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What you see is all there is
Enke, Benjamin - 2020
computational complexity of the decision problem. These results point to the context-dependence of what comes to mind and the …
Persistent link: https://www.econbiz.de/10012171711
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Incentive complexity, bounded rationality and effort provision
Abeler, Johannes; Huffman, David; Raymond, Collin - 2023
Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded … rationality can affect effort provision, by shrouding attributes of the incentives. In our setting, complexity leads workers to … cause large shifts in behavior. Our results illustrate important implications of complexity for designing and regulating …
Persistent link: https://www.econbiz.de/10014309731
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Who lacks pension knowledge, why and does it matter? : evidence from Swedish retirement savers
Elinder, Mikael; Hagen, Johannes; Nordin, Mattias; … - 2020
controlling for financial literacy and subjective knowledge. Moreover, a large majority state the complexity of the pension system … have sufficient knowledge. That the complexity of the pension system and individuals' proclivity to procrastinate are …
Persistent link: https://www.econbiz.de/10012384259
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Finite depth of reasoning and equilibrium play in games with incomplete information
Kets, Willemien - 2013
The standard framework for analyzing games with incomplete information models players as if they have an infinite depth of reasoning, which is not always consistent with experimental evidence. This paper generalizes the type spaces of Harsanyi (1967-1968) so that players can have a finite depth...
Persistent link: https://www.econbiz.de/10009782099
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Robust multiplicity with a grain of naiveté
Heifetz, Aviad; Kets, Willemien - 2013
In an important paper, Weinstein and Yildiz (2007) show that if players have an infinite depth of reasoning and this is commonly believed, types generically have a unique rationalizable action in games that satisfy a richness condition. We show that this result does not extend to environments...
Persistent link: https://www.econbiz.de/10010221860
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Pricing in retail financial markets and the fallacies of consumer education
Kosfeld, Michael; Schüwer, Ulrich - 2016
We analyze the consequences of consumer education on prices and welfare in retail financial markets when some consumers are naive about shrouded add-on prices and banks try to exploit this. Allowing for different information and pricing strategies we show that education is unlikely to push banks...
Persistent link: https://www.econbiz.de/10012061092
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Information overload in multi-stage selection procedures
Ficco, Stefano; Karamychev, Vladimir A. - 2004
The paper studies information processing imperfections in a fully rational decision-making network. It is shown that imperfect information transmission and imperfect information acquisition in a multi-stage selection game yield information overload. The paper analyses the mechanisms responsible...
Persistent link: https://www.econbiz.de/10011335195
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Capacity constraints and beliefs about demand
Vikander, Nick - 2010
This paper examines how a firm can strategically choose its capacity to manipulate consumer beliefs about aggregate demand. It looks at a market with social effects where consumers want to do what is popular, to buy what they believe others want to buy. By imposing a capacity constraint and...
Persistent link: https://www.econbiz.de/10011382750
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Add-on pricing in retail financial markets and the fallacies of consumer education
Kosfeld, Michael; Schüwer, Ulrich - 2014
This paper explores consequences of consumer education on prices and welfare in retail financial markets when some consumers are naive about shrouded add-on prices and firms try to exploit it. Allowing for different information and pricing strategies we show that education is unlikely to push...
Persistent link: https://www.econbiz.de/10010337570
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On the relevance of irrelevant information
Parakhonyak, Alexei - 2009
This paper analyses the role of information in the search process. Ibuild a simple model of a good with two random … which neither affect expected utility norits variance. These changes have a great impact on the search behaviour …:the customer may start to search the characteristics and buy the goodeven if she did not do so before. The optimal search rule is …
Persistent link: https://www.econbiz.de/10011379165