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Garrido, Luis José Blas Moreno; Lara, Ismael Rodríguez - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2010

We introduce non-enforceable property rights over bargaining surplus in a dictator game with production, in which the effort of the agents is differentially rewarded. Using experimental data we elicit individual preferences over the egalitarian, the accountability and the libertarian principle...

Persistent link: https://www.econbiz.de/10008602636

Age Effects and Heuristics in Decision Making

Besedes, Tibor; Deck, Cary; Sarangi, Sudipta; Shor, Mikhael - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

Using controlled experiments, we examine how individuals make choices when faced with multiple options. Choice tasks are designed to mimic the selection of health insurance, prescription drug, or retirement savings plans. In our experiment, available options can be objectively ranked allowing us...

Persistent link: https://www.econbiz.de/10008611292

Die Tücken des Zinseszinseffekts: Privatanleger unterschätzen Verlustrisiken bei Finanzprodukten

Zankiewicz, Christian - In: DIW Wochenbericht 81 (2014) 9, pp. 166-171

People are investing their life savings in financial products, for instance, to provide for their retirement, and in doing so they are making their future financial situation almost entirely dependent on the success of these investments. The financial sector promotes numerous investment...

Persistent link: https://www.econbiz.de/10011128414

Hidden Skewness: On the Difficulty of Multiplicative Compounding under Random Shocks

Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. In a number of incentivized laboratory experiments we show that a large majority of participants either strongly underestimate skewness or ignore it completely. Participants...

Persistent link: https://www.econbiz.de/10011128865

Hidden Skewness

Ensthaler, Ludwig; Nottmeyer, Olga; Weizsäcker, Georg - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

Multiplicative growth processes that are subject to random shocks often have a skewed distribution of outcomes. A simple laboratory experiment shows that participants either strongly underestimate skewness or ignore it completely. The participants' choices reveal bounds on their subjective...

Persistent link: https://www.econbiz.de/10011128866

Validating an Ultra-Short Survey Measure of Patience

Vischer, Thomas; Dohmen, Thomas; Falk, Armin; Huffman, David - Forschungsbasierte Infrastruktureinrichtung … - 2012

This study presents results of the validation of an ultra-short survey measure of patience included in the German Socio-Economic Panel (SOEP). Survey responses predict intertemporal choice behavior in incentive-compatible decisions in a representative sample of the German adult population.

Persistent link: https://www.econbiz.de/10011128998

Theories of fairness and reciprocity : evidence and economic applications

Fehr, Ernst; Schmidt, Klaus M. - 2000

systematically refutes the self-interest hypothesis and suggests that many people are strongly motivated by concerns for fairness and … insights into the nature of preferences and into the relative performance of competing theories of fairness. The purpose of …

Persistent link: https://www.econbiz.de/10011397676

Fairness, incentives and contractual incompleteness

Fehr, Ernst; Klein, Alexander; Schmidt, Klaus M. - 2001

We show that concerns for fairness may have dramatic consequences for the optimal provision of incentives in a moral … concerned about fairness. Conversely, contracts that are doomed to fail when there are only selfish actors provide powerful …

Persistent link: https://www.econbiz.de/10011398105

Fairness and motivation : fair treatment creates incentives, and is beneficial for workers and the frim

Falk, Armin - 2014

' perceptions of fairness and trust are also key drivers of their work effort. Treating employees with respect is not only ethically …

Persistent link: https://www.econbiz.de/10011413663

Chapter 8 The Economics of Fairness, Reciprocity and Altruism Experimental Evidence and New Theories

Fehr, Ernst; Schmidt, Klaus M. - In: Handbook of the economics of giving, altruism and …, (pp. 615-691). 2006

refutes the self-interest hypothesis, suggesting that concerns for altruism, fairness, and reciprocity strongly motivate many … the nature of preferences and the relative performance of competing fairness theories. The purpose of this chapter is to … norm violators. We further illustrate the powerful impact of fairness concerns on cooperation, competition, incentives, and …

Persistent link: https://www.econbiz.de/10014023675