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Xiao, Erte - Volkswirtschaftliche Fakultät, … - 2012

The need for justification is a widely observed social phenomenon. This paper develops a theoretical framework and reports laboratory evidence to show how pure justification pressure affects cooperative behavior in economic exchange environments. In a one-shot anonymous interaction, compared...

Persistent link: https://www.econbiz.de/10009422008

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

Classifying Behaviors in Risky Choices

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

This paper presents a nonparametric approach to classification of data from lottery experiments. Using very basic mathematical tools the paper endeavors to answer the questions: How to determine the “average” subject in a group? How to find a subject presenting the most similar behavior to a...

Persistent link: https://www.econbiz.de/10008526982

Multi-Outcome Lotteries: Prospect Theory vs. Relative Utility

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

Theory. The second is the Relative Utility Function, which strongly resembles the utility function hypothesized by Markowitz … (1952). It is shown that the relative utility model follows Expected Utility Theory with a transformed outcome domain. An … Cumulative Prospect Theory has been derived using two-outcome lotteries only, and it is hard to find any evidence in the …

Persistent link: https://www.econbiz.de/10008498494

Money Talks? An Experimental Study of Rebate in Reputation System Design

Li, Lingfang; Xiao, Erte - Volkswirtschaftliche Fakultät, … - 2010

Reputation systems that rely on feedback from traders are important institutions for helping sustain trust in markets, while feedback information is usually considered a public good. We apply both theoretical models and experiments to study how raters' feedback behavior responds to different...

Persistent link: https://www.econbiz.de/10008560983

The effects of background music and sound in economic decision making: Evidence from a laboratory experiment

Fujikawa, Takemi; Kobayashi, Yohei - Volkswirtschaftliche Fakultät, … - 2010

This paper experimentally studies the effects of background music and sound on the preference of the decision makers for rewards in pairwise intertemporal choice tasks and lottery choice tasks. The participants took part in the current experiment, involving four treatments: (1) the familiar...

Persistent link: https://www.econbiz.de/10008564522

Estimation of Peaked Densities Over the Interval [0,1] Using Two-Sided Power Distribution: Application to Lottery Experiments

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2010

This paper deals with estimating peaked densities over the interval [0,1] using two-sided power distribution (Kotz, van Dorp, 2004). Such data were encountered in experiments determining certainty equivalents of lotteries (Kontek, 2010). This paper summarizes the basic properties of the...

Persistent link: https://www.econbiz.de/10008565955

Absolute vs. Relative Notion of Wealth Changes

Kontek, Krzysztof - Volkswirtschaftliche Fakultät, … - 2009

dependant on the context of the problem under consideration. The former assumption leads to the design of Prospect Theory, the … crucial arguments for the latter approach and provides strong arguments for rejecting the Prospect Theory paradigm. …

Persistent link: https://www.econbiz.de/10005089325

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

Tipping motivations and behavior in the US and Israel

Azar, Ofer H. - Volkswirtschaftliche Fakultät, … - 2009

Tipping is a multi-billion dollar phenomenon and a major source of income for millions of workers. The results of a study conducted in the US and Israel suggest that people tip mainly to show gratitude, conform to the social norm, and because they know that waiters' income depends on tips....

Persistent link: https://www.econbiz.de/10008623465