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We develop a behavioral theory of real options that relaxes the informational and behavioral assumptions underlying … applications of financial options theory to real assets. To do so, we augment real option theory's focus on uncertain future asset … values (prospective uncertainty) with feedback learning theory that considers uncertain current asset values (contemporaneous …
Persistent link: https://www.econbiz.de/10012856401
financial decision making, i.e. the domain of most applied economic decision making. We find no evidence of asymmetric updating …
Persistent link: https://www.econbiz.de/10011542204
We propose a new methodology for structural estimation of infinite horizon dynamic discrete choice models. We combine the Dynamic Programming (DP) solution algorithm with the Bayesian Markov Chain Monte Carlo algorithm into a single algorithm that solves the DP problem and estimates the...
Persistent link: https://www.econbiz.de/10014047635
Persistent link: https://www.econbiz.de/10011758109
We examine the nature of best-worst data for modeling consumer preferences and predicting their choices. We show that, contrary to the assumption of widely used models, the best and worst responses do not originate from the same data-generating process. We propose a sequential evaluation model...
Persistent link: https://www.econbiz.de/10013036853
The paper reports laboratory experiments on a day-to-day route choice game with two routes. Subjects had to choose between a main road M and a side road S. The capacity was greater for the main road. 18 subjects participated in each session. In equilibrium the number of subjects is 12 on M and 6...
Persistent link: https://www.econbiz.de/10011506494
In this study is being considered the process of learning under laboratory conditions of decision-making. During the …. Decision-making and learning during the game is analysed through indicators: attitude toward the risk, perception of successful … are being recognized the models of learning of a behavioural game theory, with limitations since in the scenario of …
Persistent link: https://www.econbiz.de/10013046190
The paper reports laboratory experiments on a day-to-day route choice game with two routes. Subjects had to choose between a main road M and a side road S. The capacity was greater for the main road. 18 subjects participated in each session. In equilibrium the number of subjects is 12 on M and 6...
Persistent link: https://www.econbiz.de/10001771947
Persistent link: https://www.econbiz.de/10003577410
Persistent link: https://www.econbiz.de/10011284867