Discrete mixture (DM) models recognize the presence of heterogeneity across individuals in a given population. In the context of a public land use discrete choice experiment, we use DM models to allow for respondent behavior to probabilistically mix over multiple competing decision paradigms. We...

Although the leverage effect, i.e. a negative correlation between the return and volatility, and the inverse leverage effect have been suggested for equities and commodities, respectively, the existing studies suffer from an identification problem because they only model one asset. By using a...

Conventional approaches to targeting social safety net programs select beneficiaries on the basis of income or expenditure levels. We argue that these approaches neglect human diversity and agency, which can lead to counterintuitive targeting outcomes and thus a misallocation of benefits. In...

The capabilities approach claims that the freedom to achieve alternative ends is of primary moral importance to policy evaluation. We use a new Bayesian framework for estimating capabilities to conduct a capabilities-based impact evaluation of a prominent poverty-alleviation policy: cash...