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 »
Forthcoming – Geneva Risk and Insurance Review
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 towards insurance depends on risk and time preferences that might not be the ones we were all… more »
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 »
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 »