An empirically well-established finding is that equity portfolios are concentratedin the domestic equity market of the investor. Previous theoreticaland empirical analyses have mainly focused on institutional explanations andlargely neglected individual behavior. In this study we report the...

This paper focuses on egocentric biases in financial decisions. Subjects first designa portfolio, whereby each combination of assets yields the same expected returnand variance of returns. They are then confronted with two alternative portfolios;the average portfolio and the portfolio of one’s...

This paper focuses on egocentric biases in financial decisions. Subjects first design a portfolio, whereby each combination of assets yields the same expected return and variance of returns. (...)

This paper investigates whether recourse to a consultant always enhances decision making. Advice given by a consultant changes the manager’s belief about his own decision-making ability. This change in belief alters the manager’s incentives to make a decision. Taking into account this...

There are many cases where poor information or human psychology can impede effective decision-making.For example, one theory in behavioural economics warns that people taking decisions are inclined to drawincorrect mental references based on what they know. “Nudge theory” is a potential...

Integrated Coastal Zone Management (ICZM) as a means of enhancing sustainability has been the topic of a model project promoted by the EU during the late 1990s. Meanwhile, all member states areurged by an EU recommendation to develop national ICZM strategies, based on a set of criteria derived...

The laws of thermodynamics constrain transformation of materials and energy, and thus have implications for material and energy use in the economy, for environmental impact, and for policy. This paper provides an overview over the applications of concepts from thermodynamics in economics at the...

In der Wirtschaft wird noch häufig ein Mythos von Rationalität aufrecht erhalten, demgemäß sich Prozesse des Handelns und Entscheidens in Unternehmen ausschließlich an Kriterien der Zweckrationalität orientieren - und dies obwohl in der Organisationsforschung schon seit Jahrzehnten...

We examine in controlled experiments how individuals make choices when faced withmultiple options. The choice tasks mimic the selection of health insurance, prescriptiondrug, or retirement savings plans. However, in our experiment, the available options canbe objectively ranked. We ¯nd that the...

Transport policy research seeks to predict and substantially reduce the future transport-related greenhouse gasemissions and fuel consumption to prevent negative climate change impacts and protect the environment.However, making such predictions is made difficult due to the uncertainties...