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Coordination under loss contracts
Ahrens, Steffen; Bitter, Lea; Bosch-Rosa, Ciril - 2020
In this paper we study the effects that loss contracts - prepayments that can be clawbacked later - have on group coordination when there is strategic uncertainty. We compare the choices made by experimental subjects in a minimum effort game. In control sessions, incentives are formulated as a...
Persistent link: https://www.econbiz.de/10012290029
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Intertemporal consumption and debt aversion: A replication and extension
Ahrens, Steffen; Bosch-Rosa, Ciril; Meissner, Thomas - 2022
We replicate Meissner (2016) where debt aversion was reported for the first time in an intertemporal consumption and saving problem. While Meissner (2016) uses a German sample, our subjects are US undergraduate students. All of the main findings from the original study replicate with similar...
Persistent link: https://www.econbiz.de/10013197552
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Intertemporal consumption and debt aversion: A replication and extension
Ahrens, Steffen; Bosch-Rosa, Ciril; Meissner, Thomas - 2022
We replicate Meissner (2016) where debt aversion was reported for the first time in an intertemporal consumption and saving problem. While Meissner (2016) uses a German sample, our subjects are US undergraduate students. All of the main findings from the original study replicate, with similar...
Persistent link: https://www.econbiz.de/10012803569
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Motivated beliefs, social preferences, and limited liability in financial decision-making
Ahrens, Steffen; Bosch-Rosa, Ciril - 2022
Using a new experimental design, we compare how subjects form beliefs in an investor-client setup under varying degrees of liability. Our results reflect the importance of social preferences when making investment decisions for others. We show that when investors have no liability, those with...
Persistent link: https://www.econbiz.de/10013446639
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Price dynamics and trader overconfidence
Ahrens, Steffen; Bosch-Rosa, Ciril; Roulund, Rasmus - 2019
Overconfidence is one of the most important biases in financial markets and commonly associated with excessive trading and asset market bubbles. So far, most of the finance literature takes overconfidence as a given, "static" personality trait. In this paper we introduce a novel experimental...
Persistent link: https://www.econbiz.de/10012141867
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Heads we both win, tails only you lose: The effect of limited liability on risk-taking in financial decision making
Ahrens, Steffen; Bosch-Rosa, Ciril - 2019
One of the reasons for the recent crisis is that financial institutions took "too much risk" (Brunnermeier, 2009; Taylor et al., 2010). Why were these institutions taking so much risk is an open question. A recent strand in the literature points towards the "cognitive dissonance" of investors who,...
Persistent link: https://www.econbiz.de/10012141868
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Does Ignorance of Economic Returns and Costs Explain the Educational Aspiration Gap? Evidence From Representative Survey Experiments
Lergetporer, Philipp; Werner, Katharina; Woessmann, Ludger - 2018
. Experimental provision of return and cost information significantly increases educational aspirations. However, it does not close … the aspiration gap as university graduates respond even more strongly to the information treatment. Persistent effects in … a follow-up survey indicate that participants indeed process and remember the information. Differences in economic …
Persistent link: https://www.econbiz.de/10011932956
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Educational Inequality and Public Policy Preferences: Evidence From Representative Survey Experiments
Lergetporer, Philipp; Werner, Katharina; Woessmann, Ludger - 2018
To study how information about educational inequality affects public concerns and policy preferences, we devise survey … experiments in representative samples of the German population. Providing information about the extent of educational inequality … strong positive information treatment effect, which is increased further by informing about policy effectiveness. …
Persistent link: https://www.econbiz.de/10011932975
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Earnings information and public preferences for university tuition: Evidence from representative experiments
Lergetporer, Philipp; Woessmann, Ludger - 2022
about the university earnings premium. To test whether public support for tuition depends on earnings information, we devise … opposing tuition. Providing information on the university earnings premium raises support for tuition by 7 percentage points …, turning the plurality in favor. The opposition-reducing effect persists two weeks after treatment. Information on fiscal costs …
Persistent link: https://www.econbiz.de/10013197534
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The political economy of higher education finance: How information and design affect public preferences for tuition
Lergetporer, Philipp; Woessmann, Ludger - 2019
Public preferences for charging tuition are important for determining higher education finance. To test whether public … support for tuition depends on information and design, we devise several survey experiments in representative samples of the … German electorate (N>19,500). The electorate is divided, with a slight plurality opposing tuition. Providing information on …
Persistent link: https://www.econbiz.de/10012141851