All Outputs (7)

Asset integration and attitudes to risk : theory and evidence (2011)
Preprint / Working Paper
Andersen, S., Cox, J., Harrison, G., Lau, M., Rutstroem, E., & Sadiraj, V. (2011). Asset integration and attitudes to risk : theory and evidence. Durham University Business School Economics Finance Accounting Working Papers. http://www.dur.ac.uk/business/faculty/working-papers/

Measures of risk attitudes derived from experiments are often questioned because they are based on small stakes bets and do not account for the extent to which the decision-maker integrates the prizes of the experimental tasks with personal wealth. W... Read More about Asset integration and attitudes to risk : theory and evidence.

Discounting behavior and the magnitude effect (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Discounting behavior and the magnitude effect. Durham University Business School Economics Finance Accounting Working Papers. http://www.dur.ac.uk/business/faculty/working-papers/

We evaluate the claim that individuals exhibit a magnitude effect in their discounting behavior,which is said to occur when higher discount rates are inferred from choices made with lowerprincipals, all else being equal. If the effect is robust, as c... Read More about Discounting behavior and the magnitude effect.

Intertemporal utility and correlation aversion (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Intertemporal utility and correlation aversion. Durham University Business School Economics Finance Accounting Working Papers. http://www.dur.ac.uk/business/faculty/working-papers/

Convenient assumptions about qualitative properties of the intertemporal utility function have generated counter-intuitive implications for the relationship between atemporal risk aversionand the intertemporal elasticity of substitution. If the inter... Read More about Intertemporal utility and correlation aversion.

Non-linear mixed logit (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Non-linear mixed logit. Durham University Business School Economics Finance Accounting Working Papers. http://www.dur.ac.uk/business/faculty/working-papers/

We develop an extension of the familiar linear mixed logit model to allowfor the direct estimation of parametric non-linear functions defined over structuralparameters. Classic applications include the estimation of coefficients of utilityfunctions t... Read More about Non-linear mixed logit.

Discounting behavior : a reconsideration (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2011). Discounting behavior : a reconsideration. Durham University Business School Economics Finance Accounting Working Papers. http://www.dur.ac.uk/business/faculty/working-papers/

We re-evaluate the theory, experimental design and econometrics behind claims that individualsexhibit non-constant discounting behavior. Theory points to the importance of controlling for thenon-linearity of the utility function of individuals, since... Read More about Discounting behavior : a reconsideration.

Behavioral econometrics for psychologists ? (2007)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2007). Behavioral econometrics for psychologists ?. Durham University Business School Economics Finance Accounting Working Papers. http://www.dur.ac.uk/business/faculty/working-papers/

We make the case that psychologists should make wider use of structuraleconometric methods. These methods involve the development of maximumlikelihood estimates of models, where the likelihood function is tailored to thestructural model. In recent ye... Read More about Behavioral econometrics for psychologists ?.

Naturally occurring preferences and exogenous laboratory experiments: a case study of risk aversion (2007)
Journal Article
Harrison, G., List, J. A., & Towe, C. (2007). Naturally occurring preferences and exogenous laboratory experiments: a case study of risk aversion. Econometrica, 75(2), 433-458. https://doi.org/10.1111/j.1468-0262.2006.00753.x

Does individual behavior in a laboratory setting provide a reliable indicator of behavior in a naturally occurring setting? We consider this general methodological question in the context of eliciting risk attitudes. The controls that are typically e... Read More about Naturally occurring preferences and exogenous laboratory experiments: a case study of risk aversion.