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Cumulative prospect theory introduced the weighting of probabilities as an additional component to capture risk attitudes. However, this addition would be a less significant challenge to expected utility theory (EU) if utility curvature and probability weighting showed strong positive...
Persistent link: https://www.econbiz.de/10010942881
no abstract available
Persistent link: https://www.econbiz.de/10010942882
We study experimentally voluntary contributions to public goods when none, some, or all previous decisions are observable. When agents observe previous moves, they tend to condition their cooperation on observed cooperation. This leads to two effects of increased transparency: on the one hand,...
Persistent link: https://www.econbiz.de/10010942883
Consumer bankruptcy regulation in the United States as well as in many other countries allow consumers to petition for a partial debt discharge. Usually, a debt release is possible when the debtor behaves in the creditors’ best interest and after filing for bankruptcy signs over her entire...
Persistent link: https://www.econbiz.de/10010942884
In this article we discuss the complementarity of laboratory and field data. Experiments offer highly controlled environments that allow precise testing and causal inferences. Survey and field data on the other hand provide information on large and representative samples of people interacting in...
Persistent link: https://www.econbiz.de/10011019370
The role of improved schooling, a central part of most development strategies, has become controversial because expansion of school attainment has not guaranteed improved economic conditions. This paper reviews the role of cognitive skills in promoting economic well-being, with a particular...
Persistent link: https://www.econbiz.de/10011019371
Max Weber attributed the higher economic prosperity of Protestantregions to a Protestant work ethic. We provide an alternative theory: Protestant economies prospered because instruction in reading the Biblegenerated the human capital crucial to economic prosperity. We test the theory using...
Persistent link: https://www.econbiz.de/10011019372
We try to identify which economic factors might be responsible for the large international differences in student performance. We present time series evidence for a number of European countries which suggests that rising educational expenditures obviously did not improve student performance....
Persistent link: https://www.econbiz.de/10011019373
Bidding challenges learning theories. Even with the same bid, experiences vary stochastically: the same choice can result in either a gain or a loss. In such an environment, the question arises of how the nearly universally documented phenomenon of loss aversion affects the adaptive dynamics. We...
Persistent link: https://www.econbiz.de/10011019374
We report the results of a field experiment evaluating the impact of financial literacy training on teenagers between 14 and 16 years in German high schools. After the training, treated teenagers exhibit a significant increase in both interest in financial matters and self-assessed knowledge...
Persistent link: https://www.econbiz.de/10011019375