WP 2017-01 The Empirical Adequacy of Cumulative Prospect Theory and its Implications for Normative Assessment

Posted On January 23, 2017
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Published in 2017 in Journal of Economic Methodology, Volume 24, Number 2.

AUTHORS: Glenn W. Harrison and Don Ross

ABSTRACT: Much behavioral welfare economics assumes that expected utility theory (EUT) does not accurately describe most human choice under risk. A substantial literature instead evaluates welfare consequences by taking cumulative prospect theory… more »

WP 2016-06 Varieties of Paternalism and the Heterogeneity of Utility Structures

Posted On July 11, 2016
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Published in Journal of Economic Methodology, Volume 25, Issue 1.

AUTHORS: Glenn W. Harrison and Don Ross

ABSTRACT: A principal source of interest in behavioral economics has been its advertised contributions to policies aimed at ‘nudging’ people away from allegedly natural but self-defeating behavior toward patterns of response thought more likely… more »