Seminar toimub kolmapäev, 14. oktoober 2020 kell 15-16:00 MS Teams kaudu

Ettekande teeb: Ayala Arad (Tel Aviv University)

Kokkuvõte inglise keeles:

Many choices involve a large number of dimensions that ought to be considered before reaching a final decision. It is well accepted that decision makers sometimes place more weight on salient dimensions. But what makes one dimension more salient than another? Köszegi and Szeidl (2012) and Bordalo et al. (2013) suggest that dimensions are more prominent if, roughly speaking, the variance of their values in the choice set is larger. We provide experimental evidence of another determinant of salience|whether dimensions are turned-on or turned-off. Intuitively, a dimensioon of an alternative is turned-on if its value is in the range of its attractive facet. In one study, we show that introducing a small interest rate on checking accounts may actually decrease allocations to checking accounts and increase the share of riskless investments. We provide evidence that the small interest rate highlights or turns-on the safe gains dimension, bumping up its decision weight while shrouding other considerations, such as liquidity. Consequently, choices shift from the checking account to safe investments with superior returns. In another study, social preferences expressed over two unequal allocations are reversed depending on whether a third available allocation is equal or not. In this case, the all-equal split turns-on egalitarian considerations that shift preferences toward equality even when expressed over unequal splits. We present the Turned-on-Dimensions (ToD) model that draws on Köszegi and Szeidl (2012) and adds a discontinuous channel to the determination of decision weights, which allows to accommodate our findings.

Keywords: Dimension, Experiment, Salience, Social Preferences, Uncertainty.

Tallinna Tehnikaülikooli Majandusanalüüsi ja rahanduse instituudi avatud teadusseminarid toimuvad tavaliselt kuu teisel ja neljandal kolmapäeval nii kohapealse kui online osalemisvõimalusega, kui ei ole teatatud teisiti. Ettekanne kestab u 45 minutit, millele järgneb veerand tundi arutelu. Seminar toimub inglise keeles. Ettekande aluseks olev artikkel on üldjuhul kättesaadav seminaril kohapeal. Majandusanalüüsi ja rahanduse instituudi teadusseminarid toimuvad koostöös Euroopa Liidu rahastatava Horisont 2020 teadus- ja innovatsiooniprogrammi grandiprojektiga nr 952574 „Indiviidi käitumine ja majanduslik tulemuslikkus: Metodoloogilised aspektid ja institutsionaalne kontekst“. Küsimuste korral vőib pöörduda IBEP seminaride koordinaatori Rachatar Nilavongse poole.