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A modern, decision-theoretic framework can help clarify important practical questions of experimental design. Building on our recent work, this chapter begins by summarizing our framework for understanding the goals of experimenters and applying this to rerandomization. We then use this...
Persistent link: https://www.econbiz.de/10014023425
Ausgangspunkt sind die bekannten empirischen Verstöße gegen Axiome der Bernoulli-Rationalität und die Diskussion um seine präskriptive Ausschließlichkeit. Der Beitrag teilt Nichterwartungsnutzenkalküle in Kategorien ein, die sich für eine Modellierung unterschiedlicher Arten von...
Persistent link: https://www.econbiz.de/10009005121
information structures; complete separations of attitudes toward risk and ambiguity; and new classes of preferences that allow … decreasing relative ambiguity aversion and thereby rationalize recent challenges to many of the extant multiple prior models of … ambiguity aversion. We also characterize a property of sets of priors, descriptive completeness, that resolves several open …
Persistent link: https://www.econbiz.de/10009748628
decision-making under ambiguity. We discuss the methods proposed in the literature, including the different ways of …
Persistent link: https://www.econbiz.de/10012607980
We propose a class of multiple-prior representations of preferences under ambiguity where the belief the decision … Optimism. The model does not restrict the sign of the DM's ambiguity attitude, and we show that it provides a unified framework … through which to characterize different degrees of ambiguity aversion, as well as to represent context-dependent negative and …
Persistent link: https://www.econbiz.de/10012064758
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La toma de decisiones es, por su impacto económico, social, motivacional y hasta simbólico, una actividad administrativa de extraordinaria importancia. Esta importancia es muy clara cuando tratamos con decisiones estratégicas, como la inversión en una nueva planta o la expansión de la...
Persistent link: https://www.econbiz.de/10010323129
We study two aspects of globalization. It allows a decision-maker to go beyond his own local experience and to learn from other decision-makers in addressing common problems. This improves the identification and diffusion of best practices. It also provides extra information to `markets' that...
Persistent link: https://www.econbiz.de/10010325869
We use a public-good experiment to analyze behavior in a decentralized asymmetric punishment institution. The institution is asymmetric in the sense that players differ in the effectiveness of their punishment. At the aggregate level, we observe remarkable similarities between outcomes in...
Persistent link: https://www.econbiz.de/10010266964