We report an experiment on a decision task by SAMUELSON and BAZERMAN (1985). Subjects submit a bid for an item with an unknown value. A winner s curse phenomenon arises when subjects bid too high and make losses. Learning direction theory can account for this. However, other influences on...

"Culture has been referred to as a shared frame, the lens through which group members make sense of the world. It has been robustly linked to economic outcomes on the macro level and is also directly linked to decision-making: in recent years, experimental and behavioral economists have found...

"Over the last decade, the close relationship between culture and economy -- or "the experience economy" -- has risen on the agenda. Although there is an established research field for analysing the economic impact of entrepreneurship, there is currently a limited amount of research that...