Risk-assessment and risk-taking in various forms are among the most important tasks financial professionals face in their daily work. A large body of experimental studies has shown a substantial effect of the decision domain (gain vs loss domain) on risk-taking, predominantly among students. In...

Based on a small set of assumptions on preferences, Kerschbamer (2015) introduces a geometric delineation of distributional preferences and a parsimonious, non-parametric identification procedure - the Equality Equivalence Test (eet). The assumptions of the test result in a mutually exclusive...

Received wisdom holds that income rank matters for life satisfaction. In much of the literature, however, income comparisons are limited to the national population and evidence is correlational. In this paper, we investigate differences in the causal effects of rank information across reference...

As embodied in the concept of "inequality extraction" (Branko Milanovic), it is not possible to increase inequality (especially income inequality) in a society sustainably to levels beyond what is actually socially acceptable (and even less to levels endangering physical subsistence of parts of...

Understanding the roots of human cooperation among strangers is of great importance for solving pressing social dilemmas and maintening public goods in human societies. We study the development of cooperation in 929 young children, aged 3 to 6. In a unified experimental framework, we examine...

Time preferences drive decisions in many economic situations, such as investment contexts or salary negotiations. These situations are characterized by a very short time frame for decision making. Preferences are potentially susceptible to the confounding effects of time pressure, as proposed by...

Building on cross-sectional data for Austrian high school students from fifth to twelfth grade, we investigate the correlations between socio-economic background variables and a comprehensive set of variables related to financial decision-making (i.e., financial knowledge, behavioral...