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Record identifier : 565388
Personal Name - Primary Intelectual Responsibility : Sydnor, Justin Reuel
Title and statement of responsibility : Essays in psychology and economics [Thesis]
Publication, Distribution,Etc. : University of California, Berkeley, 2006
Language of the Item : eng
Dissertation of thesis details and type of degree : Ph.D
Body granting the degree : , University of California, Berkeley
Summary or Abstract : 2This dissertation presents three essays in the field of psychology and economics, focusing primarily on issues of risk aversion. The first essay analyzes decisions involving moderate-scale financial risks using a new data set on deductible choice in homeowners insurance. Homeowners in this data set pay far more for lower deductibles (relative to higher-deductible alternatives) than they are worth in expected value. These choices are then analyzed with respect to two alternative models of risk preferences. The results of this exercise reveal that while the deductible choices are highly inconsistent with risk aversion arising from the diminishing marginal utility of wealth, they are plausibly consistent with a variant of prospect theory. The second essay is a survey and reanalysis of a number of studies that report measures of risk aversion. The central finding is that when compared appropriately, measures of both absolute and relative risk aversion vary inversely and dramatically with the size of the stakes at risk. This finding confirms predictions from recent critiques of the standard model, suggesting that the diminishing marginal utility of wealth cannot be the sole explanation for risk aversion. The third essay analyzes the implementation of statistical profiling models when characteristics, such as race, gender, or age, have been deemed socially unacceptable for use and are correlated with other modeling variables. Data from the federal Worker Profiling and Reemployment Services system reveals that the standard procedure of simply dropping these unacceptable predictors from the model results in significant residual statistical discrimination. The essay analyzes the effects of implementing an alternative profiling method that eliminates this discrimination..
Topical Name Used as Subject : Economics
Information of biblio record : TL
 
 
 
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