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Publications

Publications

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  • All HBS Web  (256)
    • Faculty Publications  (33)

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    • All HBS Web  (256)
      • Faculty Publications  (33)

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      • 2022
      • Working Paper

      How Do Investors Value ESG?

      By: Malcolm Baker, Mark Egan and Suproteem K. Sarkar
      Environmental, social, and governance (ESG) objectives have risen to near the top of the agenda for corporate executives and boards, driven in large part by their perceptions of shareholder interest. We quantify the value that shareholders place on ESG using a revealed...  View Details
      Keywords: Investment; Investment Portfolio; Corporate Social Responsibility and Impact; Business and Shareholder Relations; Environmental Sustainability; Governance; Financial Services Industry; United States
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      Baker, Malcolm, Mark Egan, and Suproteem K. Sarkar. "How Do Investors Value ESG?" NBER Working Paper Series, No. 30708, December 2022. (Harvard Business School Working Paper, No. 23-028, November 2022.)
      • 2021
      • Working Paper

      What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences

      By: Mark Egan, Alexander MacKay and Hanbin Yang
      We document new patterns in investment behavior using a comprehensive dataset of 401(k) plans from 2009 through 2019. We show that there is substantial heterogeneity in asset allocations across plans, which is not explained by differences in available investment...  View Details
      Keywords: Stock Market Expectations; Demand Estimation; Retirement Planning; Defined Contribution Retirement Plan; 401 (K); Finance; Investment Portfolio; Investment; Retirement; Behavioral Finance; Financial Services Industry; United States
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      Egan, Mark, Alexander MacKay, and Hanbin Yang. "What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences." Harvard Business School Working Paper, No. 22-044, December 2021. (Revised December 2022. Direct download. NBER Working Paper Series, No. 29604, December 2021)
      • July 2021
      • Article

      Structuring Local Environments to Avoid Diversity: Anxiety Drives Whites' Geographical and Institutional Self-Segregation Preferences

      By: Eric Anicich, Jon M. Jachimowicz, Merrick Osborne and L. Taylor Phillips
      The current research explores how local racial diversity affects Whites’ efforts to structure their local communities to avoid incidental intergroup contact. In two experimental studies (N=509; Studies 1a-b), we consider Whites’ choices to structure a fictional,...  View Details
      Keywords: Segregration; Structural/institutional Racism; Organizational Exclusion; Diversity; Race; Organizations; Local Range; Prejudice and Bias
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      Anicich, Eric, Jon M. Jachimowicz, Merrick Osborne, and L. Taylor Phillips. "Structuring Local Environments to Avoid Diversity: Anxiety Drives Whites' Geographical and Institutional Self-Segregation Preferences." Art. 104117. Journal of Experimental Social Psychology 95 (July 2021).
      • May 2021
      • Simulation

      Customer Compatibility Exercise Application

      By: Ryan W. Buell
      Customers impose considerable variability on the operating systems of service organizations. They show up when they wish (arrival variability), they ask for different things (request variability), they vary in their willingness and ability to help themselves (effort...  View Details
      Keywords: Customer Compatibility; Customer Relationship Management; Strategy; Service Operations; Service Delivery; Performance Efficiency; Analysis; Consumer Behavior; Analytics and Data Science
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      Buell, Ryan W. "Customer Compatibility Exercise Application." Harvard Business School Simulation 620-707, May 2021.
      • 2020
      • Working Paper

      In a Pandemic, People Must Remember: Friends Are Contagious

      By: T. Schlager and A.V. Whillans
      This article reveals a behavioral tendency that may contribute to the spread of the novel coronavirus (SARS-CoV-2). Across seven studies—including two representative samples of Americans and Canadians (N = 3,408)—we show that people consistently underestimate...  View Details
      Keywords: Coronavirus; Behavior; Health Pandemics; Relationships; Risk and Uncertainty; Perception
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      Schlager, T., and A.V. Whillans. "In a Pandemic, People Must Remember: Friends Are Contagious." Harvard Business School Working Paper, No. 21-011, July 2020. (Revised September 2020.)
      • March 2020
      • Article

      Is This My Group or Not? The Role of Ensemble Coding of Emotional Expressions in Group Categorization

      By: Amit Goldenberg, Timothy D. Sweeny, Emmanuel Shpigel and James J. Gross
      When exposed to others’ emotional responses, people often make rapid decisions as to whether these others are members of their group or not. These group categorization decisions have been shown to be extremely important to understanding group behavior. Yet, despite...  View Details
      Keywords: Categorization; Ensemble Coding; Summary Statistical Perception; Social Cognition; Emotions; Perception; Groups and Teams
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      Goldenberg, Amit, Timothy D. Sweeny, Emmanuel Shpigel, and James J. Gross. "Is This My Group or Not? The Role of Ensemble Coding of Emotional Expressions in Group Categorization." Journal of Experimental Psychology: General 149, no. 3 (March 2020).
      • 2020
      • Working Paper

      To Infinity and Beyond: Scaling Economic Theories via Logical Compactness

      By: Yannai A. Gonczarowski, Scott Duke Kominers and Ran I. Shorrer
      Many economic-theoretic models incorporate finiteness assumptions that, while introduced for simplicity, play a real role in the analysis. Such assumptions introduce a conceptual problem, as results that rely on finiteness are often implicitly nonrobust; for example,...  View Details
      Keywords: Markets; Analysis; Game Theory
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      Gonczarowski, Yannai A., Scott Duke Kominers, and Ran I. Shorrer. "To Infinity and Beyond: Scaling Economic Theories via Logical Compactness." Harvard Business School Working Paper, No. 19-127, June 2019. (Revised November 2020.)
      • 2022
      • Working Paper

      A Preference for Revision Absent Objective Improvement

      By: Ximena Garcia-Rada, Leslie K. John, Ed O’Brien and Michael I. Norton
      From downloading never-ending updates to tracking ever-newer releases, consumers today are surrounded by revised offerings that purport to have improved upon what was previously available. Although revising things often makes them better, the current research reveals...  View Details
      Keywords: Product Change; Versioning; Expectancy Effects; Heuristics; Intuitive Processing; Product Marketing; Change; Perception; Consumer Behavior
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      Garcia-Rada, Ximena, Leslie K. John, Ed O’Brien, and Michael I. Norton. "A Preference for Revision Absent Objective Improvement." Harvard Business School Working Paper, No. 19-087, February 2019. (Revised February 2022. Revise and resubmit, Journal of Marketing Research.)
      • 2019
      • Article

      Preferences for Experienced Versus Remembered Happiness

      By: Cassie Mogilner and Michael I. Norton
      Consider two types of happiness: one experienced on a moment-to-moment basis, the other a reflective evaluation where people feel happy looking back. Though researchers have measured and argued the merits of each, we inquired into which happiness people say they want....  View Details
      Keywords: Well-being; Life Satisfaction; Experience; Retrospective; Time; Happiness; Satisfaction; Welfare; Perception
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      Mogilner, Cassie, and Michael I. Norton. "Preferences for Experienced Versus Remembered Happiness." Journal of Positive Psychology 14, no. 2 (2019): 244–251.
      • Article

      Maimonides' Ladder: States of Mutual Knowledge and the Perception of Charitability

      By: Julian De Freitas, Peter DiScioli, Kyle A. Thomas and Steven Pinker
      Why do people esteem anonymous charitable giving? We connect normative theories of charitability (captured in Maimonides’ Ladder of Charity) with evolutionary theories of partner choice to test predictions on how attributions of charitability are affected by states of...  View Details
      Keywords: Charity; Reciprocity; Partner Choice; Common Knowledge; Philanthropy and Charitable Giving; Knowledge; Perception
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      De Freitas, Julian, Peter DiScioli, Kyle A. Thomas, and Steven Pinker. "Maimonides' Ladder: States of Mutual Knowledge and the Perception of Charitability." Journal of Experimental Psychology: General 148, no. 1 (January 2019): 158–173.
      • 2018
      • Working Paper

      Corporate Refinancing, Covenants, and the Agency Cost of Debt

      By: Daniel Green
      How valuable are restrictive debt covenants in reducing the agency costs of debt? I exploit the revealed preference decision to refinance fixed-coupon bonds, which weighs observable interest rate savings against the unobservable costs of a change in restrictive...  View Details
      Keywords: Covenants; Refinancing; Corporate Bonds; Agency Costs; Debt Policy; Borrowing and Debt; Bonds; Interest Rates
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      Green, Daniel. "Corporate Refinancing, Covenants, and the Agency Cost of Debt." Working Paper, 2018. (Revise and Resubmit, Journal of Finance.)
      • November 2018
      • Article

      Global Evidence on Economic Preferences

      By: Armin Falk, Anke Becker, Thomas Dohmen, Benjamin Enke, David Huffman and Uwe Sunde
      This article studies the global variation in economic preferences. For this purpose, we present the Global Preference Survey (GPS), an experimentally validated survey data set of time preference, risk preference, positive and negative reciprocity, altruism, and trust...  View Details
      Keywords: Economic Preferences; Economics; Behavior; Surveys; Analytics and Data Science; Global Range
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      Falk, Armin, Anke Becker, Thomas Dohmen, Benjamin Enke, David Huffman, and Uwe Sunde. "Global Evidence on Economic Preferences." Quarterly Journal of Economics 113, no. 4 (November 2018): 1645–1692.
      • 2018
      • Working Paper

      Corporate Bond Liquidity: A Revealed Preference Approach

      By: Sergey Chernenko and Adi Sunderam
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      Chernenko, Sergey, and Adi Sunderam. "Corporate Bond Liquidity: A Revealed Preference Approach." Working Paper, March 2018.
      • March 2017
      • Article

      Artful Paltering: The Risks and Rewards of Using Truthful Statements to Mislead Others

      By: Todd Rogers, Richard Zeckhauser, F. Gino, Michael I. Norton and Maurice E. Schweitzer
      Paltering is the active use of truthful statements to convey a misleading impression. Across two pilot studies and six experiments, we identify paltering as a distinct form of deception. Paltering differs from lying by omission (the passive omission of relevant...  View Details
      Keywords: Deception; Lying; Paltering; Risk; Ethics; Negotiation Tactics
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      Rogers, Todd, Richard Zeckhauser, F. Gino, Michael I. Norton, and Maurice E. Schweitzer. "Artful Paltering: The Risks and Rewards of Using Truthful Statements to Mislead Others." Journal of Personality and Social Psychology 112, no. 3 (March 2017): 456–473.
      • Article

      Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

      By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
      Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent...  View Details
      Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Perception; Internet and the Web; Investment
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      Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang. "Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches." Journal of Financial Economics 116, no. 2 (May 2015): 410–431.
      • Article

      The Allure of Unknown Outcomes: Exploring the Role of Uncertainty in the Preference for Potential

      By: Daniella Kupor, Zakary L. Tormala and Michael I. Norton
      Influence practitioners often highlight a target's achievements (e.g., "she is the city's top-rated chef"), but recent research reveals that highlighting a target's potential (e.g., "she could become the city's top-rated chef") can be more effective. We examine whether...  View Details
      Keywords: Risk and Uncertainty; Forecasting and Prediction; Performance Evaluation
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      Kupor, Daniella, Zakary L. Tormala, and Michael I. Norton. "The Allure of Unknown Outcomes: Exploring the Role of Uncertainty in the Preference for Potential." Journal of Experimental Social Psychology 55 (November 2014): 210–216.
      • Article

      A 'Present' for the Future: The Unexpected Value of Rediscovery

      By: Ting Zhang, Tami Kim, Alison Wood Brooks, Francesca Gino and Michael I. Norton
      Although documenting everyday activities may seem trivial, four studies reveal that creating records of the present generates unexpected benefits by allowing future rediscoveries. In Study 1, we use a "time capsule" paradigm to show that individuals underestimate the...  View Details
      Keywords: History; Information Management; Cognition and Thinking
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      Zhang, Ting, Tami Kim, Alison Wood Brooks, Francesca Gino, and Michael I. Norton. "A 'Present' for the Future: The Unexpected Value of Rediscovery." Psychological Science 25, no. 10 (October 2014): 1851–1860.
      • Article

      How Much (More) Should CEOs Make? A Universal Desire for More Equal Pay

      By: Sorapop Kiatpongsan and Michael I. Norton
      Do people from different countries and different backgrounds have similar preferences for how much more the rich should earn than the poor? Using survey data from 40 countries (N = 55,238), we compare respondents' estimates of the wages of people in different...  View Details
      Keywords: Inequality; Justice; Wage; Cross-cultural; Wages; Equality and Inequality; Fairness; Income; Employees; Management Teams; Cross-Cultural and Cross-Border Issues
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      Kiatpongsan, Sorapop, and Michael I. Norton. "How Much (More) Should CEOs Make? A Universal Desire for More Equal Pay." Perspectives on Psychological Science 9, no. 6 (November 2014): 587–593.
      • 2014
      • Article

      Unequality: Who Gets What and Why It Matters

      By: Michael I. Norton
      Who should get what, and what are the consequences? Economic inequality in the United States has been rising for decades, yet only recently have behavioral scientists explored two central questions surrounding the optimal level of inequality. First, what are the...  View Details
      Keywords: Inequality; Ethics; Productivity; Gambling; Equality and Inequality; Fairness; Income; Performance Productivity; United States
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      Norton, Michael I. "Unequality: Who Gets What and Why It Matters." Policy Insights from the Behavioral and Brain Sciences 1, no. 1 (2014): 151–155.
      • 2014
      • Working Paper

      Handshaking Promotes Cooperative Dealmaking

      By: Juliana Schroeder, Jane Risen, Francesca Gino and Michael I. Norton
      Humans use subtle sources of information—like nonverbal behavior—to determine whether to act cooperatively or antagonistically when they negotiate. Handshakes are particularly consequential nonverbal gestures in negotiations because people feel comfortable initiating...  View Details
      Keywords: Negotiation Tactics; Cooperation; Societal Protocols
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      Schroeder, Juliana, Jane Risen, Francesca Gino, and Michael I. Norton. "Handshaking Promotes Cooperative Dealmaking." Harvard Business School Working Paper, No. 14-117, May 2014.
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