In the past decades, a multitude of judgmental and behavioral biases with regards to financial decision making has been found. But are these biases connected with each other? Are people prone to, e.g., illusion of control, usually also more prone to confirmation or hindsight bias? In this study...

We study a number of large international military conflicts since World War II where we establish a news analysis as a proxy for the estimated likelihood that the conflict will result in a war. We find that in cases when there is a pre-war phase, an increase in the war likelihood tends to...

This study proposes an analytical framework towards behavioral political economy of institutional change. It considers institutional changes as central government’s choices under uncertainty, which are largely driven by the strategic outcomes in a behavioral coordination game between local...

This study proposes an analytical framework towards behavioral political economy of institutional change. It considers institutional changes as central government's choices under uncertainty, which are largely driven by the strategic outcomes in a behavioral coordination game between local...

We study a model that relates dividend payout policy to behavioral issues based on the ideas of mental accounting. A panel analysis across 29 countries and over 43,000 firm-years demonstrates that our model studying the relation between dividends and patience, loss aversion, and ambiguity...