Prospect Theory's famous “S-shaped” value function is a cornerstone of behavioural economics. Surprisingly, more than 40 years after its inception, there seem to be a lot of remaining puzzles about it. Or... perhaps not anymore. A 🧵that may change your view on Prospect Theory.

Hi #EconTwitter, For those interested in 𝐝𝐢𝐬𝐜𝐫𝐞𝐭𝐞 𝐜𝐡𝐨𝐢𝐜𝐞 𝐦𝐨𝐝𝐞𝐥𝐬 and 𝐦𝐢𝐜𝐫𝐨𝐞𝐜𝐨𝐧𝐨𝐦𝐞𝐭𝐫𝐢𝐜𝐬, this 2011 book by Kenneth train (Berkeley) is entirely free. A must-have in your #econometrics collection!

Becoming a mother reduces an American woman’s earnings by 51% compared to pre-childbirth, on average, while fathers are essentially unaffected. This “motherhood penalty” is also found in companies run by women. In PNAS: ow.ly/qZU550P8EOV

"Our simple model captures the main features of the economy"

Job market season! When I was on the market I had a disappointing start (150 applications, 1 interview). I decided to explore what factors correlate with academic and private interviews. Not sure if this holds today, but perhaps it can help job seekers! ideas.repec.org/p/feb/natura/0…

Journal rankings are an unavoidable fact of life. We live, we rank stuff, it's what we do. Still, there are different ways to rank stuff. Simply counting citations is simplistic, biased, and easily gameable. And if it's easily gameable, it is useless as a metric.

Forthcoming in the JEL: "Social Preferences: Fundamental Characteristics and Economic Consequences" by Ernst Fehr and Gary Charness. aeaweb.org/articles?id=10…

Does English proficiency improve marriage returns (more attention and higher status partners)? - Online profiles with more proficiency had 20% more visitors and 38% more interest - Upper-caste males were 14pp more likely to respond to lower caste women with strong English skills

Our mega study on the effect of oaths on honesty is out at “Nature Human Behaviour”. Thank you @Goatfield2 for leading this project! nature.com/articles/s4156…

Not a theorist but this seems major.

Academic validation is intellectual cocaine. I've been saying this for years to my junior colleagues. Don't believe me? Just watch any promising scholar abandon their most innovative work simply because a committee of professors didn't get it immediately. Sad but all too

I finally have a publication date for my new Experimental Economics textbook: December 12. Equally as important, I am proud to have negotiated a low price for the book: $38.10...for a nearly 800 page book! You can find the book here: amazon.com/Experimental-E…

Our study on the next generation of experimental research has just been published in Nature Human Behaviour. Brian Jabarian led the charge, and this was the last research I discussed with Gary before his untimely death. We all miss you Gary!

Final call for abstracts for AFE2025! John A. List and I are excited to host another year of the conference at UChicago. Please submit your abstracts here: fs2.formsite.com/UChicagoEconom… Deadline: May 9th Keynotes: Bursztyn (UChicago), Cullen (HBS), and Kremer (UChicago)

We have a Treasury secretary who doesn't understand the difference between a tax on prices and a tax on income. These people just write intro economics exams.

Look at how having a child affects male and female happiness differently. What do you notice?