Different family types may have a fixed flow of consumption costs, related to subsistence needs. We use a survey method in order to identify and estimate such a fixed component of spending for different families. Our method involves making direct questions about the linkup between aggregate...

Recently proposed models of risky choice imply systematic violations of transitivity of preference. Five studies explored whether people show patterns of intransitivity predicted by four descriptive models. To distinguish trueʺ violations from those produced by error,ʺ a model was fit in which...

This paper focuses on the legal monopoly for sporting bets in Germany. We analyze the pricing behavior of the monopolist ODDSET and find that typical pricing inefficiencies on betting markets are reinforced under the monopoly. This result in conjunction with the decreasing tax revenue may...

This paper presents an online-experiment on overconfidence in the context of financial markets. Our subject pool consists of institutional investors, investment advisors and individual investors, all of them being registered users of a large online platform for market sentiment data. Due to...

This doctoral thesis investigates the influence of overconfidence on the outcomes in experimental asset markets, both on the market and individual levels. Thesis consists of three parts. In the first part an instrument (test) is developed that is later used in economic experiments to measure...