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Prospect Theory as a Model of Risky Choice: Descriptive and Normative Assessments @ University College Cork
Oct 16 – Oct 17 all-day

General Information

Prospect theory, as originally developed and subsequently refined by Kahneman and Tversky, is widely regarded as the most sophisticated theoretical achievement of behavioral economics. Its great importance, especially with respect to the concepts it introduced, is beyond serious dispute. However, like any major scientific model, it is vulnerable to being interpreted as dogma, as a statement of truth that can be used as an argument-stopper and as a basis for sweeping rejection of perspectives with which it is in tension. Empirical investigations of prospect theory, both in its original (1979) articulation and its ‘cumulative’ (1992) version that accommodates econometric identification and estimation, are equivocal in their results, certainly more interesting than straightforward ‘confirmation’ or ‘refutation’. Additionally, important questions about prospect theory’s completeness or adequacy as a descriptive theory of choice under risk and uncertainty spill over into problems of normative assessment, about welfare and well-being, raised by behavioral and experimental economics. At a time when more and more governments and companies are adopting policies and strategies based on their interpretations of results from behavioral economics, joint assessment of prospect theory’s descriptive and normative authority is directly relevant to management of institutional, political, environmental, and personal risk. In this workshop we will bring together economists and philosophers to critically review the empirical status of prospect theory, in both original and cumulative forms, along with the implications of this status for public, corporate and household policies.


Glenn Harrison (CEAR, Georgia State University), and Don Ross (University College Cork, University of Cape Town, and CEAR) are the organizers of this workshop. Funding is being provided by CEAR: see for more information. Standard travel and accommodation support for paper presenters will be provided. Should you have questions, please contact Professor Don Ross at about the substance of the workshop, and contact Mark Schneider with questions about participation and logistics.

Dates & Times

Monday, October 16, 2017 – 08:55 to 18:00. Refreshments and lunch will be provided.
Monday, October 16, 2017 – 20:00 – Dinner for invited guests.
Tuesday, October 17, 2017 – 10:00 to 17:00. Refreshments and lunch will be provided.

Contact Mark Schneider at should you have any dietary restrictions or special needs.


The workshop will be held at University College Cork, Republic of Ireland: Presenters will be accommodated at Hayfield Manor Hotel,, Cork’s 5-star hotel that embodies the ambient charm and historical depth of Ireland’s special culture.

Cork is the Irish Republic’s second city, European headquarters of Apple and other major companies, and famous for traditional artisanal foods, Murphy’s and Beamish stout ales, and historic architecture.


Cork Airport is directly served from various airports in the United Kingdom, plus Amsterdam, Paris, Munich, and Reykjavik. Iceland’s WOW airline connects Cork to various North American destinations via Reykjavik. All major airline hubs abroad are connected to Dublin Airport, from which Cork is reached under 3 hours by overland shuttles.

Financial Regulation: Fit for the Future? @ Federal Reserve Bank of Atlanta
Nov 2 – Nov 3 all-day

General Information

The Center for Financial Innovation and Stability (Federal Reserve Bank of Atlanta) and the Center for the Economic Analysis of Risk (Georgia State University) are organizing the conference “The Impact of Extraordinary Monetary Policy on the Financial,” to be held at the Federal Reserve Bank of Atlanta on the 2nd and 3rd of November 2017. The aim of the conference is to bring together economists, statisticians, finance professionals and regulators in order to discuss whether financial regulation as currently structured is appropriate for the financial system of the future.

Regulators around the world responded to the 2007-09 financial crisis with a determination to reduce the likelihood and potential impact of a future financial crisis. To this end, a variety of new measures are being implemented, including Basel III capital and liquidity, stress tests, living wills, restrictions on OTC derivatives, and stricter regulation of nonbank financial firms, Some argue that these measures have not gone far enough, and propose measures to break up large banks or require them to hold even more capital. However, financial firms and many others have argued that the pendulum has already swung too far in the direction of reregulation. As a result, they argue regulation is stifling financial firms’ ability to support their customers, the financial system and growth in the real economy. Further, some are questioning whether the traditional approach to regulation is inhibiting the development of new financial technologies that promise greater efficiency and perhaps increased safety. This conference seeks to look back to evaluate the benefits and the costs of enhanced post-crisis regulation as well as to look forward to the effect of regulations on the development of financial technology.

Paper Submissions

We invite academics, professionals and regulators to submit papers for this meeting. Long abstracts or, preferably, complete manuscripts may be submitted no later than August 14, 2017 on the full range of issues associated with whether financial regulation is fit for the future. Some examples of possible topics include the costs and/ or the benefits of:

  • The new capital regulations, including Basel III and stress tests,
  • The Basel III liquidity regulation: liquidity coverage ratio (LCR) and/or the net stable funding ratio (NSFR),
  • The resolution strategies pursued in the U.S. and EU, including living wills and total loss absorbing capital (TLAC),
  • Post-crisis tightening of the regulation of over-the-counter derivatives,
  • The designation of some insurers as “globally systemically important,” subjecting them to stricter regulation,
  • Measures that limit bank’s ability to make bond markets, such as the Volcker rule and limits on leverage,
  • Imposing even stricter regulatory requirements on commercial and investment banks, insurers, and/or shadow banks,
  • Any regulation that is inhibiting the development of FinTech firms and/or that has the effect of enhancing their ability to compete (such as the EU’s Payment Services Directive 2 (PSD2)).

Please send your submissions in PDF format directly to Larry Wall, who may also be contacted for any further inquiries: The results of the selection process will be sent by September 15, 2017. Reasonable travel and accommodation expenses will be covered for the presenters of accepted papers.

13th International Microinsurance Conference 2017 @ Swissôtel, Lima, Peru
Nov 7 – Nov 9 all-day

CEAR is excited to co-sponsor this year’s 13th International Microinsurance Conference 2017 hosted by Munich Re Foundation. CEAR is facilitating the Academic Track of the conference as well as hosting the Pre-conference Seminar on recent developments in research methods to understand risk management choices of the poor.

You can submit proposals and draft papers for the Conference through the website below – please note that the deadline for submissions is May 15, 2017.

Conference Website 
5th Workshop in Behavioral and Experimental Health Economics @ GSU - Buckhead Center
Dec 7 – Dec 8 all-day
CEAR: Center for the Economic Analysis of Risk

General Information

Following the success of previous workshops in Oslo, Hamilton, Essen and Cologne, we are pleased to host the 5th Workshop on Behavioral and Experimental Health Economics in Atlanta. The workshop brings together economists who apply behavioral economics and experimental methods in health economics research to present and discuss their research papers. We also welcome researchers from related fields, such as Public Health, Epidemiology and Medicine. We welcome contributions on all topics within health economics using experimental methods and behavioral economics applications.

For each paper we typically allocate one hour (40 min. presentation, 10 min. discussion by discussant, 10 min. general discussion) to provide participants with the opportunity for an in-depth presentation of their work. If possible all sessions will be plenary, but there may be one or two parallel sessions if needed.


The primary keynote address will be given by Professor Judd Kessler from the Wharton School at the University of Pennsylvania: Judd received a B.A. in Economics from Harvard University in 2004, an M.Phil. in Economics from Cambridge University in 2005, and a Ph.D. in Business Economics from Harvard University in 2011. In his research he uses a combination of laboratory and field experiments to answer questions in Public Economics and market design. He investigates the economic and psychological forces that motivate individuals to contribute to public goods, with applications including organ donation, worker effort, and charitable giving. He also investigates market design innovations, placing particular emphasis on bringing market design from theory to practice, with applications including course allocation and priority systems for organ allocation. Judd’s research has appeared in general interest journals including the American Economic Review, the Quarterly Journal of Economics, and Management Science, as well as specialist journals such as Health Economics and American Journal of Transplantation, Annals of Internal Medicine, and the Journal of General Internal Medicine.

This year the Workshop on Behavioral and Experimental Health Economics will overlap for one day, by design, with another annual workshop co-sponsored by CEAR on Behavioral Insurance. The reason is that the topics overlap, and this provides an opportunity for intellectual arbitrage. The keynote address for the Behavioral Insurance workshop will also be given on the overlap day, and will be given by Professor Ben Handel from the Department of Economics at the University of California at Berkeley: He received an A.B. in Economics from Princeton in 2004, a Ph.D. in Economics from Northwestern University in 2010, and completed a postdoctoral fellowship with the Robert Wood Johnson Foundation in 2011. His research focuses on the microeconomics of consumer choice and market structure in the health care sector, with an emphasis on health insurance markets. His most recent research has emphasized the role that consumer choice frictions, such as inertia and limited information, can have when assessing the welfare outcomes of different regulatory policies in health insurance markets. In addition, his work studies incentive design and adoption of information technology by medical providers. Ben has partnered with a range of large firms and policy organizations in the health care sector to study questions in these areas. Ben has published on health insurance issues in Econometrica, the American Economic Review, and the Quarterly Journal of Economics.


CEAR will provide travel support and cover local expenses for participants that are presenting papers or acting as discussants. The usual university guidelines apply, although we can provide extra nights of support for overseas visitors if needed.

There will be a modest charge for participants that are not presenting papers, or are members of the Scientific Committee. This is to cover some fraction of catering and dinner costs. This charge will be noted on the participation link when that is set up.

Scientific Committee

  • James Cox (GSU, Economics)
  • Matteo M. Galizzi (LSE)
  • Glenn Harrison (GSU, Risk Management & Insurance): chair
  • Heike Hennig-Schmidt (University of Bonn)
  • John F. Sweeney (Emory University School of Medicine)
  • Daniel Wiesen (University of Cologne)

Submission of Papers

If you are interested in presenting a paper, please submit either the full paper (if available), or an extended abstract that addresses objectives, methods, results, and conclusions. All submissions should be in PDF. Submissions should be made by Monday September 4 at Authors will be notified regarding the acceptance of their paper by Monday, October 2 at the latest.


Registration will be open starting September 4, 2017.


The workshop will be held at GSU’s Buckhead Campus, which is located in the city’s financial district, just north of downtown Atlanta.