We investigate whether violations of canonical axioms of choice under risk are mistakes or a manifestation of true preferences. First, we elicit axiom and gamble preferences and then allow subjects to revise their potentially conflicting preferences. Among the behavioral patterns that allow for...

In a framework of sequential search, we define a decision maker’s time preference, which is endogenous to her optimal decisions and the environment. The induced time preference is non-stationary and context-dependent, which supports key empirical and experimental evidence, such as...

The central question we address in this paper is: what can an analyst infer from choice data about what a decision maker has learned? The key constraint we impose, which is shared across models of Bayesian learning, is that any learning must be rationalizable. To implement this constraint, we...

In this paper, we quantify hateful content in online civic discussions of politics and estimate the causal link between hateful content and writer anonymity. To measure hate, we first develop a supervised machine-learning model that predicts hate against foreign residents and hate against women...

Using the new macro data on risk aversion and patience by Falk et al. (2018), I show that risk aversion and patience are related to intelligence: high-IQ populations are more patient and more risk averse than low-IQ populations. The correlation between patience and intelligence corroborates...

Using the new macro data on risk aversion and patience by Falk et al. (2018), I show that risk aversion and patience are related to intelligence: high-IQ populations are more patient and more risk averse than low-IQ populations. The correlation between patience and intelligence corroborates...

In this paper, we quantify hateful content in online civic discussions of politics and estimate the causal link between hateful content and writer anonymity. To measure hate, we first develop a supervised machine-learning model that predicts hate against foreign residents and hate against women...

It has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, inter-generational equity and continuity. We show that the impossibility result persists even without imposing the continuity axiom, and in...

We develop a theory of self-regulation based on goal setting for an agent with present-biased preferences. Preferences are assumed to be reference-dependent and exhibit loss aversion, as in prospect theory. The reference point is determined endogenously as an optimal self-sustaining goal. The...