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Explaining the favorite-longshot bias : is it risk-love or misperceptions?
Snowberg, Eric; Wolfers, Justin - 2010
misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. -- pricing under risk ; probability …
Persistent link: https://www.econbiz.de/10003965888
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Fear of model misspecification and the robustness premium
Angelopoulos, Konstantinos; Malley, James R. - 2010
time relative to that of human capital. When the relative efficiency of time is low, despite transitory welfare costs …
Persistent link: https://www.econbiz.de/10008697052
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Environmental policy under model uncertainty : a robust optimal control approach
Funke, Michael (contributor); Paetz, Michael (contributor) - 2007
Persistent link: https://www.econbiz.de/10003496553
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Public good provision with robust decision making
Angelopulos, Kōnstantinos I.; Oikonomidēs, Geōrgios; … - 2012
In this paper, we study a two-country dynamic setup with environmental externalities and potential model misspecification in relation to this public good. Under model uncertainty, robust policies help to correct the inefficiencies associated with free riding on public good provision, implying...
Persistent link: https://www.econbiz.de/10009682338
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Ambiguity aversion is the exception
Kocher, Martin; Lahno, Amrei Marie; Trautmann, Stefan T. - 2015
An extensive literature has studied ambiguity aversion in economic decision making, and how ambiguity aversion can account for empirically observed violations of expected utility-based theories. Almost all relevant applied models presume a general dislike of ambiguity. In this paper, we provide...
Persistent link: https://www.econbiz.de/10010496989
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Punishment : and beyond
Frey, Bruno S. - 2009
; motivation ; framing ; broken window theory …
Persistent link: https://www.econbiz.de/10003861760
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Bribery vs. extortion : allowing the lesser of two evils
Khalil, Fahad (contributor); Lawarrée, Jacques (contributor) - 2007
Persistent link: https://www.econbiz.de/10003497699
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Health values, preference inconsistency, and insurance demand
Wrede, Matthias (contributor) - 2005
Several empirical studies provide evidence that their actual health state affects people's attitudes towards health and medical care in hypothetical health states. In the tradition of behavioural economics this paper considers the actual health state as a point of reference and builds a model...
Persistent link: https://www.econbiz.de/10003300915
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Poverty and welfare measurement on the basis of prospect theory
Jäntti, Markus; Kanbur, Ravi; Nyyssölä, Milla; … - 2013
-dependence, loss aversion and diminishing sensitivity - aspects emphasized in Prospect Theory - to social welfare measurement. We … equivalent income. These differences are illustrated using household-level panel data from Russia and Vietnam. -- Prospect Theory …
Persistent link: https://www.econbiz.de/10009700305
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A theory of price adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is …
Persistent link: https://www.econbiz.de/10010354159