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  • 2008
  • Working Paper

Taste Heterogeneity, IIA, and the Similarity Critique

By: Thomas J. Steenburgh and Andrew Ainslie

The purpose of this paper is to show that allowing for taste heterogeneity does not address the similarity critique of discrete-choice models. Although IIA may technically be broken in aggregate, the mixed logit model allows neither a given individual nor the... View Details

Keywords: Decision Choices and Conditions; Mathematical Methods; Behavior; Prejudice and Bias
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    Veil-of-Ignorance Reasoning Favors the Greater Good

    The “veil of ignorance” is a moral reasoning device designed to promote impartial decision-making by denying decision-makers access to potentially biasing information about who will benefit most or least from the available options. Veil-of-ignorance reasoning was... View Details

    • May 2022 (Revised June 2024)
    • Case

    LOOP: Driving Change in Auto Insurance Pricing

    By: Elie Ofek and Alicia Dadlani
    John Henry and Carey Anne Nadeau, co-founders and co-CEOs of LOOP, an insurtech startup based in Austin, Texas, were on a mission to modernize the archaic $250 billion automobile insurance market. They sought to create equitably priced insurance by eliminating pricing... View Details
    Keywords: AI and Machine Learning; Technological Innovation; Equality and Inequality; Prejudice and Bias; Growth and Development Strategy; Customer Relationship Management; Price; Insurance Industry; Financial Services Industry
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    • Article

    Default Neglect in Attempts at Social Influence

    By: Julian Zlatev, David P. Daniels, Hajin Kim and Margaret A. Neale
    Current theories suggest that people understand how to exploit common biases to influence others. However, these predictions have received little empirical attention. We consider a widely studied bias with special policy relevance: the default effect, which is the... View Details
    Keywords: Social Influence; Default Effect; Nudges; Choice Architecture; Decision Making; Behavior
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    • Article

    Beyond Individualized Recourse: Interpretable and Interactive Summaries of Actionable Recourses

    By: Kaivalya Rawal and Himabindu Lakkaraju
    As predictive models are increasingly being deployed in high-stakes decision-making, there has been a lot of interest in developing algorithms which can provide recourses to affected individuals. While developing such tools is important, it is even more critical to... View Details
    Keywords: Predictive Models; Decision Making; Framework; Mathematical Methods
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    • 24 Aug 2016
    • Research & Ideas

    Behavioral Economists Can Make You a Healthier Consumer and Smarter Marketer

    Click Here If people made purely rational decisions, life might be much easier for marketers in selling products and services. But few of us are that rational. Instead, our decisions are based on illogical View Details
    Keywords: by Amelia Kunhardt
    • August 2020 (Revised December 2020)
    • Background Note

    A Note on Ethical Analysis

    By: Nien-hê Hsieh
    To engage in ethical analysis is to answer such questions as “What is the right thing to do?” “What does it mean to be a good person?” “How should I live my life?” Ethical analysis, on its own, is often not adequate for doing the right thing or being a good... View Details
    Keywords: Ethics; Framework; Decision Making; Prejudice and Bias
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    • 10 Nov 2015
    • First Look

    November 10, 2015

    of research, the authors have concluded that four biases stand in the way: we focus too heavily on success, are too quick to act, try too hard to fit in, and rely too much on experts. Each of these biases... View Details
    Keywords: Sean Silverthorne
    • Forthcoming
    • Article

    Reflexivity in Credit Markets

    By: Robin Greenwood, Samuel G. Hanson and Lawrence J. Jin
    Reflexivity is the idea that investors' biased beliefs affect market outcomes and that market outcomes in turn affect investors’ future biases. We develop a dynamic behavioral model of the credit cycle featuring this two-way feedback loop. Investors form beliefs about... View Details
    Keywords: Reflexivity; Attitudes; Financial Markets; Forecasting and Prediction; Investment; Credit
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    • June 2020
    • Article

    How Scheduling Can Bias Quality Assessment: Evidence from Food Safety Inspections

    By: Maria Ibanez and Michael W. Toffel
    Accuracy and consistency are critical for inspections to be an effective, fair, and useful tool for assessing risks, quality, and suppliers—and for making decisions based on those assessments. We examine how inspector schedules could introduce bias that erodes... View Details
    Keywords: Assessment; Bias; Inspection; Scheduling; Econometric Analysis; Empirical Research; Regulation; Health; Food; Safety; Quality; Performance Consistency; Governing Rules, Regulations, and Reforms
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    • May–June 2024
    • Article

    Setting Gendered Expectations? Recruiter Outreach Bias in Online Tech Training Programs

    By: Jacqueline N. Lane, Karim R. Lakhani and Roberto Fernandez
    Competence development in digital technologies, analytics, and artificial intelligence is increasingly important to all types of organizations and their workforce. Universities and corporations are investing heavily in developing training programs, at all tenure... View Details
    Keywords: Prejudice and Bias; Gender; Training; Recruitment; Personal Development and Career
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    • 2023
    • Working Paper

    Setting Gendered Expectations? Recruiter Outreach Bias in Online Tech Training Programs

    By: Jacqueline N. Lane, Karim R. Lakhani and Roberto Fernandez
    Competence development in digital technologies, analytics, and artificial intelligence is increasingly important to all types of organizations and their workforce. Universities and corporations are investing heavily in developing training programs, at all tenure... View Details
    Keywords: STEM; Selection and Staffing; Gender; Prejudice and Bias; Training; Equality and Inequality; Competency and Skills
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    • 20 Apr 2011
    • Research & Ideas

    Blind Spots: We’re Not as Ethical as We Think

    Think back to recent events when people making unethical decisions grabbed the headlines. How did auditors approve the books of Enron and Lehman Brothers? How did feeder funds sell Bernard Madoff's invesments? We would never act as they... View Details
    Keywords: by Sean Silverthorne
    • October 2013
    • Article

    How Much to Make and How Much to Buy? An Analysis of Optimal Plural Sourcing Strategies

    By: Phanish Puranam, Ranjay Gulati and Sourav Bhattacharya
    While many theories of the firm seek to explain when firms make rather than buy, in practice, firms often make and buy the same input—they engage in plural sourcing. We argue that explaining the mix of external procurement and internal sourcing for the same input... View Details
    Keywords: Supply Chain; Forecasting and Prediction; Framework; Prejudice and Bias; Mathematical Methods
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    • 24 Oct 2006
    • First Look

    First Look: October 24, 2006

      Working PapersManaging Functional Biases in Organizational Forecasts: A Case Study of Consensus Forecasting in Supply Chain Planning Authors:Rogelio Oliva and Noel Watson Abstract To date, little research has been done on managing the... View Details
    Keywords: Sean Silverthorne
    • 05 Jun 2012
    • First Look

    First Look: June 5

    systematically biased toward higher yield, higher CDS bonds. This behavior appears to be related to the business cycle, being most pronounced during economic expansions. It is also more pronounced for the insurance firms for which... View Details
    Keywords: Sean Silverthorne
    • October 2021
    • Article

    Changing Gambling Behavior through Experiential Learning

    By: Shawn A. Cole, Martin Abel and Bilal Zia
    This paper tests experiential learning as a debiasing tool to reduce gambling in South Africa, through a randomized field experiment. The study implements a simple, interactive game that simulates the odds of winning the national lottery through dice rolling.... View Details
    Keywords: Debiasing; Experiential Learning; Behavioral Economics; Financial Education; Learning; Games, Gaming, and Gambling; Behavior; Decision Making
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    • 17 Feb 2016
    • Research & Ideas

    Man vs. Machine: Which Makes Better Hires?

    who has studied how companies make organizational decisions in industries such as health care and education. “They are figuring out how to use the information of managers and combine it with this new technology.” Testing the testers To... View Details
    Keywords: by Michael Blanding; Employment
    • 2007
    • Working Paper

    The Ethical Mirage: A Temporal Explanation as to Why We Aren't as Ethical as We Think We Are

    By: Ann E. Tenbrunsel, Kristina A. Diekmann, Kimberly A. Wade-Benzoni and Max H. Bazerman
    This paper explores the biased perceptions that people hold of their own ethicality. We argue that the temporal trichotomy of prediction, action and evaluation is central to these misperceptions: People predict that they will behave more ethically than they actually... View Details
    Keywords: Forecasting and Prediction; Ethics; Behavior; Cognition and Thinking; Perception; Prejudice and Bias
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    • 07 Feb 2005
    • What Do You Think?

    If You Blink, Will You Miss?

    individuals' biases often get in the way of good decision making. In part, it's a reflection of what we often term "analysis paralysis" in MBA-speak. A distant cousin to thin slicing in our... View Details
    Keywords: by James Heskett