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Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties,...
Persistent link: https://www.econbiz.de/10011281255
-world quantities with transparent uncertainty quantification, than when based on “optimal” model-land quantities obtained from … temptations and pitfalls of model-land, some directions towards the exit, and two ways to escape. Their aim is to improve decision …
Persistent link: https://www.econbiz.de/10012110757
presented provides an ability to evaluate sustainable withdrawal rates and exposure to sequence risk together …
Persistent link: https://www.econbiz.de/10013124747
This study identifies a severe gap between the financial backlash borrowers believe awaits them after strategic mortgage default and the reality that lenders rarely pursue deficiency judgments. This, coupled with the social norm finding that borrowers widely view strategic default as immoral,...
Persistent link: https://www.econbiz.de/10013051040
Persistent link: https://www.econbiz.de/10010486966
Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on … different concepts to analyse human behaviour: Economists use economic preference parameters rooted in utility theory, while … 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
decision in the absence of ambiguity. We then show that uncertainty about the probability of side effects and the efficacy of …This paper investigates the effect of ambiguity on personal vaccination decision. We first characterize the vaccination … the vaccine always reduce take-up under ambiguity aversion. However, uncertainty about the underlying disease, being the …
Persistent link: https://www.econbiz.de/10013231813
decision errors can explain or be highly correlated with hyperbolic discounting and non-linear (inverse-S-shaped) probability … weighting. We find evidence that decision errors are strongly correlated with hyperbolic discounting but do not find that … decision errors are correlated with the strong inverse-S-shaped probability weighting (w(p)) patterns in our two samples. We …
Persistent link: https://www.econbiz.de/10014581476
decision behaviour. These data give credibility to the incorporation of regret in decision theory that had been proposed by … of behaviour on its basis will depend on the criteria of rationality involved in decision-making. We indicate current and …Regret helps to optimize decision behaviour. It can be defined as a rational emotion. Several recent neurobiological …
Persistent link: https://www.econbiz.de/10014118987
Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under … behaviour under utility theory is incompatible with scarcity of resources, making behaviour consistent with EUT irrational and …
Persistent link: https://www.econbiz.de/10012520657