| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5469 |
| DP5469 The Circulation of Ideas: Firms Versus Markets | |
| Enrico Perotti; Thomas F Hellmann | |
| 发表日期 | 2006-01-20 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We investigate a novel dynamic choice problem in an experiment where emotions are measured through self-reports. The choice problem concerns the investment of an amount of money in a safe option and a risky option when there is a 'global risk' of losing all earnings, from both options, including any return from the risky option. Our key finding is that global risk can reduce the amount invested in the risky option. This result cannot be explained by classical Expected Utility or by its main contenders Rank-Dependent Utility and Cumulative Prospect Theory. An explanation is offered by taking account of emotions, using the emotion data from the experiment and recent psychological findings. We also find that people invest less if own earnings are at stake, compared to money obtained as an endowment. |
| 主题 | Industrial Organization |
| 关键词 | investment Global risk Real effort Emotions Dynamic choice |
| URL | https://cepr.org/publications/dp5469 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534324 |
| 推荐引用方式 GB/T 7714 | Enrico Perotti,Thomas F Hellmann. DP5469 The Circulation of Ideas: Firms Versus Markets. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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