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The nature of risk preferences : evidence from insurance choices

Barseghyan, Levon; Molinari, Francesca; O'Donoghue, Ted; … - 2011

We use data on households' deductible choices in auto and home insurance to estimate a structural model of risky choice … that incorporates "standard" risk aversion (concave utility over final wealth), loss aversion, and nonlinear probability …. More specifically, we find that standard risk aversion is small, loss aversion is nonexistent, and nonlinear probability …

Persistent link: https://www.econbiz.de/10009240654

The nature of risk preferences : evidence from insurance choices

Barseghyan, Levon; Molinari, Francesca; O'Donoghue, Ted; … - 2012

We use data on insurance deductible choices to estimate a structural model of risky choice that incorporates "standard …" risk aversion (diminishing marginal utility for wealth) and probability distortions. We find that probability distortions … important role in explaining the aversion to risk manifested in deductible choices. This finding is robust to allowing for …

Persistent link: https://www.econbiz.de/10009621724

Optimal sequential investigation rules in competition law

Kerber, Wolfgang; Kretschmer, Jürgen-Peter; … - 2008

Although both in US antitrust and European competition law there is a clear evolution to a much broader application of "rule of reason" (instead of per-se rules), there is also an increasing awareness of the problems of a case-by-case approach. The "error costs approach" (minimizing the sum of...

Persistent link: https://www.econbiz.de/10003865832

Consumer behavior and payment choice : 2006 conference summary

Carten, Margaret; Littman, Daniel A.; Schuh, Scott; … - 2007

This paper summarizes the proceedings of the second Consumer Behavior and Payment Choice conference, held at the Federal Reserve Bank of Boston on July 2527, 2006. These conferences are unique in featuring the collaboration of two groups of payments experts the private-sector payments industry...

Persistent link: https://www.econbiz.de/10003713633

The American consumer : reforming, or just resting?

Carroll, Chris; Slacalek, Jirka - 2009

collapse in asset values since the Great Depression, a sharp tightening in credit availability, and a large increase in … unemployment risk. We present measures of the size of these shocks and discuss what a benchmark theory says about their immediate …. -- Consumption/Saving Forecast ; Credit Crunch ; Financial Crisis …

Persistent link: https://www.econbiz.de/10003864307

Limited attention and choice

Kaiser, Karen - 2010

This paper analyzes a boundedly rational decision maker who is uncertain about his preference and faces the following trade-off: adding a good to the choice set has a positive option value but increases the complexity of the choice problem. The increased complexity is modeled as a reduction of...

Persistent link: https://www.econbiz.de/10003962118

Consumer inattention and bill-shock regulation

Grubb, Michael D. - 2012

For many goods and services, such as cellular-phone service and debit-card transactions, the price of the next unit of service depends on past usage. As a result, consumers who are inattentive to their past usage but are aware of contract terms may remain uncertain about the price of the next...

Persistent link: https://www.econbiz.de/10010195105

Parting with "blue monday" : preferences in home production and consumer responses to innovations

Witt, Ulrich; Woersdorfer, Julia Sophie - 2011

How can economic theory explain the reasons why consumers adopt innovations? Using the example of innovations in washing machines two approaches are compared. The first focuses in the manner of household production theory on changes in constraints without specifying preferences, leading to the...

Persistent link: https://www.econbiz.de/10009236027

Present-focused preferences and sin goods consumption at the extensive and intensive margins

Kalamov, Zarko Y.; Runkel, Marco - 2020

This paper analyzes sin goods consumption when individuals exhibit present-focused preferences. It considers three types of present focus: present-bias with varying degrees of naiveté, Gul-Pesendorfer preferences, and a dual-self approach. We investigate the incentives to deviate from healthy...

Persistent link: https://www.econbiz.de/10012206092

Harm Reduction : When Does It Improve Health, and When Does it Backfire?

Cawley, John H.; Dragone, Davide - National Bureau of Economic Research - 2023

A subset of harm reduction strategies encourages individuals to switch from a harmful addictive good to a less harmful addictive good; examples include e-cigarettes (substitutes for combustible cigarettes) and methadone and buprenorphine (substitutes for opioids). Such harm reduction methods have...

Persistent link: https://www.econbiz.de/10014226123

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