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On the complexity of forming mental models
Kendall, Chad; Oprea, Ryan - In: Quantitative economics : QE ; journal of the … 15 (2024) 1, pp. 175-211
complexity metrics, we find that all three patterns are well organized by metrics suggested by Lipman (1995) and Gabaix (2014 …
Persistent link: https://www.econbiz.de/10014496993
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Incentive complexity, bounded rationality and effort provision
Abeler, Johannes; Huffman, David; Raymond, Collin - 2023
Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded … rationality can affect effort provision, by shrouding attributes of the incentives. In our setting, complexity leads workers to … cause large shifts in behavior. Our results illustrate important implications of complexity for designing and regulating …
Persistent link: https://www.econbiz.de/10014309731
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The curse of knowledge increases self-selection into competition : experimental evidence
Danz, David - 2014 - Rev.
The psychology literature provides ample evidence that people have difficulties taking the perspective of less-informed others. This paper presents a controlled experiment showing that this "curse of knowledge" can cause comparative overconfidence and overentry into competition. In a broader...
Persistent link: https://www.econbiz.de/10010403249
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Correlation neglect in belief formation
Enke, Benjamin; Zimmermann, Florian - 2013
and treat correlated information as independent. In consequence, people s beliefs are excessively sensitive to well …-conncected information sources, implying a pattern of overshooting beliefs. Additionally, in an experimental asset market, correlation …
Persistent link: https://www.econbiz.de/10009748615
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Correlation neglect in belief formation
Enke, Benjamin; Zimmermann, Florian - 2013
and treat correlated information as independent. In consequence, people's beliefs are excessively sensitive to well …-connected information sources, implying a pattern of "overshooting" beliefs. Additionally, in an experimental asset market, correlation …
Persistent link: https://www.econbiz.de/10010211474
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Correlation neglect in belief formation : conference paper
Enke, Benjamin; Zimmermann, Florian - 2013
people neglect correlations in the updating process, leading to systematically "overshooting" beliefs. This finding lends …
Persistent link: https://www.econbiz.de/10010339934
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How to cope with (new) uncertainties : a bounded rationality approach
Güth, Werner; Kliemt, Hartmut - 2015
A rigorous reconstruction of scenario-based real choice making reveals the incompleteness of decision-modeling and the practical prevalence of uncertainty. Theoretically complete models conceal it. As a remedy a scenario-based procedure of coping with uncertainty can prescribe how the boundedly...
Persistent link: https://www.econbiz.de/10011283827
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Everyday econometricians : selection neglect and overoptimism when learning from others
Barron, Kai; Huck, Steffen; Jehiel, Philippe - 2019
There are many important decision problems where learning through experimentation is costly or impossible. In these situations, individuals may try to learn from observing the outcomes of others who have made similar decisions. Often, however, information about others comprises a selected...
Persistent link: https://www.econbiz.de/10011982107
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Ideologies and beliefs in Douglass North's theory
Ambrosino, Angela; Fiori, Stefano - In: The European journal of the history of economic thought 25 (2018) 6, pp. 1342-1369
Persistent link: https://www.econbiz.de/10012034568
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Mental models of the stock market
Andre, Peter; Schirmer, Philipp; Wohlfart, Johannes - 2023
Investors' return expectations are pivotal in stock markets, but the reasoning behind these expectations remains a black box for economists. This paper sheds light on economic agents' mental models - their subjective understanding - of the stock market, drawing on surveys with the US general...
Persistent link: https://www.econbiz.de/10014383579