The endowment effect, status quo bias, and loss aversion are robust and well documented results from experimental psychology. They introduce a wedge between the prices at which one is willing to sell or buy a good. The objective of this paper is to address this wedge. We show that the presence...

In this paper, we present a model in which the performing arts are modelled as congestible public goods. In accordance with empirical evidence, the production of seat capacity is assumed to be subject to fixed costs. We estimate the parameters of the model's demand and cost functions using...

Experimental research on decision making under risk has until now always employed choice data in order to evaluate the empirical performance of expected utility and the alternative nonexpected utility theories. The present paper performs a similar analysis which relies on pricing data instead of...

In this paper we experimentally investigate the disparity between willingness-to-accept (WTA) and willingness-to-pay (WTP) for risky lotteries. The direction of the income effect is reversed by endowing subjects with the highest price of a lottery when asking the WTP question. Our results show...

Der subjektive Entscheidungswert der funktionalen Bewertungslehre ist die positive oder negative Grenzzahlungsbereitschaft, die sowohl für den Kauf als auch den Verkauf eines Bewertungsobjekts durch ein Bewertungssubjekt besteht. Zur Ermittlung dieses Werts ist von HERING, basierend auf den...

Until recently "deceleration" has been little recognized as a technical term, or as an idea. However, it seems to be getting more attention now. For example the German magazine STERN dedicated a cover story to deceleration, in the Anglo-American world the "Quiet Life Hypothesis" is gaining...

Until recently "deceleration" has been little recognized as a technical term or as an idea, but now it seems to be getting more attention. Despite time is a decisive factor for the productivity and competitive advantages of companies continual acceleration may well be counter-productive and lead...

Rapidly declining biodiversity has made international and national policies focus on the question of how best to protect genetic resources. Loss of biodiversity does not only concern wildlife, but equally affects agriculturally used species. These species, of foremost importance for the...

Biodiversity provides essential services to human societies. Many of these services are provided as public goods, so that they will typically be underprovided both by market mechanisms (because of the impossibility of excluding non-payers from using the services) and by government-run systems...

This paper develops a theory of revealed preferences over one.s own and others.monetary payoffs. We introduce .more altruistic than.(MAT), a partial ordering over preferences, and interpret it with known parametric models. We also introduce and illustrate .more generous than. (MGT), a partial...