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dc.contributor.authorPope, Robinen
dc.contributor.authorSelten, Reinharden
dc.contributor.authorKube, Sebastianen
dc.date.accessioned2009-08-17-
dc.date.accessioned2010-07-29T10:09:02Z-
dc.date.available2010-07-29T10:09:02Z-
dc.date.issued2009-
dc.identifier.urihttp://hdl.handle.net/10419/37043-
dc.description.abstractThis paper introduces a new theoretic entity, a nominalist heuristic, defined as a focus on prominent numbers, indices or ratios. Abstractions used in the evaluation stage of decision making typically involve nominalist heuristics that are incompatible with expected utility theory which excludes the evaluation stage, and are also incompatible with prospect theory which assumes that, while the evaluation procedure can involve systematic mistakes, the overall decision situation is nevertheless sufficiently simple: 1) for economists and psychologists to identify what is a mistake, and 2) to be compatible with maximisation. But in the typical complex situation giving rise to nominalist heuristics neither 1) nor 2) hold, and therefore what is required is a fundamentally different class of models that allow for the progressive anticipated changes in knowledge ahead faced under risk and uncertainty, namely models under the umbrella of SKAT, the Stages of Knowledge Ahead Theory. A sequel paper. Pope et al 2009b, shows field and laboratory evidence of heuristics in the form of prominent numbers entering exchange rate determination.en
dc.language.isoengen
dc.publisher|aUniversity of Bonn, Bonn Graduate School of Economics (BGSE) |cBonnen
dc.relation.ispartofseries|aBonn Econ Discussion Papers |x17/2009en
dc.subject.jelD800en
dc.subject.jelD810en
dc.subject.jelF310en
dc.subject.jelF330en
dc.subject.ddc330en
dc.subject.keywordnominalismen
dc.subject.keywordmoney illusionen
dc.subject.keywordheuristicen
dc.subject.keywordunpredictabilityen
dc.subject.keywordexperimenten
dc.subject.keywordSKAT the Stages of Knowledge Ahead Theoryen
dc.subject.keywordprominent numbersen
dc.subject.keywordprominent indicesen
dc.subject.keywordprominent ratiosen
dc.subject.keywordequalityen
dc.subject.keywordhistorical benchmarksen
dc.subject.keywordcomplexityen
dc.subject.keyworddecision costsen
dc.subject.keywordevaluationen
dc.subject.stwEntscheidungstheorieen
dc.subject.stwWissenen
dc.subject.stwKognitionen
dc.subject.stwHeuristisches Verfahrenen
dc.subject.stwWirtschaftstheorieen
dc.subject.stwTheorieen
dc.titleNominalist Heuristics and Economic Theory-
dc.type|aWorking Paperen
dc.identifier.ppn607071141en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bonedp:172009-

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