The expected utility hypothesis has a long successful tradition in economics. However, behavioral anomalies confound it when utility depends solely on the absolute level of wealth. Harry Markowitz (1952) suggested that the anomalies might be resolved if utility could be augmented to endogenize...

This paper examines the impact of federal securities statutes (seven major legislative acts and 535 amendments) on the mean and variance of total real U.S. stock market returns. In contrast to previous work, this study controls for the persistence of the variability of stock returns, employs a...

Student volunteers at the U.S. Naval Academy (USNA) participated in one of the following oneshot games: a dictator game, an ultimatum game, a trust game, or a prisoner’s dilemma game. We find limited support for the importance of personality type for explaining subjects’ decisions. With...

A growing number of field and experimental studies in social dilemma settings focus on the institutional arrangements by which individuals are able to solve collective action problems. Important in this research is the role of reciprocity and institutions that facilitate cooperation via...

Colleges and universities are being asked by numerous sources to provide Assurance of Learning assessments of their students and programs. Colleges of Business have responded by using a plethora of assessment tools, including the Major Field Test in Business. In this article, we show that the...

We use a binary probit model to assess the impact of several changes in math prerequisites on student performance in an undergraduate business statistics course. While the initial prerequisites did not necessarily provide students with the necessary math skills, our study, the first to examine...