This paper develops a general model of experimentation under catastrophe risk in which the catastrophe is triggered when a stock variable exceeds an unknown threshold, but occurs only after a …
Online FirstReview of Economic StudiesOnline 19 Mar 2026
This paper examines whether heterogeneity in individual gain-loss attitudes — the degree to which people weigh losses more or less severely than equivalent gains — contaminates prior tests of …
This paper asks how an agent who fears that none of their probabilistic models is the correct description of the data-generating process (DGP) should update that fear as evidence accumulates, and what …
PublishedAmerican Economic ReviewOnline 1 May 2026Published May 2026
Can income tax schedules be justified as utilitarian-optimal without adopting extreme normative assumptions about how household welfare should be measured? The paper proposes a welfare criterion …
Online FirstReview of Economic StudiesOnline 21 May 2026
Multiple prior decision models—in which beliefs are represented by a set of probability measures rather than a single measure, generating a probability interval for each event—have become increasingly …
PublishedJournal of Political EconomyPublished Jun 2026
This paper asks whether an individual's attitude toward risk in the personal domain (choices affecting only oneself) can be linked to that same individual's attitude toward risk in the social domain …
This 1958 Review of Economic Studies paper by James Tobin asks why investors hold non-interest-bearing cash at all, and derives the inverse relationship between aggregate money demand and the interest …
Online FirstJournal of Political EconomyOnline 2 Sep 2026
This paper develops and estimates a structural model of ADHD diagnosis to decompose the mechanisms driving the observed 2.3:1 male-to-female diagnostic difference in the United States. The research …
Online FirstReview of Economic StudiesOnline 2 Mar 2026
This paper derives asymptotically optimal statistical decision rules for discrete choice problems when the payoffs associated with some choices are only partially identified. The research question is: …