Published in 2015 in Economic Letters, Volume 127.
AUTHORS: Glenn W. Harrison, Jimmy Martinez-Correa, J. Todd Swarthout, and Eric Ulm
ABSTRACT: We consider the elicitation of subjective belief distributions over continuous events using scoring rules with incentives. The theoretical literature suggests that risk attitudes have a surprisingly small role in distorting reports… more »
Published in 2015 in Journal of Gambling Studies, Volume 31.
AUTHORS: Carla Sharp, Andrew Dellis, Andre Hofmeyr, Harold Kincaid, and Don Ross
ABSTRACT: Aims: We investigate the extent to which problem gambling in a recent South African sample, as measured by the Problem Gambling Severity Index (PGSI), is comorbid with… more »
Published in 2014 in Theory & Decision, Volume 77, Issue 3.
AUTHORS: Steffen Andersen, Amalia Di Girolamo, Glenn W. Harrison, Morten I. Lau
ABSTRACT: To understand how small business entrepreneurs respond to government policy one has to know their risk and time preferences. Are they risk averse, or have high discount rates, such… more »
AUTHOR: Florin Bidian
ABSTRACT. A nonstationary dividend yield, having a unit root, is seen as proof of bubbles (Craine 1993). This inference is not valid. A sucient condition for the absence, respectively presence of bubbles is the uniform divergence, respectively uniform convergence of the dividend yield series. I use this criterion to… more »
AUTHOR: Glenn W. Harrison
ABSTRACT. Is there a difference between the elicited subjective belief distribution obtained from hypothetical surveys or from incentivized scoring rules? If so, are they correlated? What is the interaction between responses to unverifiable events and comparable, verifiable events when one interacts the use of incentives? We address these… more »
Published in 2020 in Review of Economics and Statistics, Volume 102, Issue 3.
AUTHORS: Glenn W. Harrison, Morten I. Lau and Hong Il Yoo
ABSTRACT: We evaluate the temporal stability of risk preferences using a remarkable data set that combines sociodemographic information from the Danish Civil Registry with information on risk… more »
AUTHOR: Florin Bidian
ABSTRACT. Tests of asset price bubbles typically focus on the stationarity properties of the dividend yield. Evidence of nonstationarity in the dividend yield is viewed as proof of bubbles, while stationarity is interpreted as absence of bubbles. For economies with arbitrary pricing kernels but stationary risk-free rates, I show… more »
AUTHOR: Florin Bidian
ABSTRACT. I propose an arbitrage-based theory of rational bubbles in economies with general portfolio constraints and differences in beliefs. Trading restrictions and speculation due to asymmetric information and heterogeneous beliefs do not cause bubbles. Low interest rates are again needed for bubbles to exist, as in economies with symmetric… more »
AUTHOR: Florin Bidian
ABSTRACT. Limited enforcement of debt contracts and mild penalties for default can lead to low equilibrium interest rates, to ensure debt repayment. Low interest rates, in turn, create conditions for bubbles. I show that bubbles can arise as a substitute to private liquidity when the punishment for default is… more »
