In many situations, social norms govern behavior. While the existence of a norm may be clear to someone entering the situation, it is often less clear precisely what behavior is required in order to comply with the norm. We investigate how people react to uncertainty about the prevailing norm...

Based on an online experiment with a sample of finance professionals and participants from the general population (acting as clients), we examine drivers and motives of clients' choices to delegate investment decisions to agents. We find that clients favor delegation to investment algorithms,...

To study whether clients benefit from delegating financial investment decisions to an agent, we run an investment allocation experiment with 408 finance professionals (agents) and 550 participants from the general population (clients). In several between-subjects treatments, we vary the mode of...

We investigate how the anchoring effect-a well-established cognitive bias-influences the full distribution of subjective beliefs. While prior research extensively examines the impact of anchoring and other biases on point estimates, their effect on higher moments of the distribution remains...

This paper investigates the use of self-funded commitment contracts to support individuals in achieving their goals of increased physical activity. We compare the effect of soft (non-incentivised) commitment contracts with hard (incentivised) contracts using a randomised experiment with 1629...