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The Optimal Level of Experimentation
Moscarini, Giuseppe; Smith, Lones - 2012
We assume that an impatient decision maker (DM) runs variable-size experiments at an increasing, strictly convex cost before choosing an irreversible action. We introduce and solve a tractable continuous time version of this problem - a control of variance of a diffusion with uncertain mean....
Persistent link: https://www.econbiz.de/10014142706
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The Optimal Level of Experimentation
Moscarini, Giuseppe; Smith, Lones - 2012
We assume that an impatient decision maker (DM) runs variable-size experiments at an increasing, strictly convex cost before choosing an irreversible action. We introduce and solve a tractable continuous time version of this problem --- a control of variance of a diffusion with uncertain mean....
Persistent link: https://www.econbiz.de/10014060773
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An Experimental Analysis of Optimal Renewable Resource Management: The Fishery
Neugebauer, Tibor; Hey, John D.; Sadrieh, K - Luxembourg School of Finance, Faculté de droit, … - 2008
This paper experimentally studies the extraction decisions of a sole-owner ina fishery, the population dynamics of which behave according to the standard deterministic logistic growth model. Four treatments were implemented which differed in the level of information supplied to the experimental...
Persistent link: https://www.econbiz.de/10008474095
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Application of Combinatorial Auctions on Allocation of Public Financial Support in the Area of Environmental Protection: Economic Laboratory Experiment
Fiala, Petr; Šauer, Petr - In: Politická ekonomie 2011 (2011) 3, pp. 379-392
This paper presents results of repeated economic lab experiments. They were designed to test a model of combinatorial auctions on the case of providing financial support (capital investment subsidies) to polluters. Combinatorial auctions are those auctions in which bidders can place bids on...
Persistent link: https://www.econbiz.de/10009147148
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One Step at a Time: Do Threshold Patterns Matter in Public Good Provision?
Asher, Sam; Casaburi, Lorenzo; Nikolov, Plamen; Ye, Maoliang - 2009
There is a substantial literature examining coordination in public goods games. We conducted an experiment to explore how varying patterns of thresholds affect the willingness of subjects to contribute to a public good. We had subjects play a multiperiod game where each subject was allocated an...
Persistent link: https://www.econbiz.de/10010298586
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How performance based payoffs influence estimates of complex information? An experimental study on quality and precision in estimation tasks
Kroll, Eike Benjamin; Rieger, Jörg; Vogt, Bodo - 2011
This paper investigates the processing of repeated complex information. The focus of this study is, whether additional information and the introduction of performance-based payoffs have an influence on judgement. Therefore, an experiment is designed to investigate the degree of precision and...
Persistent link: https://www.econbiz.de/10010304452
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Signal qualities, order of decisions, and informational cascades: Experimental evidences
Sasaki, Shunichiro - 2004
This paper reports the results of informational cascades experiments where two different decision-making systems, anti-seniority and seniority are investigated. By implementing heterogeneous signal qualities associated with the fixed order of decisions I compare the property of each system and...
Persistent link: https://www.econbiz.de/10010332216
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When Do Groups Perform Better than Individuals? A Company Takeover Experiment
Casari, Marco; Zhang, Jingjing; Jackson, Christine - 2011
It is still an open question when groups will perform better than individuals in intellectual tasks. We report that in … a company takeover experiment, groups placed better bids than individuals and substantially reduced the winner's curse … wins" benchmark although they outperformed individuals deciding in isolation. …
Persistent link: https://www.econbiz.de/10011651655
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Higher order risk attitudes and prevention under different timings of loss
Masuda, Takehito; Lee, Eungik - 2018
This paper provides experimental evidence of the role of higher order risk attitudes - especially prudence - in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an...
Persistent link: https://www.econbiz.de/10012013645
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Does Exposure to Unawareness Affect Risk Preferences? A Preliminary Result
Schipper, Burkhard C.; Ma, Wenjun - 2017
One fundamental assumption often made in the literature on unawareness is that risk preferences are invariant to changes of awareness. We study how exposure to unawareness affects choices under risk. Participants in our experiment choose repeatedly between varying sure outcomes and a lottery in...
Persistent link: https://www.econbiz.de/10011936487