Michaela Pagel

Roderick H. Cushman Associate Professor of Business at Columbia Business School

Schools

  • Columbia Business School

Links

Biography

Columbia Business School

Michaela Pagel is an Assistant Professor at Columbia Business School. She received her Ph.D. from the Economics Department at UC Berkeley and works on topics in household finance. Her current work focuses on the consumption and investment implications of non-standard preferences. More specifically, she analyzes how decision-making is affected by people's beliefs about their consumption. She tests the implications of these preferences in consumption and wealth data as well as experimentally in the laboratory. She is also interested in the asset-pricing implications of non-standard preferences and behavioral biases.

PUBLICATIONS

  • Mobile Apps and Financial Decision Making (NBER working paper, joint with Bruce Carlin and Arna Olafsson, forthcoming, Review of Finance (RF) 2021)
  • Fully Closed: Individual Responses to Realized Gains and Losses (joint with Steffen Meyer, forthcoming, Journal of Finance (JF) 2021)
  • Consumption Imputation Errors in Administrative Data (joint with Scott Baker, Lorenz Küng, and Steffen Meyer, Review of Financial Studies (RFS) 2021)
  • How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic (joint with Scott Baker, Robert Farrokhnia, Steffen Meyer, and Constantine Yannelis, Review of Asset Pricing Studies (RAPS), Covid-19 and Financial Markets 2020)
  • Sticking To Your Plan: Empirical Evidence on the Role of Present Bias for Credit Card Debt Paydown (joint with Theresa Kuchler, Journal of Financial Economics (JFE) 2019)
  • Prospective Gain-Loss Utility: Ordered versus Separated Comparison (Journal of Economic Behavior & Organization (JEBO) 2019)
  • Generational Differences in Managing Personal Finances (joint with Bruce Carlin and Arna Olafsson, AEA Papers and Proceedings (AEA P&P) 2019) A News-Utility Theory for Inattention and Delegation in Portfolio Choice (Econometrica (ECMA) 2018) The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software (joint with Arna Olafsson, Review of Financial Studies (RFS) 2018)
  • Expectations-Based Reference-Dependent Life-Cycle Consumption (Review of Economic Studies (ReStud) 2017)
  • Expectations-Based Reference-Dependent Preferences and Asset Pricing (Journal of the European Economic Association (JEEA) 2015)

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