4 found
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  1.  66
    Attitudes Toward Uncertainty Among the Poor: An Experiment in Rural Ethiopia.Alpaslan Akay, Peter Martinsson, Haileselassie Medhin & Stefan T. Trautmann - 2012 - Theory and Decision 73 (3):453-464.
    We investigate risk and ambiguity attitudes among Ethiopian farmers in one of the poorest regions of the world. Strong risk aversion and ambiguity aversion were found with the Ethiopian farmers. We compared their attitudes to those of a Western university student sample elicited by the same decision task. Ambiguity aversion was similar for farmers and students, but farmers were more risk averse. Our results show that ambiguity aversion is not restricted to Western student populations, and that studies of agricultural decisions (...)
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  2.  77
    Individual Fairness in Harsanyi’s Utilitarianism: Operationalizing All-Inclusive Utility. [REVIEW]Stefan T. Trautmann - 2010 - Theory and Decision 68 (4):405-415.
    Fairness can be incorporated into Harsanyi’s utilitarianism through all-inclusive utility. This retains the normative assumptions of expected utility and Pareto-efficiency, and relates fairness to individual preferences. It makes utilitarianism unfalsifiable, however, if agents’ all-inclusive utilities are not explicitly specified. This note proposes a two-stage model to make utilitarian welfare analysis falsifiable by specifying all-inclusive utilities explicitly through models of individual fairness preferences. The approach is applied to include fairness in widely discussed allocation examples.
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  3.  40
    Common Consequence Effects in Pricing and Choice.Ulrich Schmidt & Stefan T. Trautmann - 2014 - Theory and Decision 76 (1):1-7.
    This paper presents an experimental study of common consequence effects in binary choice, willingness-to-pay elicitation, and willingness-to-accept elicitation. We find strong evidence in favor of the fanning out hypothesis for both WTP and WTA. In contrast, the choice data do not show a clear pattern of violations in the absence of certainty effects. Our results underline the relevance of differences between pricing and choice tasks, and their implications for models of decision making under risk.
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  4.  16
    Distance From a Distance: The Robustness of Psychological Distance Effects.Stefan T. Trautmann - 2019 - Theory and Decision 87 (1):1-15.
    Psychological distance effects have attracted the attention of behavioral economists in the context of descriptive modeling and behavioral policy. Indeed, psychological distance effects have been shown for an increasing number of domains and applications relevant to economic decision-making. The current paper questions whether these effects are robust enough for economists to apply them to relevant policy questions. We demonstrate systematic replication failures for the distance-from-a-distance effect shown by Maglio et al., and relate them to theoretical arguments suggesting that psychological distance (...)
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