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Our People

Professor Morten Lau

BSc, MSc, PhD

Professor of Behavioural Finance

Morten joined Durham University Business School in October 2010 as Professor of Behavioural Finance. Prior to this, he was Professor of Economics at Newcastle University (2008-10), Lecturer/Reader at Durham University Business School (2005-08), and was an Economist at the Ministry of Business and Industry in Denmark from 1996-2005.

Biography

Morten joined Durham University Business School in October 2010 as Professor of Behavioural Finance. Prior to this, he was Professor of Economics at Newcastle University (2008-10), Lecturer/Reader at Durham University Business School (2005-08), and was an Economist at the Ministry of Business and Industry in Denmark from 1996-2005.

Morten has published in international journals such as Econometrica, American Economic Review, International Economic Review and Scandinavian Journal of Economics.

Research Interests

  • Applied microeconomics
  • Experimental economics
  • Public finance
  • Behavioral finance

Research Groups

Publications

    Chapter in book

  • Lau, M. I., Yoo, H. I. & Zhao, H. (2021). Temporal Stability of Cumulative Prospect Theory. In Prospect Theory as a Model of Risky Choice: Descriptive and Normative Assessments. Harrison, G. W. & Ross, D Bingley, UK: Emerald, Research in Experimental Economics.
  • Harrison, G.W., Lau, M.I. & Rutström, E.E. (2015). Theory, Experimental Design and Econometrics Are Complementary. In Methods of Modern Experimental Economics. Frechette, G. & Schotter, A. Oxford, UK: Oxford University Press.
  • Andersen, S., Harrison, G.W., Lau, M.I. & Rutström, E.E. (2008). Risk Aversion in Game Shows. In Risk Aversion in Experiments. Cox, E.J. & Harrison, G.W. Bingley UK.: Emerald. 12.
  • Harrison, G.W., Lau, M.I., Rutström, E.E. & Sullivan, M.B. (2005). Eliciting Risk and Time Preferences Using Field Experiments: Some Methodological Issues. . In Field Experiments in Economics. Carpenter, J., Harrison, G.W. & List, J.A. CT: JAI Press. 10.
  • Harrison, G.W., Jensen, J., Lau, M.I. & Rutherford, T.F. (2002). Policy Reform Without Tears. In Policy Evaluation with Computable General Equilibrium Models. Fossati, A. & Wiegaard, W. New York: New York: Routledge. 20-38.
  • Lau, M.I. (2000). Assessing Tax Reforms When Human Capital is Endogenous. In Using Dynamic General Equilibrium Models for Policy Analysis. Harrison, G.W., Jensen, S.E.H., Pedersen, L.H. & Rutherford, T.F. Amsterdam, NL: Amsterdam, NL: North Holland. 203-223.
  • Hoffmann, A.N., Lau, M.I. & Rasmussen, T.N. (1999). Samfundsøkonomiske virkninger af øgede bevillinger til innovation (Economic Effects of Increased Subsidies to Innovation). In Økonomi og Erhvervspolitik. Jensen, S.E.H. DK: Handelshøjskolens Forlag. 233-256.
  • Lau, M.I., Klynge, A.H. & Hoffmann, A.N. (1999). En strukturøkonomisk model: MobiDK (A Neoclassical Model: MobiDK. In Økonomi og Erhvervspolitik. Jensen, S.E.H. DK: Handelshøjskolens Forlag. 171-200.
  • Tarp, F. & Lau, M.I. (1998). Mozambique Macroeconomic Performance and Critical Development Issues. In Post-Apartheid Southern Africa: Economic Challenges and Policies for the Future. Petersson, L. London, UK: London UK: Routledge. 288-310.
  • Journal Article

  • Harrison, G. W., Lau, M. & Ross, D. (2019). The Risk of Gambling Problems in the General Population: A Reconsideration. Journal of Gambling Studies
  • Harrison, G.W., Lau, M.I & Yoo, H.I (2019). Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment. Review of Economics and Statistics
  • Harrison, G.W., Jessen, L.J., Lau, M. & Ross, D. (2018). Disordered Gambling Prevalence: Methodological Innovations in a General Danish Population Survey.. Journal of Gambling Studies 34(1): 225–253.
  • Andersen, S., Harrison, G.W., Lau, M. & Rutström, E.E. (2018). Multiattribute Utility Theory, Intertemporal Utility and Correlation Aversion.. International Economic Review 59(2): 537-555.
  • Andersen, Steffen, Cox, James C., Harrison, Glenn W., Lau, Morten I., Rutström, E. & Sadiraj, V. (2018). Asset Integration and Attitudes to Risk: Theory and Evidence.. Review of Economics and Statistics 100(5): 816-830.
  • Antoniou, C., Harrison, G. W., Lau, M. I. & Read, D. (2017). Information Characteristics and Errors in Expectations: Experimental Evidence.. Journal of Financial and Quantitative Analysis 52(2): 737-750.
  • Harrison, G.W., Lau, M., Ross, D. & Swarthout, J.T. (2017). Small Stakes Risk Aversion in the Laboratory: A Reconsideration.. Economics Letters 160: 24-28.
  • Hansen, J.V., Jacobsen, R.H. & Lau, M.I. (2016). Willingness to pay for insurance in Denmark.. Journal of risk and insurance 83(1): 49-76.
  • Antoniou, C., Harrison, G.W., Lau, M.I. & Read, D. (2015). Subjective bayesian beliefs.. Journal of risk and uncertainty 50(1): 35-54.
  • Girolamo, A. D., Harrison, G. W., Lau, M. I. & Swarthout, J. T. (2015). Subjective Belief Distributions and the Characterization of Economic Literacy.. Journal of Behavioral and Experimental Economics 59: 1-12.
  • Lau, M.I., Neugebauer, T. & Schmidt, U. (2014). Preface.. Theory and Decision 77(3): 287-290.
  • Andersen, S., Harrison, G.W., Lau, M.I. & Rutström, E.E. (2014). Discounting Behavior: A Reconsideration.. European Economic Review 71: 15-33.
  • Andersen, S., Harrison, G. W., Lau, M. I. & Rutström, E. E. (2014). Dual criteria decisions.. Journal of Economic Psychology 41: 101-113.
  • Andersen, S., Di Girolamo, A., Harrison, G. W. & Lau, M. I. (2014). Risk and Time Preferences of Entrepreneurs.. Theory and Decision 77(3): 341-357.
  • Andersen, S., Harrison, G. W., Lau, M. I. & Rutström, E. E. (2013). Discounting Behaviour and the Magnitude Effect: Evidence from a Field Experiment in Denmark.. Economica 80(320): 670-697.
  • Harrison, G.W., Lau, M.I., Rutström, E.E. & Tarazona-Gomez, M. (2012). Preferences over social risk. Oxford Economic Papers 65(1): 25-46.
  • Andersen, S., Harrison, G.W., Hole, A.R., Lau, M.I. & Rutström, E.E. (2012). Non-Linear Mixed Logit. Theory and Decision 73(1): 77-96.
  • Andersen, S., Harrison, G.W., Lau, M.I. & Rutström, E.E. (2010). Preference Heterogeneity in Experiments: Comparing the Field and Lab.. Journal of Economic Behavior and Organization 73(2): 209-224.
  • Andersen, S., Harrison, G.W., Lau, M.I. & Rutström, E.E. (2010). Behavioral Econometrics for Psychologists.. Journal of Economic Psychology 31(4): 553-576.
  • Harrison, G.W., Lau, M.I. & Rutström, E.E. (2010). Individual Discount Rates and Smoking: Evidence From a Field Experiment in Denmark.. Journal of Health Economics 29(5): 708-717.
  • Harrison, G.W., Lau, M.I. & Rutström, E.E. (2009). Risk Attitudes, Randomization to Treatment, and self-selection into Experiments. . Journal of Economic Behavior and Organization 70(3): 498-507.
  • Andersen, S., Lau, M.I., Harrison, G.W. & Rutstrom, E. (2008). Lost in state space: are preferences stable?. International Economic Review 49(3): 1091-1112.
  • Andersen, S., Harrison, G.W., Lau, M.I. & Rutstrom, E.E. (2008). Eliciting risk and time preferences.. Econometrica 76(3): 583-618.
  • Harrison, G.W., Lau, M.I. & Rutstrom, E.E. (2007). Estimating risk attitudes in Denmark: A Field Experiment.. Scandinavian Journal of Economics 109(2): 341–368.
  • Anderson, S., Harrison, G.W., Lau, M.I. & Rutstrom, E.E. (2007). Valuation using multiple price list formats.. Applied Economics 39(6): 675-682.
  • Lau, M.I. & Poutvaara, P. (2006). Social Security Incentives and Human Capital Investment.. Finnish Economic Papers 19(1): 16-24.
  • Andersen, S., Harrison, G.W., Lau, M.I. & Rutstrom, E.E. (2006). Elicitation using multiple price list formats. Experimental Economics 9(4): 383-405.
  • Harrison, G.W. & Lau, M.I. (2005). Is the evidence for hyperbolic discounting in humans just an experimental artifact?. Behavioral and Brain Sciences 28(5): 657-657.
  • Jensen, S.E.H., Lau, M.I. & Poutvaara, P. (2004). Efficiency and equity aspects of alternative social security rules. FinanzArchiv 60(3): 325-358.
  • Lau, M.I., Poutvaara, P. & Wagener, A. (2004). Dynamic costs of the draft. German Economic Review 5(4): 381-406.
  • Lau, M.I., Pahlke, A. & Rutherford, T.F. (2002). Approximating infinite-horizon models in a complementarity format: A primer in dynamic general equilibrium analysis.. Journal of Economic Dynamics and Control 26(4): 577-609.
  • Harrison, G.W., Lau, M.I. & Williams, M.B. (2002). Estimating individual discount rates in Denmark A field experiment.. American Economic Review 92(5): 1606-1617.
  • Lau, M.I. (1993). Fordelingseffekter af kapitalindkomstskatter på tværs af generationer - en anvendt generel ligevægtanalyse (Distributional Effects of Capital Income Taxes Across Generations – an Applied General Equilibrium Analysis). Nationaløkonomisk Tidsskrift 131(3): 314-331.
  • Other (Print)

  • Antoniou, C., Harrison, G. W., Lau, M. I. & Read, D. (2013). Bayes Rule, Decision Heuristics and Revealed Preference. Mimeo. Copenhagen Business School
  • Andersen, S., Cox, J. C., Harrison, G. W., Lau, M. I., Rutström, E. E. & Sadiraj, V. (2011). Asset Integration and Attitudes to Risk: Theory and Practice. Working Paper 2011-10. Center for Behavioural Economics and Finance, Durham Business School, Durham University
  • Andersen, S., Harrison, G. W., Lau, M. I. & Rutström, E. E. (2011). Intertemporal Utility and Correlation Aversion. Working Paper 2011-03. Center for Behavioural Economics and Finance, Durham Business School, Durham University
  • Andersen, S., Harrison, G. W., Lau, M. I. & Rutström, E. E. (2006). Dynamic Choice Behavior in a Natural Experiment. Working Paper 2006-06. Center for Behavioural Economics and Finance, Durham Business School, Durham University
  • Harrison, G. W., Lau, M. I. & Rutström, E. E. (2005). Dynamic Consistency in Denmark. A Field Experiment. Working Paper 2005-09. Department of Economics and Finance, Durham Business School, Durham University
  • Report

  • Lau, M. I. (2014). Estimation af risikoaversion of diskonteringsrater. Forsikring og Pension (Danish Insurance Association).
  • Jacobsen, R. H. & Lau, M. I. (2009). Beregning af betalingsvillighed for forsikring ved brug af en intertemporal model. Forsikring og Pension (Danish Insurance Association).
  • Lau, M. I. & Sørensen, A. (2001). Designing Aid Programmes for Transition Economies. Erhvervsministeriet (Danish Ministry of Business and Industry).
  • Working Paper

  • Harrison, Glenn W., Lau, Morten & Yoo, Hong II (2017). Risk attitudes, sample selection and attrition in a longitudinal field experiment.. 07.

Contact Details

Professor of Behavioural Finance
+44 191 3345044