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  • All HBS Web  (338)
    • Faculty Publications  (30)

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    • All HBS Web  (338)
      • Faculty Publications  (30)

      Risk Aversion Remove Risk Aversion →

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      Preference Intensities and Risk Aversion in School Choice: A Laboratory Experiment
      Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004
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      • May 2020
      • Article

      Ancient Origins of the Global Variation in Economic Preferences

      By: Anke Becker, Benjamin Enke and Armin Falk
      This paper shows that contemporary population-level heterogeneity in risk aversion, time preference, altruism, positive reciprocity, negative reciprocity, and trust partly traces back to the structure of the migration patterns of our very early ancestors. To document...  View Details
      Keywords: Migration Patterns; Behavioral Economics; Preferences; Microeconomics; Demography; Decision Making; Risk and Uncertainty; History; Global Range
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      Becker, Anke, Benjamin Enke, and Armin Falk. "Ancient Origins of the Global Variation in Economic Preferences." AEA Papers and Proceedings 110 (May 2020): 319–323.
      • February 2020
      • Article

      Being 'Good' or 'Good Enough': Prosocial Risk and the Structure of Moral Self-regard

      By: Julian Zlatev, Daniella M. Kupor, Kristin Laurin and Dale T. Miller
      The motivation to feel moral powerfully guides people’s prosocial behavior. We propose that people’s efforts to preserve their moral self-regard conform to a moral threshold model. This model predicts that people are primarily concerned with whether their...  View Details
      Keywords: Prosocial Behavior; Moral Sensibility; Decision Making; Risk and Uncertainty; Behavior; Perception
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      Zlatev, Julian, Daniella M. Kupor, Kristin Laurin, and Dale T. Miller. "Being 'Good' or 'Good Enough': Prosocial Risk and the Structure of Moral Self-regard." Journal of Personality and Social Psychology 118, no. 2 (February 2020): 242–253.
      • December 2019
      • Article

      Costly Concessions: An Empirical Framework for Matching with Imperfectly Transferable Utility

      By: Alfred Galichon, Scott Duke Kominers and Simon Weber
      We introduce an empirical framework for models of matching with imperfectly transferable utility and unobserved heterogeneity in tastes. Our framework allows us to characterize matching equilibrium in a flexible way that includes as special cases the classic fully- and...  View Details
      Keywords: Sorting; Matching; Marriage Market; Intrahousehold Allocation; Imperfectly Transferable Utility; Marketplace Matching; Mathematical Methods
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      Galichon, Alfred, Scott Duke Kominers, and Simon Weber. "Costly Concessions: An Empirical Framework for Matching with Imperfectly Transferable Utility." Journal of Political Economy 127, no. 6 (December 2019): 2875–2925.
      • September 2019 (Revised January 2021)
      • Supplement

      pymetrics: Rapid Growth

      By: John R. Wells and Benjamin Weinstock
      In August 2018, pymetrics, a solution offering neuroscience-based recruiting tests, closed a $40 million funding round that valued the business at $160 million. Over 60 companies around the globe were using pymetrics tests in their recruiting process, including...  View Details
      Keywords: Braintech; Psychodynamics; Psychology; Hiring Of Employees; Hiring; Strategic Evolution; Strategy And Execution; Startup; Start-up; Startups; Start-ups; Entrepreneur; Employment; Bias; Rapid Growth Stage; Recruitment; Selection and Staffing; Strategy; Business Startups; Growth and Development Strategy; Global Strategy
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      Wells, John R., and Benjamin Weinstock. "pymetrics: Rapid Growth." Harvard Business School Supplement 720-376, September 2019. (Revised January 2021.)
      • 2010
      • Article

      Fretting About Modest Risks Is a Mistake

      By: Matthew Rabin and Max Bazerman
      Managers often engage in risk-averse behavior, and economists, decision analysts, and managers treat risk aversion as a preference. In many cases, acting in a risk-averse manner is a mistake, but managers can correct this mistake with greater reflection. This article...  View Details
      Keywords: Decision Biases; Risk Management; Risk and Uncertainty; Decision Making
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      Rabin, Matthew, and Max Bazerman. "Fretting About Modest Risks Is a Mistake." California Management Review 61, no. 3 (May 2019): 34–48.
      • 2019
      • Working Paper

      Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 13 Platform Systems vs. Step Processes—The Value of Options and the Power of Modularity

      By: Carliss Y. Baldwin
      This is the first chapter in Part 3. Its purpose is to contrast the value structure of platform systems with step processes from a technological perspective. I first review the basic technical architecture of computers and argue that every computer is inherently a...  View Details
      Keywords: Platform Systems; Step Processes; Computer Architecture; Modularity; Technology
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      Baldwin, Carliss Y. "Design Rules, Volume 2: How Technology Shapes Organizations: Chapter 13 Platform Systems vs. Step Processes—The Value of Options and the Power of Modularity." Harvard Business School Working Paper, No. 19-073, January 2019.
      • 2018
      • Working Paper

      Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests

      By: Malcolm Baker, Patrick Luo and Ryan Taliaferro
      The two standard approaches for identifying capital market anomalies are cross-sectional coefficient tests, in the spirit of Fama and MacBeth (1973), and time-series intercept tests, in the spirit of Jensen (1968). A new signal can pass the first test, which we label a...  View Details
      Keywords: Investment Management; Anomalies; Portfolio Construction; Transaction Costs; Investment; Management; Asset Pricing; Market Transactions; Cost
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      Baker, Malcolm, Patrick Luo, and Ryan Taliaferro. "Detecting Anomalies: The Relevance and Power of Standard Asset Pricing Tests." Working Paper, July 2018.
      • May–June 2018
      • Article

      What Most People Get Wrong about Men and Women: Research Shows the Sexes Aren't So Different

      By: Catherine H. Tinsley and Robin J. Ely
      Why have women failed to achieve parity with men in the workplace? Contrary to popular belief, it’s not because women prioritize their families over their careers, negotiate poorly, lack confidence, or are too risk averse. Meta-analyses of published studies show that...  View Details
      Keywords: Working Conditions; Gender; Equality and Inequality; Organizational Culture; Change Management
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      Tinsley, Catherine H., and Robin J. Ely. "What Most People Get Wrong about Men and Women: Research Shows the Sexes Aren't So Different." Harvard Business Review 96, no. 3 (May–June 2018): 114–121.
      • 2020
      • Working Paper

      Can Security Design Foster Household Risk-Taking?

      By: Laurent Calvet, Claire Celerier, Paolo Sodini and Boris Vallée
      This paper shows that securities with a non-linear payoff design can foster household risk-taking. We demonstrate this effect empirically by exploiting the introduction of capital guarantee products in Sweden from 2002 to 2007. The fast and broad adoption of these...  View Details
      Keywords: Financial Innovation; Household Finance; Structured Products; Stock Market Participation; Finance; Innovation and Invention; Household; Behavior; Market Participation
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      Calvet, Laurent, Claire Celerier, Paolo Sodini, and Boris Vallée. "Can Security Design Foster Household Risk-Taking?" Harvard Business School Working Paper, No. 18-066, January 2018. (Revise and Resubmit at Journal of Finance.)
      • Article

      Experience Theory, or How Desserts Are Like Losses

      By: Jolie M. Martin, Martin Reimann and Michael I. Norton
      While many experiments have explored risk preferences for money, few have systematically assessed risk preferences for everyday experiences. We propose a conceptual model and provide convergent evidence from seven experiments that, in contrast to a typical “zero”...  View Details
      Keywords: Experiences; Monetary Gambles; Risk Preferences; Experience Theory; Risk and Uncertainty; Behavior; Decision Choices and Conditions
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      Martin, Jolie M., Martin Reimann, and Michael I. Norton. "Experience Theory, or How Desserts Are Like Losses." Journal of Experimental Psychology: General 145, no. 11 (November 2016): 1460–1472.
      • Article

      Excusing Selfishness in Charitable Giving: The Role of Risk

      By: Christine L. Exley
      Decisions involving charitable giving often occur under the shadow of risk. A common finding is that potential donors give less when there is greater risk that their donation will have less impact. While this behavior could be fully rationalized by standard economic...  View Details
      Keywords: Charitable Giving; Prosocial Behavior; Altruism; Risk Preferences; Risk and Uncertainty; Philanthropy and Charitable Giving; Behavior
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      Exley, Christine L. "Excusing Selfishness in Charitable Giving: The Role of Risk." Review of Economic Studies 83, no. 2 (April 2016): 587–628.
      • Article

      Matching Firms, Managers, and Incentives

      By: Oriana Bandiera, Luigi Guiso, Andrea Prat and Raffaella Sadun
      We combine unique administrative and survey data to study the match between firms and managers. The data include manager characteristics, firm characteristics, detailed measures of managerial practices, and outcomes for the firm and the manager. A parsimonious model of...  View Details
      Keywords: Motivation and Incentives; Talent and Talent Management; Organizations; Management Teams
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      Bandiera, Oriana, Luigi Guiso, Andrea Prat, and Raffaella Sadun. "Matching Firms, Managers, and Incentives." Journal of Labor Economics 33, no. 3 (July 2015): 623–681.
      • 2015
      • Working Paper

      Customers and Investors: A Framework for Understanding Financial Institutions

      By: Robert C. Merton and Robert T. Thakor
      Financial institutions have both investors and customers. Investors, such as those who invest in stocks and bonds or private/public-sector guarantors of institutions, expect an appropriate risk-adjusted return in exchange for the financing and risk-bearing that they...  View Details
      Keywords: Financial Institutions
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      Merton, Robert C., and Robert T. Thakor. "Customers and Investors: A Framework for Understanding Financial Institutions." NBER Working Paper Series, No. 21258, June 2015.
      • Article

      Seeking the Roots of Entrepreneurship: Insights from Behavioral Economics

      By: Thomas Astebro, Holger Herz, Ramana Nanda and Roberto A. Weber
      There is a growing body of evidence that many entrepreneurs seem to enter and persist in entrepreneurship despite earning low risk-adjusted returns. This has lead to attempts to provide explanations—using both standard economic theory and behavioral economics—for why...  View Details
      Keywords: Entrepreneurship; Personal Characteristics; Attitudes; Behavior
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      Astebro, Thomas, Holger Herz, Ramana Nanda, and Roberto A. Weber. "Seeking the Roots of Entrepreneurship: Insights from Behavioral Economics." Journal of Economic Perspectives 28, no. 3 (Summer 2014): 49–70.
      • October 2012
      • Case

      Hill Country Snack Foods Co.

      By: W. Carl Kester and Craig Stephenson
      Hill Country Snack Foods, located in Austin, Texas, manufactures, markets, and distributes snack foods and frozen treats. The CEO is passionate about maximizing shareholder value and believes in keeping tight control over costs and operating the business as efficiently...  View Details
      Keywords: United States; Financial Strategy; Debt Management; Retail Trade; Risk Management; Food; Capital Structure; Corporate Finance; Retail Industry; Food and Beverage Industry; Texas
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      Kester, W. Carl, and Craig Stephenson. "Hill Country Snack Foods Co." Harvard Business School Brief Case 913-517, October 2012.
      • Article

      How Institutional Investors Frame Their Losses: Evidence on Dynamic Loss Aversion from Currency Portfolios

      By: Kenneth A. Froot, John Arabadjis, Sonya Cates and Stephen Lawrence
      Currency investors exhibit a tendency to cut risk by pairing both longs and shorts following losses and a weaker tendency to add risk following gains. By differentiating between position level, portfolio level, and aggregate cross-portfolio losses in currency...  View Details
      Keywords: Loss Aversion; Decision Choices and Conditions; Currency; Investment; Risk Management; Behavioral Finance
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      Froot, Kenneth A., John Arabadjis, Sonya Cates, and Stephen Lawrence. "How Institutional Investors Frame Their Losses: Evidence on Dynamic Loss Aversion from Currency Portfolios." Journal of Portfolio Management 38, no. 1 (Fall 2011): 60–68.
      • 2011
      • Working Paper

      'Last-place Aversion': Evidence and Redistributive Implications

      By: Ilyana Kuziemko, Ryan W. Buell, Taly Reich and Michael I. Norton
      Why do low-income individuals often oppose redistribution? We hypothesize that an aversion to being in "last place" undercuts support for redistribution, with low-income individuals punishing those slightly below themselves to keep someone "beneath" them. In laboratory...  View Details
      Keywords: Wages; Surveys; Wealth and Poverty; Behavior; Income; Research; Rank and Position; Attitudes; Personal Characteristics; Economics
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      Kuziemko, Ilyana, Ryan W. Buell, Taly Reich, and Michael I. Norton. "'Last-place Aversion': Evidence and Redistributive Implications." NBER Working Paper Series, No. 17234, August 2011.
      • December 2009
      • Article

      Long-Run Stockholder Consumption Risk and Asset Returns

      By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen
      We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional variation in...  View Details
      Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management
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      Malloy, Christopher J., Tobias J. Moskowitz, and Annette Vissing-Jorgensen. "Long-Run Stockholder Consumption Risk and Asset Returns." Journal of Finance 64, no. 6 (December 2009): 2427–2480. (Finalist for the 2010 Smith Breeden Prize for the best paper in the Journal of Finance.)
      • 2008
      • Working Paper

      Variance-Seeking for Positive (and Variance-Aversion for Negative) Experiences: Risk-Seeking in the Domain of Gains?

      By: Jolie Mae Martin, Gregory M. Barron and Michael I. Norton
      In contrast to research which has conflated losses with negative experiences and gains with positive experiences, we argue that because reference points are set by memories of extremely good and bad experiences, most outcomes are seen as losses in positive domains and...  View Details
      Keywords: Change; Experience and Expertise; Marketing; Research; Risk and Uncertainty; Loss; Perspective
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      Martin, Jolie Mae, Gregory M. Barron, and Michael I. Norton. "Variance-Seeking for Positive (and Variance-Aversion for Negative) Experiences: Risk-Seeking in the Domain of Gains?" Harvard Business School Working Paper, No. 08-070, February 2008.
      • 2008
      • Working Paper

      Long-Run Stockholder Consumption Risk and Asset Returns

      By: Christopher J. Malloy, Tobias J. Moskowitz and Annette Vissing-Jorgensen
      We provide new evidence on the success of long-run risks in asset pricing by focusing on the risks borne by stockholders. Exploiting micro-level household consumption data, we show that long-run stockholder consumption risk better captures cross-sectional...  View Details
      Keywords: Asset Pricing; Stocks; Investment Return; Investment Portfolio; Risk Management
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      Malloy, Christopher J., Tobias J. Moskowitz, and Annette Vissing-Jorgensen. "Long-Run Stockholder Consumption Risk and Asset Returns." Harvard Business School Working Paper, No. 08-060, January 2008.
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      Preference Intensities and Risk Aversion in School Choice: A Laboratory Experiment
      Contract Rights and Risk Aversion: Foreign Banks and the Mexican Economy, 1997-2004
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