The significance of cultural factors in the international economic environment has recently increased thanks to economic, political and social aspects. The role of cultural elements has been emphasized by a wide range of studies, both from the theoretical as well as the empirical point of view....

In this paper, we aim to investigate cultural differences in economic decision making. Instead of rational utility maximizing b behavior, we adopt the Prospect theory, which assumes asymmetric between losing and gaining. We conducted a survey among 146 students from the Middle East Technical...