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Persistent link: https://www.econbiz.de/10011280263
Many studies document failures of expected utility’s key assumption, the independence axiom. Here, we show that independence can be decomposed into two distinct axioms - betweenness and homotheticity - and that these two axioms are necessary and sufficient for independence. Thus, independence...
Persistent link: https://www.econbiz.de/10010430733
suggestive grade to a model (as with the EU-style label), had a substantial impact in encouraging the choice of appliances with …
Persistent link: https://www.econbiz.de/10014155813
The European Union has decided to replace its current A+++ to D labelling scheme for cold appliances with a rescaled A …
Persistent link: https://www.econbiz.de/10012291901
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retrofit disruption, finding it represents a substantial proportion of associated energy cost savings among some households … experience of many households investing in energy retrofits but also of government retrofit schemes falling far short of policy … targets. Just 1-in-4 households are actively receptive to retrofit policy supports, and disruption posing a significant …
Persistent link: https://www.econbiz.de/10014500403
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We experimentally investigate purchase decisions with linear and nonlinear pricing under risk. The experiment is based on a single period stochastic inventory problem with endogenous cost. It extends classic binary lottery experiments to test standard decision theoretic predictions concerning...
Persistent link: https://www.econbiz.de/10010264816
Recent health policy reforms try to increase consumer choice. We use a laboratory experiment to analyze consumers’ tastes in typical contract attributes of health insurances and to investigate their relationship with individual risk preferences. First, subjects make consecutive insurance...
Persistent link: https://www.econbiz.de/10010461931
We investigate heterogeneity in patterns of preferences for health insurance features using health insurance choice data from a controlled laboratory experiment. Within the experiment, participants make consecutive insurance choices based on choice sets that vary in composition and size. We keep...
Persistent link: https://www.econbiz.de/10014305687