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The effect of paper versus realized losses on subsequent risktaking : field evidence from casino gambling

Meier, Philippe; Flepp, Raphael; Rüdisser, Maximilian; … - 2020

-taking decreases after a realized loss, using gambling data from a real casino. During a particular casino visit, losses are likely …In this paper, we test the realization effect, i.e., that risk-taking increases after a paper loss, whereas risk … casino customers leave the casino, the final account balance is realized. Using individual-level slot machine gambling …

Persistent link: https://www.econbiz.de/10012209223

Game theory based multi criteria decision making problem under uncertainty : a case study on indian tea industry

Debnath, Animesh; Bandyopadhyay, Abhirup; Roy, Jagannath; … - In: Journal of business economics and management 19 (2018) 1, pp. 154-175

The long-term evolution of multi agent multi criteria decision making (MCDM) and to obtain sustainable decision a novel methodology is proposed based on evolutionary game theory. In this paper multi agent MCDM is represented as an evolutionary game and the evolutionary strategies are defined as...

Persistent link: https://www.econbiz.de/10012174735

The evolutionary stability of optimism, pessimism, and complete ignorance

Schipper, Burkhard - 2019

We provide an evolutionary foundation to evidence that in some situations humans maintain either optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and...

Persistent link: https://www.econbiz.de/10012101422

The evolutionary stability of optimism, pessimism and complete ignorance

Schipper, Burkhard - 2005

We provide an evolutionary foundation to evidence that in some situations humans maintain optimistic or pessimistic attitudes towards uncertainty and are ignorant to relevant aspects of the environment. Players in strategic games face Knightian uncertainty about opponents' actions and maximize...

Persistent link: https://www.econbiz.de/10010366542

Learning in Contests with Payoff Risk and Foregone Payoff Information

Masiliūnas, Aidas - 2019

We test whether deviations from Nash equilibrium in rent-seeking contests can be explained by the slow convergence of payoff-based learning. We identify and eliminate two sources of noise that slow down learning. The first source of noise is present because each action is evaluated against a...

Persistent link: https://www.econbiz.de/10012869714

Performance Standard Horizons, Uncertainty, and Effort Provision

Anand, Vic - 2020

A performance standard's horizon is the time given to achieve the standard. Horizons vary considerably in practice, and the goal-setting literature provides mixed evidence on whether short or long horizons are more effective at eliciting effort from workers. I predict and find that uncertainty...

Persistent link: https://www.econbiz.de/10012854791

Loss Modification Incentives for Insurers under Expected Utility and Loss Aversion

Soetevent, Adriaan R. - 2014

Given the possibility to modify the probability of a loss, will a profit-maximizing insurer engage in loss prevention … or is it in his interest to increase the loss probability? This paper investigates this question. First, we calculate the … expected profit maximizing loss probability within an expected utility framework. We then use Köszegi and Rabin's (2006, 2007 …

Persistent link: https://www.econbiz.de/10013048791

The "Bomb" Risk Elicitation Task

Crosetto, Paolo - 2012

loss aversion or by violations of the Reduction Axiom. We validate the task and test its robustness in a large … gap that often characterizes choices under uncertainty by means of a higher loss rather than risk aversion …

Persistent link: https://www.econbiz.de/10013103490

The 'Bomb' Risk Elicitation Task

Crosetto, Paolo; Filippin, Antonio - 2012

Persistent link: https://www.econbiz.de/10014040558

The 'Bomb' Risk Elicitation Task

Crosetto, Paolo; Filippin, Antonio - 2013

loss aversion or by violations of the Reduction Axiom. We validate the BRET and test its robustness in a large … a higher loss rather than risk aversion …

Persistent link: https://www.econbiz.de/10014163274