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jointly elicit risk preferences and preferences for altruism. Consistent with theory, we find that the standard simplifying … literature to the literature on social preferences. Following Andersen et al. (2008), we design a laboratory experiment to … assumptions about risk preferences lead to significantly biased estimates of altruism. This is particularly problematic when …
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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...
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Monetary policy-makers face various types of uncertainty and these uncertainties are exacerbated during episodes of a financial crisis. Blinder (2004) suggests that monetary policy committees help to make better decisions in the presence of uncertainty. In this paper, we explore monetary policy...
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