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First-order and second-order ambiguity aversion

Lang, Matthias - 2015

Different models of uncertainty aversion imply strikingly different economic behavior. The key to understanding these differences lies in the dichotomy between first-order and second-order ambiguity aversion which I define here. My definition and its characterization are independent of specific...

Persistent link: https://www.econbiz.de/10011419378

Modeling a satisficing judge

Engel, Christoph; Güth, Werner - 2015

Judges and juries frequently must decide, knowing that they do not know everything that would be relevant for deciding the case. The law uses two related institutions for enabling courts to nonetheless decide the case: the standard of proof, and the burden of proof. In this paper, we contrast a...

Persistent link: https://www.econbiz.de/10011419382

Risk aversion in the small and in the large when outcomes are multidimensional

Hellwig, Martin F. - 2004

The paper discusses criteria for comparing risk aversion of decision makers when outcomes are multidimensional. A weak concept, "commodity specific greater risk aversion", is based on the comparison of risk premia paid in a specified commodity. A stronger concept, "uniformly greater risk...

Persistent link: https://www.econbiz.de/10010323973

Modeling a satisficing judge

Engel, Christoph; Güth, Werner - 2015

Persistent link: https://www.econbiz.de/10011349372

First-order and second-order ambiguity aversion

Lang, Matthias - 2015

Persistent link: https://www.econbiz.de/10011349377

Risk aversion in the small and in the large when outcomes are multidimensional

Hellwig, Martin - 2004

Persistent link: https://www.econbiz.de/10013434688

Risk aversion in the small and in the large when outcomes are multidimensional

Hellwig, Martin - 2004

The paper discusses criteria for comparing risk aversion of decision makers when outcomes are multidimensional. A weak concept, commodity specific greater risk aversion , is based on the comparison of risk premia paid in a specified commodity. A stronger concept, uniformly greater risk aversion...

Persistent link: https://www.econbiz.de/10011581523

The role of information in different bargaining protocols

Hortala-Vallve, Rafael; Llorente-Saguer, Aniol; Nagel, … - 2012

exists. We assess the role of incomplete vs. complete information in the efficiency achieved by this new mechanism and by … unconstrained negotiation. We find that unconstrained negotiation does best under a situation of complete information where the … incomplete information. The sources of inefficiencies in each of the two cases arise from the different strategic use of the …

Persistent link: https://www.econbiz.de/10010323864

Noisy commitments: the impact of information accuracy on efficiency

Ert, Eyal; Nicklisch, Andreas - 2006

We report an experiment designed to test the influence of noisy commitments on efficiency in a simple bargaining game. We investigate two different levels of commitment reliability in a variant of the peasant-dictator game. Theoretical analysis suggests that the reliability of commitments in...

Persistent link: https://www.econbiz.de/10010264783

Can we manage first impressions in cooperation problems? An experimental study on "Broken (and Fixed) Windows"

Engel, Christoph; Kube, Sebastian; Kurschilgen, Michael - 2011

information about (un)cooperative behavior in other, unrelated, groups. We observe that contributions are considerably sensitive … to such selective information. First impressions participants happen to make predict subsequent behavior. Our results …

Persistent link: https://www.econbiz.de/10010281841

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