Fwd: Marketing Seminar Series Presents: Alex Imas, 4/3/15, 11:30-1:00, Rm: 2230
David Rand
David G. Rand
Assistant Professor
Psychology, Economics, and Management
From: Carroll, Samantha <samantha...@yale.edu>
Date: Fri, Mar 27, 2015 at 12:33 PM
Subject: Marketing Seminar Series Presents: Alex Imas, 4/3/15, 11:30-1:00, Rm: 2230
To: "Anteby, Michel" <michel...@yale.edu>, "Boms, Elon" <elon...@yale.edu>, "Braverman, Eric" <eric.br...@yale.edu>, "Burke, Maureen" <mauree...@yale.edu>, "Chanos, James" <james....@yale.edu>, "Dana, James" <j.d...@yale.edu>, "Forman, Howard" <howard...@yale.edu>, "Foster, Dick" <Richard...@yale.edu>, "Garcia, Nohora" <nohora...@yale.edu>, "Gray, Kevin" <kevin...@yale.edu>, "Ibbotson, Roger" <roger.i...@yale.edu>, "Kim, Hailey" <haile...@yale.edu>, "Kim, Jaehwan" <jaehw...@yale.edu>, "Oery, Aniko" <aniko...@yale.edu>, "Roach, Stephen" <stephe...@yale.edu>, "Rosenberg, Gabriel.D" <gabriel.d...@yale.edu>, "Shubik, Martin" <martin...@yale.edu>, "Takahashi, Dean" <dean.ta...@yale.edu>, "Tewari, Ishani" <ishani...@yale.edu>, "Vesco, Robert" <robert...@yale.edu>, "Wan, Minhua" <minhu...@yale.edu>, "Yang, Nathan" <natha...@yale.edu>, "Abaluck, Jason" <jason....@yale.edu>, "Alizamir, Saed" <saed.a...@yale.edu>, "Brescoll, Tori" <victoria...@yale.edu>, "caliendo, lorenzo" <lorenzo....@yale.edu>, "Chance, Zoe" <zoe.c...@yale.edu>, "Dana, Jason" <jason...@yale.edu>, "Deb, Joyee" <joye...@yale.edu>, "Ederer, Florian" <florian...@yale.edu>, "Esteves-Sorenson, Constanca" <Constanca.Est...@yale.edu>, "Khwaja, Ahmed" <ahmed....@yale.edu>, "King, Marissa" <mariss...@yale.edu>, "Kolev, Kalin" <Kalin...@yale.edu>, "Kumar, Vineet" <vineet...@yale.edu>, "Lerman, Alina" <alina....@yale.edu>, "Manshadi , Vahideh" <Vahideh....@yale.edu>, "Moreira, Alan" <alan.m...@yale.edu>, "Muir, Tyler" <tyler...@yale.edu>, "Murfin , Justin" <justin...@yale.edu>, "Newman, George" <george...@yale.edu>, "Niessner, Marina" <marina....@yale.edu>, "Ody-Brasier, Amandine" <amandine.o...@yale.edu>, "Reich, Taly" <taly....@yale.edu>, "Uetake, Kosuke" <kosuke...@yale.edu>, "Williams, Kevin" <kevin.w...@yale.edu>, "Cain, Daylian" <daylia...@yale.edu>, "Campbell, Arthur" <Arthur....@yale.edu>, "Canales, Rodrigo" <rodrigo...@yale.edu>, "Kahn, Lisa" <lisa...@som.yale.edu>, "Kim, Sang" <sang...@yale.edu>, "Lee, Donald" <donal...@yale.edu>, "Mobarak, Mushfiq" <ahmed....@yale.edu>, "Wrzesniewski, Amy" <amy.wrze...@yale.edu>, "Yan, Hongjun" <hongj...@yale.edu>, "Antle, Rick" <rick....@yale.edu>, "Barberis, Nicholas" <nick.b...@yale.edu>, "Baron, Jim" <james...@yale.edu>, "Bracken, Paul" <paul.b...@yale.edu>, "Chen, Zhiwu" <zhiwu...@yale.edu>, "Chevalier, Judy" <judith.c...@yale.edu>, "Choi, James" <jjc...@gmail.com>, "Dhar, Ravi" <ravi...@yale.edu>, "Feinstein, Jonathan" <jonathan....@yale.edu>, "Frederick, Shane" <shane.f...@yale.edu>, "Goetzmann, William" <william....@yale.edu>, "Gorton, Gary" <gary....@yale.edu>, "Ingersoll, Jonathan" <jonathan....@yale.edu>, "Kaplan, Edward H" <edward...@yale.edu>, "Levinsohn, James" <james.l...@yale.edu>, "Metrick, Andrew" <andrew....@yale.edu>, "Nalebuff, Barry" <barry.n...@yale.edu>, "Novemsky, Nathan" <nathan....@yale.edu>, "Oster, Sharon" <sharon...@yale.edu>, "Pinker, Edieal" <edieal...@yale.edu>, "Polak, Benjamin" <benjami...@yale.edu>, "Rae, Doug" <dougl...@yale.edu>, "Rouwenhorst, Geert" <k.rouw...@yale.edu>, "Schott, Peter" <peter....@yale.edu>, "Scott Morton, Fiona" <fiona.sc...@yale.edu>, "Sen, Subrata" <subra...@yale.edu>, "Shiller, Robert" <robert....@yale.edu>, "Shin, Jiwoong" <jiwoon...@yale.edu>, "Snyder, Ted (Dean Sch of Mgt)" <tsn...@yale.edu>, "Sorenson, Olav" <olav.s...@yale.edu>, "Spiegel, Matthew" <matthew...@yale.edu>, "Sudhir, K" <k.su...@yale.edu>, "Sunder, Shyam" <shyam....@yale.edu>, "Swersey, Art" <arthur....@yale.edu>, "Thomas, Jake" <jacob....@yale.edu>, "Tookes, Heather" <heather...@yale.edu>, "Vroom, Victor" <victor...@yale.edu>, "Zhang, Frank" <frank...@yale.edu>, "Bagley, Connie" <connie...@yale.edu>, "Garstka, Stanley" <stanley...@yale.edu>, "Garten, Jeffrey" <jeffrey...@yale.edu>, "Kolditz, Thomas" <thomas....@yale.edu>, "Sonnenfeld, Jeffrey" <jeffrey.s...@yale.edu>, "Bach, David" <david...@yale.edu>, "Biggerstaff, Sarah" <sarah.bi...@yale.edu>, "Brooks, Heidi" <heidi....@yale.edu>, "Cooney, Kathryn" <kate....@yale.edu>, "Cort, Todd" <todd...@yale.edu>, "Cromwell, David" <david.c...@yale.edu>, "Jain, Anjani" <anjan...@yale.edu>, "Jensen, Kyle" <kyle....@yale.edu>, "Kelley, Laurie" <laurie...@yale.edu>, "Sheldon, Tony" <anthony...@yale.edu>, "dr.sub...@gmail.com" <dr.sub...@gmail.com>, "sofiavikt...@gmail.com" <sofiavikt...@gmail.com>, "arthu...@gmail.com" <arthu...@gmail.com>, "hl...@business.uconn.edu" <hl...@business.uconn.edu>, "jpan...@business.uconn.edu" <jpan...@business.uconn.edu>, "Baskin, Ernest" <ernest...@yale.edu>, "Friedman, Elizabeth" <elizabeth...@yale.edu>, "Kim, Minkyung" <minkyu...@yale.edu>, "Kim, Margeum" <marge...@yale.edu>, "Levis, Sarah" <amanda...@yale.edu>, "Lu,Michelle" <yi...@yale.edu>, "Meyer, Andrew" <andrew...@yale.edu>, "Shim, Beomjoon" <beomjo...@yale.edu>, "'jai.subr...@yale.edu" <'jai.subr...@yale.edu>, "Yu, Jungju" <jung...@yale.edu>, "Mojir, Navid" <navid...@yale.edu>, "Jennifer Savary Danilowitz (jennifer.sava...@yale.edu)" <jennifer.sava...@yale.edu>, "Zheng, Xiaoying" <xiaoyin...@yale.edu>, "jai.subr...@yale.edu" <jai.subr...@yale.edu>, "Gillingham, Kenneth" <kenneth.g...@yale.edu>, "philip...@yale.edu" <philip...@yale.edu>, "Gorlin, Margarita" <margarit...@yale.edu>, "Swain, Jordon" <jordon...@yale.edu>, "Smith, Rosanna" <rosann...@yale.edu>, "Winnie Jiang (yjia...@gmail.com)" <yjia...@gmail.com>, "Aaron Lewis (aaron....@yale.edu)" <aaron....@yale.edu>, "shinh...@yale.edu" <shinh...@yale.edu>, "Rand, David" <david...@yale.edu>, Alex Willey Cohen <alex.w...@yale.edu>
Cc: "Bretter, Beth Ann" <bethann...@yale.edu>, "Halten, Jessica" <jessica...@yale.edu>, "Kozak, Lindsey" <lindse...@yale.edu>, "Viloudaki, Elizabeth" <elizabeth...@yale.edu>
Marketing Seminar Series
Presents
Alex Imas
Assistant Professor
Social and Decision Sciences, Carnegie Mellon University
The Realization Effect: Risk-Taking After Realized Versus Paper Losses
Understanding how prior outcomes affect risk attitudes is critical for the study of choice under uncertainty. A large literature documents the influence of prior losses on subsequent risk attitudes. The findings appear contradictory: some studies find that people become more risk seeking after a loss, whereas others assert the opposite -- that they become more risk averse. In this paper, we show that these seemingly inconsistent findings can be explained by individuals' differential responses to realized versus paper losses. Relative to risk-taking before the loss, following a realized loss individuals avoid risk; if the loss has not been realized -- a paper loss -- individuals are more likely to chase their losses and take on even greater risk. We develop a behavioral framework which reconciles these findings by drawing a distinction between how paper and realized outcomes affect choice bracketing and provide support for it using new and existing data. In addition to demonstrating the differential effect of realized versus paper losses on risk attitudes, we also show that paper losses lead individuals to deviate from their ex ante optimal plan and that realization mitigates this dynamic inconsistency. These findings have important implications for contract design and optimal monitoring.
Friday, April 3rd , 2015
11:30a.m. – 1:00p.m.
165 Whitney Ave
Classroom 2230
Lunch will be served
Paper attached
Samantha Carroll
Faculty Support
Yale School of Management
T: 203-432-8548