Archivio per ottobre 2012

30
Ott
12

Ambiguity Attitudes and Economic Behavior: Evidence from a U.S. Household Survey by Stephen Dimmock, Roy Kouwenberg, Olivia Mitchell, Kim Peijnenburg :: SSRN

See on Scoop.itBounded Rationality and Beyond

Abstract:
We measure the ambiguity attitudes of a representative sample of U.S. households using a custom-designed module in the American Life Panel, and we test the relation between ambiguity attitudes and economic behavior. Our results show that ambiguity attitudes vary across people: about half are ambiguity averse, around 10% are ambiguity neutral, and close to 40% are ambiguity seeking. Within-subject attitudes are sensitive to the likelihood of ambiguous events, with a tendency to overweight unlikely events and to underweight highly likely events, a pattern termed ‘ambiguity-likelihood insensitivity.’ We test whether individuals’ ambiguity attitudes can explain their decisions regarding equity market participation, asset allocation, retirement planning efforts, and insurance ownership. Results are largely consistent with theoretical predictions: higher ambiguity aversion is associated with less equity market participation, a lower fraction of financial wealth allocated to stocks, and people engage in more retirement planning. High ambiguity-likelihood insensitivity is associated with a higher probability of owning insurance.

See on papers.ssrn.com

30
Ott
12

Irrationality and Economic Behavior

See on Scoop.itBounded Rationality and Beyond

In a perfectly rational world, Ted the taxi driver works long hours on days with many customers and goes home early on bad days to save money on driving. On the other side of the world, Mexican farming couple Carlos and Verónica send their children to the new school built in the next town, because they know that education will lead to a job that will make up for the time not spent on the farm. Ted, Carlos and Verónica demonstrate what is a central tenet of classical economic theory : the belief in homo economicus, the rational economic man—a being that makes fully calculated decisions in a rational manner to achieve the best possible outcome for himself.

See on econintersect.com

30
Ott
12

How to Inculcate Human Values

See on Scoop.itBounded Rationality and Beyond

Human values are closely integrated with human life. They are intertwined with our day to day chores. No human life is possible without values. Yes every living human being lives by certain values. It is only the proportion and combination of negative and positive values which separates a noble human being from a not so noble human being.

See on www.wikihow.com

29
Ott
12

I’ll Stop Procrastinating… Tomorrow

See on Scoop.itBounded Rationality and Beyond

 As part of the Predictably Irrational series, this video explores the phenomenon of procrastination.Watch how students start a semester with wide eyes and sharpened pencils, but end with…

See on www.linkedin.com

29
Ott
12

Social Power and Morality

See on Scoop.itBounded Rationality and Beyond

The following is taken from the graduation speech of Michael Lewis at Princeton in 2012.

In it, he discusses an experiment that explores the relationship between power and morality.“…… a pair of researchers in the Cal psychology department staged an experiment. They began by grabbing students, as lab rats. Then they broke the students into teams, segregated by sex. Three men, or three women, per team. Then they put these teams of three into a room, and arbitrarily assigned one of the three to act as leader. Then they gave them some complicated moral problem to solve: say what should be done about academic cheating, or how to regulate drinking on campus.

Exactly 30 minutes into the problem-solving the researchers interrupted each group. They entered the room bearing a plate of cookies. Four cookies. The team consisted of three people, but there were these four cookies. Every team member obviously got one cookie, but that left a fourth cookie, just sitting there. It should have been awkward. But it wasn’t. With incredible consistency the person arbitrarily appointed leader of the group grabbed the fourth cookie, and ate it. Not only ate it, but ate it with gusto: lips smacking, mouth open, drool at the corners of their mouths. In the end all that was left of the extra cookie were crumbs on the leader’s shirt.

This leader had performed no special task. He had no special virtue. He’d been chosen at random, 30 minutes earlier. His status was nothing but luck. But it still left him with the sense that the cookie should be his.”

See on www.linkedin.com

29
Ott
12

Women + Men + Math = ?

See on Scoop.itBounded Rationality and Beyond

In the experiments my colleagues and I have run on cheating, we’ve used a task in which pride about personal performance and ability has no part. The matrix test is merely a search task (wherein participants find the two numbers out of 12 that add up to 10) rather than a skill. It’s not something you’re going to brag to your friends about in all likelihood.

See on www.linkedin.com

28
Ott
12

Controvento – Neuroeconomia: mappe d’interdisciplinarità

See on Scoop.itBounded Rationality and Beyond

La neuroeconomia è un settore di ricerca spiccatamente interdisciplinare che trae ispirazione dalla psicologia, dalle neuroscienze e dalle scienze sociali; in realtà, da specifiche sottodiscipline all’interno di queste macroaree.

See on matteomotterlini.blog.ilsole24ore.com




Time is real? I think not

ottobre: 2012
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