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VALUE PERCEPTION IN THE ULTIMATUM GAME: A BLINDED RANDOMIZED TRIAL

100%
Fiala J., Starý O., Fialová M., Holasová A., Mejzlíková T., Bemš J.
Ekonomický časopis (Journal of Economics)
|
2016
|
vol. 64
|
issue 6
519 – 538
EN
In a blinded, randomized Ultimatum game we study the decision rates using two different reward systems. We discuss the individual value perception and explain why we decided to test a non-monetary reward against the standard low stake monetary reward. We demonstrate that the value systems based on two different, inconvertible currencies lead to different decision rates in the same population. We provide the details of our single blind randomized protocol and discuss other protocol modifications designed to demonstrate the variability of the offer and/or response rates in the Ultimatum games. We provide our concept of rational, non-rational and irrational components contributing to the decision making process in different accord depending on the individual perception of the reward value and confront our experimental findings with the key assumptions provided by other authors.
2

Istotność składników portfela WIG20

100%
Guzik K., Smaga E.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2011
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issue 875
131-145
EN
The paper proposes a ranking of WIG20 portfolio components based on the concept of the significance of components. We set an effective portfolio, composed of all of the components of a WIG20 portfolio, on a Markowitz curve. By the significance of components we understand a loss as an effect of a component being omitted. A loss itself can be measured by a variety of methods. In this paper the authors present a means of measuring the significance of components using the investor utility function, with the aid of which the optimum portfolio with maximal utility has been determined on the Markowitz curve. Next, each of the components is eliminated from the portfolio successively. The maximal utility of the optimal portfolio obtained from this elimination is then determined on the Markowitz curve. The suitable difference is the loss of utility for every tested component and this loss has been interpreted as the significance of the component. The ranking established in this paper has been compared to one obtained using the Sharpe coefficient.
3

K SENOVEJ INTERPRETÁCII ĽUDSKÉHO BLAHA

75%
Palovičová Z.
Filozofia (Philosophy)
|
2012
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vol. 67
|
issue 7
570 – 581
EN
The paper is focused on Sen’s analysis of how the concepts such as utility, material resources, capabilities, freedom or social functioning are related to each other (as these are used in explanations of human well-being and welfare). The question is, whether, regarding human well-being and welfare, there is such a concept among them which should have the priority over the other ones. Opposed are the interpretations reducing welfare to utility (a person’s income, the growing GDP and other monetary indicators) while Sen’s approach is appreciated for its taking into account the different individual needs and pointing to corrective measurements needed to assure the persons the dignity of their lives. In the second part of the paper the possible implementation of Sen’s approach is discussed.
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