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How to cope with (new) uncertainties : a bounded rationality approach
Güth, Werner; Kliemt, Hartmut - 2015
A rigorous reconstruction of scenario-based real choice making reveals the incompleteness of decision-modeling and the practical prevalence of uncertainty. Theoretically complete models conceal it. As a remedy a scenario-based procedure of coping with uncertainty can prescribe how the boundedly...
Persistent link: https://www.econbiz.de/10011283827
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Aspiration formation and satisficing in isolated and competitive search
Güth, Werner; Martin, Ev; Weiland, Torsten - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2006
We experimentally explore individual and interactive decision making in a sequential search task and test whether … explain the observed search behavior. Subjects can, at a cost, employ screening and selection methods facilitating their … search and revealing their aspirations. The majority of subjects seems to follow the single threshold heuristic after …
Persistent link: https://www.econbiz.de/10005252191
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Nudging als politisches Instrument: Gute Absicht oder staatlicher Übergriff?
Bruttel, Lisa V.; Stolley, Florian; Güth, Werner; … - In: Wirtschaftsdienst 94 (2014) 11, pp. 767-791
Die Verhaltensökonomie und ihre praktischen Implikationen geraten immer stärker in den Fokus auch der deutschen Politik. Individuelle Entscheidungen sollen im Sinne eines "libertären Paternalismus" sanft beeinflusst werden. Die 'Nudges' bestehen in Standardvorgaben, Selbstbindungen und der...
Persistent link: https://www.econbiz.de/10011617629
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How to cope with (new) uncertainties: A bounded rationality approach
Güth, Werner; Kliemt, Hartmut - 2015
A rigorous reconstruction of scenario-based real choice making reveals the incompleteness of decision-modeling and the practical prevalence of uncertainty. Theoretically complete models conceal it. As a remedy a scenario-based procedure of coping with uncertainty can prescribe how the boundedly...
Persistent link: https://www.econbiz.de/10011282453
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Illusion of Expertise in Portfolio Decisions: An Experimental Approach
Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut zur Erforschung von … - 2001
This paper focuses on egocentric biases in financial decisions. Subjects first design a portfolio, whereby each combination of assets yields the same expected return and variance of returns. (...)
Persistent link: https://www.econbiz.de/10005845214
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Illusion of Expertise in Portfolio Decisions - An Experimental Approach -
Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2001
Overall, 72 subjects invest their endowment in four risky assets. Each combination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four subjects...
Persistent link: https://www.econbiz.de/10005765210
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Illusion of Expertise in Portfolio Decisions:An Experimental Approach
Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - Max-Planck-Institut für Ökonomik <Jena> / Abteilung … - 2001
This paper focuses on egocentric biases in financial decisions. Subjects first designa portfolio, whereby each combination of assets yields the same expected returnand variance of returns. They are then confronted with two alternative portfolios;the average portfolio and the portfolio of one’s...
Persistent link: https://www.econbiz.de/10005867327
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Nudging als politisches Instrument : gute Absicht oder staatlicher Übergriff?
Bruttel, Lisa V.; Stolley, Florian; Güth, Werner - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 94 (2014) 11, pp. 767-791
Die Verhaltensökonomie und ihre praktischen Implikationen geraten immer stärker in den Fokus auch der deutschen Politik. Individuelle Entscheidungen sollen im Sinne eines "libertären Paternalismus" sanft beeinflusst werden. Die „Nudges“ bestehen in Standardvorgaben, Selbstbindungen und...
Persistent link: https://www.econbiz.de/10010431519
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Illusion of Expertise in Portfolio Decisions : An Experimental Approach
Fellner-Röhling, Gerlinde - 2004
Overall, 72 subjects invest their endowment in four risky assets. Each combination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four,...
Persistent link: https://www.econbiz.de/10012786190
Cover Image
Illusion of expertise in portfolio decisions : an experimental approach
Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - 2001
Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...
Persistent link: https://www.econbiz.de/10011408429