We present a new axiomatization of the classical discounted expected utility model, which is primarily used as a decision model for consumption streams under risk. This new axiomatization characterizes discounted expected utility as a model that satisfies natural extensions of standard axioms as...

Can television have a mitigating effect on xenophobia? To explore this question, we investigate a natural experiment in which individuals in some regions of East Germany could not—due to their geographic location—consume West German television until 1989. By analyzing survey data from the...

We present new descriptive evidence on the immigrant-native gap in risk and time preferences in Germany, one of the most preferred host countries for immigration. Using the recent waves of the Socio-Economic Panel (SOEP) dataset, we find that the immigrant-native gap in risk preferences has...

We present new descriptive evidence on the immigrant-native gap in risk and time preferences in Germany, one of immigrants' most preferred destination countries. Using the recent waves of the Socio-Economic Panel (SOEP) dataset, we find that the immigrant-native gap in risk preferences has...

What percentage of its assets should a defined benefit pension plan invest into stocks as its funding ratio varies? We show that the answer to this question depends on the institutional setting and in particular on the extent to which the sponsoring company contributes to the fund as the funding...

Can television have a mitigating effect on xenophobia? To explore this question, we investigate a natural experiment in which individuals in some regions of East Germany could not—due to their geographic location—consume West German television until 1989. By analyzing survey data from the...

Based on survey data collected from people with Chinese roots living in Germany, this paper examines the impact of assimilation degree and language priming (Chinese or German) on individuals’ perceived fairness of economic and social differences and their attitude towards these. The results...