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Axiom preferences and choice mistakes under risk
Herweg, Fabian; Hippel, Svenja; Müller, Daniel; … - 2024
preferences. First, we elicit axiom and gamble preferences and then allow subjects to revise their potentially conflicting … preferences. Among the behavioral patterns that allow for a clear-cut interpretation on the decision level, we find that roughly …
Persistent link: https://www.econbiz.de/10014556632
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Higher order risk preferences : new experimental measures, determinants and field behavior
Schneider, Sebastian O.; Sutter, Matthias - 2020 - Version of August, 2020
We use a novel method to elicit and measure higher order risk preferences (prudence and temperance) in an experiment … with 658 adolescents. In line with theoretical predictions, we find that higher order risk preferences particularly … domains of field behavior. Thus our paper puts previous work that ignored higher order risk preferences into an encompassing …
Persistent link: https://www.econbiz.de/10012270596
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Econographics
Chapman, Jonathan; Dean, Mark; Ortoleva, Pietro; … - 2018
We study the pattern of correlations across a large number of behavioral regularities, with the goal of creating an empirical basis for more comprehensive theories of decision-making. We elicit 21 behaviors using an incentivized survey on a representative sample (n = 1;000) of the U.S....
Persistent link: https://www.econbiz.de/10011897575
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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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Perceived wealth, cognitive sophistication and behavioral inattention
Assenza, Tiziana; Cardaci, Alberto; Delli Gatti, Domenico - 2019
By means of a laboratory experiment, we show that, contrary to standard consumer theory, financially equivalent balance sheet profiles may be perceived as non fungible in a controlled frictionless environment with no probabilistic attributes. A large majority of subjects indeed have a bias in...
Persistent link: https://www.econbiz.de/10012138808
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Nudging: an experiment on transparency, controlling for reactance and decision time
Schütze, Tobias; Spitzer, Carsten; Wichardt, Philipp C. - 2023
Is being informed about nudging detrimental to the effect of the nudge? This paper reports results from an experimental study (n = 623) testing the effects of transparency on the effectiveness of a default nudge while controlling for reactance and decision time. Overall, the data show that more...
Persistent link: https://www.econbiz.de/10014323254
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A tractable theory of choice based on cell behavior
Valdés-Edwards, Gonzalo; Valdés Prieto, Salvador - 2013
This paper presents a choice model based on a model for the behavior of brain cells that is based on neurological findings. The paper shows that it is possible to define choice as the result of a series of interconnected cellular processes, instead of framing the problem from the point of view...
Persistent link: https://www.econbiz.de/10010192076
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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