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Output and Wages with Inequality Averse Agents
Demougin, Dominique; Fluet, Claude; Helm, Carsten - Centre Interuniversitaire sur le Risque, les Politiques … - 2004
We analyze a two-task work environment with risk-neutral but inequality averse individuals. For the agent employed in task 2 effort is verifiable, while in task 1 it is not. Accordingly, agent 1 receives an incentive contract which, due to his wealth constraint, leads to a rent that the other...
Persistent link: https://www.econbiz.de/10005696275
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Cognition in Seemingly Riskless Choices and Judgments.
Levy-Garboua, L.; Montmarquette, C. - Centre Interuniversitaire de Recherche en Économie … - 1996
possibilities are given in a stochastic sense and based on revisable expectations. The theory predicts experimental preference …
Persistent link: https://www.econbiz.de/10005729521
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Health Club Attendance, Expectations and Self-Control
Garon, Jean-Denis; Masse, Alix; Michaud, Pierre-Carl - Centre Interuniversitaire sur le Risque, les Politiques … - 2013
long-term contract. We then find that almost all members have made the right decision once we use subjectives expectations …
Persistent link: https://www.econbiz.de/10010676205
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Preferences, Intentions, and Expectations: a Large-Scale Experiment with a Representative Subject Pool
Bellemare, Charles; Kroger, Sabine; Soest, Arthur van - Centre Interuniversitaire sur le Risque, les Politiques … - 2007
We specify and estimate an econometric model which separately identifies distributional preferences and the effects of perceived intentions on responder behavior in the ultimatum game. We allow the effects of perceived intentions to depend, among other things, on the subjective probabilities...
Persistent link: https://www.econbiz.de/10005015256
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Learning about a Class of Belief-Dependent Preferences without Information on Beliefs
Bellemare, Charles; Sebald, Alexander - Centre Interuniversitaire sur le Risque, les Politiques … - 2011
We show how to bound the effect of belief-dependent preferences on choices in sequential two-player games without information about the (higher-order) beliefs of players. The approach can be applied to a class of belief-dependent preferences which includes reciprocity (Dufwenberg and...
Persistent link: https://www.econbiz.de/10009278173
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Measuring the Willingness to Pay to Avoid Guilt: Estimation using Equilibrium ad Stated Belief Models
Bellemare, Charles; Sebald, Alexander; Strobel, Martin - Centre Interuniversitaire sur le Risque, les Politiques … - 2010
We estimate structural models of guilt aversion to measure the population level of willingness to pay (WTP) to avoid feeling guilt by letting down another player. We compare estimates of WTP under the assumption that higher-order beliefs are in equilibrium (i.e. consistent with the choice...
Persistent link: https://www.econbiz.de/10008583297
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Actions and Beliefs: Estimating Distribution-Based Preferences Using a Large Scale Experiment with Probability Questions on Expectations
Bellemare, Charles; Kroger, Sabine; Soest, Arthur van - Centre Interuniversitaire sur le Risque, les Politiques … - 2005
We combine the choice data of proposers and responders in the ultimatum game, their expectations elicited in the form … smaller impact on decisions of proposers in the ultimatum game, a result due to proposer's subjective expectations about … resopnders' decisions. The model which uses subjective data on expectations has better predictive power and lower noise level …
Persistent link: https://www.econbiz.de/10005510346
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Integrating Real and Financial Decisions of the Firm
Mirman, Leonard J.; Salgueiro, Egas M.; Santugini, Marc - Centre Interuniversitaire sur le Risque, les Politiques … - 2013
We study the issue of integrating real and financial decisions in a monopoly firm with risk-averse decision-makers. To that end, we combine the decisions of the firm and of the shareholders in a very simple but robust model, with uncertainty in the real market and CARA preferences. We show the...
Persistent link: https://www.econbiz.de/10011263110
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The Informational Role of Prices
Mirman, Leonard J.; Santugini, Marc - Institut d'Économie Appliquée, HEC Montréal (École … - 2008
We study the informational role of prices. To that end, we consider the framework of a dominant firm with a competitive fringe. When the competitive fringe is large enough, there exists a unique fully revealing equilibrium, in which the price conveys full information about the quality of the...
Persistent link: https://www.econbiz.de/10005489841
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Noisy Signaling in Monopoly
Mirman, Leonard J.; Salgueiro, Egas; Santugini, Marc - Institut d'Économie Appliquée, HEC Montréal (École … - 2011
We study the informational role of prices in a stochastic environment. We provide a closed-form solution of the monopoly problem when the price imperfectly signals quality to the uninformed buyers. We then study the effect of noise on output, market price, information flows, and expected...
Persistent link: https://www.econbiz.de/10008876408