Two experiments were designed to explore the existence of systematic differences in risk perceptions and risk attitudes between Chinese and US participants. The first experiment involved ranking monetary lotteries using measures of perceived riskiness and willingness to pay (WTP). Several simple...

This paper explores how in-group bias affects the economic decisions of agents in ethnically heterogeneous societies, as well as the economic consequences of these decisions. We study these connections by examining a corporate litigation case in Nigeria and the in-group sentiments expressed on...

This paper examines the investment strategies of compliance companies in irreversible abatement technologies and the environmental achievements of the system in an inter-temporal cap-and-trade market using laboratory experiments. The experimental analysis is performed under varying market...

Purpose – In order to classify individuals based on their needs, this paper aims to consider both self‐stated attitudes and behaviours in a comprehensive range of daily financial affairs. Furthermore, it aims to study the impacts of socio‐demographic variables such as gender, age, and...

This paper illustrates the use of a statistical technique, finite mixture models, to fit the parameters in cumulative prospect theory. For a given decision, some individuals may adopt a gain frame, while others may adopt a loss frame. By using finite mixture models, the best fitting parameters...

The main result reported here is a Stone type local limit theorem for perturbed random walks Zn = Sn + [xi]n when some slow variation conditions are imposed on [xi]n's.

Two experiments were designed to explore the existence of systematic differences in risk perceptions and risk attitudes between Chinese and U.S. participants. The first experiment involved ranking monetary lotteries using measures of perceived riskiness and WTP. Several simple heuristics were...

This paper examines the investment strategies of regulated companies in abatement technologies, market participants' trading behaviors, and the liquidity level in an inter-temporal cap{and{trade market using laboratory experiments. The experimental analysis is performed under varying market...

This paper examines the investment strategies of regulated companies in irreversible abatement technologies and the environmental achievements of the system in an inter-temporal cap-and-trade market using laboratory experiments. The experimental analysis is performedunder varying market...