Tempus Fugit: Time Pressure in Risky Decisions

We study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In an experiment we find that risk aversion for gains is robust under time pressure whereas risk seeking for losses turns into risk aversion under time pressure. For mixed prospects, subjects become more loss averse and more gain seeking under time pressure, depending on the framing of the prospects. The results suggest the importance of aspiration levels under time pressure. We discuss the implications of our findings for decision making situations that involve time pressure

An Experimental Test of Precautionary Bidding

Auctions often involve goods exhibiting a common knowledge ex-post risk that is independent of buyers’ private values or their signals regarding common value components. Esö and White (2004) showed theoretically that ex-post risk leads to precautionary bidding for DARA bidders: Agents reduce their bids by more than their appropriate risk premium. Testing precautionary bidding with data from the field seems almost impossible. We conduct experimental first-price auctions that allow us to directly identify the precautionary premium and find clear evidence for precautionary bidding. Bidders are significantly better off when a risky object rather than an equally valued sure object is auctioned. Our results are robust if we control for potentially confounding decision biases.precautionary bidding; prudence; auction; experiment

Trials to control European pear sucker

European pear sucker causes financial penalties in many pear orchards. Honey dew exudations reduce quality. Another problem is the transmission of pear decline. In years of high infestation chemical treatments are complicated. Neither cutisan- nor sugar-treatments showed an appreciable reduction of the pest in the year 2005

Versuche zur Regulierung des Birnenblattsaugers

European pear sucker causes financial penalties in many pear orchards. Honey dew exudations reduce qual-ity. Another problem is the transmission of pear decline. In years of high infestation chemical treatments are complicated. Neither cutisan- nor sugar-treatments showed an appreciable reduction of the pest in the year 2005

Tempus Fugit: Time Pressure in Risky Decisions

We study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In an experiment we find that risk aversion for gains is robust under time pressure whereas risk seeking for losses turns into risk aversion under time pressure. For mixed prospects, subjects become more loss averse and more gain seeking under time pressure, depending on the framing of the prospects. The results suggest the importance of aspiration levels under time pressure. We discuss the implications of our findings for decision making situations that involve time pressure.time pressure; risky decisions; risk aversion; loss aversion; gain seeking; aspiration level

An Experimental Test of Precautionary Bidding

Auctions often involve goods exhibiting a common knowledge ex-post risk that is independent of buyers’ private values or their signals regarding common value components. Esö and White (2004) showed theoretically that ex-post risk leads to precautionary bidding for DARA bidders: Agents reduce their bids by more than their appropriate risk premium. Testing precautionary bidding with data from the field seems almost impossible. We conduct experimental first-price auctions that allow us to directly identify the precautionary premium and find clear evidence for precautionary bidding. Bidders are significantly better off when a risky object rather than an equally valued sure object is auctioned. Our results are robust if we control for potentially confounding decision biases

XMCD studies of thin Co films on BaTiO3_3

Different layer thicknesses of Cobalt ranging from 2.6 {\AA} (1.5 ML) up to 55 {\AA} (30.5 ML) deposited on ferroelectric BaTiO$_3$ have been studied regarding their magnetic behavior. The layers have been characterized using XMCD spectroscopy at remanent magnetization. After careful data analysis the magnetic moments of the Cobalt could be determined using the sum rule formalism. There is a sudden and abrupt onset in magnetism starting at thicknesses of 9 {\AA} (5 ML) of Cobalt for measurements at 120 K and of 10 {\AA} (5.5 ML) if measured at room temperature. Initial island growth and subsequent coalescence of Co on BaTiO$_3$ is suggested to explain the sudden onset. In that context, no magnetically dead layers are observed.Comment: 9 pages, 5 figures, submitted to J. Phys. Condens. Matte

An Experimental Study of Precautionary Bidding

Auctions often involve goods exhibiting a common knowledge ex-post risk. Precautionary bidding predicts that under expected utility, ex-post risk leads DARA bidders to reduce their bids by more than the appropriate risk premium. Because the degree of riskiness of the good, and bidders risk aversion, are difficult to observe in field settings, we conduct experimental auctions that allow to identify the precautionary premium directly. We find strong evidence for precautionary bidding, and bidders are better off when a risky object rather than an equally valued sure object is auctioned. The results are robust when controlling for potentially confounding decision biases. The current study provides the first empirical demonstration of precautionary motives in strategic settings

Trial to control woolly aphid by earwigs

In years of disadvantageous atmospheric conditions natural control of woolly aphid by its parasite A. mali is insufficient in the majority of cases. In organic fruit-growing a chemical control is not possible. Settlements of earwigs showed a complete and lasting control of the pest in the year of testing, 2005. Fruitdamages were not found

Understanding bank-run contagion

We study experimental coordination games to examine through which transmission channels, and under which information conditions, a panic-based depositor-run at one bank may trigger a panic-based depositor-run at another bank. We find that withdrawals at one bank trigger withdrawals at another bank by increasing players’ beliefs that other depositors in their own bank will withdraw, making them more likely to withdraw as well. Importantly though, observed withdrawals affect depositors’ beliefs, and are thus contagious, only when depositors know that there are economic linkages between their bank and the observed bank