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Agent-based modeling for decision making in economics under uncertainty
Vermeulen, Ben; Pyka, Andreas - In: Economics: The Open-Access, Open-Assessment E-Journal 10 (2016) 2016-6, pp. 1-33
Ever since the emergence of economics as a distinct scientific discipline, policy makers have turned to economic models to guide policy interventions. If policy makers seek to enhance growth of an open capitalist economy, they have to take into account, firstly, the uncertainties,...
Persistent link: https://www.econbiz.de/10011422829
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Optimal allocations with α-MaxMin utilities, Choquet expected utilities, and Prospect Theory
Beißner, Patrick; Werner, Jan - In: Theoretical Economics 18 (2023) 3, pp. 993-1022
, derive first-order conditions for Pareto optimal allocations under uncertainty, and analyze implications of these conditions …
Persistent link: https://www.econbiz.de/10014537001
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Regular prices and sales
Heidhues, Paul; Koszegi, Botond - In: Theoretical Economics 9 (2014) 1, pp. 217-251
uncertainty in whether she will get the product by buying also at the regular price. This pricing pattern is consistent with …
Persistent link: https://www.econbiz.de/10011599510
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A model of price discrimination under loss aversion and state-contingent reference points
Carbajal, Juan Carlos; Ely, Jeffrey C. - In: Theoretical Economics 11 (2016) 2, pp. 455-485
We study optimal price discrimination when a monopolist faces a continuum of consumers with reference-dependent preferences. A consumer's valuation for product quality consists of an intrinsic valuation affected by a private state signal (type), and a gain-loss valuation that depends on...
Persistent link: https://www.econbiz.de/10011599574
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Loss aversion in sequential auctions
Rosato, Antonio - In: Theoretical Economics 18 (2023) 2, pp. 561-596
current round is, the less aggressive the bids of the remaining bidders in the next round. Moreover, because they experience a …
Persistent link: https://www.econbiz.de/10014536961
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Loss aversion, overconfidence of investors and their impact on market performance evidence from the US stock markets
Bouteska, Ahmed; Regaieg, Boutheina - In: Journal of Economics, Finance and Administrative Science 25 (2020) 50, pp. 451-478
Purpose - The current study aims to investigate the impacts of two behavioral biases, namely, loss aversion and overconfidence on the performance of US companies. First, the impact of loss aversion on the economic performance of companies was assessed. Second, the impact of overconfidence on...
Persistent link: https://www.econbiz.de/10013192189
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Investors' behavior in alternative asset classes
Papavasiliou, Ellie; Topaloglou, Nikolas; Tsomidis, Georgios - In: SPOUDAI - Journal of Economics and Business 72 (2022) 3/4, pp. 3-55
We investigate whether alternative asset classes should be included in optimal portfolios of the most prominent investor personae in the Behavioral Finance literature, namely, the Cumulative Prospect Theory, the Markowitz and the Loss Averse types of investors. We develop a stochastic spanning...
Persistent link: https://www.econbiz.de/10014477251
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Making regulation fit by taking irrationality into account: the case of the whistleblower
Oelrich, Sebastian - In: Business Research 12 (2019) 1, pp. 175-207
Prospect theory describes people as bounded rational decision maker. What sparked widespread discussion after its initial introduction in 1979 is today criticized for lack of applicability. I use the debate about whistleblowing laws to show that prospect theory may be applied prescriptively in...
Persistent link: https://www.econbiz.de/10012502906
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Ex-ante regulation and ex-post liability under uncertainty and irreversibility: governing the coexistence of GM crops
Beckmann, Volker; Soregaroli, Claudio; Wesseler, Justus - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-9, pp. 1-33
standard model is advanced by including irreversibility and uncertainty and taking into account transaction costs of …
Persistent link: https://www.econbiz.de/10010299956
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The economics of radical uncertainty
Ormerod, Paul - In: Economics: The Open-Access, Open-Assessment E-Journal 9 (2015) 2015-41, pp. 1-20
In situations of what we now describe as radical uncertainty, the core model of agent behaviour, of rational autonomous … that in situations where radical uncertainty is present, we require theoretical "null" models of agent behaviour which are … different from those of economic rationality. Under uncertainty, fundamentally different behavioural rules are "rational". The …
Persistent link: https://www.econbiz.de/10011387740