Microinsurance has recently received much attention as a promising tool to protect poor
individuals from important shocks. Yet, voluntary demand from people has been low …

We review the literature on models that try to explain human behavior in social interactions
described by normal-form games with monetary payoffs. We start by covering social and …

We estimate the impact of Kenya's postelection crisis on individual risk preferences. The
crisis interrupted a longitudinal survey of more than five thousand Kenyan youth, creating …

Experimental evidence in cognitive psychology and behavioral economics is transforming
the way political science scholars think about how humans make decisions in areas of high …

We examine two explanations for peer effects in risk taking: relative payoff concerns and
preferences that depend on peer choices. We vary experimentally whether individuals can …

Many violations of the independence axiom of expected utility can be traced to subjects'
attraction to risk‐free prospects. The key axiom in this paper, negative certainty …

We study the joint distribution of 11 behavioral phenomena in a group of 190 laboratory
subjects and compare it to the predictions of existing models as a step in the development of …

We study stochastic choice as the outcome of deliberate randomization. We derive a general
representation of a stochastic choice function where stochasticity allows the agent to …

Without an instrument to identify the reference point, prospect theory includes a degree of
freedom that makes the model difficult to falsify. To address this issue, we propose a …

An enormous literature documents that willingness to pay (WTP) is less than willingness to
accept (WTA) a monetary amount for an object, a phenomenon called the endowment effect …