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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Viefers, Paul | en |
dc.date.accessioned | 2012-08-24 | - |
dc.date.accessioned | 2012-08-24T14:08:52Z | - |
dc.date.available | 2012-08-24T14:08:52Z | - |
dc.date.issued | 2012 | - |
dc.identifier.uri | http://hdl.handle.net/10419/61311 | - |
dc.description.abstract | This paper investigates the impact of uncertainty on an irreversible investment decisions in the laboratory. Subjects own the option to seize a claim on the future sum of realizations from an (ambiguous) random walk. I contrast model predicitions of the Subjective Expected Utility model (SEU, Savage, 1954) with model predictions made by Multiple-prior Expected Utility models (MEU, Gilboa & Schmeidler, 1989; Epstein & Schneider, 2003b). I present an experimental design that allows to identify behaviorally meaningful deviations from SEU. Observed behavior is at odds with the SEU prediction. On average, subjects in a treatment group, facing an ambiguous random walk, exhibit an ambiguity premium that presents a mark-up on average reservation profits in a control group. Hence, subjects shun to expose themselves to an ambiguous payoff process and invest later than participants facing a risky payoff process. | en |
dc.language.iso | eng | en |
dc.publisher | |aDeutsches Institut für Wirtschaftsforschung (DIW) |cBerlin | en |
dc.relation.ispartofseries | |aDIW Discussion Papers |x1228 | en |
dc.subject.jel | D80 | en |
dc.subject.jel | D83 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Ambiguity aversion | en |
dc.subject.keyword | multiple priors | en |
dc.subject.keyword | optimal stopping | en |
dc.subject.keyword | irreversible investment | en |
dc.title | Should I stay or should I go? A laboratory analysis of investment opportunities under ambiguity | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 722221460 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:diw:diwwpp:dp1228 | en |
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