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Salience Theory of Choice Under Risk
Bordalo, Pedro - 2015
We present a theory of choice among lotteries in which the decision maker's attention is drawn to (precisely defined … distinguish it from Prospect Theory, which we test. We also use the model to modify the standard asset pricing framework, and use …
Persistent link: https://www.econbiz.de/10013038557
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Decision-Making Under the Gambler's Fallacy : Evidence from Asylum Judges, Loan Officers, and Baseball Umpires
Chen, Daniel L. - 2016
We find consistent evidence of negative autocorrelation in decision-making that is unrelated to the merits of the cases considered in three separate high-stakes field settings: refugee asylum court decisions, loan application reviews, and major league baseball umpire pitch calls. The evidence is...
Persistent link: https://www.econbiz.de/10012997901
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How Do Markets Function? An Empirical Analysis of Gambling on the National Football League
Levitt, Steven D. - 2003
The market for sports gambling is structured very differently than the typical financial market. In sports betting …
Persistent link: https://www.econbiz.de/10012786790
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Lotteries in Student Assignment : An Equivalence Result
Pathak, Parag A. - 2010
This paper formally examines two competing methods of conducting a lottery in assigning students to schools, motivated by the design of the centralized high school student assignment system in New York City. The main result of the paper is that a single and multiple lottery mechanism are...
Persistent link: https://www.econbiz.de/10013141841
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The Dynamic Efficiency in Resource Allocation : Evidence from Vehicle License Lotteries in Beijing
Liu, Youming; Li, Shanjun; Shen, Caixia - 2022
The efficiency of resource allocation is often analyzed in static frameworks with a focus on the cross-sectional heterogeneity in the willingness to pay among users. When the resource is durable in nature, the temporal heterogeneity could be important in assessing the efficiency properties of...
Persistent link: https://www.econbiz.de/10013309632
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Spatial Competition and Cross-Border Shopping : Evidence from State Lotteries
Knight, Brian G.; Schiff, Nathan - 2021
This paper investigates competition between jurisdictions in the context of cross-border shopping for state lottery tickets. We first develop a simple theoretical model in which consumers choose between state lotteries and face a trade-off between travel costs and the price of a fair gamble,...
Persistent link: https://www.econbiz.de/10013224412
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The "Gambler'S Fallacy" in Lottery Play
Clotfelter, Charles T.; Cook, Philip J. - 2021
The -gambler's fallacy- is the belief that the probability of an event is lowered when that event has recently occurred, even though the probability of the event is objectively known to be independent from one trial to the next. This paper provides evidence on the time pattern of lottery...
Persistent link: https://www.econbiz.de/10013232441
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Immigration and Product Diversity
Mazzolari, Francesca - 2010
We study the effects of immigration on the diversity of consumption choices. Data from California in the 1990s indicate that immigration is associated with fewer stand-alone retail stores, and a greater number of large and in particular big-box retailers - evidence that likely contradicts a...
Persistent link: https://www.econbiz.de/10012757528
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Irreversible Investment, Capital Costs and Productivity Growth : Implications for Telecommunications
Bernstein, Jeffrey I. - 2010
therefore average annual observed productivity growth overestimated the corrected rate by 33 percent …
Persistent link: https://www.econbiz.de/10012759928
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Market Size, Trade, and Productivity
Ottaviano, Gianmarco I.P. - 2010
We develop a monopolistically competitive model of trade with firm heterogeneity - in terms of productivity differences … productivity of competing firms. We analyze how these features vary across markets of different size that are not perfectly … in that market. Aggregate productivity and average markups thus respond to both the size of a market and the extent of …
Persistent link: https://www.econbiz.de/10012762448