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    <title>EconStor Community: Claremont McKenna College</title>
    <link>http://hdl.handle.net/10419/297</link>
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      <title>Skill reputation, prospect theory, and regret theory</title>
      <link>http://hdl.handle.net/10419/31456</link>
      <description>Title: Skill reputation, prospect theory, and regret theory
&lt;br/&gt;
&lt;br/&gt;Authors: Harbaugh, Richmond
&lt;br/&gt;
&lt;br/&gt;Editors: Claremont Institute for Economic Policy Studies
&lt;br/&gt;
&lt;br/&gt;Abstract: When a risky decision involves both skill and chance, success or failure is a signal of the decision maker's skill. Adopting standard models from the career concerns literature, we show that a rational desire to avoid looking unskilled may help explain several anomalies associated with prospect theory, including probability weighting, loss aversion, and framing. Prospect theory's four-fold pattern of probability weighting predicts that decision makers favor long-shots, avoid near sure-things, buy insurance against unlikely losses, and take risky chances to win back large losses. We find that this pattern emerges because winning a gamble with a low probability of success is a strong signal of skill, while losing a gamble with a high probability of success is a strong signal of incompetence. Regarding loss aversion, a fear of looking inept provides an alternative explanation for the puzzle of why people are so risk averse for small gambles. Such behavior can arise because losing any gamble, even a friendly bet with little or no money at stake, reflects poorly on the decision maker's skill. Finally, we find that framing affects choices because different formulations of a question provide different information about how a decision maker's actions will be interpreted. While the theoretical predictions of skill signaling closely parallel those of prospect theory, they differ in some cases, allowing for tests between the theories. The theoretical predictions are also closely related to, but distinguishable from, those of regret theory.</description>
      <pubDate>Mon, 29 Oct 2001 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>Are NBA fans becoming indifferent to race? Evidence from the 1990s</title>
      <link>http://hdl.handle.net/10419/31455</link>
      <description>Title: Are NBA fans becoming indifferent to race? Evidence from the 1990s
&lt;br/&gt;
&lt;br/&gt;Authors: Burdekin, Richard C. K.; Hossfeld, Richard T.; Smith, Janet Kiholm
&lt;br/&gt;
&lt;br/&gt;Abstract: Previous work found the racial composition of NBA teams to be positively correlated with the racial composition of their metropolitan markets in the 1980s.We find continued evidence of this relationship during the 1990s, with accompanying revenue gains from the inclusion of White players on teams located in whiter areas. And, as the number of White players declined significantly throughout the decade, the revenue product of a White player actually increased on the margin. The tendency for top-performing White players in the NBA to locate in cities with larger White populations also is consistent with their higher marginal value in such locations.</description>
      <pubDate>Fri, 29 Oct 2004 22:58:59 GMT</pubDate>
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      <title>What has driven Chinese monetary policy since 1990? Investigating the people's bank's policy rules</title>
      <link>http://hdl.handle.net/10419/31454</link>
      <description>Title: What has driven Chinese monetary policy since 1990? Investigating the people's bank's policy rules
&lt;br/&gt;
&lt;br/&gt;Authors: Burdekin, Richard C. K.; Siklos, Pierre L.
&lt;br/&gt;
&lt;br/&gt;Abstract: Post-1990 Chinese monetary policy is modeled with a McCallum-type rule that takes into account the People's Bank of China's emphasis on targeting the rate of money supply growth. People's Bank policy appears responsive to the gap between target and actual nominal GDP as well as to external pressures. Additional cointegration analysis yields estimates of the gap between estimated money demand and actual money supply that appear to track the inflationary trends evident over our sample period. Chinese inflation and monetary policy outcomes seem reasonably captured using a standard monetary approach, therefore, without the need to appeal to China-specific structural factors.</description>
      <pubDate>Fri, 29 Oct 2004 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The Doha Development Round: reaching beyond trade liberalization</title>
      <link>http://hdl.handle.net/10419/31453</link>
      <description>Title: The Doha Development Round: reaching beyond trade liberalization
&lt;br/&gt;
&lt;br/&gt;Authors: Arndt, Sven W.</description>
      <pubDate>Sat, 29 Oct 2005 22:58:59 GMT</pubDate>
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