Advances in Behavioral Economics: Essays in Honor of Horst by Professor Dr. Friedel Bolle, Professor Dr. Michael Carlberg

By Professor Dr. Friedel Bolle, Professor Dr. Michael Carlberg (auth.), Professor Dr. Friedel Bolle, Professor Dr. Michael Carlberg (eds.)

The connection of monetary concept and behaviour is among the relevant subject matters of this publication - and likewise a principal factor in financial contemplating Horst Todt to whom this publication is devoted. The contributions care for issues of normative and descriptive decision-making: They examine, for example, the emergence of selections or the function of imitation as a aggressive precept. a few contributions deal with certain decision-making difficulties on a micro or on a macro point, while others be aware of the main questions of decision-making or at the conceptualization of vital yet fuzzy notions like energy or solidarity.

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Quandt (1964). Rules of Thumb and Optimally Imperfect Decisions. American Economic Review 54, 23-46. [4) Berk, J. , E. Hughson, and K. Vandezande (1996). The Price is Right, But Are the Bids? An Investigation of Rational Decision Theory. American Economic Review 86(4),954-970. 38 Walter Buhr and Thomas Christiaans [5] Conlisk, J. (1996). Why Bounded Rationality? Journal of Economic Literature 34, 669-700. [6] Day, R. , S. Morley, and K. R. Smith (1974). Myopic Optimizing and Rules of Thumb in a Micro-Model of Industrial Growth.

A look at the literature shows that there appears to have been a growing interest in the problems of fairness and power over the last ten years. The increasing number of publications on power indices and their application, and the huge success of Ken Binmore's two recent volumes, Playing Fair and Just Playing (1994, 1998), illustrate this development. Yet, while the research in these two areas has followed quite different traditions, a closer look reveals that the problems and solutions are closely related - or even inseparably intertwined.

E. permutations of the elements of the set of payers N). 4 However, this term is often reserved for coalitions which have only swing players, see Widgren (2000). Below we will define such a coalition to be a minimal decisive coalition (MDC). 42 Manfred J. pdv) , ... e. that i is in the position to turn a winning coalition into a losing one - or a losing coalition into a winning one - and, • (b) the normalization of v(S) which implies that v(S) - v(S \ {i}) = I if S is a winning coalition and S \ {i} is a losing one.

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