During the last 20 years, Romania has been passing important social and economic transformations and it is considered today as a developing country aiming to adjust its processes and features to those of UE countries. The significant increase in the number of bachelor programs supplied by...

We provide possibility results on the aggregation of beliefs and tastes for Monotone, Bernoullian and Archimedian preferences of Cerreia-Vioglio, Ghirardato, Maccheroni, Marinacci, and Siniscalchi (2011). We propose a new axiom, Unambiguous Pareto Dominance, which requires that if the...

The paper reports the result of an experimental game on asset integration and risk taking. We find evidence that winnings in earlier rounds affect risk taking in subsequent rounds, but no evidence that real life wealth outside the experiment affects risk taking. We and some evidence of imitation...

We analyze lottery-choice data in a way that separately estimates the effects of risk aversion and complexity aversion, and allows both both of these to vary between individuals, and also to change with experience. The data is from an experiment in which 80 subjects engage in a sequence of 54...

Using online price comparison and shopping platforms makes experiencing slow connections, lags and waiting times for information an unfortunate reality. However, little attention has been paid to analyzing the effects of delayed provision of information on product choice behavior. In this...

Though risk aversion and the elasticity of intertemporal substitution have been the subjects of careful scrutiny, the long-run risks literature as well as the broader literature using recursive utility to address asset pricing puzzles have ignored the full implications of their parameter...

This paper establishes conditions under which the classical CAPM holds in equilibrium. Our derivation uses simple arguments to clarify and extend results available in the literature. We show that if agents are risk averse in the sense of mean-preserving-spread (MPS) the CAPM will necessarily...

Invoking Yaari's dual theory we develop a model of individual vaccination decisions that incorporates quasi-hyperbolic discounting (present-biasedness), risk aversion, and information. We test the resulting hypotheses for the flu season 2010/2011 using a representative German data set. It turns...

The Cumulative Prospect Theory (CPT) is one of the most popular theories for evaluating the behavior of decision makers in the context of risk and uncertainty. This theory emerged as a generalization of the Expected Utility Theory (EUT) and being a relatively recent theory, its application has...

The information society represents a new stage of human civilization, a new way of life that implies intensive use of information in all domains of human activity and existence, with a great economic and social impact. The information society gives its members large access to information, a new...