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1.
Daniel Friedman Kai Pommerenke Rajan Lukose Garrett Milam Bernardo A. Huberman 《Experimental Economics》2007,10(1):79-104
We seek to isolate in the laboratory factors that encourage and discourage the sunk cost fallacy. Subjects play a computer
game in which they decide whether to keep digging for treasure on an island or to sink a cost (which will turn out to be either
high or low) to move to another island. The research hypothesis is that subjects will stay longer on islands that were more
costly to find. Eleven treatment variables are considered, e.g. alternative visual displays, whether the treasure value of
an island is shown on arrival or discovered by trial and error, and alternative parameters for sunk costs. The data reveal
a surprisingly small sunk cost effect that is generally insensitive to the proposed psychological drivers.
Electronic Supplementary Material Supplementary material is available in the online version of this article at .
Jel Classification C91, D11 相似文献
2.
Bernardo A. Huberman Christoph H. Loch 《Journal of Organizational Computing & Electronic Commerce》2013,23(2):109-130
We present an analytical model of an organization that offers operational drivers of limits on team size. The model trades off benefits from collaborative problem solving against the disadvantages of diminishing motivation when groups get large. Collaboration is represented as parallel employee activity combined with frequent sharing of partial information, with a resulting superlinear performance increase over team size. Motivation is modeled by team members periodically setting an effort level either to contribute to the best of their ability or to “cruise”; at the minimum level not recognizable as shirking. Each individual decision is limited by bounded rationality based on team rewards, the time horizon of team interaction, and individual expectations about colleagues’ behavior. The decision collapses to a simple “barrier rule”;. Work hard when a certain “barrier percentage”; of team members work hard, and otherwise shirk. The influence of team size on this barrier percentage depends on the extent of benefits from collaboration: As long as performance increases quadratically with team size, the increased benefits resulting from collaboration exactly balance the temptation to shirk, with the barrier percentage approaching a fixed limit for large team sizes. As soon as the performance increase slows to anything less than quadratic, shirking eventually sets in and limits the possible size of the team. This implies that cooperation is sustainable in large organizational units, provided the problem‐solving processes used are powerful enough to ensure sufficient performance increases. Thus, effective problem‐solving methods are of double value, improving direct productivity and mitigating the social dilemma from team production. A manager should enlarge his or her organization up to the minimum of the limit set by the cooperation barrier and the exogenous performance limit. 相似文献
3.
This paper brings a historical perspective to debates on worktime differences across OECD countries, exploiting new data sets on hours of work per week, and days and hours of work per year between 1870 and 2000. We contest the popular view that the divergence in worktimes between Europe and North America and Australia is a recent phenomenon. Since 1870 the decline in weekly and annual hours was consistently greater in the Old World; the New World has had fewer days off for the last 130 years. Labor power and inequality, held to be important determinants of worktime after 1970, had comparable effects in the period before 1913. We find that given their levels of income in 1870 New World workers supplied relatively too many hours of work. 相似文献
4.
This volume sets a new yardstick for future research on thecotton industry, from early modern times to the present. Theeditors have brought an international perspective to a researcharea too long dominated by national or regional studies. Therehave been excellent comparative studies in the past, but thisvolume is distinguished by its unwavering commitment to studythe volume and means of exchanges and technology transfer acrossborders and oceans. With the exception of 相似文献
5.
Smart devices such as smartphones and tablets are used extensively in public spaces for the transmission and reception of content in the form of text, photos and streaming videos. Since the bandwidth provided for wireless access is limited in public areas, it becomes an issue for users to gain access to the bandwidth they need at the right times. While an omniscient controller could assign bandwidth to each device on the basis of their needs and overall availability, imperfect information about the instantaneous state of the wifi access patterns and needs of users make for a very inefficient allocation of such bandwidth. This paper provides a solution for bandwidth allocation by creating a market among users of smart devices so that they can bid for extra bandwidth when they need it and sell it when they don’t. They do so by using a virtual currency that is conserved so that each device owner maximizes his own utility. This utility function is composed of both the benefit accrued from accessing bandwidth and the loss of the currency incurred in bidding for such bandwidth. Extensive simulations show that this market-based method outperforms an omniscient model when demand is uncertain, while minimizing bandwidth consumption. 相似文献
6.
Contagious Speculation and a Cure for Cancer: A Nonevent that Made Stock Prices Soar 总被引:5,自引:0,他引:5
A Sunday New York Times article on a potential development of new cancer-curing drugs caused EntreMed's stock price to rise from 12.063 at the Friday close, to open at 85 and close near 52 on Monday. It closed above 30 in the three following weeks. The enthusiasm spilled over to other biotechnology stocks. The potential breakthrough in cancer research already had been reported, however, in the journal Nature , and in various popular newspapers (including the Times ) more than five months earlier. Thus, enthusiastic public attention induced a permanent rise in share prices, even though no genuinely new information had been presented. 相似文献
7.
8.
Gur Ofer 《Review of Income and Wealth》1973,19(4):363-384
This paper attempts to estimate genuine scale effects in retail trade from a cross section of retail stores in Israel. This is done by estimating a simple production function for several retail branches and employing the faithful old direct Cobb-Douglas structure with value added as output and labor and capital inputs. And indeed despite the well-known peculiarities of the retail industry, a cross section estimation produces “normal” production-function estimates with reasonable input elasticities. The estimates also identify marked increasing returns-to-scale parameters, higher in food and lower in branches less affected by consumer participation and geographical dispersion. These increasing returns may explain a good part of the increase in sales per unit of inputs observed in time series. 相似文献
9.
Gur Huberman 《Journal of Economic Theory》1984,33(2):232-248
This paper attempts to contribute to two rapidly growing branches in economic theory: asset pricing and “overlapping generations” models. The model is formulated and it is shown that equilibrium prices exist, and some of their properties are discussed. Then the model is applied to an asymmetric information environment to see if randomness in the number of informed agents could confuse the uninformed. Surprisingly, it could not. 相似文献
10.
Shortfall aversion reflects the higher utility loss of spending cuts from a reference than the utility gain from similar spending increases. Inspired by Prospect Theory's loss aversion and the peak‐end rule, this paper posits a model of utility from spending scaled by past peak spending. In contrast to traditional models, which call for spending rates proportional to wealth, the optimal policy in this model implies a constant spending rate equal to the historical peak when wealth is relatively large. The spending rate increases when wealth reaches a model‐determined multiple of peak spending. In 1926–2015, shortfall‐averse spending is smooth and typically increasing. 相似文献