Working Papers

WP 2020-12 Do No Harm? The Welfare Consequences of Behavioural Interventions

Posted On July 21, 2020
Categories Working Papers, WP 2020

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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 »

WP 2020-11 Belief Distributions, Bayes Rule and Bayesian Overconfidence

Posted On July 21, 2020
Categories Working Papers, WP 2020

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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 »

WP 2020-09 Constant Discounting, Temporal Instability and Dynamic Inconsistency in Denmark: A Longitudinal Field Experiment

Posted On July 9, 2020
Categories Working Papers, WP 2020

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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 »

WP 2020-07 Literacy and the Quality of Index Insurance Decisions

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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 »

WP 2020-06 Risk Perceptions in the Virtual Wilderness: An Application to Wild Fires

Posted On February 26, 2020
Categories Working Papers, WP 2020

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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 »