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Search, Memory, and Choice : An Experiment
Sanjurjo, Adam - 2014
Multiple attribute search is a central feature of economic life: we consider much more than price when purchasing a home, and more than wage when choosing a job. Search behavior in these environments has recently been found to deviate systematically and substantially from optimal sequential...
Persistent link: https://www.econbiz.de/10014143757
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Consumer search and stock-out : a laboratory experiment
Kittaka, Yuta; Mikami, Ryo - 2020
We investigate the overall impact of stock-out on individual consumers' information search behavior through both search-theoretic and experimental approaches. As the probability of stock-out increases, search intensity decreases, while the expected number of searches may increase. Such increases...
Persistent link: https://www.econbiz.de/10012291229
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Consumer Search and Stock-out : A Laboratory Experiment
Kittaka, Yuta; Mikami, Ryo - 2020
We investigate the overall impact of stock-out on individual consumers' information search behavior through both search-theoretic and experimental approaches. As the probability of stock-out increases, search intensity decreases, while the expected number of searches may increase. Such increases...
Persistent link: https://www.econbiz.de/10014031559
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Testing the reference-dependent model : a laboratory search experiment
Miura, Takahiro; Inukai, Keigo; Sasaki, Masaru - 2019
Our paper conducts laboratory experiments with the sequential search model to test whether participants engage in search activities in line with theoretical predictions derived from the expected utility model or the reference-dependent model, without assuming any specific formulation rule for a...
Persistent link: https://www.econbiz.de/10012019322
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Risk attitudes with state-dependent indivisibilities in consumption
Fels, Markus - 2019
risk averse anymore even if utility from divisible consumption is concave. I propose a definition of insurance in the … that bases insurance demand on risk aversion with important implications for policy and research. … such state-dependent indivisible consumption opportunities influences a person’s risk attitudes. In general, people are not …
Persistent link: https://www.econbiz.de/10011998942
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Measuring the willingness-to-pay for others’ consumption : an application to joint decisions of children
Bruyneel, Sabrina; Cherchye, Laurens; Cosaert, Sam; … - In: Quantitative economics : QE ; journal of the … 8 (2017) 3, pp. 1037-1082
We propose a method to quantify other-regarding preferences in group decisions. Our method is based on revealed preference theory. It measures willingness-to- pay for others’ consumption and willingness-to-pay for equality in consumption by evaluating consumption externalities in monetary...
Persistent link: https://www.econbiz.de/10011801805
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Regret in dynamic decision problems
Krähmer, Daniel; Stone, Rebecca - 2005
The paper proposes a framework to extend regret theory to dynamic contexts. The key idea is to conceive of a dynamic decision problem with regret as an intra-personal game in which the agent forms conjectures about the behaviour of the various counterfactual selves that he could have been. We...
Persistent link: https://www.econbiz.de/10010366556
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Time Will Tell : Recovering Preferences When Choices are Noisy
Alós-Ferrer, Carlos - 2018
The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis. Overwhelming evidence shows that choice is stochastic, which has given rise to random utility models as the dominant paradigm in applied microeconomics. However, as is well known, it...
Persistent link: https://www.econbiz.de/10012907827
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Time Will Tell : Recovering Preferences When Choices are Noisy
Alós-Ferrer, Carlos - 2019
The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis. Overwhelming evidence shows that choice is stochastic, which has given rise to random utility models as the dominant paradigm in applied microeconomics. However, as is well known, it...
Persistent link: https://www.econbiz.de/10012892249
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Time Will Tell : Recovering Preferences when Choices Are Noisy
Alós-Ferrer, Carlos - 2020
The ability to uncover preferences from choices is fundamental for both positive economics and welfare analysis. Overwhelming evidence shows that choice is stochastic, which has given rise to random utility models as the dominant paradigm in applied microeconomics. However, as is well known, it...
Persistent link: https://www.econbiz.de/10012851055