We show that preferred investment styles can be determined by the big five personality traits. Using this result, we build a tool that recommends investment styles. The resulting recommendations are significantly higher rated than random recommendations.We collected detailed personality traits...

This paper compares the effects of two types of behaviorally-informed policy, nudges and boosts, that are designed to increase consumer demand for insurance against low-probability, high-consequence (LPHC) events. Using previous findings in the behavioral sciences literature, this paper...

Current research on (managerial) turnover mainly focuses on performance changes and is ambiguous with respect to the results. Yet, the literature agrees that short-term performance changes are induced by opposing effects. Specifically, a turnover leads to an information loss that might influence...

We estimate the effect of parental separation on the risk and trust attitudes of German adolescents using a large household survey dataset, which allows us to match respondents to their siblings and parents. Our results indicate that adolescents from separated families are less trusting but have...

We investigate how tax loss offset restrictions affect an investor's evaluation of risky investments under bounded rationality. We analytically identify behavioral tax effects for different levels of loss offset restrictions, tax rate and prospect theoretical biases (loss aversion, probability...

We investigate how tax loss offset restrictions affect an investor’s evaluation of risky investments under bounded rationality. We analytically identify behavioral tax effects for different levels of loss offset restrictions, tax rate and prospect theoretical biases (loss aversion, probability...

Covid-19 and the unprecedented surge in financial technology contributed to unexpected financial challenges, affecting the relevance of financial decision making and perceived financial well-being. This paper examines the mediating effects of digital financial literacy, financial autonomy,...

We estimate the effect of parental separation on the risk and trust attitudes of German adolescents using a large household survey dataset, which allows us to match respondents to their siblings and parents. Our results indicate that adolescents from separated families are less trusting but have...

The saving ratio of households in Germany has increased in the past few years when the income trend was weak. This could be due to precautionary saving. In this paper, the importance of precautionary saving against income uncertainty is analyzed empirically using micro data from the German...

With a view to investigating the presence of adverse selection, we analyze determinants of private pension insurance uptake of German households in a probit model. Using survey data on savings and old-age provision, we find that subjective life expectancy is positively related with the...