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Perfect-Substitutes, Best-Shot, and Weakest-Link Contests between Groups

Sheremeta, Roman - Volkswirtschaftliche Fakultät, … - 2011

This experiment investigates contests between groups. Each group has one strong player, with a higher valuation for the …

Persistent link: https://www.econbiz.de/10011111607

Communication and Efficiency in Competitive Coordination Games

Cason, Timothy; Sheremeta, Roman; Zhang, Jingjing - Volkswirtschaftliche Fakultät, … - 2012

with Pareto-ranked equilibria. We report an experiment in which two groups compete in a weakest-link contest by expending …. As a result, intra-group communication decreases while inter-group communication increases payoffs. Our experiment thus …

Persistent link: https://www.econbiz.de/10011113027

Do Women Panic More Than Men? An Experimental Study on Financial Decision

Kiss, Hubert Janos; Rodriguez-Lara, Ismael; … - Volkswirtschaftliche Fakultät, … - 2014

We report experimental evidence on gender differences in financial decision that involves three depositors choosing between waiting or withdrawing their money from a common bank. We find that the position in the line, the fact of being observed and the observed decisions are key determinants to...

Persistent link: https://www.econbiz.de/10011259526

You Can’t Put Old Wine in New Bottles: The Effect of Newcomers on Coordination in Groups

McCarter, Matthew; Sheremeta, Roman - Volkswirtschaftliche Fakultät, … - 2013

of member change on performance? To answer these questions we conduct an experiment in which we investigate the effect of … first part of the experiment, and then two members of the group are replaced with new participants, and the newly formed … group plays the game for the second part of the experiment. Our results show that the arrival of newcomers decreases trust …

Persistent link: https://www.econbiz.de/10011259957

The Illusion of Irrationality

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2009

This short paper shows that the Allais Paradox and the Common Ratio Effect regarded as classic examples of the violation of the Expected Utility Theory Axioms – may be easily explained by assuming that changes in wealth (i.e. gains and losses) are perceived in relative terms. The preference...

Persistent link: https://www.econbiz.de/10008458513

Mean, Median or Mode? A Striking Conclusion From Lottery Experiments

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

This paper deals with estimating data from experiments determining lottery certainty equivalents. The paper presents the parametric and nonparametric results of the least squares (mean), quantile (including median) and mode estimations. The examined data are found to be positively skewed for low...

Persistent link: https://www.econbiz.de/10008541487

Density Based Regression for Inhomogeneous Data: Application to Lottery Experiments

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

This paper presents a regression procedure for inhomogeneous data characterized by varying variance, skewness and kurtosis or by an unequal amount of data over the estimation domain. The concept is based first on the estimation of the densities of an observed variable for given values of...

Persistent link: https://www.econbiz.de/10008622247

Are People Really Risk Seeking for Losses?

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2009

This short paper demonstrates that the claim of Cumulative Prospect Theory (CPT) that people are risk seeking for loss prospects, which confirmed a hypothetical assumption of the earlier Prospect Theory (PT), appears to be merely a result of using a specific form of the probability weighting...

Persistent link: https://www.econbiz.de/10008587468

What is the actual shape of perception utility?

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2011

Cumulative Prospect Theory (Kahneman, Tversky, 1979, 1992) holds that the value function is described using a power function, and is concave for gains and convex for losses. These postulates are questioned on the basis of recently reported experiments, paradoxes (gain-loss separability...

Persistent link: https://www.econbiz.de/10009147682

Decision Utility Theory: Back to von Neumann, Morgenstern, and Markowitz

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

Prospect Theory (1979) and its Cumulative version (1992) argue for probability weighting to explain lottery choices. Decision Utility Theory presents an alternative solution, which makes no use of this concept. The new theory distinguishes decision and perception utility, postulates a double...

Persistent link: https://www.econbiz.de/10008756284