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Does having insurance change individuals' self-confidence?
Guber, Raphael; Kocher, Martin; Winter, Joachim - 2018
case. We show that in an insurance context, being insured against losses that may be incurred in a real-effort task changes … subjects' self-confidence. Our novel experimental design allows us to disentangle selection into insurance from the effects of … uninsured subjects are underconfident while those that obtain insurance have well-calibrated beliefs. Our results suggest that …
Persistent link: https://www.econbiz.de/10011812974
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Does having insurance change individuals self-confidence?
Guber, Raphael; Kocher, Martin; Winter, Joachim - 2018
case. We show that in an insurance context, being insured against losses that may be incurred in a real-effort task changes … subjects' self-confidence. Our novel experimental design allows us to disentangle selection into insurance from the effects of … uninsured subjects are underconfident while those that obtain insurance have well-calibrated beliefs. Our results suggest that …
Persistent link: https://www.econbiz.de/10011899247
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The bright but right view? : a new type of evidence on entrepreneurial optimism
Bengtsson, Ola; Ekeblom, Daniel - 2014
dataset (180,814 responses) that allows us to create a good measure of entrepreneurial optimism. Our measure is based on the … optimism because they are completely uncorrelated with the individual’s own life or work situation (which is not optimism) and … conditions. Our data highlight the importance of measuring optimism correctly. About half of the survey respondents differ in …
Persistent link: https://www.econbiz.de/10010247380
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Bubbles, crashes and information contagion in large-group asset market experiments
Hommes, Cars H.; Kopányi-Peuker, Anita; Sonnemans, Joep - 2019
We experimentally investigate how price expectations are formed in a large asset market where subjects' only task is to forecast the future price of a risky asset. The realized prices depend on these expectations. We observe small (6 participants) and large markets (about 100 participants). In...
Persistent link: https://www.econbiz.de/10011979625
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Traders, forecasters and financial instability : a model of individual learning of anchor-and-adjustment heuristics
Makarewicz, Tomasz - 2019
Behavioral and experimental literature on financial instability focuses on either subjective price expectations (Learning-to-Forecast experiments) or individual trading (Learning-to-Optimize experiments). Bao et al. (2017) have shown that subjects have problems with both tasks. In this paper, I...
Persistent link: https://www.econbiz.de/10011956452
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Individual expectations and aggregate behavior in learning to forecast experiments
Hommes, Cars (contributor); Lux, Thomas (contributor) - 2008
Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...
Persistent link: https://www.econbiz.de/10003777257
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Preference anomalies, preference elicitation and the discovered preference hypothesis
Braga, Jacinto (contributor); Starmer, Chris (contributor) - 2004 - [Elektronische Ressource]
There is wide-ranging evidence, much of it deriving from economics experiments, of ‘anomalies’ in behaviour that challenge standard preference theories. This paper explores the implications of these anomalies for preference elicitation methods. Because methods that are used to inform public...
Persistent link: https://www.econbiz.de/10002459530
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Negotiation under the curse of knowledge
Pierrot, Thibaud - 2019 - Revised November 2019
An individual is affected by the curse of knowledge when he fails to appreciate the viewpoint of a lesser-informed agent. In contrast to a rational person, the cursed individual behaves as if part of his private information were common knowledge. This systematic cognitive bias alters many...
Persistent link: https://www.econbiz.de/10012129125
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Negotiation under the curse of knowledge
Pierrot, Thibaud - 2019
An individual is affected by the curse of knowledge when he fails to appreciate the viewpoint of a lesser-informed agent. In contrast to a rational person, the cursed individual behaves as if part of his private information were common knowledge. This systematic cognitive bias alters many...
Persistent link: https://www.econbiz.de/10012104838
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Herding differently : a level-k model of social learning
Penczynski, Stefan P. - 2013
This paper proposes a behavioral model of social learning that unies various forms of inferential reasoning in one hierarchy of types. Iterated best responses that are based on uninformative level-0 play lead to the following of the private information (level-1), to the following of the majority...
Persistent link: https://www.econbiz.de/10011490245