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Scenario-Based Satisficing in Saving:A Theoretical and Experimental Analysis

Güth, Werner; Levati, Maria Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

uncertainty by a non-Bayesian scenario-based satisficingapproach. Decision makers first form aspirations for a few relevant …

Persistent link: https://www.econbiz.de/10005866571

Valuation of Self-Insurance and Self-Protection under Ambiguity: Experimental Evidence

Ozdemier, Ozlem - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2007

This experimental study, first, compares the individual valuations of two risk reduction mechanisms: self-insurance and self-protection. Second, it investigates these valuations when the loss amount is ambiguous, and compare these values with valuations when loss amounts are known. results...

Persistent link: https://www.econbiz.de/10005866603

Task Transcending Satisficing - An Experimental Study

Fellner, Gerlinde; Güth, Werner; Martin, Ev - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2006

The paper explores the applicability of the satisficing approach. Inparticular, we investigate whether basic principles of aspiration formationand satisficing behavior are transferable between similar situations.Individuals are sequentially confronted with two risky investmenttasks, a simple and...

Persistent link: https://www.econbiz.de/10005866716

A variation on Ellsberg

Eliaz, Kfir; Ortoleva, Pietro - 2011

Ellsberg's experiment involved a gamble with no ambiguity (N) and a gamble where the prize that could be won is …

Persistent link: https://www.econbiz.de/10008908886

Benefit-cost analysis of environmental projects : a plethora of systematic biases

Graves, Philip E. - 2010

the United States, although most of the arguments translate immediately to decision-making in other countries. There are …-cost analysis ; environmental policy ; decision making ; choice behavior ; public goods ; willingness-to-pay ; willingness …

Persistent link: https://www.econbiz.de/10003997569

Decision confidence in the Ellsberg experiment

Dürsch, Peter - 2015

Subjects are asked to report their confidence in their own decisions regarding the Ellsberg three color urn. Subjective confidence is measured via a 5 point Likert scale. Surprisingly, subjects are more confident in their answer for the more complicated two color question, compared to the simple...

Persistent link: https://www.econbiz.de/10011281637

The ambiguity triangle : uncovering fundamental patterns of behavior under uncertainty

Burghart, Daniel R.; Epperly, Thomas G. W.; Fehr, Ernst - 2015

The probability triangle (also called the Marschak-Machina triangle) allows for compact and intuitive depictions of risk preferences. Here, we develop an analogous tool for choice under uncertainty - the ambiguity triangle - and show that indifference curves in this triangle capture preferences...

Persistent link: https://www.econbiz.de/10011289313

Collective choices under ambiguity

Levati, M. Vittoria; Napel, Stefan; Soraperra, Ivan - 2014

two-urn Ellsberg experiment: one urn offers a 45% chance of winning a fixed monetary prize, the other an ambiguous chance …. Participants choose either individually or in groups of three. Group decision rules vary. In one treatment the collective choice is … observe high proportions of ambiguity averse choices in both individual and collective decision making. Although a majority of …

Persistent link: https://www.econbiz.de/10010403247

A Variation on Ellsberg

Eliaz, Kfir - 2011

Ellsberg's experiment involved a gamble with no ambiguity (N) and a gamble where the prize that could be won is …

Persistent link: https://www.econbiz.de/10013130165

Risk Preferences are Not Time Preferences : Comment

Cheung, Stephen L. - 2012

Andreoni and Sprenger (in press) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of their result to the experimental design. I find that the effect disappears completely when a multiple price list is used instead of a convex...

Persistent link: https://www.econbiz.de/10013099803