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Artificial Intelligence and the economics of decision-making
Naudé, Wim - 2023
theory - Expected Utility Theory (EUT) - can help AI systems with utility functions to deal with the problem of instrumental … decisions. In this challenge, they confront two questions: what decision theory to follow and how to implement it in AI systems … goals, the possibility of utility function instability, and coordination challenges in multi-actor and human …
Persistent link: https://www.econbiz.de/10014230173
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Beliefs and utility : experimental evidence on preferences for information
Falk, Armin; Zimmermann, Florian - 2016
consumption have direct utility-consequences. This gives rise to informational preferences, i.e., preferences over the timing and …
Persistent link: https://www.econbiz.de/10011528156
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Gender and competition : evidence from jumping competitions
Böheim, René; Lackner, Mario - 2013
We analyze if female athletes differ from male athletes in their competitive behavior, using data from high jump and pole vault competitions. We estimate if female athletes use risky strategies as often as male athletes and whether or not their returns to risky strategies differ. Returns to...
Persistent link: https://www.econbiz.de/10009717718
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Risk and saving in two-person households : more scope for precautionary saving
Apps, Patricia; Andrienko, Yuri; Rees, Ray - 2012
The existing literature suggests that when the saving decision of two-earner households under risk is analysed, standard results on the existence of precautionary saving no longer apply: precautionary saving is obtained if and only if very stringent conditions hold. This paper shows that when...
Persistent link: https://www.econbiz.de/10009613678
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Risk attitudes and household migration decisions
Dustmann, Christian; Fasani, Francesco; Meng, Xin; … - 2017
This paper analyses the relation between individual migrations and the risk attitudes of other household members when migration is a household decision. We develop a simple model that implies that which member migrates depends on the distribution of risk attitudes among all household members,...
Persistent link: https://www.econbiz.de/10011625338
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The likelihood of divorce and the riskiness of financial decisions
Stark, Oded; Szczygielski, Krzysztof - 2019
We link causally the riskiness of men's management of their finances with the probability of their experiencing a divorce. Our point of departure is that when comparing single men to married men, the former manage their finances in a more aggressive (that is, riskier) manner. Assuming that...
Persistent link: https://www.econbiz.de/10012059447
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Why pay taxes when no one else does?
Epstein, Gil S.; Gang, Ira N. - 2009
present a model which incorporates elements from the theory of information cascades with the standard model of tax evasion and … previous periods. General conditions exist under which any expected utility maximizing tax evaders will decide to emulate other …
Persistent link: https://www.econbiz.de/10003832265
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Reverse Bayesianism: revising beliefs in light of unforeseen events
Becker, Christoph; Melkonyan, Tigran A.; Proto, Eugenio; … - 2020
Bayesian Updating is the dominant theory of learning in economics. The theory is silent about how individuals react to …
Persistent link: https://www.econbiz.de/10012306040
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Do measures of risk attitude in the laboratory predict behavior under risk in and outside of the laboratory?
Charness, Gary; Garcia, Thomas; Offerman, Theo; … - 2019
We consider the external validity of laboratory measures of risk attitude. Based on a large-scale experiment using a representative panel of the Dutch population, we test if these measures can explain two different types of behavior: (i) behavior in laboratory risky financial decisions, and (ii)...
Persistent link: https://www.econbiz.de/10012022694
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Navigating ambiguity : imprecise probabilities and the updating of disease risk beliefs
Kerwin, Jason; Pandey, Divya - 2023
Probabilistic risk beliefs are key drivers of economic and health decisions, but people are not always certain about their beliefs. We study these "imprecise probabilities", also known as ambiguous beliefs. We show that imprecision is measurable separately from the levels of risk beliefs. People...
Persistent link: https://www.econbiz.de/10014390526