AUTHORS: Andre Hofmeyr
ABSTRACT: The probability discounting model has become a popular framework for investigating choice under risk in psychology. But it is not clear how the model relates to standard theories of choice under risk, such as expected utility theory and prospect theory. I critically review the theoretical development… more »
AUTHORS: Glenn Harrison, Karlijn Morsink, and Mark Schneider
ABSTRACT: The rapid expansion of access to finance, low levels of financial literacy, and increasing complexity of financial products, raises serious concerns about the extent to which consumers are able to make financial decisions that increase consumer welfare. We evaluate the consumer… more »
AUTHORS: Glenn W. Harrison and J. Todd Swarthout
ABSTRACT: We provide evidence that individuals generally behave consistently with Bayes Rule defined over continuous events in the sense that they report subjective belief distributions that are unbiased, but that they behave inconsistently in the sense that they exhibit significant overconfidence compared… more »
*An earlier version of this paper was previously listed as WP 2016-07 Evaluating the Welfare of Index Insurance. The paper has changed considerably, so we have added it here as a new Working Paper.
AUTHORS: Glenn Harrison, Jimmy Martínez-Correa, Karlijn Morsink, Jia Min Ng, and Todd Swarthout
… more »
AUTHORS: Glenn W. Harrison, Morten I. Lau and Hong Il Yoo
ABSTRACT: Evidence that individuals have dynamically inconsistent preferences is usually generated by studying individual discount rates over different horizons, but where those discount rates are elicited at a single point in time. If these elicited discount rates are constant… more »
Prepared for a special issue of Behavioural Public Policy on Field Experiments.
AUTHORS: Glenn W. Harrison
ABSTRACT: The current state of the art in field experiments does not give me any confidence that we should be assuming that we have anything worth scaling, assuming we really care about the expected… more »
AUTHORS: Glenn Harrison, Karlijn Morsink and Mark Schneider Forthcoming, Geneva Risk & Insurance Review
ABSTRACT: There is widespread concern in developing countries with the expansion of formal insurance products to help manage significant risks. These concerns arise primarily from a lack of understanding of insurance products, general failures of financial… more »
AUTHORS: Glenn W. Harrison, Jared M. Johnson and E. Elisabet Rutström
ABSTRACT: In economic decision making most subjective probabilities are formed in a compound manner, through the interaction of multiple attributes of events, each of which have likelihoods that are unknown to various degrees. We consider how subjectively formed risk… more »
*Note that this is an older version of this paper. There have been considerable changes since this version, and we have posted the new version as WP 2020-17 Should I Stay or Should I Go? Equilibrium Selection in a Transportation Network.
Download Paper Online Appendices
AUTHORS:… more »
AUTHORS: Elisabet Rutström
Aim of the Paper: PAP was initiated by the Center for the Economic Analysis of Risk at Georgia State University with the purpose of collecting rich micro level data for a specific population: the working poor in Atlanta. The data collection effort complements those done in previous… more »
