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“Luce problem” and discontinuity of Prelec’s function at p = 1

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2015

This short paper is devoted to two items: 1) An analysis of Prelec’s weighting function at the probability p = 1 is highlighted (this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the “Luce problem”). 2) The...

Persistent link: https://www.econbiz.de/10011259321

Problems of utility and prospect theories. A discontinuity of Prelec’s function

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014

–lottery incentive experiments. The results of the well-known experiments support this possibility as well. …

Persistent link: https://www.econbiz.de/10011109059

Problems of utility and prospect theories. Certainty effect near certainty

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014

A need for experiments on the certainty effect near the certainty (near the probability p = 1) is stated in this paper … purely mathematical restrictions and the “certain–uncertain” inconsistency of the random–lottery incentive experiments. The … results of the experiments of the certainty effect near the certainty show that Prelec’s (probability) weighting function can …

Persistent link: https://www.econbiz.de/10011109350

Bribery and Threat

Estrada, Fernando - Volkswirtschaftliche Fakultät, … - 2013

In their recent work Thomas S. Schelling (2007, 2010), reiterating original arguments about game theory and its applications to social sciences. In particular, game theory helps to explore situations in which agents make decisions interdependent (strategic communication). Schelling's originality...

Persistent link: https://www.econbiz.de/10011111447

Problems of utility and prospect theories. A ”certain-uncertain” inconsistency of the random-lottery incentive system

Harin, Alexander - Volkswirtschaftliche Fakultät, … - 2014

experiments of the utility and prospect theories, the choices of certain outcomes are stimulated by uncertain lotteries. Because … of this evident “certain-uncertain” inconsistency, the deductions from the random-lottery incentive experiments, those …

Persistent link: https://www.econbiz.de/10011112848

The allocation of attention: theory and evidence

Gabaix, Xavier; Laibson, David Isaac; Moloche, Guillermo; … - Volkswirtschaftliche Fakultät, … - 2003

A host of recent studies show that attention allocation has important economic consequences. This paper reports the first empirical test of a cost-benefit model of the endogenous allocation of attention. The model assumes that economic agents have finite mental processing speeds and cannot...

Persistent link: https://www.econbiz.de/10011113378

Social risk and ambiguity in the trust game

Fairley, Kim; Sanfey, Alan; Vyrastekova, Jana; Weitzel, Utz - Volkswirtschaftliche Fakultät, … - 2012

Despite intensive research there is no clear evidence for a link between lottery risk preferences and risk involved in trusting others. We argue that this is partially due to a misalignment of the underlying sources of risk. Trusting is giving up control to a human source of risk while lottery...

Persistent link: https://www.econbiz.de/10011113599

Attention Misallocation, Social Welfare and Policy Implications

Chen, Heng; Luo, Yulei; Pei, Guangyu - Volkswirtschaftliche Fakultät, … - 2015

We examine how agents allocate attention between private and public signals to reduce the uncertainty about observation noises when coordination is an important concern. In this setting, the attention allocation may not be monotone in endowed attention capacity. Agents may decrease their...

Persistent link: https://www.econbiz.de/10011265339

Naked Exclusion: An Experimental Study of Contracts with Externalities

Landeo, Claudia M.; Spier, Kathryn E. - Volkswirtschaftliche Fakultät, … - 2007

This paper reports the results of an experiment designed to assess the ability of an incumbent seller to profitably foreclose a market with exclusive contracts. We use the strategic environment described by Rasmusen, Ramseyer, and Wiley (1991) and Segal and Whinston (2000) where entry is...

Persistent link: https://www.econbiz.de/10005835746

Measuring Impatience: Elicited Discount Rates and the Barratt Impulsiveness Scale

McLeish, Kendra N; Oxoby, Robert J - Volkswirtschaftliche Fakultät, … - 2006

of impatience measure the same behavioral characteristic. We conduct experiments in which we elicit discount rates using …

Persistent link: https://www.econbiz.de/10005619307

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