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changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose …
Persistent link: https://www.econbiz.de/10011478981
changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose …
Persistent link: https://www.econbiz.de/10011764847
predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude …
Persistent link: https://www.econbiz.de/10011867564
long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter …
Persistent link: https://www.econbiz.de/10013033292
Consider a simple two-state risk with equal probabilities for the two states. In particular, assume that the random wealth variable Xi dominates Yi via ith-order stochastic dominance for i = M,N. We show that the 50-50 lottery [XN + YM, YN + XM] dominates the lottery [XN + XM, YN + YM] via (N +...
Persistent link: https://www.econbiz.de/10003790970
selection probability induce the monetary incentives in a large-scale Internet treatment. Two laboratory treatments complement … incentives. Our results suggest that cost-effective BRIS consist of high nominal payoffs and a small selection probability. …
Persistent link: https://www.econbiz.de/10011500169
of private investors, professional investors, and students, we test the effect of task-related monetary incentives on …
Persistent link: https://www.econbiz.de/10012262354
of private investors, professional investors, and students, we test the effect of task-related monetary incentives on …
Persistent link: https://www.econbiz.de/10013545997
In this paper, we report the results of experiments designed to test whether individuals and groups abide by the axioms of monotonicity, with respect to first-order stochastic dominance and Bayesian updating, when making decisions in the face of risk. The results indicate a significant number of...
Persistent link: https://www.econbiz.de/10014055667
In this study we measure higher-order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, in the USA and in Germany. A large majority of...
Persistent link: https://www.econbiz.de/10011640783