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Causes, consequences, and cures of myopic loss aversion -An experimental investigation
Fellner, Gerlinde; Sutter, Matthias - Max-Planck-Institut für Ökonomik <Jena> - Abteilung … - 2005
Myopic loss aversion (MLA) has been established as one prominentexplanation for the equity premium puzzle. In this … investment flexibility seems to be at least as relevant asfeedback frequency for the effects of myopic loss aversion. When …
Persistent link: https://www.econbiz.de/10005866865
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An Experimental Investigation of Alternatives toExpected Utility Using Pricing Data
Morone, Andrea; Schmidt, Ulrich - Max-Planck-Institut für Ökonomik <Jena> - Abteilung … - 2005
Experimental research on decision making under risk has until now always employed choicedata in order to evaluate the empirical performance of expected utility and the alternative nonexpectedutility theories. The present paper performs a similar analysis which relies on pricingdata instead of...
Persistent link: https://www.econbiz.de/10005866821
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Subjective expected utility in games
Di Tillio, Alfredo - In: Theoretical economics : TE ; an open access journal in … 3 (2008) 3, pp. 287-323
This paper extends Savage's subjective approach to probability and utility from decision problems under exogenous uncertainty to choice in strategic environments. Interactive uncertainty is modeled both explicitly, using hierarchies of preference relations, the analogue of beliefs hierarchies,...
Persistent link: https://www.econbiz.de/10011700273
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Dynamic choice, independence and emotions
Hopfensitz, Astrid; Winden, Frans A. A. M. van - 2006 - This version: September 2006
differences in people’s affective responses. This may be responsible for the conflicting results observed in earlier experiments …
Persistent link: https://www.econbiz.de/10011349715
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Deal or no deal? : decision-making under risk in a large-payoff game show
Post, Thierry; Baltussen, Guido; Assem, Martijn J. van den - 2006
experiments. Contrary to the traditional view of expected utility theory, the choices can be explained in large part by previous … outcomes experienced during the game. Risk aversion decreases after earlier expectations have been shattered by unfavorable …
Persistent link: https://www.econbiz.de/10011348343
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Focus Theory of Choice : Modeling Procedural Rationality and Resolving the St. Petersburg, Allais, and Ellsberg Paradoxes, Preference Reversals, the Event-Splitting Effect, and the...
Guo, Peijun - 2017
We present a decision theory which models and axiomatizes a decision-making procedure. This procedure involves two steps: in the first step, for each action, some specific event which can bring about a relatively high outcome with a relatively high probability or a relatively low outcome with a...
Persistent link: https://www.econbiz.de/10012943248
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Ambiguity Attitudes in a Large Representative Sample
Dimmock, Stephen G. - 2015
aversion, we confirm an ambiguity component recently found in laboratory studies: a insensitivity – the tendency to treat … economic decisions; specifically, a insensitivity is negatively related to stock market participation. Ambiguity aversion is …
Persistent link: https://www.econbiz.de/10013037844
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Investment, resolution of risk, and the role of affect
Winden, Frans A. A. M. van; Krawczyk, Michal; … - 2008
-based questionnaire before the experiment and participants' preferencesfor resolution timing, risk, and time were incentive compatibly … measured during the experiment.Main findings are that delayed resolution can affect investment, that the effect depends on the …
Persistent link: https://www.econbiz.de/10011374397
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Allais at the Horse Race : testing models of ambiguity aversion
Schneider, Florian; Schonger, Martin - 2015
Most models of ambiguity aversion satisfy Anscombe-Aumann's Monotonicity axiom. This paper proposes a test of … uncertainty. Viewed as a thought experiment, the Allais Horse Race allows for introspective assessment of Monotonicity …. Implementing it as an incentivized experiment, we find that the modal choice of subjects violates Monotonicity in a specific …
Persistent link: https://www.econbiz.de/10011347526
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Investment, Resolution of Risk, and the Role of Affect
van Winden, Frans; Krawczyk, Michal; Hopfensitz, Astrid - 2008
-based questionnaire before the experiment and participants' preferencesfor resolution timing, risk, and time were incentive compatibly … measured during the experiment.Main findings are that delayed resolution can affect investment, that the effect depends on the …
Persistent link: https://www.econbiz.de/10010325960