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Coordination under loss contracts
Ahrens, Steffen; Bitter, Lea; Bosch-Rosa, Ciril - 2020
In this paper we study the effects that loss contracts - prepayments that can be clawbacked later - have on group coordination when there is strategic uncertainty. We compare the choices made by experimental subjects in a minimum effort game. In control sessions, incentives are formulated as a...
Persistent link: https://www.econbiz.de/10012285502
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Price dynamics and trader overconfidence
Ahrens, Steffen; Bosch-Rosa, Ciril; Roulund, Rasmus Pank - 2019
Overconfidence is one of the most important biases in financial markets and commonly associated with excessive trading and asset market bubbles. So far, most of the finance literature takes overconfidence as a given, "static" personality trait. In this paper we introduce a novel experimental...
Persistent link: https://www.econbiz.de/10012034133
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Intertemporal consumption and debt aversion : a replication and extension
Ahrens, Steffen; Bosch-Rosa, Ciril; Meissner, Thomas - 2022
correlating a new individual index of debt aversion on individual characteristics such as gender, cognitive ability, and risk … aversion. The findings suggest that gender and risk aversion are not correlated with debt aversion. However, cognitive ability …
Persistent link: https://www.econbiz.de/10012799407
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Intertemporal consumption and debt aversion : a replication and extension
Ahrens, Steffen; Bosch-Rosa, Ciril; Meissner, Thomas - 2022
correlating a new individual index of debt aversion on individual characteristics such as gender, cognitive ability, and risk … aversion. The findings suggest that gender and risk aversion are not correlated with debt aversion. However, cognitive ability …
Persistent link: https://www.econbiz.de/10013191573
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Show what you risk - norms for risk taking
Grimm, Stefan - 2018
choices being observed, compared to anonymity of choices, on risk taking in a laboratory experiment. I relate participants …' investments in a risky asset directly to social norms for risk taking that are elicited in an incentivized procedure. I find that … risk taking is not affected by the choice being observed by a matched participant. Nor do investments follow elicited norms …
Persistent link: https://www.econbiz.de/10011930435
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Risk-taking under limited liability : quantifying the role of motivated beliefs
Bosch-Rosa, Ciril; Gietl, Daniel; Heinemann, Frank - 2019
This paper investigates whether limited liability affects risk-taking through motivated beliefs. To do so, we run a … within-subject experiment in which subjects invest in a risky asset under full or limited liability. In both cases, before … the investment is made, subjects observe a noisy signal that indicates whether the investment will succeed or fail. They …
Persistent link: https://www.econbiz.de/10012138863
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What moves households' expectations during a crisis? : evidence from a randomized information experiment
Metiu, Norbert; Stockerl, Valentin - 2024
Using a randomized information experiment embedded in a representative survey, we study households' economic …
Persistent link: https://www.econbiz.de/10015205429
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Motivated beliefs, social preferences, and limited liability in financial decision-making
Ahrens, Steffen; Bosch-Rosa, Ciril - 2022
of liability. Our results reflect the importance of social preferences when making investment decisions for others. We … probability that their investment results in a gain. In other words, we find that social preferences appear to be correlated with …
Persistent link: https://www.econbiz.de/10013435377
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Investor responses to information updates on peer behavior and public investment policy : the case of green investments
Alt, Marius; Berger, Marius; Bersch, Johannes - 2023 - This version: May, 2023
green startups of other investors and ii) investment provision by public institutions affect the willingness of investors to … act accordingly. We combine data from an online survey with angel investors comprising a discrete choice experiment and … investors and public investment in green startups. However, in both cases, investors reduce their investments in green startups …
Persistent link: https://www.econbiz.de/10014311702
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Heads we both win, tails only you lose : the effect of limited liability on risk-taking in financial decision making
Ahrens, Steffen; Bosch-Rosa, Ciril - 2019
One of the reasons for the recent crisis is that financial institutions took "too much risk" (Brunnermeier, 2009 …; Taylor et al., 2010). Why were these institutions taking so much risk is an open question. A recent strand in the literature … liability does not affect the beliefs of investors, but does increase their willing exposure to risk. This results points to a …
Persistent link: https://www.econbiz.de/10012034134