The study at hand deals with the expectations of professional analysts and novices in the context of foreign exchange markets. We analyze the respective forecasting accuracy and our results indicate that there exist substantial differences between professional forecasts and judgmental forecasts...

Using coordination games, we study whether social norm perception differs between inexperienced and experienced participants in economic laboratory experiments. We find substantial differences between the two groups, both regarding injunctive and descriptive social norms in the context of...

We experimentally study the relationship between social norms and social preferences on the individual level. Subjects coordinate on injunctive and descriptive norms, and we test which type of norm is more strongly related to behavior in a series of dictator games. Our experiment yields three...

We propose and experimentally test two tractable methods to incentivize the elicitation of private information: Benchmark and Coordination. Both mechanisms capitalize on the false consensus effect, a well-documented phenomenon that follows Bayesian reasoning. That is, individuals use their own...

The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat native random walk forecasts. The root for this deficient...

Depending on the context at hand, people's preference for receiving feedback might differ. Especially in allocation decisions that directly concern another individual, feedback from the affected person can have positive or negative value. We study such preferences in a laboratory experiment by...

We study whether social norm perception in economic laboratory experiments differs between subjects that participate for the first time and subjects that already participated many times. Consistent with previous studies, inexperienced subjects pronounce egalitarianism, while experienced subjects...