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In this paper we analyze the optimal stopping time problem known as Elfving problem. The problem can be formulated as follows: a decision maker observes offers which appear at jump times of a Poisson process. The decision concerning acceptance or rejection of a presented offer is made at the moment of its appearance. Once rejected, offer cannot be considered again. A reward for the decision maker...
The paper presented below tests the hypothesis that virtual investors (those investing virtual money to earn a virtual profit) succumb to the same pressures that have been found for investors who invest real money in an actual stock exchange. We focused on two issues: the disposition effect (i.e., the investors' propensity to sell stocks that are gaining value, while simultaneously holding stocks...
The dynamic development of experimental economics, in particular of experimental work in game theory, has contributed to the questioning of the basic assumptions of classical game theory: the rationality and self-interest assumption. In response, those assumptions are being modified and more realistic models of human behavior in situations which can be described as games are being developed. The article...
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