WP 2011

WP 2011-18 Procrastination, uncertainty, and optimization

Posted On January 18, 2011
Categories Working Papers, WP 2011

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ABSTRACT. Procrastination encapsulates all of the features of apparently time-inconsistent preference that make addiction and related consumption anomalies challenging phenomena for modeling by economists. A common but ultimately unsatisfying response to this challenge has been for economists to try to capture what they perceive to be a core insights from psychological theorists,… more »

WP 2011-17 Asset Integration and Attitudes to Risk: Theory and Evidence

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Forthcoming – Review of Economics & Statistics.

ABSTRACT. We provide evidence that choices over small stakes bets are consistent with assumptions of some payoff calibration paradoxes. We then exploit the existence of detailed information on individual wealth of our experimental subjects in Denmark, and directly estimate risk attitudes and the degree… more »

WP 2011-16 Randomization and Its Discontents

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Published in 2011 in Journal of African Economies, Volume 20, Issue 4.

ABSTRACT. Randomised control trials have become popular tools in development economics. The key idea is to exploit deliberate or naturally occurring randomisation of treatments in order to make causal inferences about ‘what works’ to promote some development objective. The… more »

WP 2011-14 Can Intertemporal Choice Experiments Elicit Time Preferences for Consumption? Yes

Posted On January 14, 2011
Categories Working Papers, WP 2011

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ABSTRACT. The most popular experimental method for eliciting time preferences involves subjects making choices over smaller, sooner amounts of money and larger, later amounts of money. Under some theoretically possible configurations of preferences and procedures, the discount rates inferred from these choices could lead to misleading inferences about time preferences for consumption.… more »

WP 2011-13 The Rich Domain of Uncertainty: Comment

Posted On January 13, 2011
Categories Working Papers, WP 2011

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ABSTRACT. Abdellaoui, Baillon, Placido and Wakker [2011] conclude that different probability weighting functions are used when subjects face risky processes with known probabilities and uncertain processes with subjective processes. They call this “source dependence,” where the notion of a source is relatively easy to identify in the context of an artefactual laboratory… more »

WP 2011-12 Paradoxes and Mechanisms for Choice under Risk

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Published in 2015 in Experimental Economics, Volume 18, Issue 2.

ABSTRACT. Experiments on choice under risk typically involve multiple decisions by individual subjects. The choice of mechanism for selecting decision(s) for payoff is an essential design feature unless subjects isolate each one of the multiple decisions. We report treatments with different… more »

WP 2011-11 Experimental Methods and the Welfare Evaluations of Policy Lotteries

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Published in 2011 in European Review of Agricultural Economics, Volume 38, Issue 3.

ABSTRACT. Policies impose lotteries of outcomes on individuals, since we never know exactly what the effects of the policy will be. In order to evaluate alternative policies, we need to make assumptions about individual preferences, even before social… more »

WP 2011-10 Institutional Investors and Crash Risk: Monitoring or Expropriation?

Posted On January 10, 2011
Categories Working Papers, WP 2011

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ABSTRACT. This study tests two opposing views of institutional investors—monitoring versus expropriation–by investigating whether institutional ownership is positively or negatively related to future firm-specific stock price crash risk. We present robust evidence that institutional ownership is positively associated with future stock price crash risk. After further classifying institutional investors into transient, dedicated,… more »

WP 2011-09 An Item Response Theory Analysis of the Problem Gambling Severity Index in a Nationally Representative Sample

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Published in 2012 in Assessment, Volume 19, Issue 2.

ABSTRACT. Increases in the availability of gambling heighten the need for a short screening measure of problem gambling. The Problem Gambling Severity Index is a brief measure that allows for the assessment of social and environmental aspects of gambling with the facility… more »