EBookClubs

Read Books & Download eBooks Full Online

EBookClubs

Read Books & Download eBooks Full Online

Book Risk Aversion in Experiments

Download or read book Risk Aversion in Experiments written by G.W. Harrison and published by Emerald Group Publishing. This book was released on 2008-02-29 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research utilizing laboratory experimental methods in economics.

Book Handbook of Experimental Economics Results

Download or read book Handbook of Experimental Economics Results written by Charles R. Plott and published by Elsevier. This book was released on 2008-08-21 with total page 1175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental methods in economics respond to circumstances that are not completely dictated by accepted theory or outstanding problems. While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appear blurred and may produce results that vary from strong support to little or partial support of the relevant theory. At a recent conference, a question was asked about where experimental methods might be more useful than field methods. Although many cannot be answered by experimental methods, there are questions that can only be answered by experiments. Much of the progress of experimental methods involves the posing of old or new questions in a way that experimental methods can be applied. The title of the book reflects the spirit of adventure that experimentalists share and focuses on experiments in general rather than forcing an organization into traditional categories that do not fit. The emphasis reflects the fact that the results do not necessarily demonstrate a consistent theme, but instead reflect bits and pieces of progress as opportunities to pose questions become recognized. This book is a result of an invitation sent from the editors to a broad range of experimenters asking them to write brief notes describing specific experimental results. The challenge was to produce pictures and tables that were self-contained so the reader could understand quickly the essential nature of the experiments and the results.

Book Predictably Rational

Download or read book Predictably Rational written by Richard B. McKenzie and published by Springer Science & Business Media. This book was released on 2009-10-21 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream economists everywhere exhibit an "irrational passion for dispassionate rationality." Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models "can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the will power of Mahatma Gandhi," suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are "predictably irrational," a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.

Book Prospect Theory

Download or read book Prospect Theory written by Daniel Kahneman and published by . This book was released on 1979 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Handbook of the Economics of Risk and Uncertainty

Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics

Book Risk Aversion in Experiments

Download or read book Risk Aversion in Experiments written by G.W. Harrison and published by Emerald Group Publishing. This book was released on 2008-02-29 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research utilizing laboratory experimental methods in economics.

Book Experiments in decision making under Risk

Download or read book Experiments in decision making under Risk written by Michał Wiktor Krawczyk and published by Rozenberg Publishers. This book was released on 2009 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Essays on the measurements sensitivity of risk aversion and causal effects in education

Download or read book Essays on the measurements sensitivity of risk aversion and causal effects in education written by Adam Sanoé Booij and published by Rozenberg Publishers. This book was released on 2009 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Prospect Theory

Download or read book Prospect Theory written by Peter P. Wakker and published by Cambridge University Press. This book was released on 2010-07-22 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.

Book Achievement Relocked

Download or read book Achievement Relocked written by Geoffrey Engelstein and published by MIT Press. This book was released on 2020-02-18 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: How game designers can use the psychological phenomenon of loss aversion to shape player experience. Getting something makes you feel good, and losing something makes you feel bad. But losing something makes you feel worse than getting the same thing makes you feel good. So finding $10 is a thrill; losing $10 is a tragedy. On an “intensity of feeling” scale, loss is more intense than gain. This is the core psychological concept of loss aversion, and in this book game creator Geoffrey Engelstein explains, with examples from both tabletop and video games, how it can be a tool in game design. Loss aversion is a profound aspect of human psychology, and directly relevant to game design; it is a tool the game designer can use to elicit particular emotions in players. Engelstein connects the psychology of loss aversion to a range of phenomena related to games, exploring, for example, the endowment effect—why, when an object is ours, it gains value over an equivalent object that is not ours—as seen in the Weighted Companion Cube in the game Portal; the framing of gains and losses to manipulate player emotions; Deal or No Deal’s use of the utility theory; and regret and competence as motivations, seen in the context of legacy games. Finally, Engelstein examines the approach to loss aversion in three games by Uwe Rosenberg, charting the designer’s increasing mastery.

Book An Experimental Test for Risk Aversion

Download or read book An Experimental Test for Risk Aversion written by Glenn W. Harrison and published by . This book was released on 1986 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book The Role of Risk Aversion in the Allocation of Resources to Invention

Download or read book The Role of Risk Aversion in the Allocation of Resources to Invention written by Kenneth H. Kelly and published by . This book was released on 1982 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Risk Aversion and Preference Distortion in Deterministic Bargaining Experiments

Download or read book Risk Aversion and Preference Distortion in Deterministic Bargaining Experiments written by Glenn W. Harrison and published by . This book was released on 1986 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Measuring Risk Aversion

Download or read book Measuring Risk Aversion written by Donald J. Meyer and published by Now Publishers Inc. This book was released on 2006 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a detailed discussion of the adjustment of risk references and how to go about making such adjustments to a common scale. By adjusting all information to this common scale, results across studies can be easily summarized and compared, and the body of information concerning risk aversion can be examined as a whole

Book Law  Psychology  and Morality

    Book Details:
  • Author : Eyal Zamir
  • Publisher : Oxford University Press, USA
  • Release : 2015
  • ISBN : 0199972052
  • Pages : 278 pages

Download or read book Law Psychology and Morality written by Eyal Zamir and published by Oxford University Press, USA. This book was released on 2015 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prospect theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse: the disutility generated by a loss is greater than the utility produced by a commensurate gain. Loss aversion is related to such phenomena as the status quo and omission biases, the endowment effect, and escalation of commitment. The book systematically analyzes the relationships between loss aversion and the law.

Book Behavioural Economics  A Very Short Introduction

Download or read book Behavioural Economics A Very Short Introduction written by Michelle Baddeley and published by Oxford University Press. This book was released on 2017-01-19 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally economists have based their economic predictions on the assumption that humans are super-rational creatures, using the information we are given efficiently and generally making selfish decisions that work well for us as individuals. Economists also assume that we're doing the very best we can possibly do - not only for today, but over our whole lifetimes too. But increasingly the study of behavioural economics is revealing that our lives are not that simple. Instead, our decisions are complicated by our own psychology. Each of us makes mistakes every day. We don't always know what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copy others around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions. The implications of understanding the rationale for our own financial behaviour are huge. Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. Michelle Baddeley concludes by looking forward, to see what the future of behavioural economics holds for us. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.

Book Institutions  Equilibria and Efficiency

Download or read book Institutions Equilibria and Efficiency written by Christian Schultz and published by Springer Science & Business Media. This book was released on 2006-04-22 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition and efficiency is at the core of economic theory. This volume collects papers of leading scholars, which extend the conventional general equilibrium model in important ways: Efficiency and price regulation are studied when markets are incomplete and existence of equilibria in such settings is proven under very general preference assumptions. The model is extended to include geographical location choice, a commodity space incorporating manufacturing imprecision and preferences for club-membership, schools and firms. Inefficiencies arising from household externalities or group membership are evaluated. Core equivalence is shown for bargaining economies. The theory of risk aversion is extended and the relation between risk taking and wealth is experimentally investigated. Other topics include determinacy in OLG with cash-in-advance constraints, income distribution and democracy in OLG, learning in OLG and in games, optimal pricing of derivative securities, the impact of heterogeneity at the individual level for aggregate consumption, and adaptive contracting in view of uncertainty.