Robert Willis

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In this paper, we develop a general dynamic model of reference-dependent utility. Building on ideas and models in Astrid Matthey (2005), Christopher K. Hsee and Clair I. Tsai (2008), Miles Kimball and Robert Willis (2006), and Kőszegi and Rabin (2006, 2007), we assume that utility depends on recent changes in rational beliefs about present and future(More)
We exploit a “natural experiment” associated with human reproduction to identify the causal effect of teen childbearing on the socioeconomic attainment of teen mothers. We exploit the fact that some women who become pregnant experience a miscarriage and do not have a live birth. Using miscarriages an instrumental variable, we estimate the effect of teen(More)
In this paper, we studied the association of cognitive traits and in particular numeracy of both spouses on financial outcomes of the family. We found significant effects, particularly for numeracy for financial and non-financial respondents alike, but much larger effects for the financial decision maker in the family. We also examined who makes these(More)
This paper discusses the application of genetic programming to the synthesis of compound 2D kinematic mechanisms, and benchmarks the results against one of the classical kinematic challenges of 19 century mechanical design. Considerations for selecting a representation for mechanism design are presented, and a number of human-competitive inventions are(More)
The knowledge and reasoning ability needed to manage one's finances is a form of human capital. Alzheimer's disease and other dementias cause progressive declines in cognition that lead to a complete loss of functional capacities. In this paper we analyze the impact of information about cognitive decline on the choice of household financial decision-maker.(More)
Financial decisions about investing and saving for retirement are increasingly complex, requiring financial knowledge and confidence in that knowledge. Few studies have examined whether direct assessments of individuals' confidence are related to the outcomes of their financial decisions. Here, we analyzed data from a national sample recruited through(More)
Purpose The aim of this paper is to consider the extent to which recent changes in the UK’s higher education sector are likely to (a) increase the level of competition and (b) change the behaviour of UK higher education institutions Design The paper draws on a conceptual framework developed to understand competitive conditions and behaviours in order to(More)
Empirical analyses of the effects of public and private pensions on household saving impose strong assumptions in order to obtain a tractable empirical model: fixed retirement and pension claiming ages, no borrowing constraint, little or no uncertainty, and no institutional restrictions on pension claiming. I specify a richer version of the life cycle model(More)
“To give a name to a thing is gratifying ... but it is also dangerous: The danger consists in one’s becoming convinced that all is taken care of and that once named the phenomenon has also been explained” Primo Levi “The concept has increasingly been overworked, debased and almost done to death. By a process of the inflation of vocabulary what formerly(More)