This paper reports the results of an experiment that brings together psychological measures of competence and overconfidence with laboratory economic measures of individual valuations of uncertainty. We examine the valuations of risky and ambiguous lotteries in a financial decision context. The...

How does risk tolerance vary with stake size? This important question cannot be adequately answered if framing effects, nonlinear probability weighting, and heterogeneity of preference types are neglected. We show that, contrary to gains, no coherent change in relative risk aversion is observed...

When valuing risky prospects, people tend to overweight small probabilities and to underweight large probabilities. Nonlinear probability weighting has proven to be a robust empirical phenomenon and has been integrated in decision models, such as cumulative prospect theory. Based on a laboratory...

On the one hand, empirical evidence shows that in financial markets women seem to behave more risk averse than men. On the other hand there is experimental showing that in risky decisions controlled for opportunity sets only the context matters. In investment and insurance contexts with given...

Mobile applications hold promise to foster sustainable mobility behavior, but evaluations of their effectiveness are subject to a number of empirical challenges. We conduct a randomized controlled trial with three distinctive features: unobtrusive tracking of the control group, limited sample...

We study the effect of repeated opportunities to behave pro-socially on aggregate pro-social behavior in two laboratory experiments and in field data on charitable giving. In the first experiment we show that two consecutive pro-social decisions (implemented as donations to a charity) lead to...

The provision of feedback about individual electricity consumption is a widely used approach to promote pro-environmental behavior. This form of feedback typically invokes social comparisons by informing households about their aggregate electricity consumption relative to others. While previous...