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Belief Elicitation : A Horse Race among Truth Serums

Trautmann, Stefan T.; Kuilen, Gijs van de - Tilburg University, Center for Economic Research - 2011

In survey studies, probabilistic expectations about uncertain events are typically elicited by asking respondents for their introspective beliefs. If more complex procedures are feasible, beliefs can be elicited by incentive compatible revealed preference mechanisms (“truth serums”). Various...

Persistent link: https://www.econbiz.de/10011091135

Ambiguity and Volatility : Asset Pricing Implications

Pataracchia, B. - Tilburg University, Center for Economic Research - 2011

investor with smooth ambiguity averse preferences [Klibano¤, Marinacci and Mukerji, Econometrica (2005)] and provides a … comparative analysis of risk aversion and ambiguity aversion. The perception of ambiguity is described by a hidden Markovian … consumption growth process. The hidden states di¤er both for the mean and the volatility. We show that the ambiguity …

Persistent link: https://www.econbiz.de/10011090768

Comonotonic Book-Making with Nonadditive Probabilities

Diecidue, E.; Wakker, P.P. - Tilburg University, Center for Economic Research - 2000

associated outcomes, and allows for nonadditive probabilities.Typical features of rank-dependence, hedging, ambiguity aversion …

Persistent link: https://www.econbiz.de/10011091614

Volume Flexibility and Capacity Investment : A Real Options Approach

Kort, Peter; Talman, Dolf; Wen, X. - Tilburg University, Center for Economic Research - 2015

This paper considers the investment decision of a firm where it has to decide about the timing and capacity. We obtain that in a fast growing market, right after investment the firm produces below capacity, where the utilization rate (the proportion of capacity that is used for production right...

Persistent link: https://www.econbiz.de/10011220494

A Single-Stage Approach to Anscombe and Aumann's Expected Utility

Sarin, R.; Wakker, P.P. - Tilburg University, Center for Economic Research - 1996

Persistent link: https://www.econbiz.de/10011092812

Expected Utility and Catastrophic Risk in a Stochastic Economy-Climate Model

Magnus, Jan R.; Ikefuji, M.; Laeven, R.J.A.; Muris, C.H.M. - Tilburg University, Center for Economic Research - 2010

In the context of extreme climate change, we ask how to conduct expected utility analysis in the presence of catastrophic risks. Economists typically model decision making under risk and uncertainty by expected util- ity with constant relative risk aversion (power utility); statisticians typi-...

Persistent link: https://www.econbiz.de/10011092823

"Wow, I could've had a V8!" : The role of regret in consumer choice

Inman, J.J.; Zeelenberg, M. - Tilburg University, Center for Economic Research - 1998

Persistent link: https://www.econbiz.de/10011092830

Effects of Strategic Interactions on the Option Value of Waiting

Huisman, Kuno; Kort, Peter - Tilburg University, Center for Economic Research - 1999

This paper considers an investment timing problem in a duopoly framework. The results of the seminal contribution by Fudenberg en Tirole (1985, RES) are extended by introduction of uncertainty. Three scenarios are identified. In the first scenario we have a preemption equilibrium with dispersed...

Persistent link: https://www.econbiz.de/10011092843

Strategic Investment Under Uncertainty and Information Spillovers

Huisman, Kuno; Kort, Peter; Thijssen, J.J.J. - Tilburg University, Center for Economic Research - 2001

Persistent link: https://www.econbiz.de/10011092917

Individual perceptions of local crime risk

Salm, Martin; Vollaard, B.A. - Tilburg University, Center for Economic Research - 2014

We provide evidence that perceptions of crime risk are severely biased for many years after a move to a new neighborhood. Based on four successive waves of a large crime survey, matched with administrative records on household relocations, we find that the longer an individual lives in a...

Persistent link: https://www.econbiz.de/10011096862