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Deal or no deal? : decision-making under risk in a large-payoff game show
Post, Thierry; Baltussen, Guido; Assem, Martijn J. van den - 2006
We examine the risky choices of contestants in the popular TV game show “Deal or No Deal” and related classroom experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous outcomes experienced during the game. Risk aversion...
Persistent link: https://www.econbiz.de/10011348343
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Degree centrality, von Neumann-Morgenstern expected utility and externalities in networks
Brink, René van den; Rusinowska, Agnieszka - 2023
This paper aims to connect the social network literature on centrality measures with the economic literature on von Neumann-Morgenstern expected utility functions using cooperative game theory. The social network literature studies various concepts of network centrality, such as degree,...
Persistent link: https://www.econbiz.de/10014369587
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Global and regional impacts of the clean development mechanism
Wang, Shunli; Groot, Henri L. F. de; Nijkamp, Peter; … - 2009
Climate change is a serious concern worldwide. Policy research on climate change in the past decades has largely focused on applied modelling exercises. However, the implications of specific policy strategies such as the clean development mechanism (CDM) for global and regional economic and...
Persistent link: https://www.econbiz.de/10011378304
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Expected utility and catastrophic risk
Ikefuji, Masako; Laeven, Roger; Magnus, Jan R.; Muris, Chris - 2014
An expected utility based cost-benefit analysis is in general fragile to its distributional assumptions. We derive necessary and sufficient conditions on the utility function of the expected utility model to avoid this. The conditions ensure that expected (marginal) utility remains finite also...
Persistent link: https://www.econbiz.de/10010412466
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Loss modification incentives for insurers under expected utility and loss aversion
Soetevent, Adriaan R.; Zhou, Liting - 2014
Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the expected profit maximizing loss probability within an...
Persistent link: https://www.econbiz.de/10010395085
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Modified Ramsey discounting for climate change
Tol, Richard S. J. - 2013
Persistent link: https://www.econbiz.de/10010191276
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Political economy of climate change adaptation : loss of habitat and rising inequality
Straten, Yasmine van der; Perotti, Enrico C.; Ploeg, … - 2024
We study the evolution of voter support for climate policies aimed at containing the effect of climate risk, as weather conditions worsens at a time of rising economic inequality. Households differ in age, beliefs and income, and the scale of intervention to preserve habitable land reflects the...
Persistent link: https://www.econbiz.de/10014496542
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Curbing carbon : an experiment on uncertainty and information about CO2 emissions
Pace, Davide Domenico; Weele, Joël J. van der - 2020
We investigate how consumers respond to uncertainty about CO2 emission size. In an incentivized online experiment …
Persistent link: https://www.econbiz.de/10012285523
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Social preferences in private decisions
Linde, Jona; Sonnemans, Joep - 2012
Persistent link: https://www.econbiz.de/10010191024
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Valuation of travel time and travelIer information
Rietveld, Piet - 2003
of uncertainty on travel times and the implications this has forestimations of travel time values has received much less … attention in the literature. In thispaper we compare various modelling approaches to address uncertainty and demonstrate … thatignoring uncertainty issues may easily lead to distorted estimates of values of travel time. Thisis of special relevance in …
Persistent link: https://www.econbiz.de/10011333900