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Who Is (More) Rational?
Silverman, Dan; Choi, Syngjoo; Kariv, Shachar; Müller, … - National Bureau of Economic Research (NBER) - 2011
Revealed preference theory offers a criterion for decision-making quality: if decisions are high quality then there exists a utility function that the choices maximize. We conduct a large-scale field experiment that enables us to test subjects' choices for consistency with utility maximization...
Persistent link: https://www.econbiz.de/10008839445
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Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
Mitchell, Olivia; Chai, Jingjing; Horneff, Wolfram; … - National Bureau of Economic Research (NBER) - 2009
This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic mortality and uncertain labor income, we extend the...
Persistent link: https://www.econbiz.de/10004980314
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When Consumers Do Not Make an Active Decision: Dynamic Default Rules and their Equilibrium Effects
Ericson, Keith M. Marzilli - National Bureau of Economic Research (NBER) - 2014
Dynamic defaults for recurring purchases determine what happens to consumers enrolled in a product or service who take no action at a decision point. Consumers may face automatic renewal, automatic switching, or non-purchase defaults. Privately optimal dynamic defaults depend on the...
Persistent link: https://www.econbiz.de/10010822023
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Insurance Decision-Making For Rare Events: The Role Of Emotions
Kunreuther, Howard; Pauly, Mark - National Bureau of Economic Research (NBER) - 2015
This paper describes the results of a web-based multi-period insurance purchasing experiment focusing on how … individuals make insurance choices for low-probability, high-consequence events. Participants were told the probability and … decided to purchase insurance after learning that they had suffered a loss and revealing that they were unhappy about having …
Persistent link: https://www.econbiz.de/10011133524
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Conflict, Evolution, Hegemony, and the Power of the State
Levine, David; Modica, Salvatore - National Bureau of Economic Research (NBER) - 2013
In a model of evolution driven by conflict between societies more powerful states have an advantage. When the influence of outsiders is small we show that this results in a tendency to hegemony. In a simple example in which institutions differ in their "exclusiveness" we find that these...
Persistent link: https://www.econbiz.de/10010950707
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Why You Can't Find a Taxi in the Rain and Other Labor Supply Lessons from Cab Drivers
Farber, Henry S. - National Bureau of Economic Research (NBER) - 2014
In a seminal paper, Camerer, Babcock, Loewenstein, and Thaler (1997) find that the wage elasticity of daily hours of work New York City (NYC) taxi drivers is negative and conclude that their labor supply behavior is consistent with target earning (having reference dependent preferences). I...
Persistent link: https://www.econbiz.de/10010950754
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Stereotypes
Shleifer, Andrei; Bordalo, Pedro; Gennaioli, Nicola - National Bureau of Economic Research (NBER) - 2014
We present a model of stereotypes in which a decision maker assessing a group recalls only that group's most representative or distinctive types relative to other groups. Because stereotypes highlight differences between groups, and neglect likely common types, they are especially inaccurate...
Persistent link: https://www.econbiz.de/10010950773
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Directed Giving: Evidence from an Inter-Household Transfer Experiment
Batista, Catia; Silverman, Dan; Yang, Dean - National Bureau of Economic Research (NBER) - 2014
We investigate the determinants of giving in a lab-in-the-field experiment with large stakes. Study participants in urban Mozambique play dictator games where their counterpart is the closest person to them outside their household. When given the option, dictators do a large fraction of giving...
Persistent link: https://www.econbiz.de/10010951192
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Behavioral Hazard in Health Insurance
Mullainathan, Sendhil; Baicker, Katherine; … - National Bureau of Economic Research (NBER) - 2012
This paper develops a model of health insurance that incorporates behavioral biases. In the traditional model, people … tradeoff between insurance and incentives. With only moral hazard, raising copays increases the efficiency of demand by … considered as well. This provides a theoretical foundation for value-based insurance design: for some high value treatments, for …
Persistent link: https://www.econbiz.de/10010951362
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Identifying Confirmatory Bias in the Field: Evidence from a Poll of Experts
Logan, Trevon D.; Andrews, Rodney J.; Sinkey, Michael J. - National Bureau of Economic Research (NBER) - 2012
Laboratory experiments have established the existence of cognitive biases, but their explanatory power in real-world economic settings has been difficult to measure. We estimate the extent of a cognitive bias, confirmatory bias, among experts in a real-world environment. In the Associated Press...
Persistent link: https://www.econbiz.de/10011271376