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We are all Behavioral, More or Less : A Taxonomy of Consumer Decision Making
Stango, Victor - 2020
We examine how 17 behavioral biases relate to each other, to other decision inputs, and to decision outputs. Most … personality traits--with some expected exceptions. Accounting for this correlation structure, we reduce our 29 decision inputs to … this taxonomy for various approaches to modeling influences of behavioral biases on decision making …
Persistent link: https://www.econbiz.de/10012482357
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Optimism and Economic Choice
Puri, Manju - 2005
This paper presents some of the first large-scale survey evidence linking optimism to major economic choices. We create a novel measure of optimism using the Survey of Consumer Finance by comparing a person's self-reported life expectancy to that implied by statistical tables. Optimists are more...
Persistent link: https://www.econbiz.de/10012467322
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Dominated Choices and Medicare Advantage Enrollment
Afendulis, Christopher - 2014
revisiting prior choices, can lead to decision errors. This paper explores the enrollment decisions of Medicare beneficiaries in …
Persistent link: https://www.econbiz.de/10012458484
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Allocative Skill
Caplin, Andrew; Deming, David J.; Leth-Petersen, Søren; … - National Bureau of Economic Research - 2023
Jobs increasingly require good decision-making. Workers are valued not only for how much they can do, but also for … conditional on IQ, numeracy, and education, and the return to allocative skill is greater in decision-intensive occupations …
Persistent link: https://www.econbiz.de/10014372431
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Quantifying Lottery Choice Complexity
Enke, Benjamin; Shubatt, Cassidy - National Bureau of Economic Research - 2023
We develop interpretable, quantitative indices of the objective and subjective complexity of lottery choice problems that can be computed for any standard dataset. These indices capture the predicted error rate in identifying the lottery with the highest expected value, where the predictions are...
Persistent link: https://www.econbiz.de/10014372434
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Household Responses to Public Home Care Programs
Coyte, Peter C. - 2001
A choice-theoretic model of household decision-making with respect to care-giving time allocations and the use of …
Persistent link: https://www.econbiz.de/10012470195
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Pre-Contractual Reliance
Bebchuk, Lucian Arye - 2001
During contractual negotiations, parties often make (reliance) expenditures that would increase the surplus should a contract be made. This paper analyzes decisions to invest in pre-contractual reliance under alternative legal regimes. Investments in reliance will be socially suboptimal in the...
Persistent link: https://www.econbiz.de/10012470489
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Participation and Investment Decisions in a Retirement Plan : The Influence of Colleagues' Choices
Duflo, Esther - 2000
This paper investigates whether peer effects play an important role in retirement savings decisions. We use individual data from the staff of a university to study whether individual decisions to enroll in a Tax Deferred Account plan sponsored by the university (and the choice of the mutual fund...
Persistent link: https://www.econbiz.de/10012471015
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Empirical Implications of Physician Authority in Pharmaceutical Decisionmaking
Stern, Scott - 1998
This paper studies the consequences of physician authority on pharmaceutical prescribing. Physicians engage in a costly process of particular conditions and characteristics. The relative efficiency of this matching process results from the diagnostic skill of the physician along with the...
Persistent link: https://www.econbiz.de/10012471961
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Statistical Mechanics Approaches to Socioeconomic Behavior
Durlauf, Steven N. - 1996
This paper provides a unified framework for interpreting a wide range of interactions models which have appeared in the economics literature. A formalization taken from the statistical mechanics literature is shown to encompass a number of socioeconomic phenomena ranging from out of wedlock...
Persistent link: https://www.econbiz.de/10012473099