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Lernmaterialien für micro law an der Universität Hamburg

Greife auf kostenlose Karteikarten, Zusammenfassungen, Übungsaufgaben und Altklausuren für deinen micro law Kurs an der Universität Hamburg zu.

TESTE DEIN WISSEN
Loss aversion

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TESTE DEIN WISSEN
- sensitivity to decrease in their wealth than to increase
- people more motivated when incentives are to avoid losing personal resources as opposed to gaining equivalent resource

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TESTE DEIN WISSEN
Game theory
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TESTE DEIN WISSEN
mathematical approach to modelling behavior by analyzing the strategic decisions made by the interacting partner

Behavioural game theory:
- also takes into account how the players feel about the payoffs
- about fairness and cooperation
Lösung ausblenden
TESTE DEIN WISSEN
Aim of game theory

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TESTE DEIN WISSEN
- evaluate differnce between theory and real life
- is it necessary of helpful to adapt to this difference
- figure out balance between accenptance rate and not giving too much money

- theory (with assumptions) provides one or more benchmarks —> which behavior is rational and expected. E.g.: ultimatum: accept any offer > 0
- also relevant for writing effective laws
Lösung ausblenden
TESTE DEIN WISSEN
Ultimatum game
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TESTE DEIN WISSEN
- two players are shown a sum of money (10$)
- sender is told to offer a figure between 1$-10$ To the receiver
- if receiver accepts the offer the money is shared, if not, nobody gets the money
- self interest hypothesis: sender should offer the minimum and receiver should accept because its still a gain
- average proposer: offers 1/3 or 1/2 of the overall amount -> the larger the amount the higher the acceptance rate

Lösung ausblenden
TESTE DEIN WISSEN
Dictator game

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TESTE DEIN WISSEN
- the receiver has to always accept
- the amount that is transferred drops significantly (most self interested choice will be made)
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TESTE DEIN WISSEN
Beauty contest game
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TESTE DEIN WISSEN
- pick number between 1-100
- the winner is whose number equals to 2/3 of the average prediction made by all participants
- game is based on assumptions

- rational prediction=1 
- theory might say that the rational prediction is 0 but the winner is somewhere between 10-25
Lösung ausblenden
TESTE DEIN WISSEN
Descriptive decision theory: Ellsberg Paradox

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TESTE DEIN WISSEN
- choose between two urns
Urn 1: 5 blue balls, 5 white balls
Urn2: 10 balls (blue and white in unknown proportion)

- ambiguity aversion: people prefer taking on risk in situations where they know specific odds rather than alternative risk scenario in which the odds are completely ambiguous 
- always choosing known probability even if known probability of winning is low and the unknown probability could be guarantee of winning
— known risk over unknown risk

- leads people to not invest in the stock market which has unknown risks
Lösung ausblenden
TESTE DEIN WISSEN
Descriptive decision theory: Conjunction fallacy
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TESTE DEIN WISSEN
- fallacy that occrs when is is assumed that specific conditions are more probable than a single general one 
- if u combine two independent statements peopel think that is more likely to be true

„Linda is a bank teller“ (8%)
„Linda is a bank teller and active in the feminist movement“ (20%)
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TESTE DEIN WISSEN
Descriptive decision theory: framing
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TESTE DEIN WISSEN
- how the choice problem is presented (framed) deteremines the decision
- cognitive bias where people dicide on options based on how theyre presented (positive/negative connotations)
- is important for marketinh
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TESTE DEIN WISSEN
Asymmetric information
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TESTE DEIN WISSEN
- in transaction one party posessed more info than the other
- seller takes advantage of buyer because he has more knowledge of the product

Distinction by temporal occurrence of uncertainty 
  • Ex ante: quality uncertainty (hidden information & characteristics) e.g.: adverse selection
  • Interim: behavioral uncertainty (moral hazard & hidden action)
  • Ex post: no observability / verifiability of the result (costly state verification)
- interim may be split up in ex ante and ex post
Lösung ausblenden
TESTE DEIN WISSEN
Adverse selection
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TESTE DEIN WISSEN
- precontract information asymmetrie, e.g: ex ante quality uncertainty
example: used car:
  • Seller has information advantage about product quality (i.e. used car)
Risk of adverse selection
—> price pressure —> market failure
Es kommt zur Verdrängung guter Qualität, da Zahlungsbereitschaft der Nachfrager aufgrund des Informationsdefizits sinkt und Anbieter qualitativ hochwertige Güter nicht zu niedrigen Prei anbieten
—> Durchschnittsqualitöt der Güter und Zahlungsbereitschaft sinken
—> es werden keine Qualitätsgüter mehr angeboten obwohl es Käufer gibt
Marktversagen

Solution approaches
  • Signalling
  • Screening
  • Self selection
Lösung ausblenden
TESTE DEIN WISSEN
Signalling (adverse selection)
Lösung anzeigen
TESTE DEIN WISSEN
- seite mit Informationsvorteil ergreift Initiative und versucht Glaubhaftigkeit zu steigern
Benachteiligte Seite wird mit zuverlässigen Informationen über Qualität der Güter versorgt
- Signale: objektiv, allgemein gültig oder bekannte Merkmale
Lösung ausblenden
  • 237322 Karteikarten
  • 4544 Studierende
  • 266 Lernmaterialien

Beispielhafte Karteikarten für deinen micro law Kurs an der Universität Hamburg - von Kommilitonen auf StudySmarter erstellt!

Q:
Loss aversion

A:
- sensitivity to decrease in their wealth than to increase
- people more motivated when incentives are to avoid losing personal resources as opposed to gaining equivalent resource

Q:
Game theory
A:
mathematical approach to modelling behavior by analyzing the strategic decisions made by the interacting partner

Behavioural game theory:
- also takes into account how the players feel about the payoffs
- about fairness and cooperation
Q:
Aim of game theory

A:
- evaluate differnce between theory and real life
- is it necessary of helpful to adapt to this difference
- figure out balance between accenptance rate and not giving too much money

- theory (with assumptions) provides one or more benchmarks —> which behavior is rational and expected. E.g.: ultimatum: accept any offer > 0
- also relevant for writing effective laws
Q:
Ultimatum game
A:
- two players are shown a sum of money (10$)
- sender is told to offer a figure between 1$-10$ To the receiver
- if receiver accepts the offer the money is shared, if not, nobody gets the money
- self interest hypothesis: sender should offer the minimum and receiver should accept because its still a gain
- average proposer: offers 1/3 or 1/2 of the overall amount -> the larger the amount the higher the acceptance rate

Q:
Dictator game

A:
- the receiver has to always accept
- the amount that is transferred drops significantly (most self interested choice will be made)
Mehr Karteikarten anzeigen
Q:
Beauty contest game
A:
- pick number between 1-100
- the winner is whose number equals to 2/3 of the average prediction made by all participants
- game is based on assumptions

- rational prediction=1 
- theory might say that the rational prediction is 0 but the winner is somewhere between 10-25
Q:
Descriptive decision theory: Ellsberg Paradox

A:
- choose between two urns
Urn 1: 5 blue balls, 5 white balls
Urn2: 10 balls (blue and white in unknown proportion)

- ambiguity aversion: people prefer taking on risk in situations where they know specific odds rather than alternative risk scenario in which the odds are completely ambiguous 
- always choosing known probability even if known probability of winning is low and the unknown probability could be guarantee of winning
— known risk over unknown risk

- leads people to not invest in the stock market which has unknown risks
Q:
Descriptive decision theory: Conjunction fallacy
A:
- fallacy that occrs when is is assumed that specific conditions are more probable than a single general one 
- if u combine two independent statements peopel think that is more likely to be true

„Linda is a bank teller“ (8%)
„Linda is a bank teller and active in the feminist movement“ (20%)
Q:
Descriptive decision theory: framing
A:
- how the choice problem is presented (framed) deteremines the decision
- cognitive bias where people dicide on options based on how theyre presented (positive/negative connotations)
- is important for marketinh
Q:
Asymmetric information
A:
- in transaction one party posessed more info than the other
- seller takes advantage of buyer because he has more knowledge of the product

Distinction by temporal occurrence of uncertainty 
  • Ex ante: quality uncertainty (hidden information & characteristics) e.g.: adverse selection
  • Interim: behavioral uncertainty (moral hazard & hidden action)
  • Ex post: no observability / verifiability of the result (costly state verification)
- interim may be split up in ex ante and ex post
Q:
Adverse selection
A:
- precontract information asymmetrie, e.g: ex ante quality uncertainty
example: used car:
  • Seller has information advantage about product quality (i.e. used car)
Risk of adverse selection
—> price pressure —> market failure
Es kommt zur Verdrängung guter Qualität, da Zahlungsbereitschaft der Nachfrager aufgrund des Informationsdefizits sinkt und Anbieter qualitativ hochwertige Güter nicht zu niedrigen Prei anbieten
—> Durchschnittsqualitöt der Güter und Zahlungsbereitschaft sinken
—> es werden keine Qualitätsgüter mehr angeboten obwohl es Käufer gibt
Marktversagen

Solution approaches
  • Signalling
  • Screening
  • Self selection
Q:
Signalling (adverse selection)
A:
- seite mit Informationsvorteil ergreift Initiative und versucht Glaubhaftigkeit zu steigern
Benachteiligte Seite wird mit zuverlässigen Informationen über Qualität der Güter versorgt
- Signale: objektiv, allgemein gültig oder bekannte Merkmale
micro law

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