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Trust is an important driver of economic transactions, but how do people decide whom to trust? We conduct an experiment …
Persistent link: https://www.econbiz.de/10012961409
Trust is an important driver of economic transactions, but how do people decide whom to trust? We conduct an experiment … führen ein Experiment durch, um zu untersuchen, ob Menschen dazu in der Lage sind, die Vertrauenswürdigkeit eines Fremden …
Persistent link: https://www.econbiz.de/10011609452
environments. We assign subjects either the role of an agent or a principal in an experiment. Agents perform a real effort task and …
Persistent link: https://www.econbiz.de/10012239500
The recent literature on individual vs. group decisions over risk has brought about divergent results, mainly depending on the institutional rules through which groups take decisions. While some studies where group decisions relied on the majority rule showed no appreciable difference between...
Persistent link: https://www.econbiz.de/10012956112
We report evidence of an endowment effect for risk, extending previous results to the popular paired-choice lottery setting. Specifically, we observe a distribution of revealed preferences consistent with risk aversion that diminishes in endowed variance, although the effect is considerably...
Persistent link: https://www.econbiz.de/10012890580
Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on … used to study individuals' attitudes towards uncertainty. A novelty of this paper is to include both the economic concept …
Persistent link: https://www.econbiz.de/10012851581
in a diverse set of economic domains. In this paper, we relate the recent concept of cognitive uncertainty with … overconfidence. Cognitive uncertainty represents a decision maker's uncertainty about her action optimality. We present a simple … model of overconfidence based on the concept of cognitive uncertainty. The model relates the concepts theoretically and …
Persistent link: https://www.econbiz.de/10013257953
This study presents basic analysis of individual preferences by experiment set and provides evidence that encounters …
Persistent link: https://www.econbiz.de/10014038536
This paper presents a nonparametric approach to classification of data from lottery experiments. Using very basic mathematical tools the paper endeavors to answer the questions: How to determine the "average" subject in a group? How to find a subject presenting the most similar behavior to a...
Persistent link: https://www.econbiz.de/10013141177
We study experimentally whether and to what extent impartial decision makers are influenced by stakeholders’ fairness opinions in an allocation decision. The setting allows for different focal fairness rules to be considered. We compare communication treatments, in which one of the...
Persistent link: https://www.econbiz.de/10014147415