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Parimutuel Betting under Asymmetric Information

Koessler, Frédéric; Noussair, Charles; Ziegelmeyer, … - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

This paper examines simple parimutuel betting games under asymmetric information,with particular attention to differences between markets in which bets are submittedsimultaneously versus sequentially. In the simultaneous parimutuel betting market, all(symmetric and asymmetric) Bayesian-Nash...

Persistent link: https://www.econbiz.de/10005866719

Parimutuel Betting under Asymmetric Information

Koessler, Frederic; Ziegelmeyer, Anthony - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

This paper examines finite parimutuel betting games with asymmetric information, with particular attention to differences between sequential and simultaneous settings, and betweenfully rational and myopic ("price taking") behavior. In the simultaneous parimutuel market,all (symmetric and...

Persistent link: https://www.econbiz.de/10005866864

House price forecasts in times of crisis: Do forecasters herd?

Pierdzioch, Christian; Rülke, Jan Christoph; … - 2012

housing starts provide evidence of (anti-)herding of forecasters. Forecasts are consistent with herding (anti-herding) of … forecasters if forecasts are biased towards (away from) the consensus forecast. We found that anti-herding is prevalent among … forecasters of house prices, where anti-herding is less strong in the case of medium-term forecasts, especially in the case of …

Persistent link: https://www.econbiz.de/10010309243

Updating ambiguity averse preferences

Hanany, Eran; Klibanoff, Peter - 2008

Dynamic consistency leads to Bayesian updating under expected utility. We ask what it implies for the updating of more general preferences. In this paper, we characterize dynamically consistent update rules for preference models satisfying ambiguity aversion. This characterization extends to...

Persistent link: https://www.econbiz.de/10010266275

Efficiency wages and negotiated profit-sharing under uncertainty

Göcke, Matthias - 2009

Efficiency wage effects of profit sharing are combined with option values related to stochastic future pofit variations. These option effects occur if the workers' profit share is fixed by long-term contracts. The Pareto-improving optimal level of the sharing ratio is calculated for two...

Persistent link: https://www.econbiz.de/10010301371

Fly with the eagles or scratch with the chickens? Zum Herdenverhalten von Wechselkursprognostikern

Pierdzioch, Christian; Schäfer, Dirk; Stadtmann, Georg - 2010

genanntes Herdenverhalten zeigen. Auf der Basis unterschiedlicher theoretischer Modellansätze wird skizziert, warum Prognostiker ….S.-Dollar - eingesetzt, um empirisch auf Herdenverhalten zu testen. Die Ergebnisse deuten darauf hin, dass nicht Herdenverhalten, sondern … Anti-Herding vorzuherrschen scheint. Die Prognostiker scheinen daher im Hinblick auf ihre Prognosen 'Produktdifferenzierung …

Persistent link: https://www.econbiz.de/10010302562

Implicit government guarantees and bank herding behavior

Rüffer, Rasmus - 1999

tie these features together in a model of banks' herding behavior. Most existing models of herding behavior can explain … the other hand, many models that try to explain excessive risk-taking do not contain any incentive for herding. This paper … develops astate-preference model of simultaneous herding and excessive risktaking. Thus, the model can help in understanding …

Persistent link: https://www.econbiz.de/10010478858

Valuing Protection against Low Probability,High Loss Risks: Experimental Evidence

Morone, Andrea; Ozdemir, Ozlem - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

The study investigates protective responses in low probability and high loss risk situations.Particularly, it (1) detects individual protection valuations to variations in probability versus tovariations in loss for payment decisions and choice decisions, (2) elicits the thresholdprobability in...

Persistent link: https://www.econbiz.de/10005866644

Satisficing or Optimizing?An Experimental Study

Fellner, Gerlinde; Güth, Werner; Martin, Ev - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

This experimental study investigates whether individuals preferbounded rationality over rational choice theory when … measured by the adjustments of personal parametersuntil accepting the investment decision suggested by theory.Additionally, a …

Persistent link: https://www.econbiz.de/10005866712

Is Satisficing Absorbable?An Experimental Study

Güth, Werner; Levati, M. Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

We experimentally investigate whether the satisficing approach isabsorbable, i.e., whether it still applies after participants become awareof it. In a setting where an investor decides between a riskless bondand either one or two risky assets, we familiarize participants with thesatisficing...

Persistent link: https://www.econbiz.de/10005866714