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Not So Different After All: A Cross-Discipline View Of Trust
Our task is to adopt a multidisciplinary view of trust within and between firms, in an effort to synthesize and give insight into a fundamental construct of organizational science. We seek to
Behavioral Game Theory: Experiments in Strategic Interaction
Game theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but ignored until recently how average people with emotions and limited
A Cognitive Hierarchy Model of Games
Players in a game are "in equilibrium" if they are rational, and accurately predict other players' strategies. In many experiments, however, players are not in equilibrium. An alternative is
Labor Supply of New York City Cabdrivers: One Day at a Time
Life-cycle models of labor supply predict a positive relationship between hours supplied and transitory changes in wages. We tested this prediction using three samples of wages and hours of New York
Self-Control in Decision-Making Involves Modulation of the vmPFC Valuation System
Two hypotheses about the neurobiology of self-control are proposed: (i) Goal-directed decisions have their basis in a common value signal encoded in ventromedial prefrontal cortex (vmPFC), and (ii) exercising self- control involves the modulation of this value signal by dorsolateral cortex (DLPFC).
Recent developments in modeling preferences: Uncertainty and ambiguity
In subjective expected utility (SEU), the decision weights people attach to events are their beliefs about the likelihood of events. Much empirical evidence, inspired by Ellsberg (1961) and others,
Overconfidence and Excess Entry: An Experimental Approach
Psychological studies show that most people are overconfident about their own relative abilities, and unreasonably optimistic about their futures (e.g. Shelly E. Taylor and J.D. Brown, 1988; Neil D.
Experience‐weighted Attraction Learning in Normal Form Games
In ‘experience-weighted attraction’ (EWA) learning, strategies have attractions that reflect initial predispositions, are updated based on payoff experience, and determine choice probabilities
The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework
We review 74 experiments with no, low, or high performance-based financial incentives. The modal result has no effect on mean performance (though variance is usually reduced by higher payment).
A framework for studying the neurobiology of value-based decision making
A framework to investigate different aspects of the neurobiology of decision making is proposed to bring together recent findings in the field, highlight some of the most important outstanding problems, define a common lexicon that bridges the different disciplines that inform neuroeconomics, and point the way to future applications.