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How can naivete about present bias persist despite experience? To answer this question, our experiment investigates participants' ability to learn from their own behavior. Participants decide how much to work on a real effort task on two predetermined dates. In the week preceding each work date,...
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This paper presents novel evidence for the prevalence of deviations from rational behavior in human decision making - and for the corresponding causes and consequences. The analysis is based on move-by-move data from chess tournaments and an identification strategy that compares behavior of...
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We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by … evidence raises doubts about the choice of language that equates consistency with rationality in economics. …
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the need for a new theory of how cooperation emerges. … daher die Notwendigkeit einer neuen Theorie über die Entstehung von Kooperation nahe. …
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