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Beliefs as a means of self-control? : evidence from a dynamic student survey
Bönisch, Felix; König, Tobias; … - 2024
We repeatedly elicit beliefs about the returns to study effort, in a large university course. A behavioral model of quasi-hyperbolic discounting and malleable beliefs predicts that the dynamics of beliefs mirrors the importance of exerting self-control, such that believed returns increase as the...
Persistent link: https://www.econbiz.de/10014490754
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Present-focused preferences and sin goods consumption at the extensive and intensive margins
Kalamov, Zarko Y.; Runkel, Marco - 2020
, the strength of temptation and the cost of self-control do not affect the extensive margin. Hence, present …
Persistent link: https://www.econbiz.de/10012206092
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Motivated procrastination
Cordes, Charlotte A.; Friedrichsen, Jana; Schudy, Simeon - 2024
Procrastination is often attributed to time-inconsistent preferences but may also arise when individuals derive … for this notion of ‘motivated procrastination’. In a longitudinal experiment over four weeks, individuals must complete a … motivated memory, such that procrastination may persist even if uncertainty is eventually resolved. …
Persistent link: https://www.econbiz.de/10014517966
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Application of stochastic optimal control to financial market debt crises
Stein, Jerome L. - 2009
This interdisciplinary paper explains how mathematical techniques of stochastic optimal control can be applied to the recent subprime mortgage crisis. Why did the financial markets fail to anticipate the recent debt crisis, despite the large literature in mathematical finance concerning optimal...
Persistent link: https://www.econbiz.de/10003807893
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A critique of the literature on the US financial debt crisis
Stein, Jerome L. - 2010
A healthy financial system encourages the efficient allocation of capital and risk. The collapse of the house price bubble led to the financial crisis that started in 2007. There is a large empirical literature concerning the relation between asset price bubbles and financial crises. I evaluate...
Persistent link: https://www.econbiz.de/10003936616
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How much do means-tested benefits reduce the demand for annuities?
Bütler, Monika; Peijnenburg, Kim; Staubli, Stefan - 2011
We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...
Persistent link: https://www.econbiz.de/10009153835
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Once upon a time preference : how rationality and risk aversion change the rationale for discounting
Traeger, Christian - 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/10009533970
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Preferences over time and under uncertainty : theoretical foundations
Al-Nowaihi, Ali; Dhami, Sanjit S. - 2021
We formulate a general theory of preferences over outcome-time-probability triplets and decompose uncertainty into risk and hazard. We define the delay, defer, shift and certainty functions that can be uniquely elicited from behaviour. These individually determine stationarity, the common...
Persistent link: https://www.econbiz.de/10012599133
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Perceived relative wealth and risk taking
Fehr, Dietmar; Reichlin, Yannick - 2021
We show that perceptions of relative rank in the wealth distribution shape individuals' willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when asking respondents about their wealth level....
Persistent link: https://www.econbiz.de/10012603175
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School choice and loss aversion
Meisner, Vincent; Wangenheim, Jonas von - 2021
Evidence suggests that participants in direct student-proposing deferred-acceptance mechanisms (DA) play dominated strategies. To explain the data, we introduce expectation-based loss aversion into a school-choice setting and characterize choice-acclimating personal equilibria in DA. We find...
Persistent link: https://www.econbiz.de/10012698801