Learn More
Countercyclical risk aversion can explain major puzzles such as the high volatility of asset prices. Evidence for its existence is, however, scarce because of the host of factors that simultaneously change during financial cycles. We circumvent these problems by priming financial professionals with either a boom or a bust scenario. Subjects primed with a(More)
1 Philosophers, psychologists, and economists have long argued that certain decision rights carry not only instrumental value but may also be valuable for their own sake. The ideas of autonomy, freedom, and liberty derive their intuitive appeal—at least partly—from an assumed positive intrinsic value of decision rights. Providing clean evidence for the(More)
An inside look at the components of patient-focused care, an outline of attainable benefits, and the managerial practices affected by this model are discussed. This method of delivery assumes a complete redesign of traditional hospital organization and strives to increase interdisciplinary collaboration, to improve patient care, and to decentralize services.
Inequality aversion is a key motive for punishment, with many prominent studies suggesting people use punishment to reduce or eliminate inequality. Punishment in laboratory games, however, is nearly always designed to promote equality (e.g., rejections in standard ultimatum games) and the marginal cost of punishment is typically non-trivially positive. As a(More)
There is a growing interest in applying market mechanisms to tackle everyday communication problems such as communication interruptions and communication overload. Prior analytic proofs have shown that a signaling and screening mechanism can make senders and recipients of messages better off. However, these proofs make certain assumptions that do not hold(More)
We report data from a laboratory experiment demonstrating that cheating is significantly deterred when a possible intent to cheat must be revealed before, rather than after, a potentially dishonest act. Further, data from independent evaluators suggests a reason: the same action is more likely to be perceived as dishonest when cheating could have been(More)
Psychologists have documented several biases and heuristics that describe deviations from Bayesian updating in individual decision making under uncertainty. One particular notion, Confirmation Bias, predicts that individuals will exhibit systematic errors in updating despite the existence of learning opportunities. This paper formulates an experimental(More)