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 »
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 »
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 »
ABSTRACT. This paper tests the proposition that higher tournament incentives will result in greater risk taking by senior managers in order to increase their chance of promotion to the rank of CEO. Measuring tournament incentives as the pay gap between the CEO and the next layer of senior managers, we find a… more »
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 »
ABSTRACT. Abdellaoui, Baillon, Placido and Wakker  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 »
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 »
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 »
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
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 »