Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study we investigate if this willingness to accept and willingness to pay disparity sustains for state contingent claims. Contingent claims are defined using risky, ambiguous, and...

Using data from national socio-economic panel surveys in Australia, Britain and Germany, this paper analyzes the effects of individual preferences and choices on subjective well-being (SWB). It is shown that, in all three countries, preferences and choices relating to life goals/values,...

We analyse the conditions under which an (S,s) rule may be derived and compare these with alternative rules. We consider the case of labour demand with fixed adjustment costs. The (S,s) rule implies a specific ordering of choices: downward adjustment, non-adjustment and upward adjustment with...

In der vorliegenden Arbeit werden sieben weit verbreitete PM-Programme auf der Basis eines entscheidungstheoretischen Ansatzes beurteilt. Die verwendete multiattributive Wertfunktion berücksichtigt dabei auch die Ergebnisse einer repräsentativen experimentellen Untersuchung für das...

We analyse a model of patient decision-making where anxiety about the future characterizes the patient's utility function. Anxiety corresponds to fear of bad news and results in the patient being averse to information. First, the patient chooses the accuracy of a signal which discloses...

Recent contributions on intertemporal decision-making and self-control have focused on the impact of cognitive constraints on the way people behave over time. In particular there is evidence on the fact that exerting cognitive effort on the job, adhering to some specific behavioral plan and...