Showing 1 - 10 of 11
In recent years the Swedish transport system has become a target for intensive political discussion. One can single out "the environment" and "infrastructure" as the typical buzzwords of this debate. Sweden has invested a significant amount of its prestige in showing that it can stick to...
Persistent link: https://www.econbiz.de/10011608325
Recent evidence on nonlinear insurance contracts finds that individuals react to the embedded dynamic incentives by changing health care utilization. However, with field data it is difficult to keep the spot price among individuals constant while systematically varying the future price. To do...
Persistent link: https://www.econbiz.de/10011892093
We review experimental evidence collected from risky choice experiments using poor subjects in Ethiopia, India and Uganda. Using these data we estimate that just over 50% of our sample behaves in accordance with expected utility theory and that the rest subjectively weight probability according...
Persistent link: https://www.econbiz.de/10010290538
The most popular models of decision making use a single criteria to evaluate projects or lotteries. However, decision makers may actually consider multiple criteria when evaluating projects. We consider a dual criteria model from psychology. This model integrates the familiar tradeoffs between...
Persistent link: https://www.econbiz.de/10012142356
Subjective beliefs play a role in many economic decisions. There is a large theoretical literature on the elicitation of beliefs, and an equally large empirical literature. However, there is a gulf between the two. The theoretical literature proposes a range of procedures that can be used to...
Persistent link: https://www.econbiz.de/10012142357
We make the case that psychologists should make wider use of econometric methods for the estimation of structural models. These methods involve the development of maximum likelihood estimates of models, where the likelihood function is tailored to the structural model. In recent years these...
Persistent link: https://www.econbiz.de/10012142358
Subjective probabilities play a role in many economic decisions. There is a large theoretical literature on the elicitation of subjective probabilities, and an equally large empirical literature. However, there is a gulf between the two. The theoretical literature proposes a range of procedures...
Persistent link: https://www.econbiz.de/10012142359
Experimental data exhibit considerable individual heterogeneity. We review the econometric methods employed to characterize that heterogeneity. We pay particular attention to the trade-off between collecting and allowing for observable characteristics, such as the familiar demographics, and the...
Persistent link: https://www.econbiz.de/10012142360
It is intuitive that decision-makers might have attitudes towards uncertainty just as they might have attitudes towards risk. However, it is only recently that this intuitive notion has been formalized and axiomatically characterized. We estimate the extent of uncertainty aversion in a manner...
Persistent link: https://www.econbiz.de/10012142361
We develop an extension of the familiar linear mixed logit model to allow for the direct estimation of parametric non-linear functions defined over structural parameters. A classic application is the estimation of coefficients of utility functions to characterize risk attitudes. There are...
Persistent link: https://www.econbiz.de/10012142365