costs, though these costs may decrease over time. We find that …
Persistent link: https://www.econbiz.de/10010464891
We attempt to formulate and explain two types of self-fulfilling prophecy, called the Pygmalion effect (if a supervisor thinks her subordinates will succeed, they are more likely to succeed) and the Galatea effect (if a person thinks he will succeed, he is more likely to succeed). To this...
Persistent link: https://www.econbiz.de/10002756345
Persistent link: https://www.econbiz.de/10003641773
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