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of its subgame perfect equilibrium payoffs, we provide a recursive technique that relies on the Pareto frontier of …. The recursive technique developed in this paper generalizes that of Shaked and Sutton (1984) by incorporating the … possibility of making unacceptable proposals into the backward induction analysis. Results from this paper extend all the previous …
Persistent link: https://www.econbiz.de/10011372980
estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of … ignored, we find completely differentestimates for ? . We conclude that in the case of lotteries with big prizes a …In this paper we analyze a large sample of individual responses to six lottery questions. Wederive a simultaneous …
Persistent link: https://www.econbiz.de/10011333268
above the bargaining frontier. We provide a thorough study of this problem without imposing the conventional assumption. Our …There has been a long debate on equilibrium characterization in the negotiation model when players have different time …. Conventional analysis in this literature relies on the key assumption that all continuation payoffs are bounded from above by the …
Persistent link: https://www.econbiz.de/10011348702
of the return on saving. We find non-linearity in the fractionof wealth saved, where the specific saving pattern depends … on the sign of the real return on savings. The amount of saving is nondecreasing in initial wealth and the riskiness of … benchmark level. The solution is given as a parametric decision rule with oneunknown parameter that depends on the distribution …
Persistent link: https://www.econbiz.de/10011317449
parameter in determining which of these four to choosein a specific setting, is the financial planner's surplus. The notion of … surplus connectshedge fund manager's incentive schemes with the idea of mental accounting as proposed inrecent behavioral …Recent research reveals that hedge fund returns exhibit a range of different,possibly non-linear pay-off patterns. It …
Persistent link: https://www.econbiz.de/10011326964
Do the choices of consumers who search for a product's best price exhibit risk neutral, risk averse or loss averse risk … attitudes? We study how in a problem of sequential search with costless recall the relation between a consumer's willingness to … pay for continued search and the level of price uncertainty depends on her risk preferences. Independent of the current …
Persistent link: https://www.econbiz.de/10011520488
mixed. To better understand the unique behavioral characteristics of entrepreneurs and the causes of these mixed results, we … perform a large "lab-in-the-field" experiment comparing entrepreneurs to managers - a suitable comparison group - and … employees (n = 2288). The results indicate that entrepreneurs perceive themselves as less risk averse than managers and …
Persistent link: https://www.econbiz.de/10010415523
contextual factors. This distinction is fundamental for the economic implications of attention, but so far there is little … approaches by distinguishing between the impact of top-down and bottom-up attention. We accomplish this by separating agent … weighting of the attributes of choice options, while top-down attention is additionally associated with measures of loss …
Persistent link: https://www.econbiz.de/10012510861
We test the hypothesis, based on popular and theoretical perspectives, that entrepreneurs are more action-oriented than … assumptions, the combination of these results leads to the conclusion that the higher action-orientedness of entrepreneurs can be … linked to their greater curiosity, but not to their lower level of loss aversion. Hence, we find support for the intuitive …
Persistent link: https://www.econbiz.de/10011583687
payments stop in the middle of the school career. To that end, I examine Mexico's Progresa, which covered students only until … the end of middle school (at age 15) in its early years. The experimental setup permits to study the program's impact on … likely rendered the respective samples of middle school graduates in the treatment and the control group incomparable. To …
Persistent link: https://www.econbiz.de/10012057138