"Natural experiment" studies of benefit utilization in workers' compensation have used changes in statutory maximum payments to estimate claim duration elasticities. These studies so far have been limited to using insurance claims data rather than information on individual workers. The result is...

We show in this article that bang-bang portfolio strategies where the investor is alternatively 100% in equity and 100% in cash are dynamically inefficient. Our proof of this is based on a simple second-order stochastic dominance (SSD) argument. It implies that this is true for any decision...

Subjects were less willing to pay for government medical insurance for diseases when the number of people who could not be cured was higher, holding constant the number who could be cured. In a second experiment, willingness to pay (from a hypothetical government windfall) for risk reduction was...

Predictions concerning structure and performance for managerial contracts designed to prevent accidents are developed and tested. The model predicts a step-function penalty with more costly, more reliable audits used for higher loss reports to control ex post exaggeration of the loss. In...