The combination of credit constraints and indivisible consumption goods may induce some risk-averse individuals to gamble to have a chance of crossing a purchasing threshold. One implication of this is that income effects for individuals who choose to gamble are likely to be larger than for the...

While aggregate house price indices display time persistence, less is known about micro persistence. This article proposes that absence of micro persistence implies that an excessively high or low sell price in one transaction is not repeated in the next transaction. We exploit a unique...

In this paper we propose a method to estimate externality effects in cash transfer programmes, even in cases when the benefit is not randomly assigned. Externality is assessed through the decomposition of the average treatment effect on the treated (ATT) into participation (direct) effect and...

This paper investigates the impact of the pilot phase of Paraguay's conditional cash transfer programme, Tekoporã, on the demand for healthcare and education, and how much of this impact was due to the cash transfers and/or due to changes in behaviour/preferences, possibly as an effect of...

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or similar) function. We tour 60 years of empirical search and conclude that no such functions have yet been found that are useful for out-of-sample prediction. Nor do we find...

We show that professional soccer players exhibit reference-dependent behavior during matches. Controlling for the state of the match and for unobserved heterogeneity, we show on a minute-by-minute basis that a player breaches the rules of the game, measured by the referee's assignment of cards,...

We analyse evaluation biases caused by physical attributes. Using data from German elite soccer, we find that referees are more inclined to sanction players when the difference in body size is sufficiently large. Moreover, we document an 'inverse Napoleon effect' in situations when the referee...

We use data from top-level soccer to examine determinants of individual misbehaviour in team contests. Our estimates indicate a significant positive and non-linear relationship between a player's age and (relative) ability on the one hand and the tendency to misbehave on the other. These...

We analyze gender differences in risk-taking in high-pressure situations. Using novel data from professional athletes (NBA and WNBA), we find that male teams increase their risktaking towards the end of matches when a successful risky strategy could secure winning the match. Female teams, in...

Recent experimental evidence suggests that women in general are more discouraged than men by failures which potentially can explain why women, on average, are less likely than men to reach top positions in firms. This paper provides the first quasi-experimental evidence from the field on this...