Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible
textbook treatment of the way decisions are made both when we have the statistical …

From the field's leading authority, the most authoritative and comprehensive advanced-level
textbook on asset pricing In Financial Decisions and Markets, John Campbell, one of the …

We develop a model in which connections between individuals serve as social collateral to
enforce informal insurance payments. We show that:(i) The degree of insurance is governed …

I solve (with an approximation) a Grossman-Stiglitz economy under general preferences,
thus allowing for wealth effects. Because information generates increasing returns …

Determinants of risk attitudes of individuals are of great interest in the growing area of
behavioral economics that focuses on the individual attributes, psychological or otherwise …

We discuss the selection of the socially efficient discount rate for public investment projects
that entail costs and benefits in the far distant future. We show that the discount rate should …

The relative risk aversion measure that represents the risk preferences of a decision maker
depends on the outcome variable that is used as the argument of the utility function, and on …

The most common form of civil war in the post-World War II period has been a stalemated
guerrilla war confined to a rural periphery of a low-income, post-colonial state. Standard …

We propose a method that enables one to test efficient risk sharing even when households
have different risk preferences. The method is composed of three tests. The first one …

In the history of modern development economics, no single data set has yielded as many
important microeconomic papers as the ICRISAT (International Crops Research Institute for …