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Under risk, over time, regarding other people : language and rationality within three dimensions
Jullien, Dorian - 2018
This paper conducts a systematic comparison of behavioral economics’s challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time and regarding other people. A new perspective on two underlying methodological issues, i.e., interdisciplinarity and...
Persistent link: https://www.econbiz.de/10011809698
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Ever since Allais
Dembo, Aluma; Kariv, Shachar; Polisson, Matthew; Quah, … - 2021
The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that … labora-tory experiments designed to test independence, our experiment systematically tests the entire set of axioms …
Persistent link: https://www.econbiz.de/10012583551
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Determinants of risk aversion over time : experimental evidence from rural Thailand
Menkhoff, Lukas; Sakha, Sahra - 2016
We use a repeated incentivized risk experiment in rural Thailand to test determinants of changes in the level of …
Persistent link: https://www.econbiz.de/10011479801
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Discriminating between models of ambiguity attitude : a qualitative test
Cubitt, Robin P.; Kuilen, Gijs van de; Mukerji, Sujoy - 2017
to an ambiguity averse preference for a randomized act. Building on this insight, we implement an experiment whose design …
Persistent link: https://www.econbiz.de/10011756091
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Inferring preferences from choices under uncertainty
Kuzmics, Christoph - 2012
If a decision maker, in a world of uncertainty à la Anscombe and Aumann (1963), can choose acts according to some objective probability distribution (by throwing dice for instance) from any given set of acts, then there is no set of acts that allows an experimenter to test more than the Axiom...
Persistent link: https://www.econbiz.de/10009509223
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Estimating individual ambiguity aversion : a simple approach
Genîzî, Ûrî; Imas, Alex; List, John A. - 2015
We introduce a simple, easy to implement instrument for jointly eliciting risk and ambiguity attitudes. Using this instrument, we structurally estimate a two-parameter model of preferences. Our findings indicate that ambiguity aversion is significantly overstated when risk neutrality is assumed....
Persistent link: https://www.econbiz.de/10010483592
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The effect of ambiguity aversion on reward scheme choice
Kellner, Christian; Riener, Gerhard - 2012
We test the implications of ambiguity aversion in a principal-agent problem with multiple agents. Models of ambiguity aversion suggest that, under ambiguity, comparative compensation schemes may become more attractive than independent wage contracts. We test this by presenting agents with a...
Persistent link: https://www.econbiz.de/10009545983
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Ambiguity aversion as a reason to choose tournaments
Kellner, Christian; Riener, Gerhard - 2011
We test the implications of ambiguity aversion in a principal-agent problem with multiple agents. When output distributions are uncertain, models of ambiguity aversion suggest that tournaments may become more attractive than independent wage contracts, in contrast to the case where output...
Persistent link: https://www.econbiz.de/10009230345
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Under risk, over time, regarding other people: Language and rationality within three dimensions
Jullien, Dorian - 2018
This paper conducts a systematic comparison of behavioral economics's challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time and regarding other people. A new perspective on two underlying methodological issues, i.e., interdisciplinarity and the...
Persistent link: https://www.econbiz.de/10011812583
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Limited attention in case-based belief formations
Bleile, Jörg - 2014
An agent wants to derive her belief over outcomes based on past observations collected in her database (memory). There is well establish evidence in the psychology and marketing literature that agents consistently fail (or choose not) to process all available information. An agent might be...
Persistent link: https://www.econbiz.de/10010403098