In two experiments, decision makers chose between risky and ambiguous gambles under conditions of both single (unrepeated) and multiply repeated choices. The gambles were presented either as modified Ellsberg urn choices or as marketing strategy decisions. In both experiments, decision makers...

Market orientation has been cited as a source of competitive advantage that allows the firm to construct offerings superior to those of competitors by the effective collection and dissemination of and reaction to market intelligence. Previous work on market orientation has focused on the effort...

Playing poker has many aspects in common with the making of business decisions. Agents act in a strategically rich, dynamic environment, where they are repeatedly facing competition under uncertain prospects. Their main goal is to maximize their resources. However simple this goal is put down,...

This dissertation studies two interesting business cycle issues. Thefirst issue concerns the effectiveness of tax policies in stimulatingan economic recovery. The second issue concerns the costs ofbusiness cycle fluctuations to an investor who chooses to invest inrisky assets. The first essay...

We study equilibrium trading strategies, market liquidity, and price efficiency in an economy in which a fraction of better-informed speculators displays preferences consistent with Kahneman and Tversky’s (1979) Prospect Theory, i.e., loss aversion, risk seeking over losses, and nonlinear and...

45 p.

This dissertation studies two interesting business cycle issues. The first issue concerns the effectiveness of tax policies in stimulating an economic recovery. The second issue concerns the costs of business cycle fluctuations to an investor who chooses to invest in risky assets. The first...

The consumption capital asset pricing model is the standard economic model used to capture stock market behavior. However, empirical tests have pointed out to its inability to account quantitatively for the high average rate of return and volatility of stocks over time for plausible parameter...

Economics

In a survey of UK consumers, we elicited their willingness-to-accept (WTA) a discount for GM foods and willingness-to-pay (WTP) a premium for non-GM foods in order to assess their valuation of the non-GM characteristic in food products. Mean WTA exceeds mean WTP, a finding that suggests the...