Judgements with errors lead to behavioral heuristics

Ungureanu, S. (2016). Judgements with errors lead to behavioral heuristics (Report No. 16/14). London: Department of Economics, City, University of London.

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Abstract

A decision process robust to errors in the estimation of values, probabilities and times will employ heuristics that generate consistent apparent biases like loss aversion, nonlinear probability weighting with discontinuities and present bias.

Item Type: Monograph (Working Paper)
Additional Information: © 2016 The Author.
Uncontrolled Keywords: heuristics, endowment effect, prospect theory, probability weighting function, loss aversion, hyperbolic discounting.
Subjects: H Social Sciences > HB Economic Theory
Divisions: School of Social Sciences > Department of Economics > Department of Economics Discussion Paper Series
URI: http://openaccess.city.ac.uk/id/eprint/16741

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