Morten I Lau
Biographic Data
| ID | 5738334 |
|---|---|
| NAME | Morten I Lau |
| GIVEN NAMES | Morten I |
| FAMILY NAME | Lau |
| SIGNATURE | LAU M I |
| AFFILIATIONS | Durham University |
| ORCID | 0000-0002-6060-8769 |
| VERIFIED | Yes |
| TOTAL WORKS | 9 |
| TOTAL CITATIONS | 5 |
| WORKS AS AUTHOR | 9 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2002 |
| LATEST PUBLICATION YEAR | 2020 |
| H-INDEX | 1 |
Risk Attitudes, Sample Selection, and Attrition in a Longitudinal Field Experiment
We evaluate the temporal stability of risk preferences using a remarkable data set that combines sociodemographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our econometric model accounts for endogenous sample selection and attrition processes that may confound inferences about temporal stability. Our experimental design builds in randomization on the incentives for particip…
Asset Integration and Attitudes toward Risk
We provide evidence that choices over small-stakes bets are consistent with assumptions of some payoff calibration paradoxes. We then exploit the existence of detailed information on individual wealth of our experimental subjects in Denmark and directly estimate risk attitudes and the degree of asset integration. We discover that behavior is consistent with partial, rather than full, asset integration. The implied risk attitudes from estimating t…
Dual criteria decisions
Discounting Behaviour and the Magnitude Effect
We evaluate the claim that individuals exhibit a magnitude effect in their discounting behaviour, where higher discount rates are inferred from choices made with lower principals, all else being equal. If the magnitude effect is quantitatively significant, it is not appropriate to use one discount rate that is independent of the scale of the project for cost–benefit analysis and capital budgeting. Using data from a field experiment in Denmark, we…
Behavioral econometrics for psychologists
Eliciting Risk and Time Preferences
We design experiments to jointly elicit risk and time preferences for the adult Danish population. Since subjects are generally risk averse, we find that joint elicitation provides estimates of discount rates that are significantly lower than those found in previous studies and more in line with what would be considered as a priori reasonable rates. The statistical specification relies on a theoretical framework that involves a latent trade-off b…
Elicitation using multiple price list formats
We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concer…
Efficiency and Equity Aspects of Alternative Social Security Rules
This paper studies human-capital formation, labor-supply, and retirement decisions associated with four alternative regimes of social security. We implement a theoretical model with overlapping generations of households and two different ability types within each generation. We find that with a given social security contribution rate, it is better to transfer income to the elderly as old-age benefits, paid independently of labor-market status. Th…
Estimating Individual Discount Rates in Denmark
Estimating Individual Discount Rates in Denmark: A Field Experiment by Glenn W. Harrison, Morten I. Lau and Melonie B. Williams. Published in volume 92, issue 5, pages 1606-1617 of American Economic Review, December 2002
Behavioral econometrics for psychologists
Dual criteria decisions
Discounting Behaviour and the Magnitude Effect
We evaluate the claim that individuals exhibit a magnitude effect in their discounting behaviour, where higher discount rates are inferred from choices made with lower principals, all else being equal. If the magnitude effect is quantitatively significant, it is not appropriate to use one discount rate that is independent of the scale of the project for cost–benefit analysis and capital budgeting. Using data from a field experiment in Denmark, we…
Estimating Individual Discount Rates in Denmark
Estimating Individual Discount Rates in Denmark: A Field Experiment by Glenn W. Harrison, Morten I. Lau and Melonie B. Williams. Published in volume 92, issue 5, pages 1606-1617 of American Economic Review, December 2002
Efficiency and Equity Aspects of Alternative Social Security Rules
This paper studies human-capital formation, labor-supply, and retirement decisions associated with four alternative regimes of social security. We implement a theoretical model with overlapping generations of households and two different ability types within each generation. We find that with a given social security contribution rate, it is better to transfer income to the elderly as old-age benefits, paid independently of labor-market status. Th…
Elicitation using multiple price list formats
We examine the properties of a popular method for eliciting choices and values from experimental subjects, the multiple price list format. The main advantage of this format is that it is relatively transparent to subjects and provides simple incentives for truthful revelation. The main disadvantages are that it only elicits interval responses, and could be susceptible to framing effects. We consider extensions to address and evaluate these concer…
Eliciting Risk and Time Preferences
We design experiments to jointly elicit risk and time preferences for the adult Danish population. Since subjects are generally risk averse, we find that joint elicitation provides estimates of discount rates that are significantly lower than those found in previous studies and more in line with what would be considered as a priori reasonable rates. The statistical specification relies on a theoretical framework that involves a latent trade-off b…
Behavioral econometrics for psychologists
Discounting Behaviour and the Magnitude Effect
We evaluate the claim that individuals exhibit a magnitude effect in their discounting behaviour, where higher discount rates are inferred from choices made with lower principals, all else being equal. If the magnitude effect is quantitatively significant, it is not appropriate to use one discount rate that is independent of the scale of the project for cost–benefit analysis and capital budgeting. Using data from a field experiment in Denmark, we…
Dual criteria decisions
Asset Integration and Attitudes toward Risk
We provide evidence that choices over small-stakes bets are consistent with assumptions of some payoff calibration paradoxes. We then exploit the existence of detailed information on individual wealth of our experimental subjects in Denmark and directly estimate risk attitudes and the degree of asset integration. We discover that behavior is consistent with partial, rather than full, asset integration. The implied risk attitudes from estimating t…
Risk Attitudes, Sample Selection, and Attrition in a Longitudinal Field Experiment
We evaluate the temporal stability of risk preferences using a remarkable data set that combines sociodemographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our econometric model accounts for endogenous sample selection and attrition processes that may confound inferences about temporal stability. Our experimental design builds in randomization on the incentives for particip…
Economics (9 works) · Econometrics (8 works) · Decision-Making and Behavioral Economics (7 works) · Computer Science (6 works) · Mathematics (6 works) · Economic and Environmental Valuation (5 works) · Microeconomics (5 works) · Statistics (4 works) · Financial Literacy, Pension, Retirement Analysis (3 works) · Housing Market and Economics (3 works)