of the probability of a horse winning—longshots are overbet, while favorites are underbet. Neoclassical explanations of … this phenomenon focus on rational gamblers who overbet longshots due to risk-love. The competing behavioral explanations … win) can also rationalize decisions over a wider choice set, including compound bets in the exacta, quinella or trifecta …

After presenting some casual evidence about the difference between economists and the rest of the population, first the … presented where the citizens decided against recommendations of most economists. But what is so particular in economic theory … respect to the normative convictions of economists. The paper concludes with possible consequences which economists might draw. …

Most professional economists believe that economists in general are more selfish than other persons and that this … particular behavior of economists can be explained by a selection effect. …

Academic economists today are caught in a “Publication Impossibility Theorem System” or PITS. To further their careers …

Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when … acting as agents under contract and taking costly actions to acquire information before taking decisions. Limited liability … actions. The resulting decisions may be less, rather than more, risky. Making a decision after acquiring information provides …

and/or may benefit from more rapid careers. Hence, the costs of uncertainty and the benefits of skill upgrading associated …

quantifying the impact of uncertainty on macroeconomic dynamics based on the premise that uncertainty causes economic activity to … activity assuming that both variables are driven by the same set of unobserved common factors. We further assume that these … common factors affect volatility and economic activity with a time lag of at least a quarter. Under these assumptions, we …