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A Generalization of the Calendar Time Portfolio Approach and the Performance of Private Investors
Hoechle, Daniel; Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum <Basel> - 2008
We present a regression-based generalization of the calendar time portfolio approach which allows for decomposing the risk-adjusted performance of private investors (or firms or mutual funds) into multivariate and continuous subject characteristics. Our technique remedies several well-known...
Persistent link: https://www.econbiz.de/10005862642
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A New Unified Theory of Sociobehavioral Forces
Jasso, Guillermina - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
This paper proposes a new unified theory of sociobehavioral forces. The goal of the new theory isto integrate theories …
Persistent link: https://www.econbiz.de/10005860770
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Death, Happiness, and the Calculation ofCompensatory Damages
Oswald, Andrew J.; Powdthavee, Nattavudh - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
This paper studies the mental distress caused by bereavement. The largest emotional lossesare from the death of a spouse; the second-worst in severity are the losses from the death ofa child; the third-worst is the death of a parent...
Persistent link: https://www.econbiz.de/10005861415
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Symbolic Values, Occupational Choice,and Economic Development
Corneo, Giacomo; Jeanne, Olivier - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
Channeling human resources into the right occupations has historically been a key toeconomic prosperity. Occupational choices are not only driven by the material rewardsassociated with the various occupations, but also by the esteem that they confer...
Persistent link: https://www.econbiz.de/10005863033
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A Monetary Approach to Capability Measurement of the Disabled – Evidence from the UK
Kuklys, Wiebke - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2004
In this paper we attempt to assess empirically the capability set ofthe disabled. We formulate the assumptions under which capability canbe interpreted as needs-adjusted disposable household income, and useequivalence scales methodology to estimate it for households in the UK.We identify a...
Persistent link: https://www.econbiz.de/10005866850
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EXPECTED UTILITY AND THE ENDOWMENTEFFECT: SOME EXPERIMENTAL RESULTS
Morrison, Gwendolyn C. - University <Nottingham> / Department of Economics - 2000
Internal inconsistencies are so commonplace in studies using the contingent valuation method(CVM) that it has been argued that that method should be abandoned as a means of preferenceelicitation in favour of other methods such as standard gambles (SG). The experiment described inthis paper finds...
Persistent link: https://www.econbiz.de/10005869086
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Identifying Personality Traits that Enhance Trust between Organisations - An Experimental Approach
Fahr, René; Irlenbusch, B. - 2006
We investigate an experimental representatives' trust game which resembles trust relationships between representatives of organisations. Personality traits of subjects are elicited by a personality questionnaire (Cattell's 16 PF-R) which is well established in personnel psychology. Linking the...
Persistent link: https://www.econbiz.de/10005853919
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The Disposition Effect in the Lab
Vlcek, Martin; Wang, Mei - Institut für Schweizerisches Bankwesen <Zürich> - 2007
rebalancing, prospect theory with a fixed reference point, or the justification hypothesis explain the disposition effect. …
Persistent link: https://www.econbiz.de/10005858051
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Making Prospect Theory Fit for Finance
De Giorgi, Enrico; Hens, Thorsten - Institut für Schweizerisches Bankwesen <Zürich> - 2006
The prospect theory of Kahneman and Tversky (1979) and the cumulative prospect theory of Tversky and Kahneman (1992 …) are descriptive models for decision making that summarize several violations of the expected utility theory. This paper … gives a survey of applications of prospect theory to the portfolio choice problem and the implications for asset pricing. We …
Persistent link: https://www.econbiz.de/10005858528
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Fungibility, Labels, and Consumption
Abeler, Johannes; Marklein, Felix - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2008
Fungibility of money is a central principle in economics. It implies that any unit of money is substitutable for another and that the composition of income is irrelevant for consumption. We find in a field experiment that even in a simple, incentivized setup many subjects do not treat money as...
Persistent link: https://www.econbiz.de/10005859656