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Despite recent interest in hyperbolic discounting, there has been little discussion of exactly what property of time preferences is instantiated by hyperbolic or quasi-hyperbolic functional forms. The paper revives an earlier proposal in Prelec (1989) that the key property is Pratt-Arrow...
Persistent link: https://www.econbiz.de/10014068438
Online platforms have the unique ability of offering virtually unlimited assortments. However, they often assume frictionless conditions in the purchase process which may not always hold in practice. We study the impact of heterogeneous search costs on the formation of consideration sets, and...
Persistent link: https://www.econbiz.de/10012853692
Cases of clear scientific misconduct have received significant media attention recently, but less flagrantly questionable research practices may be more prevalent and, ultimately, more damaging to the academic enterprise. Using an anonymous elicitation format supplemented by incentives for...
Persistent link: https://www.econbiz.de/10014173564
We consider the following ’truth serum’ mechanism problem: Two players observe signals drawn from a common prior on n x m. They are risk neutral, care only about mechanism payoffs, and will not provide information without incentives. A counterexample shows that one cannot construct a robust...
Persistent link: https://www.econbiz.de/10014087597
In three experiments, subjects stated their willingness to accept pain ? from listening to annoying sounds ? in exchange for payment (WTA). Subjects were presented with annoying sounds of different durations, indicated their WTA, and received the sounds and payment that resulted from their...
Persistent link: https://www.econbiz.de/10014146046
We consider the problem of when to deliver the contract payoff, in a continuous-time principal-agent setting, in which the agent's effort is unobservable. The principal can design contracts of a simple form that induce the agent to ask for the payoff at the time of the principal's choosing. The...
Persistent link: https://www.econbiz.de/10014589178
Persistent link: https://www.econbiz.de/10005374255
We consider the problem of when to deliver the contract payoff, in a continuous-time principal-agent setting, in which the agent's effort is unobservable. The principal can design contracts of a simple form that induce the agent to ask for the payoff at the time of the principal's choosing. The...
Persistent link: https://www.econbiz.de/10005458980
Introduction to the Economics and Mathematics of Financial Markets fills the longstanding need for an accessible yet serious textbook treatment of financial economics. The book provides a rigorous overview of the subject, while its flexible presentation makes it suitable for use with different...
Persistent link: https://www.econbiz.de/10004973190
Persistent link: https://www.econbiz.de/10006503956