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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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Algorithmic rationality: Game theory with costly computation
Halpern, Joseph Y.; Pass, Rafael - In: Journal of Economic Theory 156 (2015) C, pp. 246-268
We develop a general game-theoretic framework for reasoning about strategic agents performing possibly costly computation. In this framework, many traditional game-theoretic results (such as the existence of a Nash equilibrium) no longer hold. Nevertheless, we can use the framework to provide...
Persistent link: https://www.econbiz.de/10011189764
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Bounded reasoning and higher-order uncertainty
Kets, Willemien - 2012
The standard framework for analyzing games with incomplete information models players as if they form beliefs about their opponents' beliefs about their opponents' beliefs and so on, that is, as if players have an infinite depth of reasoning. This strong assumption has nontrivial implications,...
Persistent link: https://www.econbiz.de/10010282936
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Everyday econometricians: Selection neglect and overoptimism when learning from others
Barron, Kai; Huck, Steffen; Jehiel, Philippe - 2019
In this paper, we design an investment game which allows us to study the influence of selection when learning from others. Using the theoretical study of selection neglect in Jehiel (2018) as a guide, we test (i) for the presence of selection neglect in this investment context, and (ii) some...
Persistent link: https://www.econbiz.de/10011984926
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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/10012660614
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An Approach to Robust Decision Making: The Rationality of Heuristic Behavior
Pasche, Markus - Wirtschaftswissenschaftliche Fakultät, … - 1998
Empirical studies show that decisions deviate from the predictions of expected utility theory and violate the axiomatic foundations. Hence, many generalizations to non-expected utility theory have been developped. But empirically they did not provide an improvement over the standard approach. In...
Persistent link: https://www.econbiz.de/10005786083
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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/10010352842
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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/10010352864