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WP 2014-07 Risk and Time Preferences of Entrepreneurs: Evidence from a Danish Field Experiment

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Published in 2014 in Theory & Decision, Volume 77, Issue 3.

ABSTRACT: To understand how small business entrepreneurs respond to government policy one has to know their risk and time preferences. Are they risk averse, or have high discount rates, such that they are hard to motivate? We have conducted a set… more »

WP 2012-01 Experimental Payment Protocols and the Bipolar Behaviorist

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Published in 2014 in Theory and Decision, Volume 77, Issue 3.

ABSTRACT. If someone claims that individuals behave as if they violate the independence axiom when making decisions over simple lotteries, it is invariably on the basis of experiments and theories that must assume the independence axiom through the use of… more »

WP 2010-17 Inferring Beliefs as Subjectively Uncertain Probabilities

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Published in 2012 in Theory and Decision, Volume 73, Issue 1.

ABSTRACT. We propose a method for estimating subjective beliefs, viewed as a subjective probability distribution. The key insight is to characterize beliefs as a parameter to be estimated from observed choices in a well-defined experimental task, and to estimate that… more »

WP 2010-07 Non-Linear Mixed Logit

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Published in 2012 in Theory and Decision, Volume 73, Issue 1.

ABSTRACT. We develop an extension of the familiar linear mixed logit model to allow for the direct estimation of parametric non-linear functions defined over structural parameters. Classic applications include the estimation of coefficients of utility functions to characterize risk attitudes… more »