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An Experimental Investigation of Alternatives to Expected Utility Using Pricing Data

Morone, Andrea; Schmidt, Ulrich - 2006

Experimental research on decision making under risk has until now always employed choice data in order to evaluate the …

Persistent link: https://www.econbiz.de/10010296261

Empirical Tests of Intransitivity Predicted by Models of Risky Choice

Birnbaum, Michael H.; Schmidt, Ulrich - 2006

Recently proposed models of risky choice imply systematic violations of transitivity of preference. Five studies explored whether people show patterns of intransitivity predicted by four descriptive models. To distinguish ?true? violations from those produced by ?error,? a model was fit in which...

Persistent link: https://www.econbiz.de/10010296263

Unternehmensleitung und Innovationserfolg

Czarnitzki, Dirk; Kraft, Kornelius - 2001

In dieser Arbeit werden die verschiedenen Anreize für Manager im Vergleich zu Unternehmenseignern untersucht, Innovationen durchzuführen. Bei den Anreizen treten gegenläufige Effekte der Innovationsanstrengungen auf. Unsere Untersuchung über die Determinanten des Innovationserfolges liefert...

Persistent link: https://www.econbiz.de/10010297807

Optimal choice and beliefs with ex ante savoring and ex post disappointment

Gollier, Christian; Muermann, Alexander - 2006

We propose a new decision criterion under risk in which people extract both utility from anticipatory feelings ex ante … and disutility from disappointment ex post. The decision maker chooses his degree of optimism, given that more optimism … the decision maker takes on less risk compared to an expected utility maximizer. This speaks to the equity premium puzzle …

Persistent link: https://www.econbiz.de/10010298342

Hedging Price Risk When Real Wealth Matters

Adam-Müller, Axel F. A. - 1999

This paper analyzes optimal hedging of a tradable risk (e.g. price risk or exchange rate risk) with forward contracts in the presence of untradable inflation risk. Utility is defined over real wealth. Optimal forward positions are derived relative to a given initial exposure in the tradable...

Persistent link: https://www.econbiz.de/10010324032

Dynamic Choice, Independence and Emotions

Hopfensitz, Astrid; van Winden, Frans - 2006

variable is the particular decision stage at which a global risk is resolved: (i) before the investment decision; (ii) after … the investment decision, but before the resolution of the decision risk; (iii) after the resolution of the decision risk …. Dependent on the timing of the global risk different combinations of anticipated and experienced emotions influence decision …

Persistent link: https://www.econbiz.de/10010325272

Weitzman meets Nordhaus: Expected utility and catastrophic risk in a stochastic economy-climate model

Ikefuji, Masako; Laeven, Roger J. A.; Magnus, Jan R.; … - 2011

We specify a stochastic economy-climate model, adapting Nordhaus' deterministic economy-climate model by allowing for Weitzman-type stochasticity. We show that, under expected power utility, the model is fragile to heavy-tailed distributional assumptions and we derive necessary and sufficient...

Persistent link: https://www.econbiz.de/10010332432

False consciousness in financial markets: Or is it in ivory towers?

Schnytzer, Adi; Westreich, Sara - 2009

In general, models in finance assume that investors are risk averse. An example of such a recent model is the pioneering work of Aumann and Serrano, which presents an economic index of riskiness of gambles which is independent of wealth and holds (as might be understood from the adjective...

Persistent link: https://www.econbiz.de/10010335983

Attitudes to risk and roulette

Schnytzer, Adi; Westreich, Sara - 2010

Persistent link: https://www.econbiz.de/10010336025

Attitudes to Risk and Roulette

Schnytzer, Adi; Westreich, Sara - 2010

Persistent link: https://www.econbiz.de/10010336060