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This paper presents an empirical investigation of the relation between decision speed and decision quality for a real-world setting of cognitively-demanding decisions in which the timing of decisions is endogenous: professional chess. Move-by-move data provide exceptionally detailed and precise...
Persistent link: https://www.econbiz.de/10013191595
-form analyses and model estimations. Based on a globally representative dataset on time preference in 76 countries, we document two …
Persistent link: https://www.econbiz.de/10013189598
We study a model of task completion with the opportunity to learn about own self-control problems over time. While the …-negative learning cost and spending one period. If the agent has time-consistent preferences, she always chooses to learn whenever the … learning is beneficial. If the agent has time-inconsistent preferences, however, she may procrastinate such a learning …
Persistent link: https://www.econbiz.de/10012118521
(motivated procrastination) turns out to be robust to accounting for decision-makers' time preferences and emotional responses …
Persistent link: https://www.econbiz.de/10014487122
I derive a social planner's optimal information design in an environment with quasi-hyperbolic discounting consumers without commitment. Consumption induces instantaneous utility, but unknown delayed cost. Consumers may or may not acquire additional costless information on the cost parameter....
Persistent link: https://www.econbiz.de/10011902726
Survey (GPS), an experimentally validated survey dataset of time preference, risk preference, positive and negative …
Persistent link: https://www.econbiz.de/10011899246
-bias through a combination of time-variant marginal labor income taxes and savings subsidies. Furthermore, the optimal policy mix … remains the same, irrespective of whether consumers commit to their original life-time plan for work hours and savings decided …
Persistent link: https://www.econbiz.de/10009559801
in search of the best offer, both time-wise and in terms of potential regret of forgoing unique purchasing opportunities … interaction on search behavior in a pre-registered, theory-based, and well-powered experiment. Empirically, we and that … anticipated regret does not affect search behavior either with or without time pressure, while experienced regret leads to …
Persistent link: https://www.econbiz.de/10014476728
We design and implement a novel experimental test of subjective expected utility theory and its generalizations. Our … function, but not with subjective utility theory. The theory is tested by gauging how subjects respond to price changes. A … majority of subjects respond to price changes in the direction predicted by the theory, but not to a degree that makes them …
Persistent link: https://www.econbiz.de/10012126236
When consuming goods provided by public utilities, such as telecommunication, water, gas or electricity, the predominant payment scheme is pay-later billing. This paper identifies one potential consequence of pay-later schemes, present-biased overconsumption of the respective good, and tests the...
Persistent link: https://www.econbiz.de/10012390729