Universität zu Köln

Essays on Behavior under Risk and Uncertainty

Stauf, Julia (2012) Essays on Behavior under Risk and Uncertainty. PhD thesis, Universität zu Köln.

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    Abstract

    This thesis consists of four experimental studies that investigate human behavior under risk and uncertainty in different settings. While the first two studies deal with individual risky decision-making, the third and fourth study are concerned with strategic interaction. In the first paper, we show that individuals hold systematically wrong beliefs about their success probabilities in a given task. Nonetheless, we find that the average belief on the population level is quite accurate. In the second paper, we show that a number of individuals change their risk-taking behavior if their decisions additionally affect a second, passive party, and that they are influenced by the decisions of others, whereas standard theory predicts that none of these factors should have any effect. In the strategic setting in the third paper, we find that standard theory predicts actual behavior in the experiment fairly well; yet, we find that a substantial number of subjects repeatedly chooses strategies that should never be chosen according to standard theory. Finally, in the fourth study, we show that accounting for preferences for efficiency allows for a better organization of our data than standard theory alone.

    Item Type: Thesis (PhD thesis)
    Creators:
    CreatorsEmail
    Stauf, Juliajulia.stauf@googlemail.com
    URN: urn:nbn:de:hbz:38-50301
    Subjects: Economics
    Uncontrolled Keywords:
    KeywordsLanguage
    Risk and uncertainty, social preferences, behavioral economicsEnglish
    Faculty: Wirtschafts- u. Sozialwissenschaftliche Fakultät
    Divisions: Wirtschafts- u. Sozialwissenschaftliche Fakultät > Staatswissenschaftliches (Volkswirtschaftliches) Seminar
    Language: English
    Date: 08 November 2012
    Date Type: Publication
    Date of oral exam: 21 January 2013
    Full Text Status: Public
    Date Deposited: 13 Feb 2013 14:30:38
    Referee
    NameAcademic Title
    Ockenfels, AxelProf. Dr.
    Irlenbusch, BerndProf. Dr.
    URI: http://kups.ub.uni-koeln.de/id/eprint/5030

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