Cathleen Johnson

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We study the estimation of risk aversion preferences with experimental data. We focus on the trade-offs that arise when choosing between two different elicitation methods that have different degrees of difficulty for subjects. We analyze how and when the simpler, but coarser, elicitation method may be preferred to the more complex, but finer, one. Subjects(More)
Credit card debt is widespread. US households with at least one credit card report carrying, on average, $3,027 in revolving debt (based on the 2004 Survey of Consumer Finances). There is, however, signi!cant heterogeneity in credit card borrowing. Only 45 percent of card holders report that they, at least sometimes, carry balances on their credit cards.(More)
Improved understanding and assessment of the complex factors associated with disease emergence and spread will lead to better management and thus reduction of risk for disease occurrence. Specific biological, ecologic, environmental, and societal factors have been identified that precede emerging infections. Based on these factors, a qualitative tool was(More)
The Nash equilibrium predictions of standard game theory often fail in experimental tests. While innumerable refinements to Nash equilibrium have been suggested, they too fail in empirical tests. What seems apparent is that humans rely on a rich mixture of contextual cues and signals to determine how to strategize about their own choices and those of their(More)
While the effect of risk aversion on farmers’ decision-making has long been documented, far less is known about the effect of ambiguity aversion. We argue that ambiguity aversion is just as relevant to their decision-making process because they are uncertain about the yield distributions generated by available technologies. By experimentally measuring risk(More)
Some individuals borrow extensively on their credit cards. This paper tests whether present-biased preferences, that is a disproportionate preference for immediate consumption, can explain differences in credit card borrowing. In a field study, we elicit individual time preferences through incentivized choice experiments, and match resulting time preference(More)
We introduce a spatial cost topology in the network formation model analyzed by Jackson and Wolinsky, Journal of Economic Theory 71 (1996), 44–74. This cost topology might represent geographical, social, or individual di¤erences. It describes variable costs of establishing social network connections. Participants form links based on a cost-bene...t(More)
Kahneman and Tversky (1979) argued that risky decisions in high stakes environments can be informed using questionnaires with hypothetical choices. Yet results by Holt and Laury (2002) and Harrison et al (2005) suggest that questionnaire responses and decisions in hypothetical and low monetary payoff environments do not well predict decisions in higher(More)