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- 2021
- Working Paper
Cognitive Uncertainty in Intertemporal Choice
By: Thomas Graeber and Benjamin Enke
This paper experimentally documents the relevance of cognitive uncertainty—subjective uncertainty over one’s utility-maximizing action—for understanding and predicting intertemporal choice. The main idea is that when people are cognitively noisy, such as when a...
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- January 2021
- Article
A Model of Relative Thinking
By: Benjamin Bushong, Matthew Rabin and Joshua Schwartzstein
Fixed differences loom smaller when compared to large differences. We propose a model of relative thinking where a person weighs a given change along a consumption dimension by less when it is compared to bigger changes along that dimension. In deterministic settings,...
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- 2020
- Working Paper
Income Volatility Increases Financial Impatience
By: Colin West, A.V. Whillans and Sanford DeVoe
Using a multi-method approach, we investigate whether income volatility is associated with financial impatience—the preference to receive a small sum of money immediately over a larger sum of money later. We find that experiencing more income volatility—including a...
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Keywords:
Income Volatility;
Compensation;
Impatience;
Time Preferences;
Income;
Personal Finance;
Behavior;
Demographics;
Policy
- September 2020
- Teaching Note
Miami's Tech Future (D): Developing New Leadership
By: Rosabeth Moss Kanter and Joyce J. Kim
Traditional establishment leadership of Miami is increasingly challenged by a rising millennial generation that is more diverse and brings more innovative and entrepreneurial “outside-the-building” approaches, including impatience for change. Leadership succession is...
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- November 2017 (Revised September 2020)
- Supplement
Miami's Tech Future (D): Developing New Leadership
Traditional establishment leadership of Miami is increasingly challenged by a rising millennial generation that is more diverse and brings more innovative and entrepreneurial “outside-the-building” approaches, including impatience for change. Leadership succession is...
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- 2019
- Working Paper
Fiscal Rules and Sovereign Default
By: Laura Alfaro and Fabio Kanczuk
Recurrent concerns over debt sustainability in emerging and developed nations have prompted renewed debate on the role of fiscal rules. Their optimality, however, remains unclear. We provide a quantitative analysis of fiscal rules in a standard model of sovereign debt...
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- 2008
- Simulation
Strategic Innovation Simulation: Back Bay Battery
By: Willy C. Shih and Clayton Christensen
This online simulation allows students to play the role of a business unit manager at Back Bay Battery Company who faces the dilemma of balancing a portfolio of investment strategies across products in the rechargeable battery space. Players have to manage R&D...
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- 2008
- Working Paper
Where Does It Go? Spending by the Financially Constrained
By: Shawn A. Cole, John Thompson and Peter Tufano
In this paper, we analyze the spending decisions of over 1.5 million Americans who vary in their degree of revealed credit constraints. Specifically, we analyze how these Americans spend their income tax refunds, using transaction-level data from a stored-value card...
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