. The pattern is reversed when it comes to shame, a social emotion which appears to play a more important role among … investments. In this context, self-esteem maintenance (self-enhancement) and high sensitivity to shame emerge as substitute … low sensitivity to shame, and a \Japanese" equilibrium with high sensitivity to shame and no overconfidence. The analysis …

America than in Japan. The pattern is reversed for shame, which appears to play a more important role among Japanese than … initiative and investment in new activities. Overconfidence and high sensitivity to shame emerge as substitute mechanisms to … shame, and a "Japanese" equilibrium with high sensitivity to shame and no overconfidence. The analysis identifies the costs …