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Confidence Theory : Belief Formation in Choice Under Risk
Milovanović, Goran - 2014
In confidence theory, the decision maker relies on statistical regularities from the economic environment to adopt … formation in choice under risk. Three novel experiments are presented that demonstrate the ability of the new theory to explain … confidence theory is an elaboration of Viscusi's prospective reference theory and accounts for the robust violations of expected …
Persistent link: https://www.econbiz.de/10013061467
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High Stakes Behavior with Low Payoffs : Inducing Preferences with Holt-Laury Gambles
Dickhaut, John W. - 2009
A continuing goal of experiments is to understand risky decisions when the decisions are important. Often a decision's importance relates to the magnitude of the associated monetary stake. Khaneman and Tversky (1979) argue that risky decisions in high stakes environments can be informed using...
Persistent link: https://www.econbiz.de/10013159348
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Biased probability judgment: evidence of incidence and relationship to economic outcomes from a representative sample
Dohmen, Thomas; Falk, Armin; Huffman, David; Marklein, Felix - 2009
Many economic decisions involve a substantial amount of uncertainty, and therefore crucially depend on how individuals process probabilistic information. In this paper, we investigate the capability for probability judgment in a representative sample of the German population. Our results show...
Persistent link: https://www.econbiz.de/10010269033
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The Sustainability Liability : Potential Negative Effects of Ethicality on Product Preference
Luchs, Michael - 2014
Manufacturers are increasingly producing and promoting sustainable products (i.e., products that have a positive social and/or environmental impact). However, relatively little is known about how product sustainability impacts consumers' preferences. We propose that sustainability may not always...
Persistent link: https://www.econbiz.de/10013069631
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Biased probability judgment : evidence of incidence and relationship to economic outcomes from a representative sample
Dohmen, Thomas; Falk, Armin; Huffman, David; Marklein, Felix - 2009
Many economic decisions involve a substantial amount of uncertainty, and therefore crucially depend on how individuals process probabilistic information. In this paper, we investigate the capability for probability judgment in a representative sample of the German population. Our results show...
Persistent link: https://www.econbiz.de/10003845575
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Smart Subcategories : How Assortment Formats Influence Consumer Learning and Satisfaction
Lamberton, Cait Poynor; Wood, Stacy - 2010
We show that formats used by retailers to organize assortments into subcategories can enhance or encumber consumers’ learning and satisfaction. For more knowledgeable consumers, unexpected subcategory formats provide a newness cue, thereby increasing effort, learning and satisfaction with the...
Persistent link: https://www.econbiz.de/10014193578
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Can Uncertainty Improve Promotions?
Goldsmith, Kelly; Amir, On - 2013
When should retailers offer promotions with uncertain rewards? The current research investigates this question and finds there are instances when uncertain incentives may seem more attractive than their expected value. For example, a lottery between small and large rewards may even be as...
Persistent link: https://www.econbiz.de/10014047787
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Additive-Belief-Based Preferences
Dillenberger, David; Raymond, Collin - 2020
We introduce a new class of preferences — which we call additive-belief-based (ABB) —that captures a general and yet tractable approach to belief-based utility, and that encompasses many popular models in the behavioral literature. We show that the general class of ABB preferences and two...
Persistent link: https://www.econbiz.de/10014096033
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Taste uncertainty and status quo effects in consumer choice
Loomes, Graham; Orr, Shepley W.; Sudgen, Robert - In: Journal of risk and uncertainty : JRU 39 (2009) 2, pp. 113-135
Persistent link: https://www.econbiz.de/10003903476
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Afriat's theorem and some extensions to choice under uncertainty
Diewert, Walter E. - In: The economic journal : the journal of the Royal … 122 (2012) 560, pp. 305-331
Persistent link: https://www.econbiz.de/10009573239