Published in 2013 in Economic Theory, Volume 54, Issue 2.
AUTHORS: James C. Cox, Vjollca Sadiraj, Bodo Vogt, and Utteeyo Dasgupta
ABSTRACT. Some theories of decision under risk have been critiqued with varying-payoffs calibration arguments. Such concavity calibration has no implication either for nonlinear probability transformation or for theories with variable reference… more »
Published in 2012 in Oxford Economic Papers, Volume 64, Issue 2.
AUTHORS: Maribeth Coller, Glenn W. Harrison, and E. Elisabet Rutström
ABSTRACT. We show that observed choices in discounting experiments are consistent with roughly one-half of the subjects using exponential discounting and one-half using quasi-hyperbolic discounting. We characterize the latent data generating… more »
Published in 2011 in Applied Economics Letters, Volume 18, Issue 3.
AUTHORS: John Fountain and Glenn W. Harrison
ABSTRACT. We show that prediction markets cannot be relied on to always elicit any interesting statistic of aggregate beliefs. Formal derivations of the bets placed in prediction markets can be viewed as demands for… more »
AUTHORS: Glenn W. Harrison, E. Elisabet Rutström and Shabori Sen
ABSTRACT. We consider the effect of allowing for endogenous risk on behavior, in the simplest possible laboratory environment that allows us to identify effects on risk attitudes and subjective beliefs. We find that risk attitudes and subjective beliefs are indeed significantly affected by… more »
AUTHORS: Glenn W. Harrison, Sebastian Moritz and Richard Pibernik
ABSTRACT. We study the risk attitudes of an important segment of the economy: managers. We conduct artefactual field experiments with 130 managers from 12 industrial companies. Our analysis is particularly careful to evaluate alternative models of decision-making under risk. In general, we find that… more »