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Contracts with Interdependent Preferences

Ray, Debraj; Weretka, Marek - National Bureau of Economic Research - 2024

This paper studies contracting between a principal and multiple agents. The setup is classical except for the assumption that agents have interdependent preferences. We characterize cost effective contracts, and relate the direction of co-movement in rewards -- "joint liability" (positive) or...

Persistent link: https://www.econbiz.de/10014512144

Finite- and Large-Sample Inference for Ranks using Multinomial Data with an Application to Ranking Political Parties

Bazylik, Sergei; Mogstad, Magne; Romano, Joseph P.; … - National Bureau of Economic Research - 2021

It is common to rank different categories by means of preferences that are revealed through data on choices. A prominent example is the ranking of political candidates or parties using the estimated share of support each one receives in surveys or polls about political attitudes. Since these...

Persistent link: https://www.econbiz.de/10012696428

Probabilistic Prediction for Binary Treatment Choice : with Focus on Personalized Medicine

Manski, Charles F. - National Bureau of Economic Research - 2021

This paper extends my research applying statistical decision theory to treatment choice with sample data, using maximum regret to evaluate the performance of treatment rules. The specific new contribution is to study as-if optimization using estimates of illness probabilities in clinical choice...

Persistent link: https://www.econbiz.de/10012660036

Perceptions and Preferences for Redistribution

Stantcheva, Stefanie - National Bureau of Economic Research - 2021

The relationship between the degree of inequality and the demand for redistribution has been a central question in … gap between the income of the average and the median voter, should lead to increased demand for redistribution, as … demand for redistribution. Part of the explanation of this puzzle lies in the realization that it is not only (or even mainly …

Persistent link: https://www.econbiz.de/10012660048

Preferences for Giving Versus Preferences for Redistribution

Mollerstrom, Johanna; Strulov-Shlain, Avner; Taubinsky, … - National Bureau of Economic Research - 2021

We report the results of an online experiment studying preferences for giving and preferences for group-wide redistribution in small (4-person) and large (200-person) groups. We find that the desire to engage in voluntary giving decreases significantly with group size. However, voting for...

Persistent link: https://www.econbiz.de/10012660053

Interpreting the Will of the People : A Positive Analysis of Ordinal Preference Aggregation

Ambuehl, Sandro; Bernheim, Bert Douglas - National Bureau of Economic Research - 2021

Collective decision making requires preference aggregation even if no ideal aggregation method exists (Arrow, 1950). We investigate how individuals think groups should aggregate members' ordinal preferences--that is, how they interpret "the will of the people." Our experiment elicits revealed...

Persistent link: https://www.econbiz.de/10012660067

Who Cares More? Allocation with Diverse Preference Intensities

Ortoleva, Pietro; Safonov, Evgenii; Yariv, Leeat - National Bureau of Economic Research - 2021

Goods and services---public housing, medical appointments, schools---are often allocated to individuals who rank them similarly but differ in their preference intensities. We characterize optimal allocation rules when individual preferences are known and when they are not. Several insights...

Persistent link: https://www.econbiz.de/10012629428

The Moral Preferences of Investors : Experimental Evidence

Bonnefon, Jean-François; Landier, Augustin; Sastry, … - National Bureau of Economic Research - 2022

We characterize investors' moral preferences in a parsimonious experimental setting, where we auction stocks with various ethical features. We find strong evidence that investors seek to align their investments with their social values ("value alignment"), and find no evidence of behavior driven...

Persistent link: https://www.econbiz.de/10012814422

The Cross-Section of Household Preferences

Calvet, Laurent E.; Campbell, John Y.; Gomes, Francisco J. - National Bureau of Economic Research - 2021

This paper estimates the cross-sectional distribution of Epstein-Zin preference parameters in a large administrative panel of Swedish households. We consider life-cycle model of saving and portfolio choice that incorporates risky labor income, safe and risky financial assets inside and outside...

Persistent link: https://www.econbiz.de/10012533337

The Welfare Economics of Reference Dependence

Reck, Daniel; Seibold, Arthur - National Bureau of Economic Research - 2023

Empirical evidence suggests that individuals often evaluate options relative to a reference point, especially seeking to avoid losses. We undertake the first welfare analysis under reference-dependent preferences. We characterize the welfare impact of changes in reference points and prices,...

Persistent link: https://www.econbiz.de/10014322769