We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors’ beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover,...

Women are often perceived as more compliant than men; however, the literature provides inconclusive evidence. Using a novel experimental design comprising two complementary experiments, we test this claim in online samples representative of the German adult population. The first experiment...

We introduce the word illustration task (WIT), a novel experimental task to quantify performance in an idea generation context. Between treatments, we vary whether or not piece-rate (PR) incentives are implemented and the degree to which these incentives are aligned with the desirable outcome....

Biased beliefs affect real-world decisions, including political solutions to societal challenges. One crucial example is environmental policy: people tend to underestimate the incentive effect of Pigouvian policies. Addressing biased beliefs at scale is then paramount. In the days leading up to...

When communicating numeric estimates with policymakers, journalists, or the general public, experts must choose between using numbers or natural language. We run two experiments to study whether experts strategically use language to communicate numeric estimates in order to persuade receivers....

The report has four main chapters, followed by the conclusion and policy recommendations. Chapter 2, context provides overviews of the three programs, including enrollment, the payment process, and demographic characteristics of the beneficiaries. Chapter 3 explains the payment architecture used...