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Social-Science Genomics : Progress, Challenges, and Future Directions
Benjamin, Daniel J.; Cesarini, David; Turley, Patrick; … - National Bureau of Economic Research - 2024
Rapid progress has been made in identifying links between human genetic variation and social and behavioral phenotypes. Applications in mainstream economics are beginning to emerge. This review aims to provide the background needed to bring the interested economist to the frontier of...
Persistent link: https://www.econbiz.de/10014544683
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Fear and Loathing in Las Vegas : Evidence from Blackjack Tables
Carlin, Bruce Ian - 2009
Psychologists study regret primarily by measuring subjects' attitudes in laboratory experiments. This does not shed light on how expected regret affects economic actions in market settings. To address this, we use proprietary data from a blackjack table in Las Vegas to analyze how expected...
Persistent link: https://www.econbiz.de/10012463694
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Risk Preferences Are Not Time Preferences : Discounted Expected Utility with a Disproportionate Preference for Certainty
Andreoni, James - 2010
Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility … robust violations of discounted expected utility, inconsistent with both prospect theory probability weighting and models …
Persistent link: https://www.econbiz.de/10012462308
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Nonparametric Identification and Estimation in a Generalized Roy Model
Bayer, Patrick - 2008
-pecuniary component of utility associated with each choice alternative. Previous work has found that, without parametric restrictions or …-pecuniary component of utility associated with each choice alternative. We develop nonparametric estimators corresponding to two …
Persistent link: https://www.econbiz.de/10012464700
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The Market for Conservation and Other Hostages
Harstad, Bård - 2011
A conservation good, such as the rainforest, is a hostage: it is possessed by S who may prefer to consume it, but B receives a larger value from continued conservation. A range of prices would make trade mutually beneficial. So, why doesn't B purchase conservation, or the forest, from S?
Persistent link: https://www.econbiz.de/10012461249
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On the Potential of Neuroeconomics : A Critical (but Hopeful) Appraisal
Bernheim, B. Douglas - 2008
This paper evaluates the prospects for the emerging field of neuroeconomics to shed light on traditional positive and normative economic questions. It argues that the potential for meaningful contributions, though often misunderstood and frequently overstated, is nevertheless present
Persistent link: https://www.econbiz.de/10012464693
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An Optimizing Neuroeconomic Model of Discrete Choice
Woodford, Michael - 2014
A model is proposed in which stochastic choice results from noise in cognitive processing rather than random variation in preferences. The mental process used to make a choice is nonetheless optimal, subject to a constraint on available information-processing capacity that is partially motivated...
Persistent link: https://www.econbiz.de/10012458766
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Neural Activity Reveals Preferences Without Choices
Smith, Alec - 2013
We investigate the feasibility of inferring the choices people would make (if given the opportunity) based on their neural responses to the pertinent prospects when they are not engaged in actual decision making. The ability to make such inferences is of potential value when choice data are...
Persistent link: https://www.econbiz.de/10012459390
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Cognitive Imprecision and Stake-Dependent Risk Attitudes
Khaw, Mel Win; Li, Ziang; Woodford, Michael - National Bureau of Economic Research - 2022
In an experiment that elicits subjects' willingness to pay (WTP) for the outcome of a lottery, we confirm the fourfold pattern of risk attitudes described by Kahneman and Tversky. In addition, we document a systematic effect of stake sizes on the magnitude and sign of the relative risk premium,...
Persistent link: https://www.econbiz.de/10013388772
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Utility and Happiness
Kimball, Miles S.; Willis, Robert J. - National Bureau of Economic Research - 2023
relationship between how happy a person feels and utility is an unresolved question. Existing work in Economics either ignores … happiness data or assumes that felt happiness is more or less the same thing as flow utility. The approach we propose in this … "happiness is a sufficient statistic for utility." …
Persistent link: https://www.econbiz.de/10014372464