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Theoretical foundations of buffer stock saving
Carroll, Christopher D. - 2004
Buffer-stock versions of the dynamic stochastic optimizing model of saving are now standard in the consumption literature. This paper builds theoretical foundations for rigorous understanding of the main characteristics of buffer stock models, including the existence of a target level of wealth...
Persistent link: https://www.econbiz.de/10010293477
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Portfolio decisions on life annuities and financial assets with longevity and income uncertainty
Pech, Susanne - 2004
who have preferences for leaving bequests. It is shown that this framework can contribute to explain the observed …
Persistent link: https://www.econbiz.de/10010294565
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Climatic roots of loss aversion
Galor, Oded; Savitskiy, Viacheslav - 2018
This research explores the origins of loss aversion and the variation in its prevalence across regions, nations and ethnic group. It advances the hypothesis and establishes empirically that the evolution of loss aversion in the course of human history can be traced to the adaptation of...
Persistent link: https://www.econbiz.de/10012058631
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Strength of preference and decision making under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2020
Influential economic approaches as random utility models or quantal-response equilibria assume a monotonic relation between error rates and choice difficulty or "strength of preference", in line with widespread evidence from discrimination tasks in psychology and neuroscience. However, while the...
Persistent link: https://www.econbiz.de/10012244619
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2020
The preference reversal phenomenon is one of the most important, long-standing, and widespread anomalies contradicting economic models of decisions under risk. It describes the robust observation of frequent "standard reversals" where long-shot gambles are valued above moderate ones but then the...
Persistent link: https://www.econbiz.de/10012420682
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Strength of preference and decisions under risk
Alós-Ferrer, Carlos; Garagnani, Michele - 2022
Influential economic approaches as random utility models assume a monotonic relation between choice frequencies and "strength of preference," in line with widespread evidence from the cognitive sciences, which also document an inverse relation to response times. However, for economic decisions...
Persistent link: https://www.econbiz.de/10013164128
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A complementary micro Coronavirus model under uncertainty and utility
Gander, James P. - 2020
A micro decision-making utility model under uncertainty is presented as a complementary foundation for macro coronavirus models. The micro model consists of two functions, a risk averse utility function depending on wellness and a wellness random output which is a function of the input variable...
Persistent link: https://www.econbiz.de/10013269247
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Identifying nontransitive preferences
Alós-Ferrer, Carlos; Fehr, Ernst; Garagnani, Michele - 2022
preferences are transitive. The empirical literature has regularly documented violations of transitivity, but these violations … deterministic part of individuals' preferences. However, what if transitivity violations reflect individuals' nontransitive … preferences? And how can we separate nontransitive preferences from noise-generated transitivity violations-a problem that so far …
Persistent link: https://www.econbiz.de/10013285526
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Stochastic choice and preference reversals
Alós-Ferrer, Carlos; Buckenmaier, Johannes; Garagnani, … - 2021
Preferences over risky alternatives can be elicited by different methods, including direct pairwise choices and …
Persistent link: https://www.econbiz.de/10012631629
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Identifying nontransitive preferences
Alós-Ferrer, Carlos; Fehr, Ernst; Garagnani, Michele - 2023
preferences are transitive. The empirical literature has regularly documented violations of transitivity, but these violations … deterministic part of individuals' preferences. However, what if transitivity violations reflect individuals' genuinely … nontransitive preferences? And how can we separate nontransitive preferences from noise-generated transitivity violations-a problem …
Persistent link: https://www.econbiz.de/10013531822