Speaker: Professor Nick Netzer
Affiliation: University of Zurich
Location: Room 629, School of Economics Boardroom, Level 6, Colin Clark Building (#39), UQ St Lucia Campus or, 
via Zoom link: https://uqz.zoom.us/j/84008636651 

Abstract 

In a model inspired by neuroscience, we show that constrained optimal perception encodes lottery rewards using an S-shaped encoding function and over-samples low-probability events. The implications of this perception strategy for behavior depend on the decision-maker’s understanding of the risk. The strategy does not distort choice in the limit as perception frictions vanish when the decision-maker fully understands the decision problem. If, however, the decision-maker underrates the complexity of the decision problem, then risk attitudes reflect properties of the perception strategy even for vanishing perception frictions. The model explains adaptive risk attitudes and probability weighting as in prospect theory and, additionally, predicts that risk attitudes are strengthened by time pressure and attenuated by anticipation of large risks.

About the presenters meeting 

If you would like to meet with Prof Netzer please contact Dr Zachary Breig. 

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An online seminar series on Experimental and Behavioural Economics organized by the Centre for Unified Behavioural and Economic Sciences (CUBES) of the School of Economics at The University of Queensland.

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Venue

School of Economics Boardroom, Level 6, Colin Clark Building (#39), UQ St Lucia Campus or Online via Zoom
Room: 
629