Camila Farres

PhD Candidate, Economics
California Institute of Technology · Expected 2027
On the job market · 2026–2027
Research Interests
Behavioral Economics Experimental Economics Decision Theory
Camila Farres

I am a fourth-year PhD candidate at Caltech. I study how to measure preferences and use them to personalize interventions.

I design theory-driven experiments that pin down what drives individual decisions and test the theories meant to explain them. My goal is to turn individual-level measurement into the basis for better-targeted policy.

Job Market Paper

Behavioral Incentive Compatibility and Personalized Interventions

Experimental economists routinely use incentivized tasks to elicit unobservables like preferences and beliefs — but these measurements are often a means to tailor later interventions, not an end in themselves. This paper asks whether anticipating those downstream consequences distorts how people respond to elicitation in the first place. I run an experiment in which subjects report a valuation in a BDM task for an induced-value object, followed by a binary choice problem. The treatment varies the link between the BDM report and the choice problem alternatives: in the control, the report does not affect the alternatives; in two treatments, it shifts the alternatives so the optimal report lies above or below the induced value. On average, reports move as predicted but fall short of the optimum. Two findings help explain this. First, when the BDM imposes a cost for misreporting, subjects retreat toward truthful reporting across all treatments. Second, a questionnaire separating understanding of the BDM, the binary choice, and their integration shows that different sources of characterization failure drive differences in responses. Together, these results show that anticipated consequences do shape elicited preferences, but the response is heterogeneous and only partially optimal; thus, the truth is not easily recovered even when downstream consequences are common knowledge.

Working Papers

What Do We Really Know about Risk Preferences for Binary Lotteries?

Choices over binary lotteries have been used both to document expected utility (EU) anomalies and to motivate features of non-EU alternatives. However, the parameter space for such problems has not been comprehensively explored; experiments rely heavily on canonical examples, leaving an important gap in knowledge. We provide this exploration. For the narrow regions previously studied, our data reproduce the typical patterns and thus are consistent with leading non-EU models. However, we find new patterns in the broader parameter space that are inconsistent with those models. It turns out that “upside potential” (Mcgranaghan et al., 2025) can provide a credible rationalization.

Work in Progress

Time Preferences and ADHD

Investigates how the properties of time preferences — time invariance, time consistency, and stationarity — relate to ADHD, using a longitudinal real-effort experiment.

The Effects of Personalized Education in Marginalized Areas

Investigates the effects of the “tutoría” model of education — developed and used by CONAFE to deliver public education to marginalized communities in Mexico.
Education
M.S. in Social Science
California Institute of Technology
2024
M.A. in Economic Theory
Instituto Tecnológico Autónomo de México (ITAM) · with honors
2022
B.A. in Economics
Instituto Tecnológico Autónomo de México (ITAM) · with honors
2020

Get in Touch

Office210 Baxter Hall
Phone+1 (626) 563-7478
AddressDivision of the Humanities and Social Sciences
California Institute of Technology
1200 E. California Blvd, MC 228-77
Pasadena, CA 91125