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Explaining the favorite-longshot bias : is it risk-love or misperceptions?
Snowberg, Erik; Wolfers, Justin - 2010
The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. -- Pricing under risk ; probability … weighting ; compound lotteries ; favorite-longshot bias …
Persistent link: https://www.econbiz.de/10003958768
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The ratio bias phenomenon : fact or artifact?
Lefebvre, Mathieu; Vieider, Ferdinand M.; Villeval, … - 2009
The ratio bias - according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to … researchers especially in health economics emphasizing the policy importance of the phenomenon. Although the bias has been … replicated several times, some doubts remain about its economic significance. Our two experiments show that the bias disappears …
Persistent link: https://www.econbiz.de/10003910098
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Biased perceptions of income distribution and preferences for redistribution : evidence from a survey experiment
Cruces, Guillermo; Perez Truglia, Ricardo; Tetaz, Martín - 2011
Individual perceptions of income distribution play a vital role in political economy and public finance models, yet there is little evidence regarding their origins or accuracy. This study examines how individuals form these perceptions and posits that systematic biases arise from the...
Persistent link: https://www.econbiz.de/10009306315
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Rule of law, institutional quality and information
Bruno, Randolph (contributor) - 2008
The focus of this paper is the analysis of the persistent lawlessness attitude observed in some transition and developing countries where an overall increase in the quality of institutions is recorded. The mechanism of information diffusion on institutional quality is explored using a model...
Persistent link: https://www.econbiz.de/10003716535
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Splitting Tournaments
Leuven, Edwin; Oosterbeek, Hessel; Klaauw, Bas van der - 2010
In this paper we investigate how heterogeneous agents choose among tournaments with different prizes. We show that if the number of agents is sufficiently small, multiple equilibria can arise. Depending on how the prize money is split over the tournaments, these may include, for example, a...
Persistent link: https://www.econbiz.de/10009007838
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Norm enforcement in social dilemmas : an experiment with police commissioners
Dickinson, David L.; Masclet, David; Villeval, Marie-Claire - 2014
Do individuals trained in law enforcement punish or reward differently from typical student subjects? We analyze norm enforcement behavior of newly appointed police commissioners in both a Voluntary Contribution Mechanism game and a Common Pool Resource game. Our experimental design includes...
Persistent link: https://www.econbiz.de/10010359303
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Ambiguity on audits and cooperation in a public goods game
Dai, Zhixin; Hogarth, Robin M.; Villeval, Marie-Claire - 2014
We investigate the impact of various audit schemes on the future provision of public goods, when contributing less than the average of the group is sanctioned exogenously and the probability of an audit is unknown. We study how individuals update their beliefs about the probability of being...
Persistent link: https://www.econbiz.de/10010239265
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A reason for unreason : returns-based beliefs in game theory
Velu, Chander; Iyer, Sriya; Gair, Jonathan R. - 2012
Players cooperate in experiments more than game theory would predict. In order to explain this, we introduce the 'returns-based beliefs' approach: the expected returns of a particular strategy in proportion to the total expected returns of all strategies. Using a decision analytic solution...
Persistent link: https://www.econbiz.de/10009568652
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The asymmetry of population ethics : experimental social choice and dual-process moral reasoning
Spears, Dean - 2019
Population ethics is widely considered to be exceptionally important and exceptionally difficult. One key source of difficulty is the conflict between certain moral intuitions and analytical results identifying requirements for rational (in the sense of complete and transitive) social choice...
Persistent link: https://www.econbiz.de/10012062726
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An experimental study of voting with costly delay
Kwiek, Maksymilian; Marreiros, Helia; Vlassopoulos, Michael - 2015
A conclave is a voting mechanism in which a committee selects an alternative by voting until a sufficient supermajority is reached. We study experimentally welfare properties of simple three-voter conclaves with privately known preferences over two outcomes and waiting costs. The resulting game...
Persistent link: https://www.econbiz.de/10011336977