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Chen, Zhuoqiong; Gesche, Tobias - 2016

We show that a one-off incentive to bias advice has a persistent effect on advisers' own actions and their future recommendations. In an experiment, advisers obtained information about a set of three differently risky investment options to advise less informed clients. The riskiest option was...

Persistent link: https://www.econbiz.de/10011663187

Persistent bias in advice-giving

Chen, Zhuoqiong; Gesche, Tobias - 2017

We show that a one-off incentive to bias advice has persistent effects. In an experiment, some advisers were paid a bonus to recommend a lottery which only risk-seeking individuals should choose to a less informed client. Afterwards, they had to choose for themselves and make a second...

Persistent link: https://www.econbiz.de/10011784286

Nonparametric learning rules from bandit experiments: The eyes have it!

Hu, Yingyao; Kayaba, Yutaka; Shum, Matt - 2010

(non-Bayesian) reinforcement learning model, than a Bayesian learning model. …How do people learn? We assess, in a distribution-free manner, subjects' learning and choice rules in dynamic two …-armed bandit (probabilistic reversal learning) experiments. To aid in identification and estimation, we use auxiliary measures of …

Persistent link: https://www.econbiz.de/10010277527

Multiple behavioral rules in Cournot oligopolies

Alós-Ferrer, Carlos; Ritschel, Alexander - 2019

We show that economic decisions in strategic settings are co-determined by multiple behavioral rules. A simple model of intra-individual behavioral heterogeneity predicts testable differences depending on whether rules share a common prescription (alignment) or not (conflict), a classification...

Persistent link: https://www.econbiz.de/10012056814

Age Effects and Heuristics in Decision Making

Besedeš, Tibor; Deck, Cary; Sarangi, Sudipta; Shor, Mikhael - Louisiana State University <Baton Rouge, La.> / E. J. … - 2009

We examine in controlled experiments how individuals make choices when faced withmultiple options. The choice tasks mimic the selection of health insurance, prescriptiondrug, or retirement savings plans. However, in our experiment, the available options canbe objectively ranked. We ¯nd that the...

Persistent link: https://www.econbiz.de/10009302527

Big experimenter is watching you! Anonymity and prosocial behavior in the laboratory

Barmettler, Franziska; Fehr, Ernst; Zehnder, Christian - 2011

Social preference research has received considerable attention in recent years. Researchers have demonstrated that the presence of people with other-regarding preferences can have important implications in many economic dimensions. However, it is important to be aware of the fact that the...

Persistent link: https://www.econbiz.de/10010316822

Generosity across contexts

Davis, Alexander L.; Miller, John H.; Weber, Roberto A. - 2011

Extensive research in economics explores generosity in monetary allocations, while generosity in non-laboratory contexts often involves the allocation of consumption goods or non-monetary harm. Psychological evidence suggests that generosity may be higher in such contexts. We compare generosity...

Persistent link: https://www.econbiz.de/10010316844

How do informal agreements and renegotiation shape contractual reference points?

Fehr, Ernst; Hart, Oliver; Zehnder, Christian - 2011

Previous experimental work provides encouraging support for some of the central assumptions underlying Hart and Moore (2008)'s theory of contractual reference points. However, existing studies ignore realistic aspects of trading relationships such as informal agreements and expost renegotiation....

Persistent link: https://www.econbiz.de/10010316871

The intrinsic value of decision rights

Bartling, Björn; Fehr, Ernst; Herz, Holger - 2013

Philosophers, psychologists, and economists have long argued that certain decision rights carry not only instrumental value but may also be valuable for their own sake. The ideas of autonomy, freedom, and liberty derive their intuitive appeal - at least partly - from an assumed positive...

Persistent link: https://www.econbiz.de/10010316882

Reference points in renegotiations: The role of contracts and competition

Bartling, Björn; Schmidt, Klaus M. - 2012

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

Persistent link: https://www.econbiz.de/10010316921