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Beniers, Klaas J.; Swank, Otto H. - Tinbergen Instituut - 2003

This discussion paper led to a publication in the 'Journal of Law, Economics & Organization', 2004, 20, 353-378. This paper is concerned with the role of committees in collective decision-makingprocesses in a world where agents must be motivated to collect information. Committees improvethe...

Persistent link: https://www.econbiz.de/10011242149

Using Preferred Outcome Distributions to estimate Value and Probability Weighting Functions in Decisions under Risk

Donkers, Bas; Lourenco, Carlos J.S.; Dellaert, Benedict G.C. - Tinbergen Instituut - 2013

In this paper we propose the use of preferred outcome distributions as a new method to elicit individuals' value and probability weighting functions in decisions under risk. Extant approaches for the elicitation of these two key ingredients of individuals' risk attitude typically rely on a long,...

Persistent link: https://www.econbiz.de/10011255452

Risk, Balanced Skills and Entrepreneurship

Hsieh, Chihmao; Parker, Simon C.; Praag, C. Mirjam van - Tinbergen Instituut - 2011

This paper proposes that risk aversion encourages individuals to invest in balancedskill profiles, making them more likely to become entrepreneurs. By not havingtaken this possible linkage into account, previous research has underestimated the impactsboth of risk aversion and balanced skills on...

Persistent link: https://www.econbiz.de/10011255496

A Theory of Procedurally Rational Choice: Optimization without Evaluation

Ficco, Stefano; Karamychev, Vladimir; Reeven, Peran van - Tinbergen Instituut - 2006

This paper analyses the behavior of an individual who wants to maximize his utility function, but he is not able to evaluate it. There are many ways to choose a single alternative from a given set. We show that a unique utility maximizing procedure exists. Choices induced by this optimal...

Persistent link: https://www.econbiz.de/10011255667

Errors in Judicial Decisions

Sonnemans, Joep; Dijk, Frans van - Tinbergen Instituut - 2008

In criminal cases the task of the judge is to transform the uncertainty about the facts into the certainty of the verdict. In this experiment we examine the relationship between evidence of which the strength is known, subjective probability of guilt and verdict for abstract cases. We look at...

Persistent link: https://www.econbiz.de/10011255690

Separating Real Incentives and Accountability

Vieider, Ferdinand M. - Tinbergen Instituut - 2008

In experimental investigations of the effect of real incentives, accountability—the implicit or explicit expectation of a decision maker that she may have to justify her decisions in front of somebody else—is often confounded with the incentives themselves. This confounding of accountability...

Persistent link: https://www.econbiz.de/10011255710

Eliciting Discount Functions when Baseline Consumption changes over Time

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

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

Persistent link: https://www.econbiz.de/10011255711

Evaluation Problem versus Selection Problem in Organizational Structures

Ficco, Stefano; Karamychev, Vladimir - Tinbergen Instituut - 2005

We consider a hierarchical organization with two fully rational agents. The goal of the organization is that of selecting the best alternative out of several available, and agents are heterogenous in the accuracy with which they screen the alternatives. We show that, if internal communications...

Persistent link: https://www.econbiz.de/10011255755

HIV/AIDS, Risk Aversion and Intertemporal Choice

Lammers, Judith; Wijnbergen, Sweder van - Tinbergen Instituut - 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/10011255821

Sadder but wiser: The Effects of Affective States and Weather on Ambiguity Attitudes

Baillon, Aurélien; Koellinger, Philipp; Treffers, Theresa - Tinbergen Instituut - 2014

situations, individual ambiguity attitudes influence decision making. The present study identifies affective states as a … transient cause of ambiguity attitudes. We conducted two random-assignment, incentive-compatible laboratory experiments, varying … subjects’ affective states. We find that sadness induces choices that are closer to ambiguity-neutral attitudes compared with …

Persistent link: https://www.econbiz.de/10011255915