When people decide about saving and consumption across the various periods of their life time they take into account their life expectancy when comparing present and future needs and resources for satisfying them. The experimental design, applied at two sites (Humboldt-University at Berlin and...

Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...

In an overlapping generations experiment with multiple families participants can support their parents directly and thereby reduce their tax burden or rely on tax-financed old-age support. State productivity is captured by the factor with which total tax revenues are multiplied to determine...

Die Verhaltensökonomie und ihre praktischen Implikationen geraten immer stärker in den Fokus auch der deutschen Politik. Individuelle Entscheidungen sollen im Sinne eines "libertären Paternalismus" sanft beeinflusst werden. Die „Nudges“ bestehen in Standardvorgaben, Selbstbindungen und...

Experimental studies of risk and time-preference typically focus on one of the two phenomena. The goal of this paper is to investigate the (possible) correlation between subjects' attitude to risk and their time-preference. For this sake we ask 61 subjects to price a simple lottery in 3...

The experimental situation presents a complex stochastic intertemporal allocation problem. First, two initial chance moves select one of three possible termination probabilities which then determines whether "life" lasts 3,4,5, or 6 periods. Compared to Anderhub et al. (1997) participants are...

On May 11, 2001, readers of the Berliner Zeitung were invited to participate in an ultimatum bargaining experiment played in the strategy vector-mode: Each participant chooses not only how much (s)he demands of the DM 1.000-pie but also which of the nine possible offers of DM 100, 200, ..., 900...

Though the social choice of social institutions or social results is impossible there is, strictly speaking, no social choice individual evaluations of social institutions or results trivially are possible. Such individual evaluations can be deemed liberal either because they emphasize political...