Showing 1 - 10 of 24
Persistent link: https://www.econbiz.de/10013203302
Persistent link: https://www.econbiz.de/10003768801
Persistent link: https://www.econbiz.de/10003501614
Incentivized experiments are commonly used to estimate marginal rate of intertemporal substitution (MRS) in the lab and in the field, and to make inferences about subject’s time preference. This paper considers the implications of an integrated model of behavior in which individuals are...
Persistent link: https://www.econbiz.de/10010242873
Persistent link: https://www.econbiz.de/10009788567
We introduce and axiomatically characterize a model of status quo bias in which the status quo affects choices by both changing preferences and focusing attention. The resulting Limited Attention Status Quo Bias model can explain both the finding that status quo bias is more prevalent in larger...
Persistent link: https://www.econbiz.de/10010423797
Reinforcement learning theory has produced important insights into economic behavior. Intriguingly, neuroscientists recently discovered a plausible mechanism through which reinforcement may be encoded in the brain. Yet their resulting quot;dopaminergic reward prediction errorquot; hypothesis has...
Persistent link: https://www.econbiz.de/10012730189
Willingness to pay (WTP) and willingness to accept (WTA) a monetary amount for a lottery should be closely related. In data from an incentivized survey of a representative sample of 3,000 U.S. adults, we find that WTA and WTP for a lottery are, at best, weakly correlated. Across all respondents,...
Persistent link: https://www.econbiz.de/10012953937
An enormous literature documents that willingness to pay (WTP) is less than willingness to accept (WTA) a monetary amount for an object, a phenomenon called the endowment effect. Using data from an incentivized survey of a representative sample of 3,000 U.S. adults, we add one (probably)...
Persistent link: https://www.econbiz.de/10012945150
Incentivized experiments are commonly used to estimate marginal rates of intertemporal substitution (MRS) in the lab and in the field in order to make inferences about individual time preferences. This paper considers an integrated model of behavior in which individuals are subject to financial...
Persistent link: https://www.econbiz.de/10013055596