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Non est Disputandum de Generalizability? A Glimpse into The External Validity Trial

List, John A. - 2020

While empirical economics has made important strides over the past half century, there is a recent attack that threatens the foundations of the empirical approach in economics: external validity. Certain dogmatic arguments are not new, yet in some circles the generalizability question is beyond...

Persistent link: https://www.econbiz.de/10012481390

The Value of a Statistical Life and the Coefficient of Relative Risk Aversion

Kaplow, Louis - 2003

Individuals' risk preferences are estimated and employed in a variety of settings, notably including choices in financial, labor, and product markets. Recent work, especially in financial economics, provides estimates of individuals' coefficients of relative risk aversion (CRRA's) in excess of...

Persistent link: https://www.econbiz.de/10012468845

Impact of Violent Crime on Risk Aversion : Evidence from the Mexican Drug War

Brown, Ryan - 2017

Whereas attitudes towards risk are thought to play an important role in many decisions over the life-course, factors that affect those attitudes are not fully understood. Using longitudinal survey data collected in Mexico before and during the Mexican war on drugs, we investigate how an...

Persistent link: https://www.econbiz.de/10012455501

Estimating Individual Ambiguity Aversion : A Simple Approach

Gneezy, Uri - 2015

We introduce a simple, easy to implement instrument for jointly eliciting risk and ambiguity attitudes. Using this instrument, we structurally estimate a two-parameter model of preferences. Our findings indicate that ambiguity aversion is significantly overstated when risk neutrality is assumed....

Persistent link: https://www.econbiz.de/10012457684

A Quantile Model of Firm Investment

Almeida, Heitor; Campello, Murillo; Castro, Luciano I. de; … - National Bureau of Economic Research - 2024

We develop a dynamic model of firm investment under uncertainty that captures firms' risk attitude using quantile preferences. The firm maximizes its present value, defined as current profits and investment plus the discounted value of the τ-quantile of its value next period. In our framework,...

Persistent link: https://www.econbiz.de/10014544776

Ambiguity Aversion and Household Portfolio Choice : Empirical Evidence

Dimmock, Stephen G. - 2013

We test the relation between ambiguity aversion and five household portfolio choice puzzles: non- participation, low allocations to equity, home-bias, own-company stock ownership, and portfolio under- diversification. In a representative U.S. household survey, we measure ambiguity aversion using...

Persistent link: https://www.econbiz.de/10012459919

Cognitive Imprecision and Small-Stakes Risk Aversion

Khaw, Mel Win - 2018

Observed choices between risky lotteries are difficult to reconcile with expected utility maximization, both because subjects appear to be too risk averse with regard to small gambles for this to be explained by diminishing marginal utility of wealth, as stressed by Rabin (2000), and because...

Persistent link: https://www.econbiz.de/10012480631

Looming Large or Seeming Small? Attitudes Towards Losses in a Representative Sample

Chapman, Jonathan; Snowberg, Erik; Wang, Stephanie; … - National Bureau of Economic Research - 2022

We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N=3,000). We find that around 50% of the U.S. population is loss tolerant, with many participants accepting negative-expected-value gambles. This is counter to earlier...

Persistent link: https://www.econbiz.de/10013334460

Intrapersonal Utility Comparisons as Interpersonal Utility Comparisons : Welfare, Ambiguity, and Robustness in Behavioral Policy Problems

Naik, Canishk; Reck, Daniel - National Bureau of Economic Research - 2024

We consider the optimal policy problem of a benevolent planner, who is uncertain about an individual's true preferences because of inconsistencies in revealed preferences across behavioral frames. We adapt theories of expected utility maximization and ambiguity aversion to characterize the...

Persistent link: https://www.econbiz.de/10015056138

The Division of Labor in Teams : A Conceptual Framework and Application to Collaborations in Science

Häussler, Carolin - 2016

perspectives: (1) individual level (the degree to which team members specialize vs. work as generalists), (2) activity level (the … degree to which activities are concentrated among few team members vs. distributed among many) and (3) the intersection … explore team-based knowledge production using a newly available type of data - the disclosures of author contributions on …

Persistent link: https://www.econbiz.de/10012456434

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