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...

Bu çalışmanın amacı, risk türü, kategorik ilgilenim ve risk azaltma yöntemleri arasındaki ilişkiyi derinlemesine ve geniş bir çerçevede incelemektir. İki aşamadan oluşan bu çalışmada elde edilen anket verisi değerlendirildiğinde, kategorik ilgilenimi yüksek tüketicilerin,...

In this paper we give a survey of recent works on game theory devoted to modeling of decision making process under bounded rationality. An agent's deviation from rational choice understood as maximization of gain can be caused by moral principles (religious beliefs, altruism, patriotism),...

Do migrants send remittances as a way of obtaining insurance? While this motive is theoretically suggested in the literature, the question of identifying this relationship empirically has only begun to be explored. Using a unique representative survey of 1500 immigrants in the Greater Dublin...