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risk aversion and models of the utility function. One particular theory (expected utility with rank dependent probabilities …
Persistent link: https://www.econbiz.de/10009468391
Persistent link: https://www.econbiz.de/10009447373
in individual decision making under uncertainty. Ellsberg s canonical two-color choice problem was used to estimate … to pay. Estimated attitudes towards uncertainty were insignificant. Subjective expected utility explained subjects … uncertain process, loss of privacy or the resolution of consequences, is of primary importance to individual decision …
Persistent link: https://www.econbiz.de/10009431062
expected utility and almost any model of non-expected utility. At its core, stochastic dominance requires a decision maker … concerns are absent our baseline decision model reduces to expected utility, and our most parsimonious representation is one … parameter richer than that model. We use our decision model to provide an expressive theory of voting. …
Persistent link: https://www.econbiz.de/10009439045
Substantial evidence indicates that information is distorted during decision making. However, no studies have assessed … information in the direction of their preferred decision alternative and used these biased evaluations to update their preferences …
Persistent link: https://www.econbiz.de/10009440971
failure), thereby implying that an incorrect decision was better than a correct one, and that the more protective action … with consequentialist decision models. Consistent with this explanation, the prevalence of implied dominance decreased … substantially when the emphasis on decisions was reduced. These results demonstrate that initial preferences for decision …
Persistent link: https://www.econbiz.de/10009441242
Substantial evidence indicates that information is distorted during decision making. However, no studies have assessed … probability information in the direction of their preferred decision alternative and used these biased evaluations to update their …
Persistent link: https://www.econbiz.de/10009441297
failure), thereby implying that an incorrect decision was better than a correct one, and that the more protective action … with consequentialist decision models. Consistent with this explanation, the prevalence of implied dominance decreased … substantially when the emphasis on decisions was reduced. These results demonstrate that initial preferences for decision …
Persistent link: https://www.econbiz.de/10009441300
This paper provides a simple model of repeated extortion. In particular, we ask whether corrupt government officials' ex post opportunism to demand more once entrepreneurs have made sunk investments entails further distortion in resource allocations. We show that the inability of government...
Persistent link: https://www.econbiz.de/10009472584
sets simulated for Full Signal Detection Theory and its special cases of standard Signal Detection Theory and Complementary … Signal Detection Theory. …
Persistent link: https://www.econbiz.de/10009441534