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...