In this paper, we aim to investigate cultural differences in economic decision making. Instead of rational utility maximizing b behavior, we adopt the Prospect theory, which assumes asymmetric between losing and gaining. We conducted a survey among 146 students from the Middle East Technical...

Despite widespread exposure to substantial medical expenditure risk in low-income populations, health insurance enrollment is typically low. This is puzzling from the perspective of expected utility theory. To help explain it, this paper introduces a decomposition of the stated willingness to...

This paper identifies potential drivers and individuals' willingness to pay (WTP) for offsetting their emissions from traveling. We focus on the effects of framing the polluting activity with different modes of transportation (i.e. bus and plane) and travel occasions (i.e. holiday and...