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2005-10-07Buch DOI: 10.18452/3457
Starting Points´ Effects on Risk-Taking Behavior
dc.contributor.authorSchade, Christian
dc.contributor.authorSteul, Martina
dc.contributor.authorSchröder, Andreas
dc.date.accessioned2017-06-15T21:03:20Z
dc.date.available2017-06-15T21:03:20Z
dc.date.created2005-10-07
dc.date.issued2005-10-07
dc.identifier.issn1436-1086
dc.identifier.urihttp://edoc.hu-berlin.de/18452/4109
dc.description.abstractWe formally represent the effects of prior gains and losses in a simple dynamic preference calculus based on prospect theory s value function and thoughts adapted from aspiration level theories. We investigate our predictions in questionnaire experiments. Since we document a strong effect of prior gains and losses in our main study on entrepreneurial decision making, findings are consistent with a difference between the actual status quo and temporarily invariant aspiration levels. However, the general level of willingness to pay (WTP), differences between gain and loss domains, and preference orders within the gain domain are inconsistent with prospect theory s prediction. In the loss domain, results are less straightforward but only interpretable on the joint basis of prospect theory, starting point formula, and an additional survival point. Altogether, results are a challenge to prescriptive as well as descriptive models of decision making relying on context-independent value functions. Implications for a further development of descriptive decision theoretic models based on aspiration levels to account for dynamic starting points effects are discussed.eng
dc.language.isoeng
dc.publisherHumboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subject.ddc330 Wirtschaft
dc.titleStarting Points´ Effects on Risk-Taking Behavior
dc.typebook
dc.identifier.urnurn:nbn:de:kobv:11-10048675
dc.identifier.doihttp://dx.doi.org/10.18452/3457
local.edoc.container-titleSonderforschungsbereich 373: Quantification and Simulation of Economic Processes
local.edoc.pages34
local.edoc.type-nameBuch
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
local.edoc.container-volume2002
local.edoc.container-issue15
local.edoc.container-year2002
local.edoc.container-erstkatid2135319-0

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