Related papers: Heat and Economic Preferences
Earlier meta-analyses of the economic impact of climate change are updated with more data, with three new results: (1) The central estimate of the economic impact of global warming is always negative. (2) The confidence interval about the…
Thermal comfort is a personal assessment of one's satisfaction with the surroundings. Yet, most thermal comfort delivery mechanisms preclude physiological and psychological precursors to thermal comfort. Accordingly, many people feel either…
This paper investigates a novel behavioral feature of recursive preferences: aversion to risks that persist over time, or simply \textit{correlation aversion}. Greater persistence provides information about future consumption but reduces…
Accurate forecasts of the impact of spatial weather and pan-European socio-economic and political risks on hourly electricity demand for the mid-term horizon are crucial for strategic decision-making amidst the inherent uncertainty. Most…
Real estate prices have a significant impact on individuals, families, businesses, and governments. The general objective of real estate price prediction is to identify and exploit socioeconomic patterns arising from real estate…
High temperatures are associated with adverse respiratory health outcomes and increases in ambient air pollution. Limited research has quantified air pollution's mediating role in the relationship between temperature and respiratory…
Large Language Models (LLMs) are increasingly used in decision-making scenarios that involve risk assessment, yet their alignment with human economic rationality remains unclear. In this study, we investigate whether LLMs exhibit risk…
Interaction and cooperation with humans are overarching aspirations of artificial intelligence (AI) research. Recent studies demonstrate that AI agents trained with deep reinforcement learning are capable of collaborating with humans. These…
Selection shapes all kinds of behaviors, including how we make decisions under uncertainty. The risk attitude reflected from it should be simple, flexible, yet consistent. In this paper we engaged evolutionary dynamics to find the decision…
Situations where people have to decide between hurting themselves or another person are at the core of many individual and global conflicts. Yet little is known about how people behave when facing these situations in the lab. Here we report…
Response times contain information about economically relevant but unobserved variables like willingness to pay, preference intensity, quality, or happiness. We provide a general characterization of the properties of latent variables that…
Behavior of systems that are functions of anticipated behavior of other systems, whose own behavior is also anticipatory but homeostatic and determined by hierarchical ordering, which changes over time, of sets of possible environments that…
An important but understudied question in economics is how people choose when facing uncertainty in the timing of events. Here we study preferences over time lotteries, in which the payment amount is certain but the payment time is…
Intertemporal choice has drawn attention in behavioral economics, econophysics, and neuroeconomics. Recent studies in mainstream economics have mainly focused on inconsistency in intertemporal choice (dynamic inconsistency); while…
Diversity is an essential metric for evaluating the creativity of outputs generated by language models. Temperature-based sampling is a common strategy to increase diversity. However, for tasks that require high precision, e.g.,…
There is an ongoing debate in the literature about whether the present global warming is increasing local and global temperature variability. The central methodological issues of this debate relate to the proper treatment of normalised…
Accurately forecasting Climate Policy Uncertainty (CPU) is essential for designing climate strategies that balance economic growth with environmental objectives. Elevated CPU levels can delay regulatory implementation, hinder investment in…
Dormancy is a widespread adaptive strategy that enables populations to persist in fluctuating environments, yet how its benefits depend on the temporal structure of environmental variability remains unclear. We examine how dormancy…
Identifying and quantifying factors influencing human decision making remains an outstanding challenge, impacting the performance and predictability of social and technological systems. In many cases, system failures are traced to human…
Agents' learning from feedback shapes economic outcomes, and many economic decision-makers today employ learning algorithms to make consequential choices. This note shows that a widely used learning algorithm, $\varepsilon$-Greedy, exhibits…