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An Empirical Assessment of Alternative Models of Risky Decision Making
Baker, Joanna R. - 2010
In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain … enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected … explain the decision-making behavior of the majority of our subjects. Surprisingly, we find that the choice behavior of the …
Persistent link: https://www.econbiz.de/10013135363
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An Economic Model of Amniocentesis Choice
Fajnzylber, Eduardo - 2010
Medical practitioners typically utilize the following protocol when advising pregnant women about testing for the possibility of genetic disorders: Pregnant women over the age of 35 should be tested for Down syndrome and other genetic disorders; for younger women, such tests are discouraged...
Persistent link: https://www.econbiz.de/10013138773
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Sticking with What (Barely) Worked
Lefgren, Lars - 2011
Outcome bias occurs when an evaluator considers ex-post outcomes when judging whether a choice was correct, ex-ante. We formalize this cognitive bias in a simple model of distorted Bayesian updating. We then examine strategy changes made by professional football coaches. We find they are more...
Persistent link: https://www.econbiz.de/10013119785
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Conforming and Non-Conforming Peer Effects in Vaccination Decisions
Bodine-Baron, Elizabeth - 2013
Traditional economic models of vaccination assume that agents free-ride on the vaccination decision of others. These …
Persistent link: https://www.econbiz.de/10013074645
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Measuring Intertemporal Preferences Using Response Times
Chabris, Christopher F. - 2010
We use two different approaches to measure intertemporal preferences. First we employ the classical method of inferring preferences from a series of choices (subjects choose between $X now or $Y in D days). Second we adopt the novel approach of inferring preferences using only response time data...
Persistent link: https://www.econbiz.de/10012758348
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Optimal Defaults and Active Decisions
Carroll, Gabriel D - 2010
-inconsistency strengthen the normative appeal of the active-decision enrollment regime. However, financial illiteracy favors default enrollment … over active decision enrollment …
Persistent link: https://www.econbiz.de/10012762513
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Inducing Leaders to Take Risky Decisions : Dismissal, Tenure, and Term Limits
Aghion, Philippe - 2014
In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader's competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but...
Persistent link: https://www.econbiz.de/10013050303
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Statistical Mechanics Approaches to Socioeconomic Behavior
Durlauf, Steven N. - 2021
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/10013218553
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Household Responses to Public Home Care Programs
Coyte, Peter C.; Stabile, Mark - 2021
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/10013233013
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Empirical Implications of Physician Authority in Pharmaceutical Decisionmaking
Stern, Scott; Trajtenberg, Manuel - 2021
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/10013238703