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Structural Behavioral Economics
NBER WORKING PAPER SERIES STRUCTURAL BEHAVIORAL ECONOMICS Stefano DellaVigna Working Paper 24797 http://www.nber.org/papers/w24797 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2018 Forthcoming in the 1st Handbook of Behavioral Economics, Vol.1, edited by Douglas Bernheim, Stefano DellaVigna, and David Laibson, Elsevier. I thank Hunt Allcott, Charles Bellemare, Daniel Benjamin, Douglas Bernheim, Colin Camerer, Vincent Crawford, Thomas Dohmen, Philipp Eisenhauer, Keith Ericson, Lorenz Goette, Johannes Hermle, Lukas Kiessling, Nicola Lacetera, David Laibson, John List, Edward O'Donoghue, Gautam Rao, Alex Rees-Jones, John Rust, Jesse Shapiro, Charles Sprenger, Dmitry Taubinsky, Bertil Tungodden, Hans-Martin von Gaudecker, George Wu, and the audience of presentations at the 2016 Behavioral Summer Camp, at the SITE 2016 conference, and at the University of Bonn for their comments and suggestions. I thank Bryan Chu, Avner Shlain, Alex Steiny, and Vasco Villas-Boas for outstanding research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Stefano DellaVigna. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Structural Behavioral Economics Stefano DellaVigna NBER Working Paper No. 24797 July 2018 JEL No. C1,C9,D03,D9 ABSTRACT What is the role of structural estimation in behavioral economics? I discuss advantages, and limitations, of the work in Structural Behavioral Economics. -
Briq Summer School in Behavioral Economics Program
briq Summer School in Behavioral Economics briq, Bonn July 10-14, 2017 Faculty: Roland Bénabou (Princeton University) Armin Falk (briq and University of Bonn) Ernst Fehr (University of Zurich) Botond Kőszegi (Central European University) George Loewenstein (Carnegie Mellon University) Ulrike Malmendier (University of California, Berkeley) Program Monday, July 10 8:30 – 9:00 Registration 9:00 – 9:15 Welcome Moral Behavior and Formation of Preferences Armin Falk (briq and University of Bonn) 9:15 – 10:45 Lecture 1: Generalizability of (Lab) Results 10:45 – 11:15 Coffee Break 11:15 – 12:45 Lecture 2: Malleability of Moral Behavior 12:45 – 13:30 Lunch 13:30 – 15:00 Lecture 3: Preferences and Personality 15:00 – 15:30 Coffee Break 15:30 – 16:30 Sign-Ups: Roland Bénabou, George Loewenstein, Ulrike Malmendier 18:00 Dinner Tuesday, July 11 Behavioral Corporate Finance Ulrike Malmendier (University of California, Berkeley) 9:15 – 10:45 Lecture 1: Investor Biases, and the Managerial Response to such Biases in their Corporate Decisions 10:45 – 11:15 Coffee Break 11:15 – 12:45 Lecture 2: Managerial Biases and the Market’s Response in Terms of Providing Liquidity for Managerial Decisions 12:45 – 13:30 Lunch 13:30 – 15:00 Lecture 3: Experience Effects and Belief Formation in Behavioral Macro-Finance 15:00 – 15:30 Coffee Break 15:30 – 16:30 Sign-Ups: Roland Bénabou, Ernst Fehr, George Loewenstein, Ulrike Malmendier 16:30 Social Event Wednesday, July 12 How Do Society and Biology Shape the Individual? Ernst Fehr (University of Zurich) 9:15 – 10:45 Lecture -
Department of Economics, 508-1 Evans Hall #3880 University of California, Berkeley, CA 94720-3880
May 2014 STEFANO DELLAVIGNA Mailing Address: Department of Economics, 508-1 Evans Hall #3880 University of California, Berkeley, CA 94720-3880 Office: Evans 515 Phone: (510) 643-0715 Fax: (510) 642-6615 E-mail: [email protected] URL: http://elsa.berkeley.edu/~sdellavi/ APPOINTMENTS UNIVERSITY OF CALIFORNIA, BERKELEY, Department of Economics Daniel E. Koshland, Sr. Distinguished Professor of Economics and Professor of Business Administration, 2014-present. Daniel E. Koshland, Sr. Distinguished Professor of Economics, 2013-2014. Professor, 2012-2013. Associate Professor, 2008-2012. Assistant Professor, 2002-2008. NATIONAL BUREAU OF ECONOMIC RESEARCH Faculty Associate (Labor Studies, Political Economy), 2009-present. Faculty Research Fellow (Labor Studies, Political Economy), 2004-2009. CESifo Fellow, 2013-present. Affiliate, 2007 – 2012. PRINCETON UNIVERSITY, Department of Economics Visiting Fellow, 1/2005-2/2005. UNIVERSITY OF CHICAGO, Graduate School of Business Visiting Assistant Professor, 2/2005-3/2005. EDUCATION Ph.D. Harvard University, Department of Economics, June 2002. M.A. Harvard University, Department of Economics, June 2000. Laurea Bocconi University, Degree in Economics, Summa cum Laude, June 1997. RESEARCH INTERESTS Psychology and Economics, Applied Micro, Media Economics, Political Economics, Behavioral Finance. EDITORIAL ACTIVITIES AND PROGRAM COMMITTEES Co-Editor, Journal of the European Economic Association, 2009-2013. Co-Editor, Special Issue of Journal of Marketing Research, 2010. Associate Editor, Special Issue, Management Science, 2010. Associate Editor, Journal of the European Economic Association, 2008-2009. Associate Editor, B.E. Journal of Economic Analysis & Policy, 2008-2010. Stefano DellaVigna - CV Program Committee, 2013 AEA Meetings. Co-Organizer, NBER Behavioral Finance Working Group, Spring 2011. Program Committee, 2012 Napa Conference on Financial Market Research. -
Field Experiments: a Bridge Between Lab and Naturally-Occurring Data
NBER WORKING PAPER SERIES FIELD EXPERIMENTS: A BRIDGE BETWEEN LAB AND NATURALLY-OCCURRING DATA John A. List Working Paper 12992 http://www.nber.org/papers/w12992 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2007 *This study is based on plenary talks at the 2005 International Meetings of the Economic Science Association, the 2006 Canadian Economic Association, and the 2006 Australian Econometric Association meetings. The paper is written as an introduction to the BE-JEAP special issue on Field Experiments that I have edited; thus my focus is on the areas to which these studies contribute. Some of the arguments parallel those contained in my previous work, most notably the working paper version of Levitt and List (2006) and Harrison and List (2004). Don Fullerton, Dean Karlan, Charles Manski, and an anonymous reporter provided remarks that improved the study. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by John A. List. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Field Experiments: A Bridge Between Lab and Naturally-Occurring Data John A. List NBER Working Paper No. 12992 March 2007 JEL No. C9,C90,C91,C92,C93,D01,H41,Q5,Q51 ABSTRACT Laboratory experiments have been used extensively in economics in the past several decades to lend both positive and normative insights into a myriad of important economic issues. -
A Glimpse Into the External Validity Trial
Non est Disputandum de Generalizability? A Glimpse into The External Validity Trial John A. List University of Chicago1 4 July 2020 Abstract While empirical economics has made important strides over the past half century, there is a recent attack that threatens the foundations of the empirical approach in economics: external validity. Certain dogmatic arguments are not new, yet in some circles the generalizability question is beyond dispute, rendering empirical work as a passive enterprise based on frivolity. Such arguments serve to caution even the staunchest empirical advocates from even starting an empirical inquiry in a novel setting. In its simplest form, questions of external validity revolve around whether the results of the received study can be generalized to different people, situations, stimuli, and time periods. This study clarifies and places the external validity crisis into perspective by taking a unique glimpse into the grandest of trials: The External Validity Trial. A key outcome of the proceedings is an Author Onus Probandi, which outlines four key areas that every study should report to address external validity. Such an evaluative approach properly rewards empirical advances and justly recognizes inherent empirical limitations. 1Some of the people represented in this trial are creations of the mind, as are the phrases and statements that I attribute to the real people in this trial. Specifically, these words do not represent actual statements from the real people, rather these are words completely of my creation. I have done my best to maintain historical accuracy. Thanks to incredible research support from Ariel Listo, Lina Ramirez, Haruka Uchida, and Atom Vayalinkal. -
Curriculum Vitae · July 2020
Michaela Pagel · Curriculum Vitae · July 2020 MICHAELA PAGEL Columbia Business School Division of Finance 3022 Broadway, Uris Hall, New York, NY 10027 +1 646 945 9339 [email protected] http://sites.google.com/site/michaelapagel/ ACADEMIC APPOINTMENTS 07/2018 Columbia Business School, Division of Finance: Roderick H. Cushman Associate Professor (untenured) 07/2014 Columbia Business School, Division of Economics and Finance: Assistant Professor AFFILIATIONS 10/2018 Research Network Affiliate, Center for Economic Studies (CES-ifo) 04/2017 Faculty Research Fellow, National Bureau of Economic Research (NBER) 10/2016 Research Affiliate, Center for Economic Policy Research (CEPR), Household Finance Network Member (Fall 2019) EDUCATION 2008-14 University of California at Berkeley: PhD in Economics Principal advisers: Matthew Rabin and Adam Szeidl Other references: Ulrike Malmendier, Nicholas Barberis, and Botond Koszegi Primary research interests: household finance and behavioral economics Secondary: macroeconomics and asset pricing 2004-08 University of Hamburg and Humboldt-University of Berlin, Germany: Diplom in Economics (Mas- ters Degree equivalent) PUBLICATIONS ? Sticking To Your Plan: Empirical Evidence on the Role of Present Bias for Credit Card Debt Paydown (joint with Theresa Kuchler, Journal of Financial Economics (JFE) 2019) ? Prospective Gain-Loss Utility: Ordered versus Separated Comparison (Journal of Economic Behavior & Organization (JEBO) 2019) ? Generational Differences in Managing Personal Finances (joint with Bruce Carlin and -
Mass Murder and Spree Murder
Two Mass Murder and Spree Murder Two Types of Multicides A convicted killer recently paroled from prison in Tennessee has been charged with the murder of six people, including his brother, Cecil Dotson, three other adults, and two children. The police have arrested Jessie Dotson, age 33. The killings, which occurred in Memphis, Tennessee, occurred in February 2008. There is no reason known at this time for the murders. (Courier-Journal, March 9, 2008, p. A-3) A young teenager’s boyfriend killed her mother and two brothers, ages 8 and 13. Arraigned on murder charges in Texas were the girl, a juvenile, her 19-year-old boyfriend, Charlie James Wilkinson, and two others on three charges of capital murder. The girl’s father was shot five times but survived. The reason for the murders? The parents did not want their daughter dating Wilkinson. (Wolfson, 2008) Introduction There is a great deal of misunderstanding about the three types of multi- cide: serial murder, mass murder, and spree murder. This chapter will list the traits and characteristics of these three types of killers, as well as the traits and characteristics of the killings themselves. 15 16 SERIAL MURDER Recently, a school shooting occurred in Colorado. Various news outlets erroneously reported the shooting as a spree killing. Last year in Nevada, a man entered a courtroom and killed three people. This, too, was erro- neously reported as a spree killing. Both should have been labeled instead as mass murder. The assigned labels by the media have little to do with motivations and anticipated gains in the original effort to label it some type of multicide. -
146534NCJRS.Pdf
If you have issues viewing or accessing this file contact us at NCJRS.gov. , I .Ir. I. .--, . I \ ~ _'- ~ : ,rIP' • - , ,.~ .'~ .- 0::-" " ,1 January 1994 Volume 63 Number 1 United States Department of Justice Federal Bureau of Investigation Washington, DC 20535 Louis J. Freeh, Features Director Contributors' opinions and statements should not be considered as an endorsement for any policy, program, or service by the Higher Education Educational standards for police FBI. for Law Enforcement personnel enhance police professionalism. {tfto ~3 3 By Michael G. Breci The Attorney General has a determined that the publication of this periodical is necessary in the transaction of the public Forensic Imaging Comes of Age Enhanced computer technology business required by law. advances the field of forensic Use of funds for printing this By Gene O'Donnell periodical has been imaging, providing lawe~'PJcement II with new capabilities. Lft0 approved by the Director of f 534 the Office of Management and Budget. Child Abuse: Understanding child development is • the key to successful interviews of The FBI Law Enforcement Interviewing Possible Victims young sexual abuse victims. Bulletin (ISSN·0014-5688) By David Gullo Em is published monthly by the /%j-:3~ Federal Bureau of Investigation, 1Dlh and Pennsylvania Avenue, N.W., Washington, D.C. 20535. Second-Class postage paid Obtaining Consent to The use of deception to obtain at Washington, D.C., and Enter by Deception consent to enter is a useful iaw additional mailing offices. enforcement to~1f..hen legal'%.. Postmaster: Send address By John Gales Sauls employed. / S changes to FBI Law '1-6 3 8' Enforcement Bulletin, Federal Bureau of Investigation, Washington, D.C. -
Nber Working Paper Series Investor Experiences And
NBER WORKING PAPER SERIES INVESTOR EXPERIENCES AND FINANCIAL MARKET DYNAMICS Ulrike Malmendier Demian Pouzo Victoria Vanasco Working Paper 24697 http://www.nber.org/papers/w24697 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 June 2018 We thank Marianne Andries, Nick Barberis, Dirk Bergemann, Julien Cujean, Xavier Gabaix, Lawrence Jin, and workshop participants at LBS, LSE, NYU, Pompeu Fabra, Stanford, UC Berkeley, as well as the ASSA, NBER EFG Behavioral Macro, NBER Behavioral Finance, SITE (Psychology and Economics segment), SFB TR 15 (Tutzing, Germany) conferences for helpful comments. We also thank Felix Chopra, Marius Guenzel, Canyao Liu, Leslie Shen, and Jonas Sobott for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2018 by Ulrike Malmendier, Demian Pouzo, and Victoria Vanasco. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Investor Experiences and Financial Market Dynamics Ulrike Malmendier, Demian Pouzo, and Victoria Vanasco NBER Working Paper No. 24697 June 2018 JEL No. E03,G02,G11,G12 ABSTRACT How do macro-financial shocks affect investor behavior and market dynamics? Recent evidence suggests long-lasting effects of personally experienced outcomes on investor beliefs and investment but also significant differences across older and younger generations. -
The Unexpected & Extraordinary Real-Life Story of John List
The unexpected & extraordinary real-life story of John List NEWS Underground tunnels page 6 SPORTS Social media money page 10 ARTS Shakespeare play page 12 Volume 122, Issue No. 12, November 13, 2019 KIOSK | ABOUT US OPINION | KAIMIN EDITORIAL Cover portrait Cooper Malin Cover design and illustrations Lily Johnson EDITORIAL STAFF Editor-in-Chief Arts & Culture Editors Design Editors Cassidy Alexander Erin Sargent Jaqueline Evans-Shaw Lily Soper Daylin Scott It’s not cool to not take care of yourself Business Manager Patrick Boise Multimedia Editor Sleeping is not an option. It healthy brain function,” re- work done. Let’s face it: Finals Imagine you are that person wouldn’t have to stay up until 3 Sara Diggins News & Sports Editors is a necessary human function. searchers stated in the study. week and that midterm slump who decided getting sleep was a.m. Sometimes finding the time Sydney Akridge So when you brag about not In addition, research con- can be brutal, and it’s a strug- more important than staying up in the day to go to the bathroom, Helena Dore getting enough sleep, you’re ducted by individuals at the gle to stay balanced. It’s unfair until 3 a.m. to finish a research let alone get a head start on not showing what a dedicated University of Warwick in 2010 to say every student’s stress is project. You already feel terrible homework, can be challenging. student you are. You’re showing concluded that short sleep merely the result of poor time about not having your project The truth is that we all choose The Montana Kaimin is a weekly independent student NEWSROOM STAFF how little you prioritize your increases the likelihood of management, because often done, and hearing your peers to prioritize different things, newspaper at the University of Montana. -
Enhancing the Efficacy of Teacher Incentives Through Framing: a Field Experiment*
Enhancing the Efficacy of Teacher Incentives through Framing: A Field Experiment* Roland G. Fryer, Jr. Harvard University Steven D. Levitt The University of Chicago John List The University of Chicago Sally Sadoff UC San Diego April, 2018 Abstract In a field experiment, we provide financial incentives to teachers framed either as gains, received at the end of the year, or as losses, in which teachers receive upfront bonuses that must be paid back if their students do not improve sufficiently. Pooling two waves of the experiment, loss-framed incentives improve math achievement by an estimated 0.124 standard deviations (σ) with large effects in the first wave and no effects in the second wave. Effects for gain framed incentives are smaller and not statistically significant, approximately 0.051σ. We find suggestive evidence that effects on teacher value added persist post-treatment. * Fryer: Harvard University, 1805 Cambridge Street, Cambridge, MA, 02138; [email protected]. Levitt: University of Chicago, 5807 S Woodlawn Avenue, Chicago, IL 60637; [email protected]. List: 5757 S. University Avenue, Chicago, IL 60637; [email protected]. Sadoff: UC San Diego, 9500 Gilman Drive, La Jolla, CA 92093; [email protected]. We are grateful to Tom Amadio and the Chicago Heights teachers’ union for their support in conducting our experiment. Eszter Czibor, Jonathan Davis, Matt Davis, Sean Golden, William Murdock III, Phuong Ta and Wooju Lee provided exceptional research assistance. Financial support from the Kenneth and Anne Griffin Foundation is gratefully acknowledged. The research was conducted with approval from the University of Chicago Institutional Review Board. Please direct correspondence to Sally Sadoff: [email protected]. -
Law and Finance “At the Origin” Ulrike Malmendier* December 2008
Law and Finance “at the Origin” Ulrike Malmendier* December 2008 Abstract What are the key determinants of financial development and growth? A large literature debates the relative importance of countries’ legal and political environment. In this pa- per, we present evidence from ancient Rome, where an early form of shareholder com- pany, the societas publicanorum, developed. We show that the societas publicanorum flourished in a legally underdeveloped but politically supportive environment (Roman Republic) and disappeared when Roman law reached its height of legal sophistication but the political environment grew less supportive (Roman Empire). In the Roman case, legal development appears to have mattered little as long as the law as practiced was flexible and adapted to economic needs. The ‘law as practiced,’ in turn, reflected prevalent politi- cal interests. After discussing parallels in more recent history, we provide a brief over- view of the literature on law and finance and on politics and finance. Our historical evi- dence suggests that legal systems may be less of a technological constraint for growth than previously thought—at least “at the origin.” 1 Introduction Understanding the causes of financial development and economic growth is central to re- search agendas in many fields of economics, ranging from macroeconomics and micro- economics to finance. The law and finance literature suggests a causal impact of coun- tries’ legal systems.1 Another strand of the literature emphasizes the role of the political environment and argues that the effectiveness of institutions varies considerably with the 2 political support they receive. * I would like to dedicate this article to the late John McMillan, without whose encouragement and interest, I would never have written it.