Some Lessons From Past Experiments and Some Challenges for the Future
In: The economic journal: the journal of the Royal Economic Society, Band 109, Heft 453, S. 35-45
ISSN: 1468-0297
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In: The economic journal: the journal of the Royal Economic Society, Band 109, Heft 453, S. 35-45
ISSN: 1468-0297
In: The economic journal: the journal of the Royal Economic Society, Band 109, Heft 453, S. 1-4
ISSN: 1468-0297
In: The economic journal: the journal of the Royal Economic Society, Band 108, Heft 447, S. 477-489
ISSN: 1468-0297
In: Journal of risk and uncertainty, Band 4, Heft 1, S. 91-108
ISSN: 1573-0476
In: Economica, Band 55, Heft 217, S. 47
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 29, Heft 3, S. 272-282
ISSN: 1467-9485
In: Journal of economic studies, Band 8, Heft 1, S. 37-46
ISSN: 1758-7387
Sweezy's kinky demand curve and prediction of price rigidity under oligopoly has recently been supplemented by a similar prediction (on different grounds) by Drèze. This paper questions assumptions made by both authors and shows that alternative assumptions reverse the prediction.
In: Behavioural public policy: BPP, Band 7, Heft 3, S. 864-892
ISSN: 2398-0648
AbstractThis is an appreciation of the life and work of Michael Jones-Lee. It describes his pioneering role in establishing and developing the theory and practice of the elicitation of monetary values for changes in risks to life, health and safety, using stated preference methods.
In: Journal of risk and uncertainty, Band 64, Heft 1, S. 19-41
ISSN: 1573-0476
AbstractIntertemporal preference reversals occur when individuals choose future option A over future option B in a direct choice between the two but place a higher 'immediate cash' value on B than on A. Tversky et al. (1990) reported strong evidence of such reversals, which they attributed mainly to valuation biases rather than intransitivity. We find similar levels of reversals, even after adjusting for considerable degrees of variability and imprecision in people's responses. However, we disagree with Tversky et al.'s conclusions about the causes of the majority of these reversals. We find substantial levels of intransitivity in respondents' binary choices as well as differential overvaluation of both options relative to the values inferred from their choices.
In: Journal of risk and uncertainty, Band 49, Heft 3, S. 189-211
ISSN: 1573-0476
In: The Economic Journal, Band 124, Heft 576, S. 569-593
In: Journal of risk and uncertainty, Band 34, Heft 3, S. 201-216
ISSN: 1573-0476
In: Economica, Band 65, Heft 260, S. 581-598
ISSN: 1468-0335
The Harless–Camerer (HC), Hey–Orme (HO) and random preference (RP) models of stochastic variation in choice under uncertainty are compared. Implications of these models, including some that are independent of the deterministic theory with which they are combined, are tested in an experiment in which participants respond to decision problems twice. The HC model generally performs poorly; the HO model predicts more violations of dominance than are observed; while the RP model fails to account for those few violations which do occur. Additional regularities are observed which are inconsistent with all three models when combined with expected utility theory.
In: The Manchester School, Band 65, Heft 2, S. 127-144
ISSN: 1467-9957
This paper presents an aspiration‐satisficing model of consumer search under limited information where no optimal strategy is defined. The model is contrasted with the Hey (Journal of Economic Behaviour and Organization (1982), Vol. 3, No. 1, pp. 65–81; (1987), Vol. 8, No. 2, pp. 137–144) ``bounce rules''. Experimental evidence is presented which, in this environment, lends support for the former explanation over the latter. In particular, the order in which price quotes were received was not accorded significance. These contrasting results suggest that subjects may utilize rules of varying degrees of sophistication depending on the costs and expected benefits attached to their use in different informational environments. A simpler version of the aspiration‐satisficing model is then developed that produces an ``order effect''.
In: Journal of risk and uncertainty, Band 9, Heft 3, S. 239-256
ISSN: 1573-0476