Showing 1 - 10 of 1,440
. In this paper, we explore the consequences of improved prediction in decision-making. To do so, we adapt existing models … of decision-making under uncertainty to account for the process of determining payoffs. We label this process of … on whether the improvements in prediction enable automated decision-making. We discuss the implications of improved …
Persistent link: https://www.econbiz.de/10012929013
This paper considers the role of Rosenbergian uncertainty (i.e., economic uncertainties that arise after successful invention) in shaping appropriability for start-up innovators. Rather than assuming that the appropriability regime surrounding an innovation is exogenous, we focus on the...
Persistent link: https://www.econbiz.de/10012922996
Algorithms are increasingly available to help consumers make purchasing decisions. How does algorithmic advice affect human decisions and what types of consumers are likely to use such advice? We conducted a randomized, controlled trial comparing the effects of offering personalized information,...
Persistent link: https://www.econbiz.de/10012867905
-optimal. Our analysis leverages the large-scale implementation of an AI-based decision support tool in a private Medicare exchange … consumers $1260 on average. The addition of AI-based decision support improves outcomes by $278 on average and substantially … decision support associated with a 21% reduction in call time for enrollment …
Persistent link: https://www.econbiz.de/10013315315
errors in decision making are inevitable. Moreover, under the appropriate conditions, these decisions are random conditional … situations than would be possible with randomized control trials. This point is illustrated with data from medical decision …
Persistent link: https://www.econbiz.de/10012995971
We examine how machine learning can be used to improve and understand human decision-making. In particular, we focus on … a decision that has important policy consequences. Millions of times each year, judges must decide where defendants will … await trial—at home or in jail. By law, this decision hinges on the judge's prediction of what the defendant would do if …
Persistent link: https://www.econbiz.de/10012962719
Recent work suggests that women are more responsive to negative feedback than men in certain environments. We examine whether negative feedback in the form of relatively low grades in major-related classes explains gender differences in the final majors undergraduates choose. We use unique...
Persistent link: https://www.econbiz.de/10012948916
In this paper, we ask how bankruptcy law affects the financial decisions of corporations and its implications for firm dynamics. According to current U.S. law, firms have two bankruptcy options: Chapter 7 liquidation and Chapter 11 reorganization. Using Compustat data, we first document capital...
Persistent link: https://www.econbiz.de/10012953996
We document that prior portfolio choices influence investors' expectations about asset values, and their future choices. We find that people update more from information consistent with their prior choices, leading to sticky portfolios over time. These effects are related to how the brain's...
Persistent link: https://www.econbiz.de/10012955454
We survey a representative sample of U.S. individuals about how well leading academic theories describe their financial beliefs and decisions. We find substantial support for many factors hypothesized to affect portfolio equity share, particularly background risk, investment horizon, rare...
Persistent link: https://www.econbiz.de/10012911457