AUTHORS: Aleksandr Alekseev, Glenn W. Harrison, Morten Lau and Don Ross
ABSTRACT: Theoretical work on stochastic choice mainly focuses on the sources of choice randomness, and less on its economic consequences. We close this gap by developing a method of extracting information about the costs of noise from structural estimates… more »
AUTHORS: Wynn C. Stirling and Don Ross
ABSTRACT: This paper extends stationary Markov chain convergence theory to model discrete-time regular multivariate Markov chains with joint-conditioning transition probability functions that condition the future state of each process on the present states of all processes considered jointly. This result is a formal… more »
Forthcoming, The Geneva Risk and Insurance Review
AUTHORS: Glenn W. Harrison
ABSTRACT: The ability to run experiments, or to see natural data as a quasi-experiment, does not free one from the need for theory when evaluating insurance behavior. Theory can be used to motivate the experimental design, evaluate latent effects… more »
