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Limited attention in case-based belief formations
Bleile, Jörg - 2014
An agent wants to derive her belief over outcomes based on past observations collected in her database (memory). There is well establish evidence in the psychology and marketing literature that agents consistently fail (or choose not) to process all available information. An agent might be...
Persistent link: https://www.econbiz.de/10010403098
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Cautious belief formation
Bleile, Jörg - 2014
We provide an axiomatic approach to a belief formation process in an informational environment characterized by limited, heterogenous and differently precise information. For a list of previously observed cases an agent needs to express her belief by assigning probabilities to possible outcomes....
Persistent link: https://www.econbiz.de/10010356678
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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012643267
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The COVID-19 consumption game-changer : evidence from a large-scale multi-country survey
Hodbod, Alexander; Hommes, Cars H.; Huber, Stefanie J.; … - 2021 - Version: 2021-10-17
Prospective economic developments depend on the behavior of consumer spending. A key question is whether private expenditures recover once social distancing restrictions are lifted or whether the COVID-19 crisis has a sustained impact on consumer confidence, preferences, and, hence, spending....
Persistent link: https://www.econbiz.de/10012665880
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Home price expectations and spending : evidence from a field experiment
Anand Chopra, Felix; Roth, Christopher; Wohlfart, Johannes - 2023
How do households adjust their spending behavior in response to changes in home price expectations? We conduct a field … experiment with a sample of Americans that links survey data on home price expectations to actual spending behaviour as measured … in a rich home-scanner dataset. In the experiment we exogenously vary households' home price expectations by providing …
Persistent link: https://www.econbiz.de/10014284713
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On the Value of Commitment and Availability Guarantees when Selling to Strategic Consumers
Su, Xuanming - 2012
the rational expectations (RE) equilibrium in this game. We propose two strategies that the seller can use to improve … analysis to incorporate dynamic learning, multiple products, and consumer heterogeneity …
Persistent link: https://www.econbiz.de/10012712971
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Sticky expectations and consumption dynamics
Carroll, Chris; Crawley, Edmund; Slacalek, Jirka; … - 2018
knowledge of their personal circumstances but "sticky expectations" about the macroeconomy. In our model, the persistence of …
Persistent link: https://www.econbiz.de/10011856412
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A model of reference-dependent belief updating
Maier, Johannes K.; König, Clemens - 2016
We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...
Persistent link: https://www.econbiz.de/10011557745
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A Model of Reference-Dependent Belief Updating
Maier, Johannes Karl-Georg - 2016
We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...
Persistent link: https://www.econbiz.de/10012978311
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Can Agents Add and Subtract When Forming Beliefs?
Kieren, Pascal - 2020
Bayes' Theorem has an implicit, fundamental rule of how subjects should incorporate informationally equivalent signals of opposite direction: two opposite-directional signals should cancel out such that prior beliefs remain constant. In this study, we test whether agents always follow this...
Persistent link: https://www.econbiz.de/10012829080