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utility theory. Beyond feelings, economic theorists use full-fledged specific emotions to explain behavior that otherwise …Positive and negative feelings were central to the development of economics, especially in utility theory in classical … economics. While neoclassical utility theory ignored feelings, behavioral economics more recently reintroduced feelings in …
Persistent link: https://www.econbiz.de/10011543809
In a simple conceptual framework, we organize a multitude of phenomena related to the (mis)prediction of utility. Consequences in terms of distorted choices and lower wellbeing emerge if people have to trade-off between alternatives that are characterized by attributes satisfying extrinsic...
Persistent link: https://www.econbiz.de/10009753717
Do emotions affect the decision between change and the status quo? We exploit exogenous variation in emotions caused by …
Persistent link: https://www.econbiz.de/10011580862
; experimental economics ; economic theory ; group threat theory ; intergroup contact theory …
Persistent link: https://www.econbiz.de/10009519840
Standard economics omits the role of narratives (the stories that people tell themselves and others) when they make all kinds of decisions. Narratives play a role in understanding the environment; focusing attention; predicting events; motivating action; assigning social roles and identities;...
Persistent link: https://www.econbiz.de/10011452045
This paper reviews several traditions in economic research on preferences as well as research on personality traits in personality psychology and lists challenges in both fields. We discuss challenges regarding the measurement of preferences and personality traits, challenges regarding the...
Persistent link: https://www.econbiz.de/10011613136
In this study we test predictions from Unconscious Thought Theory (UTT) that unconscious thought will lead to better …
Persistent link: https://www.econbiz.de/10011580853
According to Chen's (2013) linguistic-savings hypothesis, languages which grammatically separate the future and the present (like English or Italian) induce less future-oriented behavior than languages in which speakers can refer to the future by using present tense (like German). We complement...
Persistent link: https://www.econbiz.de/10011346563
This paper analyzes 12,596 wagering decisions of 6,064 contestants in the US game show Jeopardy!, focusing on the anchoring phenomenon in financial decision-making. We find that contestants anchor heavily on the initial dollar value of a clue in their wagering decision, even though there exists...
Persistent link: https://www.econbiz.de/10011526727
It is still an open question when groups perform better than individuals in intellective tasks. We report that in an Acquiring a Company game, what prevailed when there was disagreement among group members was the median proposal and not the best proposal. This aggregation rule explains why...
Persistent link: https://www.econbiz.de/10011449224