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Risky Decisions and the Opportunity Cost of Time

Hausfeld, Jan; Resnjanskij, Sven - 2018

We investigate the trade-off between the opportunity costs of decisions and their quality in a simple model. In a lab experiment, we introduce exogenous variation in the opportunity costs of time. Contrary to claims in the previous literature, we show that using more time when making small-stake...

Persistent link: https://www.econbiz.de/10011956672

Probability Compounding in Words and in Practice

Zizzo, Daniel John - Department of Economics, Oxford University - 2002

. Depending on the condition, they were given more or less information about the nature of probability compounds. The conjunction …

Persistent link: https://www.econbiz.de/10010605216

Knowing Me, Knowing You : An Experiment on Mutual Payoff Information and Strategic Uncertainty

Alshaikhmubarak, Hazem; Hales, David; Kogelnik, Maria; … - 2021

We use a laboratory experiment to study how mutual payoff information affects play in strategic settings. Subjects play … the Prisoner's Dilemma or Stag Hunt game against randomly re-matched opponents under two information treatments. In our … partial-information treatment subjects are shown only their own payoffs, while in our full-information treatment they are …

Persistent link: https://www.econbiz.de/10013213631

Shunning uncertainty: The neglect of learning opportunities

Trautmann, Stefan T.; Zeckhauser, Richard J. - In: Games and Economic Behavior 79 (2013) C, pp. 44-55

significant expected payoffs when they shun uncertain alternatives in favor of known ones. Worse, when information is revealed …

Persistent link: https://www.econbiz.de/10011049682

The relationship between risk attitudes and heuristics in search tasks : a laboratory experiment

Schunk, Daniel; Winter, Joachim - 2007 - This version: February 22, 2007

optimal conditional on utility functions departing from risk neutrality, or heuristics derived from limited cognitive … standard search task as well as a lottery task designed to elicit utility functions. We find that search heuristics are not …

Persistent link: https://www.econbiz.de/10003470506

Individual and Group Decision Making Under Risk : An Experimental Study of Bayesian Updating and Violations of First-Order Stochastic Dominance

Charness, Gary; Karni, Edi; Levin, Dan - 2006

In this paper, we report the results of experiments designed to test whether individuals and groups abide by the axioms of monotonicity, with respect to first-order stochastic dominance and Bayesian updating, when making decisions in the face of risk. The results indicate a significant number of...

Persistent link: https://www.econbiz.de/10014055667

The Sound of Silence : Observational Learning in the U.S. Kidney Market

Zhang, Juanjuan - 2010

show that observational learning and information sharing shape consumer choices in markedly different ways. Optimal …

Persistent link: https://www.econbiz.de/10014054192

Social preferences in private decisions

Linde, Jona; Sonnemans, Joep - 2012

Persistent link: https://www.econbiz.de/10010191024

Peer effects in risk taking

Lahno, Amrei M.; Serra-Garcia, Marta - 2012 - This version: Dec 20, 2012, First version: July 13, 2012

This paper examines the effect of peers on individual risk taking. In the absence of informational motives, we investigate why social utility concerns may drive peer effects. We test for two main channels: utility from payoff differences and from conforming to the peer. We show experimentally...

Persistent link: https://www.econbiz.de/10009720583

Measuring responsiveness to feedback as a personal trait

Buser, Thomas; Gerhards, Leonie; Weele, Joël J. van der - 2016

People typically update their beliefs about their own abilities too little in response to feed-back, a phenomenon known as "conservatism", and some studies suggest that they overweight good relative to bad signals ("asymmetry"). We measure individual conservatism and asymmetry in three tasks...

Persistent link: https://www.econbiz.de/10011483816