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Prices as indicators of scarcity - anexperimental study of a multistageauction

McDaniel, Tanga; Nicklisch, Andreas - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

The price mecanism is the primary means of information transferin decentralized economic systems. High prices indicate highdemand, whereas low prices indicate low demand. Thus prices arethe signals for accelerating or slowing production. However, usingsequential, multi-unit auctions, we show...

Persistent link: https://www.econbiz.de/10005866772

Valuing Protection against Low Probability,High Loss Risks: Experimental Evidence

Morone, Andrea; Ozdemir, Ozlem - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

measure,(3)calculates relative risk aversion. The results of the experiment indicate that as theprobability of loss and loss … than to the variation in loss amountswhen they decide whether to buy the protective measure or not: choice decision. Yet …, theopposite is true when they decide the amount of willingness to pay for buying the protectivemeasure: payment decision. In …

Persistent link: https://www.econbiz.de/10005866644

Individual and Couple Decision Behavior under Risk:The Power of Ultimate Control

de Palma, André; Picard, Nathalie; Ziegelmeyer, Anthony - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2008

This paper reports results of an experiment designed to analyze the link between riskydecisions made by couples and … decision process that takes place when couples make risky decisions. We find that in mostcouples men have more decision …-making power than women and that women’s decision-makingpower increases when they ultimately implement the joint decisions. …

Persistent link: https://www.econbiz.de/10005866693

Illusion of control as a source of poor diversification: Anexperimental approach

Fellner, Gerlinde - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004

This paper investigates factors influencing individual portfolio allocations withparticular focus on the role of illusion of control. By forming their portfolio of tworisky lotteries and one risk-less alternative, subjects are requested to reach a targetinvestment profit, whereby equal...

Persistent link: https://www.econbiz.de/10005866777

Do Individuals Recognize Cascade Behavior of Others? - An Experimental study

Stiehler, Andreas - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003

In a cascade experiment subjects are confronted with artificial predecessors prdecting in line with the BHW model …

Persistent link: https://www.econbiz.de/10005866980

Does Cascade Behavior Reflect Bayesian Updating? - An Experimental Study

Oberhammer, Clemens; Stiehler, Andreas - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2003

We examine the explanatory power of cascade models by implementing the BDM-mechanism in a simple cascade experiment in … decision errors. Focusing on stated price limits corresponding to urn predictions in line with both, standard and error BHW …

Persistent link: https://www.econbiz.de/10005866982

Overconfidence in Investment Decisions:An Experimental Approach

Dittrich, Dennis; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001

We experimentally test overconfidence in investment decisions by offering participants the possibility to substitute their own for alternative investment choices.Overall, 149 subjects participated in two experiments, one with just one risky asset, the other with two risky assets. Overconfidence...

Persistent link: https://www.econbiz.de/10005867326

Measuring Individual Risk Attitudes in the Lab: Task orAsk? An Empirical Comparison

Lönnqvist, Jan-Erik; Verkasalo, Markku; Walkowitz, Gari; … - Cologne Graduate School in Management, Economics and … - 2011

This paper compares two prominent empirical measures of individualrisk attitudes | the Holt and Laury (2002) lottery-choice task and the multi-itemquestionnaire advocated by Dohmen, Falk, Human, Schupp, Sunde and Wagner(forthcoming) | with respect to (a) their within-subject stability over time...

Persistent link: https://www.econbiz.de/10009302654

Attitudes toward Private and Collective Risksin Individual and Strategic Choice Situations

Brennan, Geoffrey; González Morales, Luis G.; Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

riskattitudes in an experiment involving choices with and without strategicinteraction. …

Persistent link: https://www.econbiz.de/10005866833

Do stylized facts of order book markets need strategic behavior?

Ladley, Dan; Schenk-Hoppé, Klaus Reiner - Institut für Schweizerisches Bankwesen <Zürich> - 2007

This paper studies the role of strategy and the order book mar-ket mechanism in price dynamics and the order ﬂow behaviour. To this end we analyse a zero-intelligence agent model of a dynamic limit order market. Stylised facts of limit order markets are shown to be inﬂuenced and, in some...

Persistent link: https://www.econbiz.de/10005858201