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Innovative start-up patenting: a new approach towards identification and determinants
Wolf, Tina - Wirtschaftswissenschaftliche Fakultät, … - 2013
There already exists broad literature investigating small and innovative firms in many respects. However, there have been few attempts to assess this group of firms' propensity to patent or its patenting activities. This paper intends to fill that gap. By applying a new approach to account for...
Persistent link: https://www.econbiz.de/10010661183
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Solomonic separation: Risk decisions as productivity indicators
Miller, Nolan; Wagner, Alexander; Zeckhauser, Richard - In: Journal of Risk and Uncertainty 46 (2013) 3, pp. 265-297
A principal provides budgets to agents (e.g., divisions of a firm or the principal’s children) whose expenditures provide her benefits, either materially or because of altruism. Only agents know their potential to generate benefits. We prove that if the more “productive” agents are also...
Persistent link: https://www.econbiz.de/10010987804
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On risk aversion, classical demand theory, and KM preferences
Mirman, Leonard; Santugini, Marc - In: Journal of Risk and Uncertainty 48 (2014) 1, pp. 51-66
Building on Kihlstrom and Mirman (Journal of Economic Theory, 8(3), 361–388, <CitationRef CitationID="CR4 … relationship between changes in risk aversion and classical demand theory. We show that the effect of risk aversion on optimal …
Persistent link: https://www.econbiz.de/10010987805
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Joint measurement of risk aversion, prudence, and temperance
Ebert, Sebastian; Wiesen, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 231-252
. In contrast to commonly used utility functions, prospect theory can predict this behavioral pattern. In our experiment …
Persistent link: https://www.econbiz.de/10010987807
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Experts in experiments
Gaudecker, Hans-Martin; Soest, Arthur; Wengström, Erik - In: Journal of Risk and Uncertainty 45 (2012) 2, pp. 159-190
An ever increasing number of experiments attempts to elicit risk preferences of a population of interest with the aim of calibrating parameters used in economic models. We are concerned with two types of selection effects, which may affect the external validity of standard experiments: Sampling...
Persistent link: https://www.econbiz.de/10010987809
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The “bomb” risk elicitation task
Crosetto, Paolo; Filippin, Antonio - In: Journal of Risk and Uncertainty 47 (2013) 1, pp. 31-65
This paper presents the Bomb Risk Elicitation Task (BRET), an intuitive procedure aimed at measuring risk attitudes. Subjects decide how many boxes to collect out of 100, one of which contains a bomb. Earnings increase linearly with the number of boxes accumulated but are zero if the bomb is...
Persistent link: https://www.econbiz.de/10010987810
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Bias and brains: Risk aversion and cognitive ability across real and hypothetical settings
Taylor, Matthew - In: Journal of Risk and Uncertainty 46 (2013) 3, pp. 299-320
I collect data on subjects’ risk attitudes using real and hypothetical risky choices. I also measure their cognitive ability using the cognitive reflective test (CRT). On average, measured risk preferences are not significantly different across real and hypothetical settings. However,...
Persistent link: https://www.econbiz.de/10010987816
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Prospect theory and the “forgotten” fourfold pattern of risk preferences
Scholten, Marc; Read, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 1, pp. 67-83
risk aversion in losses. This fourfold pattern was not addressed by either version of prospect theory (Kahneman and Tversky …:297–323, <CitationRef CitationID="CR43">1992</CitationRef>). We show how prospect theory can accommodate the pattern by combining an … overweighting of low probabilities with a decreasingly elastic value function. We then examine the performance of prospect theory …
Persistent link: https://www.econbiz.de/10010987820
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Risk and choice: A research saga
Gollier, Christian; Hammitt, James; Treich, Nicolas - In: Journal of Risk and Uncertainty 47 (2013) 2, pp. 129-145
The economic theory of decision making under risk has seen remarkable advances over the 50 years since Pratt’s (1964 …
Persistent link: https://www.econbiz.de/10010987821
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The Role of Emotions on Risk Preferences: An Experimental Analysis
Conte, Anna; Levati, M. Vittoria; Nardi, Chiara - Wirtschaftswissenschaftliche Fakultät, … - 2013
In the last decades, there has been a large volume of research showing that emotions do have relevant effects on decision-making. We contribute to this literature by experimentally investigating the impact of four specific emotional states - joviality, sadness, fear, and anger - on risk...
Persistent link: https://www.econbiz.de/10010884474