We analyze the history of Japanese foreign exchange interventions from 1971 to 2018. First, we provide the best proxy for monthly interventions for the period from 1971 to 1990, when the intervention timings and amounts were not officially disclosed. The accuracy of the proxy is tested for the...

COVID-19 has revealed familiar problems in health economics and cost-benefit analysis and the "tragic choices" that sometimes must be made. Policymakers frequently have to attach a monetary value to a human life based on the number of years that a person might have left to live and that life's...

Americans are polarized not only in their views on policy issues and attitudes towards government and society, but also in their perceptions of the same factual reality. We conceptualize how to think about the “polarization of reality” and review recent papers that show that Republicans and...

We develop a theory of interstate conflict in which the degree of genealogical relatedness between populations has a positive effect on their conflict propensities because more closely related populations, on average, tend to interact more and develop more disputes over sets of common issues. We...

We show that ambiguity aversion increases the value of a statistical life as soon as the marginal utility of wealth is higher if alive than dead. The intuition is that ambiguity aversion has a similar effect as an increase in the perceived baseline mortality risk, and thus operates as the "dead...

Our research addresses fundamental long - standing concerns in the compensating wage differentials literature and its public policy implications: the econometric properties of estimates of the value of statistical life (VSL) and the wide range of such estimates from about $0.5 million to about...

We examine how the net worth of billionaires relates to their looks, as rated by 16 people of different gender and ethnicity. Surprisingly, their financial assets are unrelated to their beauty; nor are they related to their educational attainment. As a group, however, billionaires are both more...

Understanding the drivers of human behavior will help us,manage risks better. People, after all, design the processes,,build and implement the systems, and put in place the,organizational structures that lead to risk taking. People engineer the products, establish networks of suppliers, and...

In the midst of the COVID-19 pandemic currently affecting every corner of the globe, there is a critical need for understanding and mapping human movement in order to formulate appropriate scientific and policy responses. To this end, we provide ready-to-use indexes of human mobility spanning...

In the midst of the COVID-19 pandemic currently affecting every corner of the globe, there is a critical need for understanding and mapping human movement in order to formulate appropriate scientific and policy responses. To this end, we provide ready-to-use indexes of human mobility spanning...

Our research estimates Covid-19 non-fatal economic losses in the U.S. using detailed data on cumulative cases and hospitalizations from January 22, 2020 to July 27, 2020, from the Centers for Disease Control and Prevention (CDC). As of July 27, 2020, the cumulative confirmed number of cases was...

Wie kommen wir aus der Klimakrise? Reicht die Energie von Sonne und Wind? Sind Elektroautos wirklich umweltfreundlich? Ist Wasserstoff der Heilsbringer? Was können wir selber tun, auch wenn es uns schwerfällt, unsere Lebensgewohnheiten zu ändern? Solche Fragen stellt man am besten Volker...

There are many possible connections between VSL and behavioral economics. A list of topics includes endowment effects, risk salience, ambiguity aversion, present bias, reference groups, reference points, and experienced versus decision utilities. There are also nudges that connect to estimating...

How does one's place of residence affect individual behavior and long-run outcomes? Understanding neighborhood and place effects has been a leading question for social scientists during the past half-century. Recent empirical studies using experimental and quasi-experimental research designs...