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on Cognitive and Behavioural Economics |
| By: | Biel, Anders (Department of Psychology, Göteborg University); Johansson-Stenman, Olof (Department of Economics, School of Business, Economics and Law, Göteborg University); Nilsson, Andreas (Department of Psychology, Göteborg University) |
| Abstract: | Empirical evidence suggests that people’s maximum willingness to pay for having a good is often substantially lower than their minimum willingness to accept not having it, and that this discrepancy tends to be especially large when valuing public goods. This paper hypothesizes that differences in emotions (e.g. regret) and moral perceptions can account for much of this discrepancy for public goods. A simple, real-money dichotomous-choice experiment is set up to test these hypotheses, which are largely supported. <p> |
| Keywords: | Willingness to pay; Willingness to accept gap; Endowment effect; Emotions; Ethics; Experiments |
| JEL: | C91 H41 |
| Date: | 2006–01–25 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:gunwpe:0193&r=cbe |
| By: | Alexander K. Koch (Department of Economics, Royal Holloway, University of London); Hans-Theo Normann (Department of Economics, Royal Holloway, University of London) |
| Abstract: | Recent bargaining experiments demonstrated an impact of anonymity and incomplete information on subjects' behavior. This has rekindled the question whether “fair” behavior is inspired by regard for others or is explained by external forces. To test for the importance of external pressure we compare a standard double blind dictator game to a treatment which provides no information about the source of dictator offers, and where recipients do not even know that they participate in an experiment. We find no differences between treatments. This suggests that those dictators who give are purely internally motivated, as asserted by models of other-regarding preferences. |
| Keywords: | dictator games, altruism, social preferences |
| JEL: | A13 C91 D64 |
| Date: | 2005–08 |
| URL: | http://d.repec.org/n?u=RePEc:hol:holodi:0509&r=cbe |
| By: | Margarita Tejera Gil; Santiago Rodriguez Feijoó; Alejandro Rodriguez Caro; Delia Davila Quintana |
| Abstract: | When the first studies related to consumer satisfaction began to appear in the sixties, nobody could imagine protagonism that it would reach with the course of the time. Nowadays not only private sector companies dedicate part from their resources to the study of the degree of satisfaction of their clients, but satisfaction studies are more and more increasing preoccupation in the state sector, therefore works related to the satisfaction of the patients, the contributors or with the tourist destiny can be found. Firstly, a revision of the different models that have been used to explain customer satisfaction level is presented, using the cognitive and the affective-cognitive models. In the first case, human being is looking as a rational being that can process information about the different attributes of the services to form his personal satisfaction. The most useful model within this category is the expectation disconfirmation model. These kind of models explain satisfaction as a function of the degree and direction of the discrepancy between expectation and perceptions. It has evolved all over time resulting in a lot of different approaches. We have also studied the equity model, in which consumer does a benefit-cost analysis not only its owns but from the rest of people who take part in the transaction. Finally, in the affective-cognitive models, human being is seeing like a complex being that is not solely an information processor but experiences feelings and emotions that also influence in their judgments of satisfaction. Secondly, it has been realized an empirical application in which we have used the main variables in the expectation disconfirmation model: perceptions, expectations and discrepancies to estimate some logit models. The tourists who visit Tenerife are classified as satisfied or unsatisfied. Then, we model the probability of each characteristic using tourist’s scores on some destination attributes. Two samples have been used. The first one was obtained at the time of arriving; the second one has been made when leaving the island. Since tourists are not necessary the same in both samples, a statistic inference process has been made to use all the information available. The best model is obtained when expectations and perceptions are used at the same time, so we obtain a 75% of right classification. To sum up, we have found that perceptions are the main subject for the tourist’s satisfaction, although we can’t forget the importance of expectations to complete the model. |
| Date: | 2005–08 |
| URL: | http://d.repec.org/n?u=RePEc:wiw:wiwrsa:ersa05p565&r=cbe |
| By: | Bradley A. Hansen; Mary Eschelbach Hansen (Department of Economics, American University) |
| Abstract: | This paper provides an illustration of the mechanisms that can give rise to path dependence in legislation. Specifically it shows how debtor-friendly bankruptcy law arose in the United States as a result of a path dependent process. The 1898 Bankruptcy Act was not regarded as debtor-friendly at the time of its enactment, but the enactment of the law gave rise to changes in interest groups, beliefs about the purpose of bankruptcy law, and political party positions on bankruptcy that set the United States on a path to debtor-friendly bankruptcy law. Analysis of the path dependence of bankruptcy law produces an interpretation that is more consistent with the evidence than the standard interpretation that debtor-friendly bankruptcy law was the result of a political compromise in 1898. |
| Keywords: | bankruptcy, path dependence |
| JEL: | N42 |
| Date: | 2005–12 |
| URL: | http://d.repec.org/n?u=RePEc:amu:wpaper:1405&r=cbe |