The paper analyses on an experimental basis the phenomenon of non-optimal under-diversification in portfolio choice decisions and investigates the reasons behind it. The most important obstacles for optimal diversification are studied – the correlation neglect hypothesis and the overconfidence...

The paper aims at defining the role of intentions for reciprocity. The ultimatum game is modified, by adding a kind of randomizer (“Chinese Whisper”), to generate outcomes which are not intended und thus to separate the proposers’ initial intentions from their actual offers. The mechanism...

This paper provides an economic justification for the protection of cultural property rights of indigenous groups. Cultural property either in the form of traditional knowledge or folklore carries the potential to increase wealth by adding to the knowledge base of an economy. But in order to...

Reputational herding has been considered as a driving force behind economic and financial forecasts clustered around consensus values. Strategic coordination can consequently explain poor performances of prediction markets as resulting from the distinct incentives that forecasters face. While...

Experimental research found contradictory results regarding the occurrence of informational cascades. Whereas Anderson and Holt [Anderson, L.R., Holt, C.A., 1997. Information cascades in the laboratory. The American Economic Review 87, 847-862] confirmed the model of Banerjee [Banerjee, A.V.,...

Capital market forecasts sometimes suffer from a too intensive orientation towards the current market situation and lose their future-orientated character. This phenomenon can be referred to as Topical Orientated Trend Adjustment (GOVA). For an individual statistical proof we develop a new...

Einzeltitelempfehlungen von Banken oder Fachzeitschriften treffen in den vergangenen Jahren bei der Investorenschaft immer häufiger auf Misstrauen. Zunehmende Aufmerksamkeit wird hingegen indexbasierten aktiven Portfoliomanagement-Strategien gewidmet. Trotzdem werden nur selten Prognosen zur...