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A Model of Reference-Dependent Belief Updating
Maier, Johannes; König, Clemens - 2016
We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...
Persistent link: https://www.econbiz.de/10011584855
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A model of reference-dependent belief updating
Maier, Johannes K.; König, Clemens - 2016
We propose a model of instrumental belief choice under loss aversion. When new information arrives, an agent is prompted to abandon her prior. However, potential posteriors may induce her to take actions that generate a lower utility in some states than actions induced by her prior. These losses...
Persistent link: https://www.econbiz.de/10011557745
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Randomizing Endowments: An Experimental Study of Rational Expectations and Reference-Dependent Preferences
Götte, Lorenz; Harms, Annette; Sprenger, Charles - 2014
expectations. We examine the predictions of Kőszegi and Rabin (2006) in the context of market experiments with probabilistic forced … these theoretical predictions. In a series of experiments with a total of 930 subjects, sellers' valuations exceed buyers …' valuations under all probabilities of forced exchange. In robustness tests where attention is drawn specifically to the forced …
Persistent link: https://www.econbiz.de/10010468159
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Randomizing endowments : an experimental study of rational expectations and reference-dependent preferences
Götte, Lorenz; Harms, Annette; Sprenger, Charles - 2014
expectations. We examine the predictions of Kőszegi and Rabin (2006) in the context of market experiments with probabilistic forced … these theoretical predictions. In a series of experiments with a total of 930 subjects, sellers' valuations exceed buyers …' valuations under all probabilities of forced exchange. In robustness tests where attention is drawn specifically to the forced …
Persistent link: https://www.econbiz.de/10010436164
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Randomizing Endowments: An Experimental Study of Rational Expectations and Reference-Dependent Preferences
Götte, Lorenz; Harms, Annette; Sprenger, Charles - Institute for the Study of Labor (IZA) - 2014
expectations. We examine the predictions of Kőszegi and Rabin (2006) in the context of market experiments with probabilistic forced … these theoretical predictions. In a series of experiments with a total of 930 subjects, sellers' valuations exceed buyers …' valuations under all probabilities of forced exchange. In robustness tests where attention is drawn specifically to the forced …
Persistent link: https://www.econbiz.de/10011078395
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Social Reference Points and Risk Taking
Schwerter, Frederik - 2013
This study test whether social reference points impact individual risk taking. In a laboratory experiment, decision makers observe the earnings of a peer subject before making a risky choice. We exogenously manipulate the peer earnings across two treatments. We find a significant treatment...
Persistent link: https://www.econbiz.de/10010332668
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A structural analysis of disappointment aversion in a real effort competition
Gill, David; Prowse, Victoria - 2009
We develop a novel computerized real effort task, based on moving sliders across a screen, to test experimentally whether agents are disappointment averse when they compete in a real effort sequential-move tournament. Our theory predicts that a disappointment averse agent, who is loss averse...
Persistent link: https://www.econbiz.de/10010269693
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Contract compliance under biased expectations: Evidence from an experiment in Ghana
Fischer, Sabine; Grosch, Kerstin - 2020
Contract compliance is key for economic growth. However, determinants affecting contract breach are not yet well understood. In this paper, we focus on contract situations with a potential hold-up problem, such as contract farming agreements which are prevalent in many developing countries. We...
Persistent link: https://www.econbiz.de/10012201854
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Social reference points and risk taking
Schwerter, Frederik - 2013
This study test whether social reference points impact individual risk taking. In a laboratory experiment, decision makers observe the earnings of a peer subject before making a risky choice. We exogenously manipulate the peer earnings across two treatments. We find a significant treatment...
Persistent link: https://www.econbiz.de/10010211343
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Contract compliance under biased expectations : evidence from an experiment in Ghana
Fischer, Sabine; Grosch, Kerstin - 2020
Contract compliance is key for economic growth. However, determinants affecting contract breach are not yet well understood. In this paper, we focus on contract situations with a potential hold-up problem, such as contract farming agreements which are prevalent in many developing countries. We...
Persistent link: https://www.econbiz.de/10012200093