Arbeitspapier
Strategies, heuristics and the relevance of risk aversion in a dynamic decision problem
In this paper I consider a complex decision problem where subjects have to cope with a time horizon of uncertain duration and must update their termination probabilities which depend on stochastic events during life. First I describe how economic theory suggests to solve the decision problem. But since real decision makers can hardly be expected to behave according to the theoretical solution in the problem at hand, I describe several heuristics or rules of thumb and investigate their theoretical performance. Then observed behavior and the way how people tackled the problem is described. In the second part of the paper I discuss how much of the data can be explained by assuming that experimental subjects are risk averse.
- Sprache
-
Englisch
- Erschienen in
-
Series: SFB 373 Discussion Paper ; No. 1999,61
- Klassifikation
-
Wirtschaft
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Müller, Wieland
- Ereignis
-
Veröffentlichung
- (wer)
-
Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes
- (wo)
-
Berlin
- (wann)
-
1999
- Handle
- URN
-
urn:nbn:de:kobv:11-10046519
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Müller, Wieland
- Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes
Entstanden
- 1999
Ähnliche Objekte (12)
Strategies, Heuristics and the Relevance of Risk Aversion in a Dynamic Decision Problem
Heuristics as Decision Rules
Age effects and heuristics in decision making
Hard Examples for Common Variable Decision Heuristics
Age effects and heuristics in decision making
Decision making styles and the use of heuristics in decision making
Heuristics as decision rules: Part I: the single consumer
Decision heuristics in contexts integrating action selection and execution
Decision heuristics in contexts integrating action selection and execution
Overconfidence and loss aversion in economic decision making
Overconfidence and Loss Aversion in Economic Decision Making
How heuristics in judgement influence the securities investment decision process
Strategies, Heuristics and the Relevance of Risk Aversion in a Dynamic Decision Problem
Heuristics as Decision Rules
Age effects and heuristics in decision making
Hard Examples for Common Variable Decision Heuristics
Age effects and heuristics in decision making
Decision making styles and the use of heuristics in decision making
Heuristics as decision rules: Part I: the single consumer
Decision heuristics in contexts integrating action selection and execution
Decision heuristics in contexts integrating action selection and execution
Overconfidence and loss aversion in economic decision making
Overconfidence and Loss Aversion in Economic Decision Making
How heuristics in judgement influence the securities investment decision process
Strategies, Heuristics and the Relevance of Risk Aversion in a Dynamic Decision Problem
Heuristics as Decision Rules
Age effects and heuristics in decision making
Hard Examples for Common Variable Decision Heuristics
Age effects and heuristics in decision making
Decision making styles and the use of heuristics in decision making
Heuristics as decision rules: Part I: the single consumer
Decision heuristics in contexts integrating action selection and execution
Decision heuristics in contexts integrating action selection and execution
Overconfidence and loss aversion in economic decision making
Overconfidence and Loss Aversion in Economic Decision Making