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  • 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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  • 2010
  • Working Paper

On the Descriptive Value of Loss Aversion in Decisions under Risk

By: Eyal Ert and Ido Erev
Five studies are presented that explore the assertion that losses loom larger than gains. The first two studies reveal equal sensitivity to gains and losses.  For example, half of the participants preferred the gamble "1000 with probability 0.5; -1000 otherwise"... View Details
Keywords: Decision Choices and Conditions; Research; Risk and Uncertainty; Behavior; Loss
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  • 17 Oct 2024
  • Research & Ideas

The Reputation Risks of Sharing Fake News

political party look if it were true. Study participants expected to boost their reputations by sharing information: Considered accurate. Participants expected sharing true headlines to make them look better than sharing false or misleading headlines. Favoring their... View Details
Keywords: by Avery Forman
  • March 2023 (Revised May 2023)
  • Technical Note

Technical Note: The Traits of Entrepreneurs

By: Jo Tango and Alys Ferragamo
Why do some entrepreneurs succeed and others do not? Are there personality traits that lead someone to become an entrepreneur? Although many questions still remain, there has been significant research on the “entrepreneurial personality.” This note provides an... View Details
Keywords: Entrepreneur; Innovation; Personality; Personality Traits; Risk Preference; Big Five; Locus Of Control; Success; Entrepreneurship; Personal Characteristics
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  • 09 May 2005
  • Research & Ideas

Hold or Fold? Sizing Up Business Risk

these assessments more complex and add more classifications, we limit the first run-through to just two alternatives per dimension which then generate eight distinct profiles that we can use to help us assess what we want to do. Even if you View Details
Keywords: by Eileen C. Shapiro & Howard H. Stevenson
  • Research Summary

Self-environment relationship and its effect on decisions under risk and uncertainty

My research seek to better understand the main cognitive and social abilities that guide our judgments, and the ways they interact with aspects of the situation to shape humans' decisions. It is currently comprised of three related... View Details

  • 2016
  • Working Paper

Capital Requirements, Risk Choice, and Liquidity Provision in a Business Cycle Model

By: Juliane Begenau
This paper develops a quantitative dynamic general equilibrium model in which households' preferences for safe and liquid assets constitute a violation of Modigliani and Miller. I show that the scarcity of these coveted assets created by increased bank capital... View Details
Keywords: Capital Requirement; Bank Regulation; Demand For Safe Assets; Business Cycles; Bank Lending; Risk Management; Financial Liquidity; Financing and Loans; Capital; Banks and Banking
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  • 2020
  • Working Paper

Social Interactions in Pandemics: Fear, Altruism, and Reciprocity

By: Laura Alfaro, Ester Faia, Nora Lamersdorf and Farzad Saidi
In SIR models, homogeneous or with a network structure, infection rates are assumed to be exogenous. However, individuals adjust their behavior. Using daily data for 89 cities worldwide, we document that mobility falls in response to fear, as approximated by Google... View Details
Keywords: Social Interactions; Pandemics; Mobility; Cities; SIR Networks; Social Preferences; Social Planner; Targeted Policies; Health Pandemics; Interpersonal Communication; Behavior; Policy
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  • September–October 2012
  • Article

One-Switch Conditions for Multiattribute Utility Functions

By: Ali E. Abbas and David E. Bell
We introduce a variety of new independence conditions for multiattribute utility functions that permit preference dependencies among the attributes of a decision problem. The hierarchy of new conditions varies in the degree to which it specifies the functional form,... View Details
Keywords: One-switch; Utility Independence; Risk Aversion; Multiattribute Utility; Decision Making
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  • January 28, 2016
  • Article

Making Sense of the Many Kinds of Impact Investing

By: Brian Trelstad
The article discusses the factors to consider when seeking to practice impact investing, which include the kind of impact preferred by the investor, the intensity and immediacy of impact, and the impact risk profile. View Details
Keywords: Ethical Investments; Investment Policy; Investment; Ethics
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  • 25 Oct 2017
  • News

New Report: Degree Inflation Hurting Bottom Line of U.S. Firms, Closing Off Economic Opportunity for Millions of Americans

  • 2011
  • Working Paper

The Cost of Capital for Alternative Investments

By: Jakub W. Jurek and Erik Stafford
This paper studies the cost of capital for alternative investments. We document that the risk profile of the aggregate hedge fund universe can be accurately matched by a simple index put option writing strategy that offers monthly liquidity and complete transparency... View Details
Keywords: Cost of Capital; Financial Liquidity; Investment; Investment Return; Mathematical Methods; Risk and Uncertainty
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  • 17 Aug 2023
  • Research & Ideas

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

large-scale adoption.” Yet while crypto investors might have a higher risk tolerance than more typical investors, in many ways they’re more mainstream than some might imagine, Di Maggio says. Crypto investors, he says, make decisions... View Details
Keywords: by Ben Rand
  • 14 Jul 2014
  • Research & Ideas

Pay Attention To Your ‘Extreme Consumers’

four Porsches in the garage and who join online brand communities to share in their love for the brand. When Porsche tried to appeal to female consumers with its Porsche Cayenne SUV, these fanatics howled in protest about the "feminizing" of the brand. Such protest... View Details
Keywords: by Michael Blanding
  • 28 Jul 2008
  • Research & Ideas

Making the Decision to Franchise (or not)

challenge of serving customers with different preferences and behaviors when that model is stretched across multiple markets." As a starting point in their research, the authors focused on the organizational decision to franchise or not... View Details
Keywords: by Julia Hanna; Retail
  • August 2023
  • Article

Can Security Design Foster Household Risk-Taking?

By: Laurent Calvet, Claire Célérier, 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; Personal Finance; Risk and Uncertainty; Behavior; Market Participation
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  • 05 Jul 2006
  • First Look

First Look: July 5, 2006

  Working PapersThe Framing Effect of Price Format Marco Bertini and Luc Wathieu Existing evidence suggests that preferences are affected by whether a price is presented as one all-inclusive expense or partitioned into a series of... View Details
Keywords: Sean Silverthorne
  • 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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  • 04 Dec 2018
  • First Look

New Research and Ideas, December 4, 2018

firm disclosures. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=55303 November 2018 Australian Economic History Review Business, Governments and Political Risk in South Asia and Latin America since 1970 By: Jones, G.,... View Details
Keywords: Dina Gerdeman
  • 07 Oct 2015
  • HBS Seminar

Florian Ederer, Assistant Professor of Economics, Yale School of Management