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Quantifying Ambiguity Bounds Through Hypothetical Statistical Testing
Balter, Anne - 2018
Models can be wrong and recognising their limitations is important in financial and economic decision making under uncertainty. Robust strategies, which are least sensitive to perturbations of the underlying model, take uncertainty into account. Finding the explicit set of alternative models...
Persistent link: https://www.econbiz.de/10012937233
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Predicting Variation in Endowment Effect Magnitudes
Jaeger, Christopher Brett; Brosnan, Sarah F.; Levin, Daniel - 2020
Hundreds of studies demonstrate human cognitive biases that are both inconsistent with “rational” decisionmaking and puzzlingly patterned. One such bias, the “endowment effect” (also known as “reluctance to trade”), occurs when people instantly value an item they have just acquired...
Persistent link: https://www.econbiz.de/10014096022
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Illusion of expertise in portfolio decisions : an experimental approach
Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - 2001
Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...
Persistent link: https://www.econbiz.de/10011408429
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Train commuters' scheduling preferences : evidence from a large-scale peak avoidance experiment
Peer, Stefanie; Knockaert, Jasper; Verhoef, Erik T. - 2015
collected during large-scale peak avoidance experiment conducted in the Netherlands, in which participants could earn monetary … rewards for traveling outside peak hours. The experiment included ca. 1000 participants and lasted for about 6 months. Holders … of an annual train pass were invited to join the experiment, and a customized smartphone app was used to measure the …
Persistent link: https://www.econbiz.de/10011295719
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Loss Aversion, Reference Dependence and Diminishing Sensitivity in Choice Experiments
Scott, Anthony - 2016
In the discrete choice experiment literature, it has been argued that the choice sets from which respondents choose …, reference dependence and diminishing sensitivity from prospect theory. We use data from a discrete choice experiment of …
Persistent link: https://www.econbiz.de/10013003754
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The endowment effect in games
Drouvelis, Michalis; Sonnemans, Joep - 2015
experiment, we study the endowment effect in lotteries with the same payoffs as the games in the first part. Our findings provide …
Persistent link: https://www.econbiz.de/10011339153
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Click'n'roll : no evidence of illusion of control
Filippin, Antonio; Crosetto, Paolo - 2015
Evidence of Illusion of Control - the fact that people believe to have control over pure chance events - is a recurrent finding in experimental psychology. Results in economics find instead little to no support. In this paper we test whether this dissonant result across disciplines is due to the...
Persistent link: https://www.econbiz.de/10010517137
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The value of statistical life in road safety : a meta-analysis
Blaeij, Adriana Tanneke de; Florax, Raymond J. G. M.; … - 2000
fatal accidents. The evaluation of fatal accident costs crucially depends on theavailability of an estimate for the economic …
Persistent link: https://www.econbiz.de/10011304399
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Biodiversity prospecting over time and under uncertainty : a theory of sorts
Batabyal, Amitrajeet A.; Nijkamp, Peter - 2013
Biodiversity prospecting refers to the exploration of the commercial value of genetic and biochemical resources. In this chapter, we study a drug producing pharmaceutical firm (PF) that searches for potentially useful chemicals made by wild organisms in a conservation area. This PF is able to...
Persistent link: https://www.econbiz.de/10010224811
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Biodiversity Prospecting Over Time and Under Uncertainty : A Theory of Sorts
Batabyal, Amitrajeet A. - 2013
Biodiversity prospecting refers to the exploration of the commercial value of genetic and biochemical resources. In this chapter, we study a drug producing pharmaceutical firm (PF) that searches for potentially useful chemicals made by wild organisms in a conservation area. This PF is able to...
Persistent link: https://www.econbiz.de/10013074684