Suchergebnisse
Filter
17 Ergebnisse
Sortierung:
Loss aversion, presidential responsibility, and midterm congressional elections
In: Electoral studies: an international journal, Band 25, Heft 2, S. 227-247
ISSN: 0261-3794
Confusions of Loss Aversion and Risk Attitude in International Relations and Peace Science
In: Peace Economics, Peace Science and Public Policy, Band 2, Heft 2, S. 1-15
The Prospects for Prospect Theory: An Empirical Evaluation of International Relations Applications of Framing and Loss Aversion
In: Political psychology: journal of the International Society of Political Psychology, Band 25, Heft 3, S. 331-362
ISSN: 0162-895X
Unions' inflation aversion and international competitiveness
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 27, Heft 2, S. 137-142
ISSN: 0161-8938
The paper explores the consequences of economic integration on wage and monetary policy management. It studies the possibility that openness may discipline labor unions through potential losses created by the worsening in terms of trade (international competitiveness) associated with high wage claims. We find that, contrary to some recent literature, a monetary expansion fails to affect real outcomes and only results in higher inflation, since the claimed wage-moderation mechanism does not work when it is properly modeled. Hence, recent policy recommendations for an expansionary monetary policy in open economies result to be counterproductive, whereas low-inflation targeting remains a first best policy. [Copyright 2004 The Society for Policy Modeling; published by Elsevier Inc.]
What Costs Will Democracies Bear? A Review of Popular Theories of Casualty Aversion
In: Armed forces & society: official journal of the Inter-University Seminar on Armed Forces and Society : an interdisciplinary journal, Band 31, Heft 4, S. 487-513
ISSN: 0095-327X
A parametric analysis of prospect theory's functionals for the general population
In: CESifo working paper series 2609
In: Empirical and theoretical methods
This paper presents the results of an experiment that completely measures the utility function and probability weighting function for different positive and negative monetary outcomes, using a representative sample of N = 1935 from the general public. The results confirm earlier findings in the lab, suggesting that utility is less pronounced than what is found in classical measurements where expected utility is assumed. Utility for losses is found to be convex, consistent with diminishing sensitivity, and the obtained loss aversion coefficient of 1.6 is moderate but in agreement with contemporary evidence. The estimated probability weighing functions have an inverse-S shape and they imply pessimism in both domains. These results show that probability weighting is also an important phenomenon in the general population. Women and lower educated individuals are found to be more risk averse, in agreement with common findings. Unlike previous studies that ascribed gender differences in risk attitudes solely to differences in the degree utility curvature, however, our results show that this finding is primarily driven by loss aversion and, for women, also by a more pessimistic psychological response towards the probability of obtaining the best possible outcome.
Die Psychologie irrationaler Wirtschaftspolitik am Beispiel des Reformstaus
In: Discussion paper 00-12
Mainstream economists are reluctant to integrate features of bounded rationality into their behavioural assumptions. However, particularly in the field of economic policy the scope for irrational behaviour is given, since voters lack incentives for rational reasoning concerning their voting decision. The explanatory power of irrational behaviour is demonstrated for the example of reform resistance. Status quo preferences, endowment effects and loss aversion are typical deviations from full rationality and explain resistance against beneficial reforms even if there is full information. From this psychological perspective, a major precondition for the implementation of reforms is the loss of the status quo as an available option. This loss might result from changing external constraints caused by political integration (European Union) or market integration (globalisation). Test runs of policy options might also be helpful for overcoming psychological reform resistance.
Using behavioral economic field experiments at a large motor carrier: the context and design of the Truckers and Turnover Project
In: NBER working paper series 12976
The Truckers and Turnover Project is a statistical case study of a single firm and its employees which matches proprietary personnel and operational data to new data collected by the researchers to create a two-year panel study of a large subset of new hires. The project's most distinctive innovation is the data collection process which combines traditional survey instruments with behavioral economics experiments. The survey data include information on demographics, risk and loss aversion, time preference, planning, non-verbal IQ, and the MPQ personality profile. The data collected by behavioral economics experiments include risk and loss aversion, time preferences (discount rates), backward induction, patience, and the preference for cooperation in a social dilemma setting. Subjects will be followed over two years of their work lives. Among the major design goals are to discover the extent to which the survey and experimental measures are correlated, and whether and how much predictive power, with respect to key on-the-job outcome variables, is added by the behavioral measures. The panel study of new hires is being carried out against the backdrop of a second research component, the development of a more conventional in-depth statistical case study of the cooperating firm and its employees. This is a high-turnover service industry setting, and the focus is on the use of survival analysis to model the flow of new employees into and out of employment, and on the correct estimation of the tenure-productivity curve for new hires, accounting for the selection effects of the high turnover.
Externalities, Prospect Theory, and Social Construction: When Will Government Act, What Will Government Do?
In: Social science quarterly, Band 87, Heft 3
ISSN: 0038-4941
Objectives-Political theories of agenda setting and policy choice are still limited in predicting when an issue will become salient and, once it has, what policy option will be used to address it. This article illustrates that for a large class of externality problems, perspectives from three other social science disciplines can refine those predictions. Methods-A synthesis of implications from economics on assignment of property rights, loss aversion from prospect theory, and image of the policy target from social construction is used to determine the conditions under which issues gain attention and the likely policy solutions. Results-Assignment of property rights establishes a baseline used to assess any further government actions, with losses from that base more likely to generate political attention. The assignment of rights also determines if a problem is defined as a negative or positive externality, which restricts the type of policies used to address the problem. This initial allocation of rights is in turn affected both by the political power and social construction of the groups involved. Conclusions-The result is a bias in policy attention and outcomes strongly influenced by the norms used in assignment of property rights, which typically favor those generating the negative externality. References. Adapted from the source document.
Misapplied lessons?: 9/11 and the Iraq debate
In: The nonproliferation review: program for nonproliferation studies, Band 9, Heft 3, S. 47-66
ISSN: 1073-6700
World Affairs Online
Power Politics and the Balance of Risk: Hypotheses on Great Power Intervention in the Periphery
In: Political psychology: journal of the International Society of Political Psychology, Band 25, Heft 2, S. 177-212
ISSN: 0162-895X
Abkopplung und Entfremdung - Rußland und Ostmitteleuropa
In: Osteuropa, Band 51, Heft 4-5, S. 532-539
ISSN: 0030-6428
World Affairs Online