This paper investigates the behaviour in repeated decision situations. The experimental study shows that subjects show low or no risk-aversion, but put very high value on the opportunity to sell the lottery in every stage of the decision problem. There is evidence that risk attitudes depend on...

Integrating economic experiments into household surveys provides unique possibilities. We introduce the German Socio-Economic Panel's Innovation Sample (SOEPIS), which offers researchers detailed panel data and the possibility to collect personalized experimental and survey data for free. We...

Achieving successful behavior change via nudging is hard. This is particularly true when choice architects attempt to change behavior that is collectively harmful but individually beneficial. In this paper, we review the state-of-the-art of the behavior change literature to assess both robust...

There is a large literature evaluating the dual process model of cognition, including the biases and heuristic it implies. To advance this literature, we focus on what triggers decision makers to switch from the intuitive process (aka System 1) to the more deliberative process (aka System 2)....

We study economic decision-making of 284 people with obesity and pre-diabetes who participated in a 6-months randomised controlled trial to control weight and prevent diabetes. To elicit preferences, we use incentive-compatible experimental tasks that participants completed during their medical...

Referring to Isreal M. Kirzner (1973) and Joseph A. Schumpeter (1934), who emphasized the competitive nature of entrepreneurship, this study investigates whether potential and revealed entrepreneurs are more likely to seek competition than non-entrepreneurs. We provide a conceptual framework...

Poor people have, on average, a higher marginal propensity to consume. One (out of many) possible explanations for this is that poverty affects impatience. This would have important implications for monetary and fiscal policy. While some macroeconomists simply assume lower individual discount...

We study the interaction between competition and social proximity on altruism, trust, and reciprocity. We decompose the behavioral channels by utilizing variants of both the Trust Game and the Dictator Game in a design that systematically controls the transmission of relevant information. Our...

We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N=3,000). We find that around 50% of the U.S. population is loss tolerant, with many participants accepting negative-expected-value gambles. This is counter to earlier...

How do we persuade people to part with money they feel they have rightly earned? We conducted a dyadic experiment (N=1,986) where luck determined which of the players' performance counted toward winning the game. Despite luck playing a large part, we found strong evidence of justified...