The paper analyses on an experimental basis the phenomenon of non-optimal under-diversification in portfolio choice decisions and investigates the reasons behind it. The most important obstacles for optimal diversification are studied – the correlation neglect hypothesis and the overconfidence...

Traditionally economic theory assumes that preferences are stable facilitating positive predictions of economic policy. While there is conflicting experimental evidence on the temporal stability of cooperation preferences in public goods provision, surprisingly little is known about their...

What appropriation strategies are chosen by innovative small firms? A cluster analysis of data from the German CIS was carried out to indentify four distinct modes of appropriability in the small enterprise sector. The results show that for many innovative small firms the key question is not...