John D. Hey
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View article: Dynamic inconsistency under ambiguity: An experiment
Dynamic inconsistency under ambiguity: An experiment Open
This paper experimentally investigates the potential existence of dynamically inconsistent individuals in a situation of ambiguity. The experiment involves participants making two sequential decisions concerning the allocation of a sum of …
View article: Why do consumers not switch? An experimental investigation of a search and switch model
Why do consumers not switch? An experimental investigation of a search and switch model Open
Search and switching costs are two market frictions that are well known in the literature for preventing people from switching to a new and cheaper provider. Previous experimental literature has studied these two frictions in isolation. Ho…
View article: The Acceptability of Accountability
The Acceptability of Accountability Open
This paper reports on an experimental test of the acceptability of the Principle of Accountability. This is a principle of social justice, and states, “individuals should be rewarded for factors under their control […], but not for factors…
View article: An Experimental Comparison of Two Exchange Economies: Long-Lived Asset vs. Short-Lived Asset
An Experimental Comparison of Two Exchange Economies: Long-Lived Asset vs. Short-Lived Asset Open
The Lucas tree model [Lucas RE Jr (1978) Asset prices in an exchange economy. Econometrica 46(6):1429–1445.] lies at the heart of modern macrofinance. At its core, it provides an analysis of the equilibrium price of a long-lived asset in a…
View article: Testing for the emergence of spontaneous order
Testing for the emergence of spontaneous order Open
We report on an experimental investigation of the emergence of Spontaneous Order, the idea that societies can co-ordinate, without government intervention, on a form of society that is good for its citizens, as described by Adam Smith. Our…
View article: Issue Information
Issue Information Open
No abstract is available for this article.
View article: Issue Information
Issue Information Open
No abstract is available for this article.
View article: Context matters
Context matters Open
Eliciting the level of risk aversion of experimental subjects is of crucial concern to experimenters. In the literature there are a variety of methods used for such elicitation; the concern of the experiment reported in this paper is to co…
View article: When and how to satisfice: an experimental investigation
When and how to satisfice: an experimental investigation Open
This paper is about satisficing behaviour. Rather tautologically, this is when decision-makers are satisfied with achieving some objective, rather than in obtaining the best outcome. The term was coined by Simon (Q J Econ 69:99–118, 1955),…
View article: Elicitation of preferences under ambiguity
Elicitation of preferences under ambiguity Open
This paper is about behaviour under ambiguity—that is, a situation in which probabilities either do not exist or are not known. Our objective is to find the most empirically valid of the increasingly large number of theories attempting to …
View article: Preference Cloud Theory: Imprecise Preferences and Preference Reversals
Preference Cloud Theory: Imprecise Preferences and Preference Reversals Open
This paper presents a new theory, called Preference Cloud Theory, of decision-making under uncertainty. This new theory provides an explanation for empirically-observed Preference reversals. Central to the theory is the incorporation of pr…