Behavioral science has helped encourage better behaviors for many investors who are accumulating savings for retirement. This paper investigates the application of behavioral science to decumulation to help investors make better choices and maintain quality of life in retirement. We conducted a...

We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent-based model populated by heterogeneous, interacting firms. Agents have to cope with a complex evolving economy characterized by deep uncertainty resulting from technical change,...

Common resources may be managed with inefficient policies for the sake of equity. We study how rationing the commons shapes the efficiency and equity of resource use, in the context of agricultural groundwater use in Rajasthan, India. We find that rationing binds on input use, such that farmers,...

We examine the effects of incentives in a simple model, where a set of rational agents works on a joint task. In the static model, we show that higher incentives (i.e., higher rewards for success) positively affect the success rate and the agents’ payoffs. This is in contrast to the dynamic...

This is a response to Michael Livermore and Richard Revesz's book Reviving Rationality: Saving Cost-Benefit Analysis for the Sake of the Environment and Our Health, published as part of a symposium at Notice and Comment, the blog of the Yale Journal on Regulation and ABA Section of...

We extend the swaps index of rationality, introduced by Apesteguia and Ballester (2015) for a finite set of alternatives, to the standard consumer choice setting with infinite commodity spaces. Applications include consumer demand from competitive budget sets and the state-space approach to...