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This paper reports the results of an experiment that brings together psychological measures of competence and … ambiguous lotteries in a financial decision context. The experiment can be viewed in two parts. The first part replicates an … used to explain elicited certainty equivalents in the second part of the experiment. Certainty equivalents were elicited …
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methodology, we conducted a laboratory experiment that allowed us to isolate behavioral biases and personality traits and measure …
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Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under risky conditions. EUT uses a theoretical device called von Neumann-Morgenstern utility function, where concepts of function and random variable are employed in their...
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Current time allocation and household production models face three major weaknesses: First, they only describe the average time allocation. Thus, information about the order of activities is lost. Therefore, it is impossible to describe the influence of activities on later ones. Such...
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than Italian-speaking children to delay gratification in an intertemporal choice experiment. The difference remains … from a bilingual city in Northern Italy. We find that German-speaking primary school children are about 46% more likely …
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