Staff profile

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.

Mini 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.

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

Chapter in book

• Temporal Stability of Cumulative Prospect Theory
  Lau, M., Yoo, H., & Zhao, H. Temporal Stability of Cumulative Prospect Theory. In G. Harrison, & D. Ross (Eds.), Models of Risk Preferences: Descriptive and Normative Challenges. Emerald. Manuscript submitted for publication
• Theory, Experimental Design and Econometrics Are Complementary.
  Harrison, G., Lau, M., & Rutström, E. (2015). Theory, Experimental Design and Econometrics Are Complementary. In G. Frechette, & A. Schotter (Eds.), Handbook of Experimental Economic Methodology. Oxford University Press
• Risk Aversion in Game Shows.
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2008). Risk Aversion in Game Shows. In E. Cox, & G. Harrison (Eds.), Risk Aversion in Experiments. (Research In Experimental Economics.). Emerald
• Eliciting Risk and Time Preferences Using Field Experiments: Some Methodological Issues
  Harrison, G., Lau, M., Rutström, E., & Sullivan, M. (2005). Eliciting Risk and Time Preferences Using Field Experiments: Some Methodological Issues. In J. Carpenter, G. Harrison, & J. List (Eds.), Field experiments in economics (125-218). (Research in Experimental Economics.). Emerald. https://doi.org/10.1016/s0193-2306%2804%2910005-7
• Policy Reform Without Tears.
  Harrison, G., Jensen, J., Lau, M., & Rutherford, T. (2002). Policy Reform Without Tears. In A. Fossati, & W. Wiegaard (Eds.), Policy Evaluation with Computable General Equilibrium Models (20-38). Routledge
• Assessing Tax Reforms When Human Capital is Endogenous.
  Lau, M. (2000). Assessing Tax Reforms When Human Capital is Endogenous. In G. Harrison, S. Jensen, L. Pedersen, & T. Rutherford (Eds.), Using Dynamic General Equilibrium Models for Policy Analysis (203-223). North-Holland
• En strukturøkonomisk model: MobiDK (A Neoclassical Model: MobiDK.
  Lau, M., Klynge, A., & Hoffmann, A. (1999). En strukturøkonomisk model: MobiDK (A Neoclassical Model: MobiDK. In S. Jensen (Ed.), Økonomi og Erhvervspolitik (171-200). DK: Handelshøjskolens Forlag
• Samfundsøkonomiske virkninger af øgede bevillinger til innovation (Economic Effects of Increased Subsidies to Innovation).
  Hoffmann, A., Lau, M., & Rasmussen, T. (1999). Samfundsøkonomiske virkninger af øgede bevillinger til innovation (Economic Effects of Increased Subsidies to Innovation). In S. Jensen (Ed.), Økonomi og Erhvervspolitik (233-256). DK: Handelshøjskolens Forlag
• Mozambique : Macroeconomic Performance and Critical Development Issues.
  Tarp, F., & Lau, M. (1998). Mozambique : Macroeconomic Performance and Critical Development Issues. In L. Petersson (Ed.), Post-Apartheid Southern Africa: Economic Challenges and Policies for the Future (288-310). Routledge

Journal Article

• Constant Discounting, Temporal Instability and Dynamic Inconsistency in Denmark: A Longitudinal Field Experiment
  Harrison, G. W., Lau, M. I., & Yoo, H. I. (2025). Constant Discounting, Temporal Instability and Dynamic Inconsistency in Denmark: A Longitudinal Field Experiment. International Economic Review, 66(1), 363-392. https://doi.org/10.1111/iere.12729
• The Risk of Gambling Problems in the General Population: A Reconsideration
  Harrison, G., Lau, M., & Ross, D. (2020). The Risk of Gambling Problems in the General Population: A Reconsideration. Journal of Gambling Studies, 36(3), 1133-1159. https://doi.org/10.1007/s10899-019-09897-2
• Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment
  Harrison, G., Lau, M., & Yoo, H. (2020). Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment. The Review of Economics and Statistics, 102(3), 552-568. https://doi.org/10.1162/rest_a_00845
• Asset Integration and Attitudes Toward Risk: Theory and Evidence
  Andersen, S., Cox, J. C., Harrison, G. W., Lau, M. I., Rutström, E., & Sadiraj, V. (2018). Asset Integration and Attitudes Toward Risk: Theory and Evidence. The Review of Economics and Statistics, 100(5), 816-830. https://doi.org/10.1162/rest_a_00719
• Multiattribute Utility Theory, Intertemporal Utility and Correlation Aversion
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2018). Multiattribute Utility Theory, Intertemporal Utility and Correlation Aversion. International Economic Review, 59(2), 537-555. https://doi.org/10.1111/iere.12279
• Disordered Gambling Prevalence: Methodological Innovations in a General Danish Population Survey
  Harrison, G., Jessen, L., Lau, M., & Ross, D. (2018). Disordered Gambling Prevalence: Methodological Innovations in a General Danish Population Survey. Journal of Gambling Studies, 34(1), 225-253. https://doi.org/10.1007/s10899-017-9707-1
• Small Stakes Risk Aversion in the Laboratory: A Reconsideration
  Harrison, G., Lau, M., Ross, D., & Swarthout, J. (2017). Small Stakes Risk Aversion in the Laboratory: A Reconsideration. Economics Letters, 160, 24-28. https://doi.org/10.1016/j.econlet.2017.08.003
• Information Characteristics and Errors in Expectations: Experimental Evidence
  Antoniou, C., Harrison, G., Lau, M., & Read, D. (2017). Information Characteristics and Errors in Expectations: Experimental Evidence. Journal of Financial and Quantitative Analysis, 52(2), 737-750. https://doi.org/10.1017/s0022109017000035
• Willingness to pay for insurance in Denmark
  Hansen, J., Jacobsen, R., & Lau, M. (2016). Willingness to pay for insurance in Denmark. Journal of Risk and Insurance, 83(1), 49-76. https://doi.org/10.1111/j.1539-6975.2013.12011.x
• Subjective Belief Distributions and the Characterization of Economic Literacy
  Girolamo, A., Harrison, G., Lau, M., & Swarthout, J. (2015). Subjective Belief Distributions and the Characterization of Economic Literacy. Journal of Behavioral and Experimental Economics, 59, 1-12. https://doi.org/10.1016/j.socec.2015.08.004
• Subjective bayesian beliefs
  Antoniou, C., Harrison, G., Lau, M., & Read, D. (2015). Subjective bayesian beliefs. Journal of Risk and Uncertainty, 50(1), 35-54. https://doi.org/10.1007/s11166-015-9208-5
• Preface
  Lau, M., Neugebauer, T., & Schmidt, U. (2014). Preface. Theory and Decision, 77(3), 287-290. https://doi.org/10.1007/s11238-014-9459-7
• Discounting Behavior: A Reconsideration
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2014). Discounting Behavior: A Reconsideration. European Economic Review, 71, 15-33. https://doi.org/10.1016/j.euroecorev.2014.06.009
• Risk and Time Preferences of Entrepreneurs
  Andersen, S., Di Girolamo, A., Harrison, G., & Lau, M. (2014). Risk and Time Preferences of Entrepreneurs. Theory and Decision, 77(3), 341-357. https://doi.org/10.1007/s11238-014-9446-z
• Dual criteria decisions
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2014). Dual criteria decisions. Journal of Economic Psychology, 41, 101-113. https://doi.org/10.1016/j.joep.2013.02.006
• Discounting Behaviour and the Magnitude Effect: Evidence from a Field Experiment in Denmark
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2013). Discounting Behaviour and the Magnitude Effect: Evidence from a Field Experiment in Denmark. Economica, 80(320), 670-697. https://doi.org/10.1111/ecca.12028
• Non-Linear Mixed Logit.
  Andersen, S., Harrison, G., Hole, A., Lau, M., & Rutström, E. (2012). Non-Linear Mixed Logit. Theory and Decision, 73(1), 77-96. https://doi.org/10.1007/s11238-011-9277-0
• Preferences over social risk.
  Harrison, G., Lau, M., Rutström, E., & Tarazona-Gomez, M. (2012). Preferences over social risk. Oxford Economic Papers, 65(1), 25-46. https://doi.org/10.1093/oep/gps021
• Individual Discount Rates and Smoking: Evidence From a Field Experiment in Denmark
  Harrison, G., Lau, M., & Rutström, E. (2010). Individual Discount Rates and Smoking: Evidence From a Field Experiment in Denmark. Journal of Economic Psychology, 29(5), 708-717. https://doi.org/10.1016/j.jhealeco.2010.06.006
• Behavioral Econometrics for Psychologists
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2010). Behavioral Econometrics for Psychologists. Journal of Economic Psychology, 31(4), 553-576. https://doi.org/10.1016/j.joep.2010.03.017
• Preference Heterogeneity in Experiments: Comparing the Field and Lab
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2010). Preference Heterogeneity in Experiments: Comparing the Field and Lab. Journal of Economic Behavior and Organization, 73(2), 209-224. https://doi.org/10.1016/j.jebo.2009.09.006
• Risk Attitudes, Randomization to Treatment, and self-selection into Experiments
  Harrison, G., Lau, M., & Rutström, E. (2009). Risk Attitudes, Randomization to Treatment, and self-selection into Experiments. Journal of Economic Behavior and Organization, 70(3), 498-507. https://doi.org/10.1016/j.jebo.2008.02.011
• Lost in state space: are preferences stable?
  Andersen, S., Lau, M., Harrison, G., & Rutstrom, E. (2008). Lost in state space: are preferences stable?. International Economic Review, 49(3), 1091-1112. https://doi.org/10.1111/j.1468-2354.2008.00507.x
• Eliciting risk and time preferences
  Andersen, S., Harrison, G., Lau, M., & Rutstrom, E. (2008). Eliciting risk and time preferences. Econometrica, 76(3), 583-618. https://doi.org/10.1111/j.1468-0262.2008.00848.x
• Estimating risk attitudes in Denmark: A Field Experiment
  Harrison, G., Lau, M., & Rutstrom, E. (2007). Estimating risk attitudes in Denmark: A Field Experiment. The Scandinavian Journal of Economics, 109(2), 341-368. https://doi.org/10.1111/j.1467-9442.2007.00496.x
• Valuation using multiple price list formats
  Anderson, S., Harrison, G., Lau, M., & Rutstrom, E. (2007). Valuation using multiple price list formats. Applied Economics, 39(6), 675-682. https://doi.org/10.1080/00036840500462046
• Elicitation using multiple price list formats.
  Andersen, S., Harrison, G., Lau, M., & Rutstrom, E. (2006). Elicitation using multiple price list formats. Experimental Economics, 9(4), 383-405
• Social Security Incentives and Human Capital Investment
  Lau, M., & Poutvaara, P. (2006). Social Security Incentives and Human Capital Investment. Finnish economic papers, 19(1), 16-24
• Is the evidence for hyperbolic discounting in humans just an experimental artifact?
  Harrison, G., & Lau, M. (2005). Is the evidence for hyperbolic discounting in humans just an experimental artifact?. Behavioral and Brain Sciences, 28(5), 657-657. https://doi.org/10.1017/s0140525x05290118
• Dynamic costs of the draft
  Lau, M., Poutvaara, P., & Wagener, A. (2004). Dynamic costs of the draft. German Economic Review, 5(4), 381-406. https://doi.org/10.1111/j.1465-6485.2004.00114.x
• Efficiency and equity aspects of alternative social security rules.
  Jensen, S., Lau, M., & Poutvaara, P. (2004). Efficiency and equity aspects of alternative social security rules. Finanzarchiv, 60(3), 325-358
• Estimating individual discount rates in Denmark : A field experiment
  Harrison, G., Lau, M., & Williams, M. (2002). Estimating individual discount rates in Denmark : A field experiment. American Economic Review, 92(5), 1606-1617. https://doi.org/10.1257/000282802762024674
• Approximating infinite-horizon models in a complementarity format: A primer in dynamic general equilibrium analysis.
  Lau, M., Pahlke, A., & Rutherford, T. (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. https://doi.org/10.1016/s0165-1889%2800%2900071-3
• Fordelingseffekter af kapitalindkomstskatter på tværs af generationer - en anvendt generel ligevægtanalyse (Distributional Effects of Capital Income Taxes Across Generations – an Applied General Equilibrium Analysis).
  Lau, M. (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)

Other (Print)

• Bayes Rule, Decision Heuristics and Revealed Preference.
  Antoniou, C., Harrison, G., Lau, M., & Read, D. (2013). Bayes Rule, Decision Heuristics and Revealed Preference
• Asset Integration and Attitudes to Risk: Theory and Practice.
  Andersen, S., Cox, J., Harrison, G., Lau, M., Rutström, E., & Sadiraj, V. (2011). Asset Integration and Attitudes to Risk: Theory and Practice
• Intertemporal Utility and Correlation Aversion. Working Paper 2011-03.
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2011). Intertemporal Utility and Correlation Aversion. Working Paper 2011-03
• Dynamic Choice Behavior in a Natural Experiment. Working Paper 2006-06.
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2006). Dynamic Choice Behavior in a Natural Experiment. Working Paper 2006-06
• Dynamic Consistency in Denmark. A Field Experiment. Working Paper 2005-09.
  Harrison, G., Lau, M., & Rutström, E. (2005). Dynamic Consistency in Denmark. A Field Experiment. Working Paper 2005-09

Report

• Estimation af risikoaversion of diskonteringsrater.
  Lau, M. (2014). Estimation af risikoaversion of diskonteringsrater. [No known commissioning body]
• Beregning af betalingsvillighed for forsikring ved brug af en intertemporal model.
  Jacobsen, R., & Lau, M. (2009). Beregning af betalingsvillighed for forsikring ved brug af en intertemporal model. [No known commissioning body]
• Designing Aid Programmes for Transition Economies.
  Lau, M., & Sørensen, A. (2001). Designing Aid Programmes for Transition Economies. [No known commissioning body]

Working Paper

• Risk attitudes, sample selection and attrition in a longitudinal field experiment
  Harrison, G. W., Lau, M., & Yoo, H. I. (2017). Risk attitudes, sample selection and attrition in a longitudinal field experiment
• Asset integration and attitudes to risk : theory and evidence
  Andersen, S., Cox, J., Harrison, G., Lau, M., Rutstroem, E., & Sadiraj, V. (2011). Asset integration and attitudes to risk : theory and evidence
• Discounting behavior and the magnitude effect
  Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Discounting behavior and the magnitude effect
• Intertemporal utility and correlation aversion
  Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Intertemporal utility and correlation aversion
• Discounting behavior : a reconsideration
  Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2011). Discounting behavior : a reconsideration
• Non-linear mixed logit
  Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Non-linear mixed logit
• Behavioral econometrics for psychologists ?
  Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2007). Behavioral econometrics for psychologists ?