Similar Search Results

Bounded rationality in Keynesian beauty contests: A lesson for central bankers?

Mauersberger, Felix; Nagel, Rosemarie; Bühren, Christoph - 2019

The goal of this paper is to show how adding behavioral components to micro-foundated models of macroeconomics may contribute to a better understanding of real world phenomena. The authors introduce the reader to variations of the Keynesian Beauty Contest (Keynes, The General Theory of...

Persistent link: https://www.econbiz.de/10012120807

The curse of knowledge increases self-selection into competition: Experimental evidence

Danz, David - 2014

-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative …

Persistent link: https://www.econbiz.de/10010397879

Negotiation under the curse of knowledge

Pierrot, Thibaud - 2019

negotiation situations. We report the results of a laboratory experiment that was designed to isolate the effect of the curse of …

Persistent link: https://www.econbiz.de/10012141849

Estimating risk attitudes in conventional and artefactual lab experiments: The importance of the underlying assumptions

Drichoutis, Andreas C.; Koundouri, Phoebe - 2012

In this paper the authors assess the importance of sample type in the estimation of risk preferences. The authors … elicit and compare risk preferences from student subjects and subjects drawn from the general population, using the multiple … price list method devised by Holt and Laury (Risk aversion and incentive effects, 2002). The authors find evidence …

Persistent link: https://www.econbiz.de/10010308393

Aggregation and convergence in experimental general equilibrium economies constructed from naturally occurring preferences

Crockett, Sean; Friedman, Daniel; Oprea, Ryan - 2017

Prior laboratory experiments have studied general equilibrium economies constructed from "induced preferences" for artificial goods. We introduce new methods that allow us to study economies constructed instead from subjects' actual, "homegrown" preferences. Our subjects reveal their preferences...

Persistent link: https://www.econbiz.de/10011763083

Everyday econometricians: Selection neglect and overoptimism when learning from others

Barron, Kai; Huck, Steffen; Jehiel, Philippe - 2019

In this paper, we design an investment game which allows us to study the influence of selection when learning from … others. Using the theoretical study of selection neglect in Jehiel (2018) as a guide, we test (i) for the presence of … selection neglect in this investment context, and (ii) some comparative static predictions of the model. We find strong evidence …

Persistent link: https://www.econbiz.de/10011984926

A Simple Note on Informational Cascades

Fiore, Annamaria; Morone, Andrea - 2007

Seminal models of herd behaviour and informational cascades point out existence of negative information externalities, and propose to ?destroy? information in order to achieve social improvements. Although in the last years many features of herd behaviour and informational cascades have been...

Persistent link: https://www.econbiz.de/10010295229