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Caliari, Daniele - 2023

We challenge the standard definition of economic rationality as consistency by making use of a novel distinction … evidence raises doubts about the choice of language that equates consistency with rationality in economics. … between axioms of decision theory: consistency and preference axioms. We argue that this distinction has been overlooked by …

Persistent link: https://www.econbiz.de/10014323610

Preference dynamics : a procedurally rational model of time and effort allocation

Krecik, Markus - 2024

Current time allocation and household production models face three major weaknesses: First, they only describe the average time allocation. Thus, information about the order of activities is lost. Therefore, it is impossible to describe the influence of activities on later ones. Such...

Persistent link: https://www.econbiz.de/10014480143

Decomposing the disposition effect

Maier, Johannes K.; Fischer, Dominik Simon - 2021

We theoretically show that there is a fundamental disconnect be- tween the disposition effect, i.e., investors’ tendency to sell winning assets too early and losing assets too late, and its common empirical measure, namely a positive difference between the proportion of gains and losses re-...

Persistent link: https://www.econbiz.de/10012648374

Procrastination and learning about self-control

Christensen, Else Gry Bro; Murooka, Takeshi - 2019

We study a model of task completion with the opportunity to learn about own self-control problems over time. While the agent is initially uncertain about her future self-control, in each period she can choose to learn about it by paying a non-negative learning cost and spending one period. If...

Persistent link: https://www.econbiz.de/10012118521

Reciprocity in dynamic employment relationships

Fahn, Matthias - 2019

This paper explores the optimal provision of dynamic incentives for employees with reciprocal preferences. Building on the presumption that a relational contract can establish a norm of reciprocity, I show that generous upfront wages that activate an employee’s reciprocal preferences are more...

Persistent link: https://www.econbiz.de/10012126237

Motivated procrastination

Cordes, Charlotte A.; Friedrichsen, Jana; Schudy, Simeon - 2023

Traditionally, economic models have attributed procrastination to present bias. However, procrastination may also arise when individuals derive anticipatory utility from holding motivated, overly optimistic beliefs about the workload they need to complete. This study provides a rigorous...

Persistent link: https://www.econbiz.de/10014487122

Learning about ones' self

Le Yaouanq, Yves; Schwardmann, Peter - 2019

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,...

Persistent link: https://www.econbiz.de/10011976128

Internal rationality, imperfect market knowledge and asset prices

Adam, Klaus; Marcet, Albert - 2011

Persistent link: https://www.econbiz.de/10009242912

Objective rationality foundations for (dynamic) α-MEU

Frick, Mira; Iijima, Ryota; Le Yaouanq, Yves - 2020

We show how incorporating Gilboa, Maccheroni, Marinacci, and Schmeidler's (2010) notion of objective rationality into … without objective rationality. The decision-maker (DM) has a subjectively rational preference ≥^, which captures the complete …

Persistent link: https://www.econbiz.de/10012255858

The value of decentralization using the blockchain

Reuter, Marco - 2022

Although blockchain technology and cryptocurrencies have grown in popularity over the past years, there does not seem to be a consensus if they bring any value to economic interactions. In this paper, I argue that a fundamental value the blockchain provides is commitment. I develop a model of an...

Persistent link: https://www.econbiz.de/10013460355

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