Thomas Epper
Academic website
Affiliations
- University of St. Gallen, Switzerland, School of Economics and Political Science (SEPS)
- Center for Economic Behavior and Inequality (CEBI), Copenhagen, Denmark.
- Risk, Insurance and Savings Laboratory (RISLαβ)
- Previous affiliations:
Contact
- Address: University of St. Gallen, Institute of Economics (FGN-HSG), Varnbüelstrasse 19, 9000 St. Gallen, Switzerland.
- Email: firstname.lastname@unisg.ch
Papers
- Other-Regarding Preferences and Redistributive Politics, with Ernst Fehr and
Julien Senn.
- working paper (incl. appendix)
- Keywords: Bayesian nonparametric clustering algorithm, social preference heterogeneity, inequality aversion, altruism, redistribution, voting.
- Parenting Values and the Intergenerational Transmission of Time Preferences, with Anne Ardila Brenøe.
- working paper (incl. appendix)
- Keywords: Parenting style, parental involvement, patience, preference transmission, socio-economic status, family background.
- Time Discounting and Wealth Inequality, American Economic Review,
110(4), pp.1177-1205, 2020, with Ernst Fehr, Helga Fehr-Duda, Claus Thustrup Kreiner, David Dreyer Lassen, Søren Leth-Petersen and Gregers Nytoft Rasmussen.
- published version; appendix
- Keywords: Wealth inequality, savings behavior, patience, household finance.
- The Uncertainty Triangle: Uncovering Heterogeneity in Attitudes Towards
Uncertainty, Journal of Risk and Uncertainty, forthcoming, with
Dan Burghart and Ernst Fehr.
- working paper (incl. appendix)
- Keywords: Preference heterogeneity, expectation maximization (EM) algorithm, finite mixture model, ambiguity, Ellsberg urn.
- Risk in Time: The Intertwined Nature of Risk Taking and Time Discounting, with Helga Fehr-Duda.
- working paper (incl. appendix with an overview of probability weighting functions); previous versions: The Missing Link, A Tale of Two Tails: On the Coexistence of Overweighting and Underweighting of Rare Extreme Events
- Keywords: Risk preferences, time preferences, interaction effects, increasing risk tolerance, hyperbolic discounting, preference for resolution of uncertainty, asset markets, insurance.
- Risk Preferences Are not Time Preferences: Balancing on a Budget Line:
Comment, American Economic Review, 105(7), pp.2261-2271, 2015, with
Helga Fehr-Duda.
- published version; appendix with details on intertemporal risk aversion, etc
- Keywords: Intertemporal diversification, risk preference, time preferences, intertemporal risk aversion, rank-dependent utility.
- Income Expectations, Limited Liquidity, and Anomalies in Intertemporal
Choice.
- working paper (incl. appendix)
- Keywords: Hyperbolic discounting, magnitude effect, sign effect, time inconsistency.
- Probability and Risk: Foundations and Economic Implications of
Probability-Dependent Risk Preferences, Annual Review of Economics,
4, pp.567-593, 2012, with Helga Fehr-Duda.
- published version; technical appendix outlining an algorithm to nonparametrically estimate money and probability weights
- Keywords: Underdiversification, small-scale insurance, equity premium puzzle, probability weighting, rank-dependent utility, disappointment aversion.
- Viewing the Future through a Warped Lens: Why Uncertainty Generates
Hyperbolic Discounting, Journal of Risk and Uncertainty, 43(3), 169-203,
1022, 2011, with Adrian Bruhin and Helga Fehr-Duda.
- published version (incl. appendix); previous version with results on subadditive discounting
- Keywords: Present bias, probability weighting, risk preferences, time preferences, sub-additivity in intertemporal choice.
- Risk and Rationality: The Effect of Mood and Decision Rules on Probability
Weighting, Journal of Economic Behavior and Organization, 78(1-2), 14-21,
201, 2011, with Adrian Bruhin, Helga Fehr-Duda and Renate Schubert.
- published version
- Keywords: Preference stability, risk preferences, mood, emotions.
- Risk and Rationality: Uncovering Heterogeneity in Probability Distortion,
Econometrica, 78(4), 1375-1412, 2010, with Adrian Bruhin and Helga
Fehr-Duda.
- published version; appendix
- Keywords: Finite mixture model, risk preference heterogeneity, probability weighting, prospect theory, expected utility theory.
- Rationality on the Rise; Why Relative Risk Aversion Increases with Stake
Size, Journal of Risk and Uncertainty, 40(2), 147-180, 2010, with Adrian
Bruhin, Helga Fehr-Duda and Renate Schubert.
- published version (incl. appendix)
- Keywords: Stake effects, increasing relative risk aversion, utility curvature, probability distortion.
Grants
~, Swiss National Science Foundation (SNSF) Spark grant, Principal investigator (joint with Christian Biener, University of St. Gallen), 2020-2021, CHF 98,300, with Andrew Macpherson (Inselspital Bern, project partner)- Identifying Risk and Ambiguity Preferences Free from Context, Swiss National Science Foundation (SNSF), Principal investigator (joint with Christian Biener, University of St. Gallen), 2019-2021, CHF 529,787, with Gregers Nytoft Rasmussen (CEBI Copenhagen, project partner)
- Go For It While You Can, Swiss National Science Foundation (SNSF), Principal investigator, 2019-2022, CHF 710,129, with Ferdinand Vieider (Ghent University, co-investigator) and Mohammed Abdellaoui (HEC Paris, project partner)
- Contextuality in Choice, University of St. Gallen Basic Research Fund, Principal investigator, 2018-2019, CHF 33,903
- Theorizing on Observables - Experimenting with Axioms, Richard Büchner Foundation, Principal investigator (joint with Philipp Zahn, University of St. Gallen), 2017-2018, CHF 44,400
- and a number of other projects as a co-investigator or project partner
Awards
- 2020: Financial Times 50 Success Fee, awarded by the University of St. Gallen, CHF 10,000
- 2019: Success fee for acquiring a Swiss National Science Foundation (SNSF) grant, awarded by the University of St. Gallen, CHF 40,000/2
- 2018: Success fee for acquiring a Swiss National Science Foundation (SNSF) grant, awarded by the University of St. Gallen, CHF 40,000
- 2017: Latsis prize of the University of St. Gallen for work on microeconomics, CHF 25,000
- 2016: Teaching load reduction for Top-Top publications, University of St. Gallen
Education
- University of Zurich, Ph.D. in Management and Economics, summa cum laude
- ETH Zurich, Diploma of Advanced Studies in Applied Statistics
Refereeing
- 25+ articles for American Economic Review, Econometrica, Journal of Finance, Review of Economic Studies
- 30+ articles for Nature Communications, American Economic Journal: Microeconomics, Journal of Economic Theory, Journal of European Economic Association, Management Science, Scandinavian Journal of Economics, European Economic Review, Economic Journal, Journal of Risk and Uncertainty, Journal of Risk and Insurance, Journal of Economic Behavior and Organziation, The Geneva Risk and Insurance Review, Theory and Decision, Operations Research, and Economics Letters
- European Research Commission (ERC)
Teaching
- From Data to Decision
- Health Economics
- Data Analytics and Causal Inference
- Courses I taught in the past:
- Experimental Methods and Causal Inference (St. Gallen)
- Introduction to Programming Methods (St. Gallen)
- Decision Analysis (Fribourg)
- Principles of Economic Decision Making (Zurich)
- Economics of Information (St. Gallen)
- Microeconomics II (St. Gallen)
- PhD Seminar in Economics and Finance (St. Gallen)
- Research Seminar in Behavioral Economics (Zurich)
- various modules in econ classes (ETH Zurich) and tutorials (Zurich and St. Gallen)