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A review of the certainty effect and influence of information processing
Ramirez, Patrick A.; Levine, Daniel S. - Institut für Weltwirtschaft (IfW) - 2013
This review considers two explanations for behavioral decision-making in reference to the certainty and framing effects. The findings from various paradigms such as a single questionnaire, gambles with repetition, and gambles guided by feedback are explained either by prospect theory or by...
Persistent link: https://www.econbiz.de/10010956046
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A new intuitionism: Meaning, memory, and development in Fuzzy-Trace Theory
Reyna, Valerie F. - In: Judgment and Decision Making 7 (2012) 3, pp. 332-359
(heuristics and biases based on gist increase from childhood to adulthood, challenging conceptions of rationality); and selective …
Persistent link: https://www.econbiz.de/10010550650
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Motivation and affective processing biases in risky decision making: A counter-regulation account
Schwager, Susanne; Rothermund, Klaus - In: Journal of Economic Psychology 38 (2013) C, pp. 111-126
our expectations, Experiment 1 revealed incongruent effects of framing on attentional biases for positive vs. negative … gambling task with ambivalent color stimuli (Experiment 2) and by enhancing the impact of gain or loss outcomes on decision … making in a coin toss (Experiment 3). …
Persistent link: https://www.econbiz.de/10010682426
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Cumulative Prospect Theory as a model of economic rationality
Potocki, Tomasz - In: Ekonomia journal 31 (2012)
Most economic models are prescriptive and based on expected utility theory. Decisions taken on the basis of these models ought to be completely rational and consistent with axioms of the expected utility theory. Prospect theory (PT) is an alternative theory of choice under risk and increasingly...
Persistent link: https://www.econbiz.de/10011271590
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"Es" y "deber ser" en las teorías de la decisión acerca de la condición normativa de la teoría de la decisión racional
Giancarlo Romano G. - UN - RCE - CID - 2012
El artículo discute la exposición de Santiago y Cante (2009) de la teoría de la decisión racional (TDR) y el modelo de utilidad esperada y controvierte su afirmación de acuerdo con la cual la Prospect Theory (PT) de Kahneman y Tversky pone en riesgo el estatus normativo de la TDR. Para ello...
Persistent link: https://www.econbiz.de/10011276526
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A model of decision making in an ecologically realistic environment: Relative comparison and the Independence of Irrelevant Alternatives
Waksberg, Avi; Smith, Andrew; Burd, Martin - In: Journal of Bioeconomics 14 (2012) 3, pp. 197-215
rationality. This requires that outcomes can be assigned objective values by stable evaluation frameworks. Yet both human and … is consistent with the axioms of rationality. We compare an economically rational strategy with a relative comparison …
Persistent link: https://www.econbiz.de/10010867786
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Joint measurement of risk aversion, prudence, and temperance
Ebert, Sebastian; Wiesen, Daniel - In: Journal of Risk and Uncertainty 48 (2014) 3, pp. 231-252
temperance. Our theoretical approach is to define risk compensations of different orders, and in an experiment we elicit these …. In contrast to commonly used utility functions, prospect theory can predict this behavioral pattern. In our experiment …
Persistent link: https://www.econbiz.de/10010987807
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The role of emotions on risk aversion: A Prospect Theory experiment
Campos-Vazquez, Raymundo M.; Cuilty, Emilio - In: Journal of Behavioral and Experimental Economics … 50 (2014) C, pp. 1-9
This study measures risk and loss aversion using Prospect Theory and examines the impact of emotions on these parameters. Students’ emotions were manipulated using information on rising deaths due to drug violence in Mexico and youth unemployment and Tanaka et al. (2010) methodology was...
Persistent link: https://www.econbiz.de/10011220527
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Why Do Borrowers Choose Adjustable-Rate Mortgages over Fixed-Rate Mortgages? : A Behavioral Investigation
Mori, Masaki; III, Julian Diaz; Ziobrowski, Alan J. - In: International Real Estate Review 12 (2009) 2, pp. 98-120
A considerable number of U.S. borrowers still choose adjustable rate mortgages (ARMs) over fixed rate mortgages (FRMs) even when interest rates are historically very low. This study examines the psychological reasons for the popularity of ARMs by testing the Prospect theory’s reflection...
Persistent link: https://www.econbiz.de/10005092525
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The role of emotions on risk aversion: a prospect theory experiment
Campos-Vazquez, Raymundo M.; Cuilty, Emilio - Centro de Estudios Económicos, Colegio de México - 2013
controlled experiment at two universities in Mexico City, using uncompensated students as research subjects, found results …
Persistent link: https://www.econbiz.de/10010686703