WP 2019

WP 2019_06 “Grabbing the Opportunity”: Risk Attitudes Among Poor Households in the US

*Note that a previous version of this paper was previously listed as WP 2018-05 Nothing Left to Lose: Risk Attitudes Among Vulnerable Households. The paper has changed considerably, so we have added it here as a new Working Paper.

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ABSTRACT: Not much… more »

WP 2019_04 Endogenous Choice of Institutional Punishment Mechanisms to Promote Social Cooperation

Posted On September 12, 2019
Categories Working Papers, WP 2019

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ABSTRACT: Does the desirability of social institutions for public goods provision depend on the extent to which they include mechanisms for endogenous enforcement of cooperative behavior? We consider alternative institutions that vary the use of direct punishments to promote social cooperation. In one institution, subjects participate in a public goods… more »

WP 2019_03 The Behavioral Welfare Economics of Insurance

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Published in 2019 in The Geneva Risk and Insurance Review, Volume 44, Issue 2.

ABSTRACT: Behavioral economics poses a challenge for the welfare evaluation of insurance products and policy. It demands that we recognize that the descriptive account of behavior toward insurance depends on risk and time preferences that might… more »

WP 2019_02 Behavioral Insurance and Economic Theory: A Literature Review

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Published in 2019 in Risk Management & Insurance Review, Volume 22.

ABSTRACT: Decisions to purchase insurance should be a perfect place to see economic theory at work in general, and behavioral economics at work in particular. We have well‐developed theories of the demand for, and welfare evaluation of, insurance products.… more »

WP 2019-01 Statistical Power and the Individual Level Estimation of Risk Preferences

Posted On March 26, 2019
Categories Working Papers, WP 2019

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ABSTRACT: Accurately estimating risk preferences is of critical importance when evaluating data from many economic experiments or behavioral interactions. I conduct power analyses over two lottery batteries designed to classify individual subjects as one of a number of alternative specifications of risk preference models. I propose a conservative case in which… more »