*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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AUTHORS: Arianna Galliera… more »
AUTHORS: Nathaniel T. Wilcox
ABSTRACT: I present new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First, they are free of functional form assumptions about both utility and weighting functions, and they are entirely based on binary… more »
AUTHORS: Anabela Botelho, Glenn W. Harrison, Lígia M. Costa Pinto, Don Ross and Elisabet E. Rutström
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… more »
Published in 2019 in The Geneva Risk and Insurance Review, Volume 44, Issue 2.
AUTHORS: Glenn W. Harrison
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… more »
Published in 2019 in Risk Management & Insurance Review, Volume 22.
AUTHORS: Glenn W. Harrison and Jia Min Ng
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… more »
AUTHORS: Brian Albert Monroe
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… more »