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Rational choice with status quo bias

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Y Masatlioglu… - Journal of Economic Theory, 2005 - Elsevier
Motivated by the empirical findings concerning the importance of one's current situation on
her choice behavior, the main objective of this paper is to propose a rational choice theory
that allows for the presence of a status quo bias, and that incorporates the standard choice ...
Cited by 141 - Related articles - All 18 versions

[PDF] Revealed attention

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Y Masatlioglu, D Nakajima… - … paper, Department of …, 2009 - stiet.cms.si.umich.edu
Abstract The standard revealed preference argument relies on an implicit assumption that a
decision maker considers all feasible alternatives. However, the marketing and psychology
literatures provide well-established evidence that consumers do not consider all brands in ...
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[PDF] Reference-dependent procedural decision making

[PDF] from umich.edu
Y Masatlioglu… - Unpublished paper, New York …, 2006 - www-personal.umich.edu
Abstract We derive, by using the revealed preference method, an individual decision making
model that allows for an agent not only to exhibit status quo bias, but also to make use of her
default option as a reference point. The resulting model contains elements of the classical ...
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A theory of (relative) discounting

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Full text - MIT Libraries
EA Ok… - Journal of Economic Theory, 2007 - Elsevier
We derive a representation theorem for time preferences (on the prize-time space) which
identifies a novel notion of relative discounting as the key ingredient. This representation
covers a variety of time preference models, including the standard exponential and ...
Cited by 24 - Related articles - All 7 versions

[PDF] A general theory of time preferences

[PDF] from psu.edu
EA Ok… - Levine's Bibliography, 2003 - Citeseer
Abstract The main result of this paper is a representation theorem for time preferences (on
the prize-time space) that cover a variety of time preference models considered in the
experimental and theoretical literature on intertemporal choice. In particular, along with ...
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[PDF] Choice by iterative search

[PDF] from umich.edu
Y Masatlioglu… - Unpublished paper, Department …, 2009 - stiet.cms.si.umich.edu
Abstract When making choices, decision makers often either lack information about
alternatives or lack the cognitive capacity to analyze every alternative. To capture these
situations, we formulate a framework to study behavioral search by utilizing the idea of ...
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[PDF] A canonical model of choice with initial endowments

[PDF] from umd.edu
Y Masatlioglu… - University of Michigan, unpublished, 2009 - econ.umd.edu
Abstract We derive, by using the revealed preference method, an individual decision making
model that allows an agent not only to exhibit status quo bias, but also to make use of her
initial endowment as a reference point. The resulting model contains elements of the ...
Cited by 11 - Related articles - View as HTML - All 3 versions

Informality Traps

Y Masatlioglu… - The BE Journal of Economic Analysis & …, 2008 - ideas.repec.org
< p> Despite large deregulation efforts, informal economic activity still represents a large
share of GDP in many developing countries. In this paper we look at incentives to reduce
informal activity when capitalists in the formal sector regulate entry. We consider a dual ...
Cited by 6 - Related articles - Cached - All 8 versions

Managing markets for toxic assets

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CL House… - 2010 - nber.org
We present a model in which banks trade toxic assets to raise funds for investment. The toxic
assets generate an adverse selection problem and, as a consequence, the interbank asset
market provides insufficient liquidity to finance investment. While the best investments are ...
Cited by 5 - Related articles - Library Search - All 13 versions

[PDF] Informality Traps

[PDF] from uniandes.edu.co
Y Masatlioglu… - University of Michigan, …, 2006 - economia.uniandes.edu.co
Abstract Despite large deregulation efforts, informal economic activity still represents a large
share of GDP in many developing countries. In this paper we look at incentives to reduce
informal activity when capitalists in the formal sector regulate entry. We consider a dual ...
Cited by 5 - Related articles - View as HTML - All 4 versions

[PDF] Contrasting Reference-Dependent Choice Models

[PDF] from nyu.edu
Y Masatlioglu… - University of Michigan, http://www-personal. …, 2007 - files.nyu.edu
Abstract This paper compares reference-dependent models which differ not only in nature
but also in methodology. While the behavioral models take a radical step to explain choice
anomalies, decision theorists insist that a modified version of the classical choice theory ...
Cited by 5 - Related articles - View as HTML - All 3 versions

[PDF] When more is less: Limited consideration

[PDF] from umd.edu
JS Lleras, Y Masatlioglu, D Nakajima… - Unpublished, …, 2010 - econweb.umd.edu
Abstract There is well-established evidence that decision makers consistently fail to consider
all available options. Instead, they restrict their attention to only a subset of it and then
undertake a more detailed analysis of the reduced sets of alternatives. This systematic ...
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[PDF] The Persistence of Informal Markets and the Government's Trade-Off

[PDF] from nyu.edu
Y Masatlioglu… - 2005 - files.nyu.edu
Abstract A simple model of interactions between the demand side, the supply side and the
government is introduced to explain the existence and persistence of informal markets. The
model shows it is not always in the best interest of the firms in the formal sector to deter ...
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[CITATION] oA General Theory of Time Preference, pmimeo

EA Ok… - 2003
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[PDF] Status Quo or Decoy; An Experiment

[PDF] from umich.edu
Y Masatlioglu… - 2006 - www-personal.umich.edu
Abstract The classical choice theory assumes that an individual's choice does not depend
on irrelevant alternatives or the way that alternatives are labeled; such as an endowment or
a default. However, phenomena such as the “Status Quo Bias” and “Attraction Effect” ...
Cited by 2 - Related articles - View as HTML - All 3 versions

[PDF] Behavioral Differences between Direct and Indirect Mechanisms: Evidence from First Price Auctions

[PDF] from psu.edu
Y Masatlioglu… - 2005 - Citeseer
Abstract The Revelation Principle depends on a seemingly innocuous assumption that
theoretically outcome-equivalent (TOE) direct and indirect mechanisms are behaviorally
equivalent as well. However, this strong assertion has not yet been tested in previous ...
Cited by 1 - Related articles - View as HTML - All 7 versions

[PDF] The Impact of Informal Markets on Innovation

[PDF] from nyu.edu
Y Masatlioglu… - 2005 - files.nyu.edu
Abstract A dynamic model of interactions between the demand side, the supply side and the
government sector is introduced in order to explain the impact of informal markets on the
innovation by the formal producers. Contrary to common belief, it is shown that for ...
Cited by 1 - Related articles - View as HTML - All 2 versions

[PDF] Understanding the Reference Effect

[PDF] from umich.edu
Y Masatlioglu… - www-personal.umich.edu
Abstract This paper explores how a reference point affects individual preferences. While
reference-dependence is extensively studied, very little is known regarding the impact of
reference points on individual choice behavior when the reference point itself is ...
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[PDF] BEHAVIORAL MECHANISM DESIGN: EVIDENCE FROM THE MODIFIED FIRST-PRICE AUCTIONS

[PDF] from umich.edu
Y MASATLIOGLU, S TAYLOR… - www-personal.umich.edu
Abstract. This paper tests the behavioral equivalence of a class of strategicallyequivalent
mechanisms. In addition to strategic-equivalence, the mechanisms also do not differ in terms
of their procedures. In a private value setting, we introduce a family of mechanisms, so- ...
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[PDF] Exploiting Naive Consumers with Limited Willpower

[PDF] from umich.edu
Y Masatlioglu… - 2011 - www-personal.umich.edu
Abstract This paper studies the optimal contract with consumers who has only limited
willpower so cannot always stick with the initially desirable alternative when facing a
tempting option. Assuming that consumers are unaware of their dynamic inconsistent ...
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[PDF] A foundation for strategic agenda voting

[PDF] from umich.edu
J Apesteguia, M Ballester… - 2012 - www-personal.umich.edu
Abstract. We offer complete characterizations of the equilibrium outcomes of two prominent
agenda voting institutions, that are widely used in the democratic world: the amendment,
also known as the Anglo-American procedure, and the successive, or equivalently the ...
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