Most studies have not distinguished delay from intervals, so that whether the declining impatience really holds has been an open question. We conducted an experiment that explicitly distinguishes them, and confirmed the declining impatience. This implies that people make dynamically inconsistent...

This paper examines the role of the health gradient – the positive correlation between household income and health – in individual retirement behavior, using data from the German Socio-economic Panel (GSOEP). We first estimate agegroup-specific health gradients and find their slope increases...

This paper provides the first evidence regarding the impact of life satisfaction on the individual intention to migrate. The impact of individual characteristics and country macroeconomic variables on the decision to migrate is analyzed in one framework. Differently from other studies, we allow...

Car owners are liable for property damage inflicted on other motorists. In most countries such liability must be insured by law. That law may favor expensive or heavy vehicles, prone to suffer or inflict large losses. This paper explores links between liability rules and vehicle choice. It...

This paper explores the use of the anchoring and adjustment heuristic by decision makers in a financial market; in particular, the degree to which horserace bettors anchor their probability judgments on the advantage afforded by a horse's barrier-position. The results suggest that under certain...

Limited access of small enterprises to reliable and well-prepared information about their condition is mentioned as one of the main barriers to small business development. One of the key types of information used in management is financial information. It concerns the resources and financial...

Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study we investigate if this willingness to accept and willingness to pay disparity sustains for state contingent claims. Contingent claims are defined using risky, ambiguous, and...

Die Strategiegenese in kleinen und mittleren Unternehmen (KMU) ist durch eine Konzentration auf die jeweilige Situation und durch eine hohe Dynamik gekennzeichnet. Wichtige Entscheidungen werden spontan und auf den ersten Blick "unüberlegt" gefällt, Strategien sind offensichtlich selbst auf...