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The sunk cost fallacy is typically covered in introductory economics courses. It is among the most important biases that influence decision making. Ronayne et al. (2021a,b) find evidence of behavior consistent with the sunk cost effect and utilize eight questions that measure individuals'...
Persistent link: https://www.econbiz.de/10015190185
Analogies can simplify complex new material by relating it to ideas students already know. Making cross-disciplinary connections also makes the material more engaging, accessible and memorable. In this study, we perform a controlled empirical test to examine whether providing cross-discipline...
Persistent link: https://www.econbiz.de/10015411580
We study the impact of information on the effectiveness of a taking frame in the context of charitable giving. In our … of information that we provide about the worthiness of the receiving charity. In keeping with our theoretical prediction … is smaller, the more information we provide on the charity. …
Persistent link: https://www.econbiz.de/10012592012
We present experimental results from a broad investigation of intrinsic preferences for information. We examine whether … people prefer negatively skewed or positively skewed information structures, and how individual preferences over the skewness … and the degree of information relate to one another. The results reveal new insights regarding intrinsic preferences for …
Persistent link: https://www.econbiz.de/10012912927
endogenous information structures: Players are uninformed whether the target player cooperated or defected at the cooperation … stage, but can decide to resolve the information imperfection at non-negative cost at the punishment stage. We examine how … resolving the information imperfection) and a «diffusion effect» (defectors make up a smaller share of the punished and receive …
Persistent link: https://www.econbiz.de/10009771159
anonymously in a group, could pay a cost either to obtain information about their counterparts, or to create a freely available … attain higher levels of cooperation compared to a treatment without monitoring. Information about past conduct alone thus …
Persistent link: https://www.econbiz.de/10011713674
Under what conditions can cooperation be sustained in a network of strangers? Here we study the role of institutions and uncover a new behavioral foundation for the use of monetary systems. In an experiment, anonymous subjects could cooperate or defect in bilateral random encounters. This...
Persistent link: https://www.econbiz.de/10011735015
We study the impact of information on the effectiveness of a taking frame in the context of charitable giving. In our … of information that we provide about the worthiness of the receiving charity. In keeping with our theoretical prediction … is smaller, the more information we provide on the charity. …
Persistent link: https://www.econbiz.de/10012588171
information. Is this accurate? This paper addresses that question by providing a model and empirical test of how citizens' policy … preferences respond to information in the arena of anti-crime policy. The paper's model shows that preferences for anti … crime regimes social policies are. To evaluate the model, the authors employ an information experiment embedded in the 2017 …
Persistent link: https://www.econbiz.de/10011960886
The psychology literature provides ample evidence that people have difficulties taking the perspective of less-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative overconfidence and overentry into competition. In a broader...
Persistent link: https://www.econbiz.de/10010403249