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  • Web

Courses by Faculty Unit - Course Catalog

Faculty Name Term Quarter Credits Advanced Negotiation: Great Dealmakers, Diplomats, and Deals James Sebenius Spring 2025 Q3Q4 3.0 Behavioral Economics for Managerial Decision Making Joshua View Details
  • Research Summary

Selective Attention and Learning

By: Joshua R. Schwartzstein

What do we notice, and how does this affect what we learn? Standard economic models of learning ignore memory by assuming that we remember everything. But there is growing recognition that memory is imperfect. Further, memory imperfections do not stem from limited... View Details

  • Research Summary

Relative Thinking and Consumer Choice

By: Joshua R. Schwartzstein

Fixed differences appear smaller when compared to large differences. Professor Schwartzstein has proposed a model of relative thinking, in which a person weighs a given change by less when he compares it to a larger range. Relative thinking implies that a person is... View Details

  • 02 Jun 2020
  • News

Protesters Weigh Virus Risks on Crowded Streets

  • 20 Feb 2018
  • First Look

First Look at New Research and Ideas, February 20, 2018

Care? By: Handel, Benjamin, and Joshua Schwartzstein Abstract—Consumers suffer significant losses from not acting on available information. These losses stem from frictions... View Details
Keywords: Sean Silverthorne
  • 24 Feb 2011
  • Research & Ideas

What’s Government’s Role in Regulating Home Purchase Financing?

The Economics of Housing Finance Reform: Privatizing, Regulating and Backstopping Mortgage Markets. In a presentation delivered recently at the Brookings Institution, Scharfstein and doctoral candidate View Details
Keywords: by Sean Silverthorne; Financial Services
  • 12 Dec 2022
  • Research & Ideas

Buy-In from Black Patients Suffers When Drug Trials Don’t Include Them

model for how doctors and their patients decide whether to adopt new medical technology. A key insight of that model Schwartzstein developed is “similarity-based extrapolation”—the notion that people take... View Details
Keywords: by Scott Van Voorhis; Pharmaceutical; Health
  • 30 Jan 2017
  • Research & Ideas

Vanguard, Trian And The Problem With 'Passive' Index Funds

of individual investors are able to wield great influence on management teams of companies in their investment portfolios. By contrast, index funds almost run on autopilot—with no active investor analyzing companies, rewarding those that... View Details
Keywords: by Michael Blanding; Financial Services
  • 2019
  • Chapter

Behavioral Economics and Health-Care Markets

By: Amitabh Chandra, Benjamin Handel and Joshua Schwartzstein
This chapter summarizes research in behavioral health economics, focusing on insurance markets and product markets in health care. We argue that the prevalence of choice difficulties and biases leading to mistakes in these markets establish a special place for them in... View Details
Keywords: Behavioral Economics; Consumer Behavior; Economics; Health Care and Treatment; Insurance; Markets
Related
  • February 2024
  • Article

Representation and Extrapolation: Evidence from Clinical Trials

By: Marcella Alsan, Maya Durvasula, Harsh Gupta, Joshua Schwartzstein and Heidi L. Williams
This article examines the consequences and causes of low enrollment of Black patients in clinical trials. We develop a simple model of similarity-based extrapolation that predicts that evidence is more relevant for decision-making by physicians and patients when it... View Details
Keywords: Representation; Racial Disparity; Health Testing and Trials; Race; Equality and Inequality; Innovation and Invention; Pharmaceutical Industry
Related
  • April 2015
  • Article

Money Creation and the Shadow Banking System

By: Adi Sunderam
Many explanations for the rapid growth of the shadow banking system in the mid-2000s focus on money demand. This paper asks whether the short-term liabilities of the shadow banking system behave like money. We first present a simple model where households demand money... View Details
Keywords: Financial Instruments; Banks and Banking
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  • August 2020
  • Article

Financial Market Risk Perceptions and the Macroeconomy

By: Carolin E. Pflueger, Emil Siriwardane and Adi Sunderam
We propose a novel measure of risk perceptions: the price of volatile stocks (PVS), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVS is high when perceived risk directly measured from surveys and... View Details
Keywords: Risk-centric Business Cycles; Cross-section Of Equities; Real Risk-free Rate; Real Investment; Financial Markets; Risk and Uncertainty; Perception; Investment
Related
  • 06 Nov 2018
  • First Look

New Research and Ideas, November 6, 2018

and Adi Sunderam Abstract—We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that... View Details
Keywords: Dina Gerdeman
  • 19 Feb 2019
  • First Look

New Research and Ideas, February 19, 2019

architecture. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55689 2019 Handbook of Behavioral Economics: Foundations and Applications 2 Behavioral Economics and Health-Care Markets By:... View Details
Keywords: Sean Silverthorne
  • 2014
  • Working Paper

The Rise and Fall of Demand for Securitizations

By: Sergey Chernenko, Samuel G. Hanson and Adi Sunderam
Collateralized debt obligations (CDOs) and private-label mortgage-backed securities (MBS) backed by nonprime loans played a central role in the recent financial crisis. Little is known, however, about the underlying forces that drove investor demand for these... View Details
Keywords: Debt Securities; Financial Markets; Financial Crisis
Related
  • 19 Jun 2018
  • First Look

New Research and Ideas, June 19, 2018

discrimination. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=53686 Channeled Attention and Stable Errors By: Gagnon-Bartsch, Tristan, Matthew Rabin, and View Details
Keywords: Dina Gerdeman
  • 26 Feb 2019
  • First Look

New Research and Ideas, February 26, 2019

bigger, more visible issue in more firms with implications for building and sustaining a sales career. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55738 forthcoming Journal of Financial Economics Do Fire Sales Create... View Details
Keywords: Dina Gerdeman
  • 17 Jul 2018
  • First Look

New Research and Ideas, July 17, 2018

Programs By: Hanson, Samuel G., David S. Scharfstein, and Adi Sunderam Abstract—We develop a model of government portfolio choice in which a benevolent government chooses the... View Details
Keywords: Dina Gerdeman
  • 01 Jun 2011
  • News

What’s after Fannie and Freddie?

government guarantees, and (3) privatization backstopped in times of financial crisis by federal government guarantees only for new loans. The third option reflects a middle-ground position advocated View Details
Keywords: Roger Thompson; Credit Intermediation and Related Activities; Credit Intermediation and Related Activities
  • 12 Jun 2018
  • First Look

New Research and Ideas, June 12, 2018

in how consumers learn to become expert in hedonic product categories. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=54586 A Measure of Risk Appetite for the Macroeconomy By: Pflueger, Carolin E., Emil Siriwardane, View Details
Keywords: Dina Gerdeman