Published in 2011 in Addiction, Volume 106, Issue 2.
AUTHORS: Andre Hofmeyr, George Ainslie, Richard Charlton, and Don Ross
ABSTRACT. Aims Previous studies indicate that addicts show reduced patience, compared to nonaddicts, for more delayed versus more immediate rewards. This may reflect a lower propensity to view such decisions in terms of the… more »
Published in 2013 in Oxford Economic Papers, Volume 65, Issue 1.
AUTHORS: Glenn W. Harrison, Morten I. Lau, E. Elisabet Rutström, and Marcela Tarazona-Gómez
ABSTRACT. We elicit individual preferences over social risk. We identify the extent to which these preferences are correlated with individual preferences over individual risk and individual preferences over… more »
Published in 2011 in The Review of Financial Studies, Volume 24, Issue 5.
AUTHORS: Steffen Andersen and Kasper Meisner Nielsen
ABSTRACT. We use a natural experiment to investigate the impact of participation constraints on individuals’ decisions to invest in the stock market. Unexpected inheritance due to sudden deaths results in exogenous variation… more »
AUTHORS: Jose M. Plehn-Dujowich and Ajay Subramanian
ABSTRACT. We develop a general equilibrium model to show how the distribution of firm qualities, moral hazard, and monopolistic competition in the product market interact to effect the distributions of firm size and managerial compensation. We exploit the properties of the unique, stationary general equilibrium of… more »
Published in 2014 in Review of Finance, Volume 18, Issue 5.
AUTHORS: Hae Won (Henny) Jung and Ajay Subramanian
ABSTRACT. We develop a dynamic structural model to examine the effects of differing beliefs of the manager and outsider investors regarding the profitability of a firm’s projects and manager-shareholder agency conflicts on its… more »
Published in 2013 in Journal of Economic Dynamics and Control, Volume 37, Issue 12.
AUTHORS: Yahel Giat and Ajay Subramanian
ABSTRACT. We develop a dynamic principal–agent model to show how imperfect public information and asymmetric beliefs, asymmetric risk attitudes, complementary actions by both parties, and inter-temporal adverse selection arising from the agent’s… more »
AUTHORS: Otgontsetseg Erhemjamts and Richard D. Phillips
ABSTRACT. The recent wave of demutualizations has led to the declining significance of the mutual organizational form in the U.S. life insurance industry. Although the prior literature is fairly conclusive regarding the motivations that life insurers had to demutualize, previous research has only considered the decision… more »