We investigate the relationships between the return on investments in paintings and other financial investments in Turkey. To this aim, we estimate a hedonic price index for a portfolio of Turkish painters. We find that investing in the market for paintings is a viable alternative even in an...

In this paper we study the influence of superstitions related to numbers 13 and 7 on people's buying behavior in the apartment market. A unique feature of our methodology is that we use real sales data instead of survey or pricing data. Based on the dataset from Saint-Petersburg primary real...

This paper presents a theoretical model explaining how fatalistic beliefs may influence a person's choice as to whether to become an entrepreneur. The key assumption of the model is that fatalism affects the expected effectiveness of the efforts that will be exerted in running an entrepreneurial...

Using prefecture level data of Japan for the years 1979 and 1996, I explore the extent to which inequality, age heterogeneity, and social capital have an effect upon interpersonal trust. The major finding is that inequality is associated with low trust, while generational heterogeneity is...

This paper examines the influence of relative income position on individuals' attitudes by analyzing ISSP 1998 microdata from 25 countries along four different dimensions. Our results provide evidence for a sizeable relative income effect while also suggesting that absolute income level may be...

Investing in art objects yields financial and psychic returns. The psychic returns arise since art has a superior consumption good aspect as well. The question is whether it is possible to measure the psychic returns. One valuation method for estimating the psychic returns to investing in...

This paper explores the causal link between associationism and general trust. First we study the principal components that constitute social capital. Then we contrast a structural model identifying the relations between the relevant variables in the so-called Olson-Putnam aporia. The results of...

Bloggers devote significant time not only producing content for others to read, watch or listen to, but also paying attention to and engaging in interactions with other bloggers. We hope to throw light not only on the factors that gain bloggers significant readership and lively interactions with...

In an emerging literature, informal institutions or culture has been defined based on four important traits - TRUST, RESPECT, CONTROL and OBEDIENCE. This paper investigates the question - do informal institutions, defined by these traits, enhance women's political, social and economic rights? A...

Using prefecture level data of Japan for the years 1979 and 1996, I explore the extent to which inequality, age heterogeneity, and social capital have an effect upon interpersonal trust. The major finding is that inequality is associated with low trust, while generational heterogeneity is...