AUTHORS: Aleksandr Alekseev, Glenn W. Harrison, Morten Lau and Don Ross
ABSTRACT: Theoretical work on stochastic choice mainly focuses on the sources of choice randomness, and less on its economic consequences. We close this gap by developing a method of extracting information about the costs of noise from structural estimates… more »
AUTHORS: Wynn C. Stirling and Don Ross
ABSTRACT: This paper extends stationary Markov chain convergence theory to model discrete-time regular multivariate Markov chains with joint-conditioning transition probability functions that condition the future state of each process on the present states of all processes considered jointly. This result is a formal… more »
Forthcoming, The Geneva Risk and Insurance Review
AUTHORS: Glenn W. Harrison
ABSTRACT: The ability to run experiments, or to see natural data as a quasi-experiment, does not free one from the need for theory when evaluating insurance behavior. Theory can be used to motivate the experimental design, evaluate latent effects… more »
Forthcoming, Georges Dionne (ed.) Handbook of Insurance (New York: Springer, 2024, Third Edition)
AUTHORS: Glenn W. Harrison
ABSTRACT: Our descriptive understanding of observed insurance behavior has been enhanced by considering alternative modeling approaches, and promises to do the same to our normative evaluation of that behavior. Those alternatives come from… more »
AUTHORS: Andre Hofmeyr, Harold Kincaid and Brian Monroe
ABSTRACT: The trust game is the standard experimental measure of trust and reciprocity in the social sciences. However, trust game experiments typically do not satisfy the salience precept, which is required to instantiate a microeconomic system in the lab. In three experiments,… more »
AUTHOR: Brian Albert Monroe
ABSTRACT: Stochastic models are commonly used to estimate the risk preferences of experimental subjects when the subjects’ choices show apparent violations of Expected Utility Theory. While the descriptive properties of these models have been the subject of much investigation, the normative consequences of these models have… more »
ABSTRACT: Much of the game theory literature concerns mechanisms by which players can infer information about the utilities, beliefs, and strategies of other players based on actions within games and pre-play signals. When game theory is applied to strategic interactions among people, such analysis interprets them as trying to “mindread”.… more »
Forthcoming in G.W. Harrison and D. Ross (eds.), Models of Risk Preferences: Descriptive and Normative Challenges, (Bingley, UK: Emerald, Research in Experimental Economics, 2023).
AUTHORS: Glenn W. Harrison and Don Ross
ABSTRACT: Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands… more »
Forthcoming, Journal of Economic Behavior & Organization
AUTHORS: Glenn W. Harrison, Nadja Kairies-Schwarz, and Johann Han
ABSTRACT: We investigate the effects of nonlinear deductible contracts on health utilization behavior by using a laboratory experiment in which we can control the likelihood of hitting the deductible. We also evaluate the effect… more »
AUTHORS: Rachel Cassidy, Anaya Dam, Wendy Janssens, Umair Kiani, and Karlijn Morsink
ABSTRACT: Interventions that aim to change outcomes for women and children typically target women. Yet in contexts where men are the dominant decision-makers, male references and beliefs may remain the binding constraint. We ask – when we target… more »
