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Belief formation in a signalling game without common prior : an experiment
Possajennikov, Alexandre - 2012
Using belief elicitation, the paper investigates the formation and the evolution of beliefs in a signalling game in which a common prior on Sender's type is not induced. Beliefs are elicited about the type of the Sender and about the strategies of the players. The experimental subjects often...
Persistent link: https://www.econbiz.de/10009535526
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Variety aversion and information overload: An experimental approach
Kaiser, Karen - 2011
This paper analyzes the effect of information overload on preference or aversion for variety. According to the model, a rational decision maker who suffers from information overload, faces a two-stage decision process, and is choosing from a set of unknown goods will find it optimal at some...
Persistent link: https://www.econbiz.de/10010322601
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Rockets and Feathers in the Laboratory
Bayer, Ralph C. - 2011
Consumers often complain that retail prices respond faster to increases in wholesale prices than to decreases. Despite many empirical studies confirming this "Rockets-and-Feathers" phenomenon for different industries, the mechanism driving it is not well understood. In this paper, we show that,...
Persistent link: https://www.econbiz.de/10013120045
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Variety Aversion and Information Overload: An Experimental Approach
Kaiser, Karen - Banco de México - 2011
This paper analyzes the effect of information overload on preference or aversion for variety. According to the model, a rational decision maker who suffers from information overload, faces a two-stage decision process, and is choosing from a set of unknown goods will find it optimal at some...
Persistent link: https://www.econbiz.de/10009023315
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From self-fulfilling mistakes to behavioral learning equilibria
Hommes, Cars H. - 2017
This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …
Persistent link: https://www.econbiz.de/10011590425
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Behavioral and experimental macroeconomics and policy analysis : a complex systems approach
Hommes, Cars H. - 2018
This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...
Persistent link: https://www.econbiz.de/10011929804
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - 2014
dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …
Persistent link: https://www.econbiz.de/10010364762
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Asymmetric Learning from Financial Information
Kuhnen, Camelia M. - 2014
domain. Such asymmetric learning may help explain documented empirical patterns regarding the differential role of poor vs …
Persistent link: https://www.econbiz.de/10013065977
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Social anchor effects in decision-making under ambiguity
Lahno, Amrei M. - Volkswirtschaftliche Fakultät, … - 2014
dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …
Persistent link: https://www.econbiz.de/10010897328
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How Do People Learn by Listening to Others? Experimental Evidence from Thailand
Healy, Andrew - EconWPA - 2005
This paper presents experimental evidence about how individuals learn from information that comes from inside versus outside their ethnic group. In the experiment, Thai subjects observed information that came from Americans and other Thais that they could use to help them answer a series of...
Persistent link: https://www.econbiz.de/10005125584