Source Dependence in Effort Provision
International Economic Review, Volume 65, Issue 3, Page 1499-1517, August 2024.Abstract We examine source dependence in the setting of effort provision. Our first experiment elicits preference over uncertain piece rate schemes to perform a real‐effort task. Our second experiment elicits effort after receiving an uncertain gift. We vary the probability of winning and the familiarity of natural sources of uncertainty.
Yiting Chen, Songfa Zhong
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Market or clan: A comparative study of risk sharing institutional evolution in China and Europe
International Studies of Economics, Volume 19, Issue 2, Page 293-327, June 2024.Abstract In the psychological and sociological framework of risk, we establish a static and dynamic equilibrium model for risk‐sharing institutional evolution. Particularly, through a comparative study of marine insurance development in China and Europe, we address a wide set of research questions concerning why China and Europe relied on different ...
Wenge Zhu
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The effects of awe‐eliciting experiences on consumers' aversion to choice ambiguity
Psychology &Marketing, Volume 41, Issue 6, Page 1193-1205, June 2024.Abstract Experiencing awe elicits feelings of both being part of something that is bigger than oneself (self‐transcendence) and a sense, or feeling, of smallness. Our studies show that these distinct responses serve as mechanisms of action that have both main and mediating effects on consumer preference in ambiguous choice contexts. Across five studies,
Kamal Ahmmad +3 more
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Ellsberg Paradox and Disposition Effect
Journal of Resilient Economies (ISSN: 2653-1917)The Ellsberg paradox can help us understand how ambiguity can induce asset liquidation, which is reflected by gain or loss realization in the disposition effect. This study investigates the impact of ambiguity (as the Ellsberg Paradox describes) and framing effects on the disposition effect in asset liquidation decisions. By integrating prospect theory
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Daniel Ellsberg on the Ellsberg Paradox
, 2015 Even though Daniel Ellsberg’s 1961 article “Risk, ambiguity and the Savage axioms” is well-known and increasingly quoted in current decision theory, introducing the counterexample to Bayesian decision-making that got the normative value of Savage’s theory into trouble, its philosophical background remains totally unknown. This paper examines Ellsberg’s
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A Unified, Resource-Rational Account of the Allais and Ellsberg Paradoxes.
, 2021 Decades of empirical and theoretical research on human decision-making has broadly categorized it into two, separate realms: decision-making under risk and decision-making under uncertainty, with the Allais paradox and the Ellsberg paradox being a prominent example of each, respectively.
Nobandegani, Ardavan S. +2 more
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Cognitive modeling for understanding interactions between people and decision support tools in complex and uncertain environments: A study protocol. [PDF]
PLoS One, 2023 Molina I +8 more
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Structural credit risk model driven by Lévy process under knight uncertainty. [PDF]
Ann Oper Res, 2023 Tang Z, Zhong B, Zhou L, Shen C.
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Giving more detailed information about health insurance encourages consumers to choose compromise options. [PDF]
Front Psychol, 2023 Chick SE, Hawkins SA, Soberman D.
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Evaluating and selecting arguments in the context of higher order uncertainty. [PDF]
Front Artif Intell, 2023 Straßer C, Michajlova L.
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