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Human utility embodies a number of seemingly irrational aspects. The leading example in this paper is that utilities often depend on the presence of salient unchosen alternatives. Our focus is to understand <i>why</i> an evolutionary process might optimally lead to such seemingly dysfunctional features...
Persistent link: https://www.econbiz.de/10011599367
The standard state-spaces of asymmetric information preclude non- trivial forms of unawareness (Dekel, Lipman and … standard information structures with strong properties of knowledge. …
Persistent link: https://www.econbiz.de/10010263088
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...
Persistent link: https://www.econbiz.de/10010276586
We define a generalized state-space model with interactive unawareness and probabilistic beliefs. Such models are desirable for many potential applications of asymmetric unawareness. We develop Bayesian games with unawareness, define equilibrium, and prove existence. We show how equilibria are...
Persistent link: https://www.econbiz.de/10010276636
's use of mass communication media to obtain information about the ECB. We employ a unique representative public opinion …
Persistent link: https://www.econbiz.de/10010507624
This paper experimentally investigates the impact of different pay and relative performance information policies on … employee effort. We explore three information policies: No feedback about relative performance, feedback given halfway through … off. Moreover, in both pay schemes information feedback reduces the quality of the low performers' work. …
Persistent link: https://www.econbiz.de/10010268675
experimental lab in three different informational settings, and study the role of information in individual decision making. Our … truthful preference revelation. In addition, we find that information has an important effect on truthful behavior and … stability. Nevertheless, regarding efficiency, the Gale-Shapley mechanism is less sensitive to the amount of information …
Persistent link: https://www.econbiz.de/10010332350
This paper studies the influence of information on entry choices in a competition with a controlled laboratory … experiment. We investigate whether information provision attracts mainly high productivity individuals and reduces competition … productivity. Information on the opponent is a promising nudge to raise individuals' awareness towards the complexity of the …
Persistent link: https://www.econbiz.de/10010282257
Theoretical and empirical studies of consumer scheduling behavior usually ignore that consumers have more flexibility to adjust their schedule in the long run than in the short run. We are able to distinguish between long-run choices of travel routines and short-run choices of departure times...
Persistent link: https://www.econbiz.de/10010326326
evaluation such regulations. I argue that, for market performance, more information is not always better; indeed, more … information may undermine market performance by facilitating behaviour that is either not cost efficient or aims at exercising … competitive market outcome does not require general access to information at a very detailed level or with a high degree of …
Persistent link: https://www.econbiz.de/10010330208