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Optimal illusion of control and related perception biases
Gossner, Olivier; Steiner, Jakub - 2016
Persistent link: https://www.econbiz.de/10011544601
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Optimal illusion of control and related perception biases
Gossner, Olivier; Steiner, Jakub - 2016
Persistent link: https://www.econbiz.de/10011580295
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Optimal Illusion of Control and Related Perception Biases
Gossner, Olivier - 2016
We study perception biases arising under second-best perception strategies. An agent correctly observes a parameter … information until her decision. A designer of the decision process chooses a perception strategy that determines the distribution … of the perception errors. If some information loss is unavoidable due to cognition constraints, then (under additional …
Persistent link: https://www.econbiz.de/10012983461
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Loss aversion
Imai, Taisuke; Schmidt, Klaus M. - 2023 - This version: November 21, 2023
Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, “the most significant contribution of psychology to behavioral economics” (Kahneman, 2011, p. 300). It has powerful...
Persistent link: https://www.econbiz.de/10014487321
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Loss aversion
Imai, Taisuke; Schmidt, Klaus M. - 2023 - This version: November 21, 2023
Loss aversion postulates that people prefer avoiding losses over acquiring gains of equal size. It is a central part of prospect theory and, according to Daniel Kahneman, "the most significant contribution of psychology to behavioral economics" (Kahneman, 2011, p. 300). It has powerful...
Persistent link: https://www.econbiz.de/10014451904
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A review of the certainty effect and influence of information processing
Ramirez, Patrick A.; Levine, Daniel S. - 2013
This review considers two explanations for behavioral decision-making in reference to the certainty and framing effects. The findings from various paradigms such as a single questionnaire, gambles with repetition, and gambles guided by feedback are explained either by prospect theory or by...
Persistent link: https://www.econbiz.de/10009791189
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Comparing experiments for modelling farm risk management decisions with a focus on extreme weather losses
Duden, Christoph; Offermann, Frank; Mußhoff, Oliver - 2023
Extreme weather events pose an economic threat to farms. The risk management behaviour against such events is often studied using prospect theory as a framework, but empirically deriving corresponding parameters in the field involving farmers is challenging. To address this issue, we compare...
Persistent link: https://www.econbiz.de/10014247000
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The revision bias
Garcia-Rada, Ximena; John, Leslie K.; O'Brien, Ed; … - 2019
Things change. Things also get changed—often. Why? The obvious reason is that revising things often makes them better. We document a less obvious reason: revising things makes consumers think they are better, even absent objective improvement. Eleven studies document the preference for...
Persistent link: https://www.econbiz.de/10012062978
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Risk aversion as a perceptual bias
Khaw, Mel Win; Li, Ziang; Woodford, Michael - 2017
The theory of expected utility maximization (EUM) proposed by Bernoulli explains risk aversion as a consequence of diminishing marginal utility of wealth. However, observed choices between risky lotteries are difficult to reconcile with EUM: for example, in the laboratory, subjects' responses on...
Persistent link: https://www.econbiz.de/10011638247
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Prospect theory and inflation perceptions : an empirical assessment
Dräger, Lena; Menz, Jan-Oliver; Fritsche, Ulrich - 2009
Building on the hypotheses of loss aversion with respect to price increases and availability of frequently bought goods, Brachinger (2006, 2008) constructs an alternative index of perceived inflation (IPI), which can reproduce the jump in the measure for perceived inflation after the Euro...
Persistent link: https://www.econbiz.de/10010425230