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Beyond information : disclosure, distracted attention, and investor behavior

Hillenbrand, Adrian; Schmelzer, André - 2015 - Working paper version: December 2015

Financial disclosure documents provide investors with product details to facilitate informed investment decisions. We investigate whether the appearance - the visual frame - of disclosure documents impacts risk and return expectations and investment behavior. In our experiment, subjects decide...

Persistent link: https://www.econbiz.de/10011416914

A random shock is not random assignment

Engel, Christoph - 2016

A random shock excludes reverse causality and reduces omitted variable bias. Yet a natural experiment does not identify random exposure to treatment, but the reaction to a random change from baseline to treatment. A lab experiment comparing higher certainty with higher severity of punishment for...

Persistent link: https://www.econbiz.de/10011478687

Inherited institutions : cooperation in the light of democratic legitimacy

Langenbach, Pascal; Tausch, Franziska - 2017

We experimentally investigate whether the procedural history of a sanctioning institution affects cooperation in a social dilemma. Subjects inherit the institutional setting from a previous generation of subjects who either decided on the implementation of the institution democratically by...

Persistent link: https://www.econbiz.de/10011587713

Experimental social planners : good natured, but overly optimistic

Engel, Christoph; Hippel, Svenja - 2017

Public goods are dealt with in two literatures that neglect each other. Mechanism design advises a social planner that expects individuals to misrepresent their valuations. Experiments study the provision of the good when preferences might be non-standard. We introduce the problem of the...

Persistent link: https://www.econbiz.de/10011763621

Risk and punishment revisited : errors in variables and in the lab

Engel, Christoph; Kirchkamp, Oliver - 2016

We provide an example for an errors in variables problem which might be often neglected but which is quite common in lab experimental practice: In one task, attitude towards risk is measured, in another task participants behave in a way that can possibly be explained by their risk attitude. How...

Persistent link: https://www.econbiz.de/10011516657

The EU debt crisis : testing and revisiting conventional legal doctrine

De Grauwe, Paul; Ji, Yuemei; Steinbach, Armin - 2016

Controversies surrounding the European sovereign debt crisis loom prominent in the public debate. From a legal perspective, the no-bailout rule and the ban on monetary financing constitute the main principles governing the legality review of financial assistance and liquidity measures....

Persistent link: https://www.econbiz.de/10011516671

Tacit collusion : the neglected experimental evidence

Engel, Christoph - 2015

Both in the US and in Europe, antitrust authorities prohibit merger not only if the merged entity, in and of itself, is no longer sufficiently controlled by competition. The authorities also intervene if, post merger, the market structure has changed such that "tacit collusion" or "coordinated...

Persistent link: https://www.econbiz.de/10010483415

Who is afraid of pirates? : an experiment on the deterrence of innovation by imitation

Engel, Christoph; Kleine, Marco - 2013

cost and risk. Nonetheless standard theory predicts too little innovation. Arguably the problem is exacerbated by … appropriation than predicted by standard theory. But the risk and the experience of appropriation does not deter innovation. We find … even more innovation than predicted by theory, and actually more than would be efficient. In the lab, the prospect of …

Persistent link: https://www.econbiz.de/10009742356

Win shift lose stay : an experimental test of non-compete clauses

Bünstorf, Guido; Engel, Christoph; Fischer, Sven; … - 2013

We experimentally test the effect of enforceable non-compete clauses on working efforts. The employee can invest into the probability of making a profitable innovation. After a successful innovation (Win) the employee may want to leave the firm (Shift) whereas after an innovation failure (Lose)...

Persistent link: https://www.econbiz.de/10010194567

Testing the endowment effect for default rules

Marcin, Isabel; Nicklisch, Andreas - 2014

This paper explores potential endowment effects of contractual default rules. For this purpose, we analyze the Hadley liability default clause in a model of bilateral bargaining of lotteries against safe options. The liability default clause determines the right for the safe payoff option. We...

Persistent link: https://www.econbiz.de/10010229851