help explain several anomalies associated with prospect theory, including probability weighting, loss aversion, and framing …. Prospect theory's four-fold pattern of probability weighting predicts that decision makers favor long-shots, avoid near sure … alternative explanation for the puzzle of why people are so risk averse for small gambles. Such behavior can arise because losing …

wherein a state's representative individual may choose to marry in order to diversity his or her idiosyncratic income risk … undiversifiable risk becomes larger, and when a state's initial income and growth rate is lower. A test of the model's predictious …, using cross - sectional data for the 50 U.S. states, suggests that there is broad support for a risk sharing motive for …

The criteria of the theory of optimum currency areas suggest that many (most?) countries are not good candidates for … setting monetary policy. It is argued that OCA theory provides the framework for determining the appropriate weights and …

idiosyncratic labor income risk. Ceteris paribus, an individual would prefer to marry a "hedge" (i.e. a spouse whose income is … means and volatilities of partners' incomes are also derived from the theory and tested. -- Consumption Insurance ; Marriage …

" and, in so doing, to complement the well-known Debreu collection on General Equilibrium Theory. Like all such projects …