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Approximate Results for a Generalized Secretary Problem

Dietz, Chris - 2010

A version of the classical secretary problem is studied, in which one is interested in selecting one of the b best out of a group of n differently ranked persons who are presented one by one in a random order. It is assumed that b is bigger than or equal to 1 is a preassigned number. It is...

Persistent link: https://www.econbiz.de/10013138355

Decision Making in Incomplete Markets with Ambiguity -- A Case Study of a Gas Field Acquisition

Zhao, Lin; van Wijnbergen, Sweder - 2014

often only has an approximate idea of the true probabilistic model underlying variables, making model ambiguity a relevant … problem. We show empirically how model ambiguity affects project values, and importantly, how option values change as model … ambiguity gets resolved in later phases of the projects considered. We show that traditional valuation approaches will …

Persistent link: https://www.econbiz.de/10010491370

HIV/AIDS, Risk Aversion and Intertemporal Choice

Lammers, Judith; van Wijnbergen, Sweder - 2007

This study analyses the relation between perceived health status and intertemporal choice. We use data from experiments with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These experimental data, based on muitiple price lists developed by...

Persistent link: https://www.econbiz.de/10010325511

Eliciting Discount Functions when Baseline Consumption changes over Time

Gerber, Anke; Rohde, Kirsten I.M. - 2009

Many empirical studies on intertemporal choice report preference reversals in the sensethat a preference between a small reward to be received soon and a larger reward to bereceived later reverses as both rewards are equally delayed. Such preference reversals arecommonly interpreted as...

Persistent link: https://www.econbiz.de/10010325966

Weighted Temporal Utility

Gerber, Anke; Rohde, Kirsten I.M. - 2013

We propose a novel utility representation for preferences over risky timed outcomes. The weighted temporal utility model generalizes many well known utility functions for intertemporal decision making under risk. A decision maker with a weighted temporal utility function can have time consistent...

Persistent link: https://www.econbiz.de/10010326412

Reflection for higher order risk preferences

Bleichrodt, Han; van Bruggen, Paul - 2018

Higher order risk preferences are important determinants of economic behaviour. We apply behavioural insights to this topic: we measure higher order risk preferences for pure gains and pure losses by controlling the reference point. We find a reflection effect not only for second order risk...

Persistent link: https://www.econbiz.de/10011932350

Learning the value of Eco-Labels: The role of information in sustainable decisions

Hirmas, Alejandro; Engelmann, Jan - 2024

Sustainability ratings help consumers understand the environmental impact of their purchases. Such ratings have increased the consumers' sustainable choices in the electrodomestics and housing markets. In the particular case of energy labels, sustainable products are also associated with private...

Persistent link: https://www.econbiz.de/10014547737

Impulsiveness moderates the effects of exogenous attention on the sensitivity to gains and losses in risky lotteries

Hirmas, Alejandro; Engelmann, Jan - 2022

Does attention have a causal impact on risky decisions? We address this question in a preregistered experiment in which participants accept or reject a series of mixed gambles while exogenously varying how information can be sampled. Specifically, in each trial participants observe the outcomes...

Persistent link: https://www.econbiz.de/10013356502

Top Down or Bottom Up? Disentangling the Channels of Attention in Risky Choice

Engelmann, Jan; Hirmas, Alejandro; van der Weele, Joël - 2021

Economists have become increasingly interested in using attention to explain behavioral patterns both on the micro and macro level. This has resulted in several disparate theoretical approaches. Some, like rational inattention, assume a "top-down" model of executive optimization. Others, like...

Persistent link: https://www.econbiz.de/10012605997

Weighted Temporal Utility

Gerber, Anke; Rohde, Kirsten I. M. - 2014

We propose a utility representation for preferences over risky timed outcomes, the weighted temporal utility model. It separates subjective evaluations of outcomes from attitudes towards psychological distance induced by risks and delays. Subjective evaluations of outcomes may depend on the time...

Persistent link: https://www.econbiz.de/10014200777

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