We consider a matching model in which individuals belonging to two populations (\textquotedblleft males\textquotedblright\ and \textquotedblleft females\textquotedblright ) can match to share their exogenous income risk. Within each population, individuals can be ranked by risk aversion in the...

The role of first principles in economics is examined through the lens of dominant methodological approaches of the classical and neoclassical periods. First principles are most clearly displayed in pure deductive systems. The tension between first principles as the basis for deductivist...

The study intends (1) to look at the importance of individual rationality as the main principle of economic behaviour, incorporated best in the concept of "homo oeconomicus". (2) to show how the third technological revolution, the "digitalization of society", may transform individual behaviour...

This paper analyzes the effect of competition in a dynamic contest in which agents of two types (A and B) differ in their expected performances; environments where type A outperforms type B are more frequent than those where B outperforms A. In each period, the population of agents is randomly...

We characterize axiomatically a stochastic choice model, the consistent-mistakes model (CMM), that describes an error-prone decision maker's choices. In contrast to random utility models, CMMs generate closed-form choice probability. Under the axioms, we uniquely identify from the choices an...

Using the new macro data on risk aversion and patience by Falk et al. (2018), I show that risk aversion and patience are related to intelligence: high-IQ populations are more patient and more risk averse than low-IQ populations. The correlation between patience and intelligence corroborates...

Using the new macro data on risk aversion and patience by Falk et al. (2018), I show that risk aversion and patience are related to intelligence: high-IQ populations are more patient and more risk averse than low-IQ populations. The correlation between patience and intelligence corroborates...

This paper aims at the evaluation of the reform of vocational education introduced in 1998 in Hungary. The reform extended the duration of education by one year, and increased teaching time spent on non-vocational subjects. The reform affected two of the three tracks in upper-secondary education...

Sellers display astounding differences in their cheating behavior, even in developing countries with weak enforcement of rules. Using the context of informal milk markets in India, we examine the role of reputation and norms of honesty as potential explanations. Our results show that individuals...

Die Situation von Kleinanlegern* auf dem Finanzmarkt ist in Deutschland weitgehend unerforscht. Mit Blick darauf beleuchtet der folgende Beitrag auf Grundlage der Ergebnisse eines qualitativen soziologischen Forschungsprojekts drei wesentliche Dimensionen ihrer Anlagepraxis. Es geht erstens um...