Researchers have proposed various theories to explain overbidding in rentseeking contents, including mistakes, systematic biases, the utility of winning, and relative payoff maximization. Through an eight-part experiment, we test and find significant support for the existing theories. Also, we discover some new explanations based on cognitive ability and impulsive behavior. Out of all explanati...

We conduct a carefully designed random-assignment experiment to investigate whether negative affect impacts overconfidence. Our result indicates that, compared to neutralaffect, fear and sadness significantly increase overconfidence. All decisions were incentivized, and the result is robust to various specification checks. Further, our result has implications for the role of emotions in economi...

Affective decision-making (ADM) is a refutable and predictive theory of individual choice under risk and uncertainty. It generalizes expected utility theory by positing the existence of two cognitive processes – the “rational” and the “emotional” process. Observed choice is the result of their simultaneous interaction. We present a model of affective choice in insurance markets, where risk perc...

In an ongoing research program for the development of new anti-tuberculosis drugs, we synthesized three series (A, B, and C) of 7-chloro-4-aminoquinolines, which were evaluated in vitro against Mycobacterium tuberculosis (MTB). Now, we report the anti-MTB and cytotoxicity evaluations of a new series, D (D01-D21). Considering the active compounds of series A (A01-A13), B (B01-B13), C (C01-C07), ...

We propose the exponential satisficing model of boundedly rational decision-making, a general-purpose tool designed for use in typical microeconomic applications. The posits that preferences perceived and acted upon by agent are stochastic coarsening his or her true, welfare-significant preferences. decision-maker’s perceptual capabilities controlled preference resolution parameter, which smoot...

A B S T R KMetanol sebagai salah satu bahan kimia dasar dapat digunakan secara langsung campuran bakar untuk internal combustion engines atau baku antara (intermediate chemicals) memproduksi beragam penting seperti formaldehyde, asam asetat, dimethyl ether (DME), dan methyl tertiary butyl (MTBE). PT. KMI metanol dengan gas alam melalui proses steam reforming. Penelitian ini bertujuan mendapatka...

Does Culture Matter? This paper reviews the literature on culture and economics, focusing primarily on the epidemiological approach. The epidemiological approach studies the variation in outcomes across different immigrant groups residing in the same country. Immigrants presumably differ in their cultures but share a common institutional and economic environment. This allows one to separate the...

A theory of decision making is proposed that offers an axiomatic basis for the notion of “satisficing” postulated by Herbert Simon. The theory relaxes the standard assumption that the decision maker always fully perceives his preferences among the available alternatives, requiring instead that his ability to perceive any given preference be decreasing with respect to the complexity of the choic...

This paper presents an evolutionary model to explain the widespread diffusion of lifelong monogamous families. The essential condition, unique to humans, is the overlap of children of different ages. Under this condition, together with the salience of paternal investment and fatherhood uncertainty, monogamy attains a greater survivorship than serial monogamy and polygyny. This result is robust ...