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Do Institutions Promote Rationality An Experimental Study Of The Three Door Anomaly
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Book Synopsis Do Institutions Promote Rationality? An Experimental Study of the Three-Door Anomaly by : Tilman Slembeck
Download or read book Do Institutions Promote Rationality? An Experimental Study of the Three-Door Anomaly written by Tilman Slembeck and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three-door problem is an example of a systematic violation of a key rationality postulate that has attracted much attention. In this seemingly simple individual decision task, most people initially fail to apply correctly Bayes' Law, and to make the payoff-maximizing choice. Previous experimental studies have shown that individual learning reduces the incidence of irrational choices somewhat, but is far from eliminating it. We experimentally study the roles of communication and competition as institutions to mitigate the choice anomaly. We show that the three-door anomaly can be entirely eliminated by these institutions.
Book Synopsis Do Institutional Promote Rationality? by : Tilman Slembeck
Download or read book Do Institutional Promote Rationality? written by Tilman Slembeck and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Monty Hall Problem by : Jason Rosenhouse
Download or read book The Monty Hall Problem written by Jason Rosenhouse and published by Oxford University Press. This book was released on 2009-06-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mathematicians call it the Monty Hall Problem, and it is one of the most interesting mathematical brain teasers of recent times. Imagine that you face three doors, behind one of which is a prize. You choose one but do not open it. The host--call him Monty Hall--opens a different door, always choosing one he knows to be empty. Left with two doors, will you do better by sticking with your first choice, or by switching to the other remaining door? In this light-hearted yet ultimately serious book, Jason Rosenhouse explores the history of this fascinating puzzle. Using a minimum of mathematics (and none at all for much of the book), he shows how the problem has fascinated philosophers, psychologists, and many others, and examines the many variations that have appeared over the years. As Rosenhouse demonstrates, the Monty Hall Problem illuminates fundamental mathematical issues and has abiding philosophical implications. Perhaps most important, he writes, the problem opens a window on our cognitive difficulties in reasoning about uncertainty.
Book Synopsis Behavioral Decision Analysis by : Florian M. Federspiel
Download or read book Behavioral Decision Analysis written by Florian M. Federspiel and published by Springer Nature. This book was released on with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Generating Predictability by : Christoph Engel
Download or read book Generating Predictability written by Christoph Engel and published by Cambridge University Press. This book was released on 2005-11-17 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human behaviour is infinitely complex, the result of thousands of interactions between predispositions, external factors and physical and cognitive processes. It is also highly unpredictable, which makes meaningful social engagement difficult without the aid of some external framework such as that offered by an institution. Both formal and informal institutions can provide the element of predictability necessary for successful, complex interactions, a factor which is often overlooked by institutional analysts and designers. Drawing on a wide range of disciplines including psychology, economics, and sociological and political studies, this book develops a coherent and accessible theory for explaining the unpredictability of individual behaviour. The author then highlights the danger of institutional reforms undermining the very capacity to generate predictability which is so central to their success. This book will appeal to academics, researchers and professionals in many fields including management studies, behavioural economics and the new, interdisciplinary field of institutional design.
Book Synopsis Economics of the Environment by : Robert N. Stavins
Download or read book Economics of the Environment written by Robert N. Stavins and published by Edward Elgar Publishing. This book was released on 2019 with total page 779 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics of the Environment, Seventh Edition is a compendium of the best, most timely articles by a dream team of environmental economists, together with an original introductory chapter by the editor. Now in its seventh edition, Economics of the Environment serves as a valuable supplement to environmental economics text books and as a stand-alone reference book of key, up-to-date readings from the field. Edited by Robert N. Stavins, the book covers the core areas of environmental economics courses as taught around the world; and the included authors are the top scholars in the field. Overall, more than half of the chapters are new to this edition while the rest have remained seminal works.
Book Synopsis U.C. Davis Law Review by : University of California, Davis. School of Law
Download or read book U.C. Davis Law Review written by University of California, Davis. School of Law and published by . This book was released on 2003 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Management Science written by and published by . This book was released on 2005 with total page 642 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issues for Feb. 1965-Aug. 1967 include Bulletin of the Institute of Management Sciences.
Download or read book Finance India written by and published by . This book was released on 2005 with total page 1750 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Monty Hall Dilemma by : Donald Granberg
Download or read book The Monty Hall Dilemma written by Donald Granberg and published by . This book was released on 2014-12-09 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cognitive illusion occurs when the obvious answer to a thought question turns out to be incorrect. Psychological reality conflicts with objective reality. The Monty Hall Dilemma is a cognitive illusion par excellence originating in the "Let's Make a Deal" television game show in which a contestant selects one of three doors hoping that it hides the grand prize (like a new car!). After an initial guess has been made, host Monty Hall reveals a consolation prize (like a goat!) behind one of the other doors. The contestant's dilemma is whether to stay with the first choice or switch to the remaining unchosen door. Popular PARADE magazine columnist, Marilyn vos Savant, writing about the Monty Hall dilemma, received thousands of letters from readers most of whom contested her surprising solution to this dilemma. Knowing about cognitive illusions in general (several are presented here) and the Monty Hall Dilemma in particular should alert readers to the possibility that ordinary reasoning and common sense don't always apply even though people have a tendency to stick with their initial hunches.
Download or read book The American Economic Review written by and published by . This book was released on 1998 with total page 784 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Advances in Decision Making Under Risk and Uncertainty by : Mohammed Abdellaoui
Download or read book Advances in Decision Making Under Risk and Uncertainty written by Mohammed Abdellaoui and published by Springer Science & Business Media. This book was released on 2008-08-29 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.
Download or read book The Crowd written by Gustave Le Bon and published by . This book was released on 1897 with total page 680 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Violence and Social Orders by : Douglass Cecil North
Download or read book Violence and Social Orders written by Douglass Cecil North and published by Cambridge University Press. This book was released on 2009-02-26 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book integrates the problem of violence into a larger framework, showing how economic and political behavior are closely linked.
Book Synopsis Capital as Power by : Jonathan Nitzan
Download or read book Capital as Power written by Jonathan Nitzan and published by Routledge. This book was released on 2009-06-02 with total page 853 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conventional theories of capitalism are mired in a deep crisis: after centuries of debate, they are still unable to tell us what capital is. Liberals and Marxists both think of capital as an ‘economic’ entity that they count in universal units of ‘utils’ or ‘abstract labour’, respectively. But these units are totally fictitious. Nobody has ever been able to observe or measure them, and for a good reason: they don’t exist. Since liberalism and Marxism depend on these non-existing units, their theories hang in suspension. They cannot explain the process that matters most – the accumulation of capital. This book offers a radical alternative. According to the authors, capital is not a narrow economic entity, but a symbolic quantification of power. It has little to do with utility or abstract labour, and it extends far beyond machines and production lines. Capital, the authors claim, represents the organized power of dominant capital groups to reshape – or creorder – their society. Written in simple language, accessible to lay readers and experts alike, the book develops a novel political economy. It takes the reader through the history, assumptions and limitations of mainstream economics and its associated theories of politics. It examines the evolution of Marxist thinking on accumulation and the state. And it articulates an innovative theory of ‘capital as power’ and a new history of the ‘capitalist mode of power’.
Book Synopsis Efficiency and Anomalies in Stock Markets by : Wing-Keung Wong
Download or read book Efficiency and Anomalies in Stock Markets written by Wing-Keung Wong and published by Mdpi AG. This book was released on 2022-02-17 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies.
