In dieser Studie wird eine Auswahl an zentralen Denkfehlern bei der Geldanlage dargestellt, die aufgrund von begrenzt rationalem Verhalten getroffen werden. Auf Basis aktueller Studien aus der Verhaltensökonomik wird erklärt, wieso sich Anleger häufig falsch verhalten und was sie dagegen tun...

2016 jährte sich das Erscheinen des Artikels von John Maurice Clark mit dem in der Überschrift genannten Titel im Journal of Political Economy zum hundertsten Mal. Clark legt in diesem Artikel seine Vorstellungen zur Entwicklung einer "economics of responsibility" und zur Wahrnehmung von...

2016 jährte sich das Erscheinen des Artikels von John Maurice Clark mit dem in der Überschrift genannten Titel im Journal of Political Economy zum hundertsten Mal. Clark legt in diesem Artikel seine Vorstellungen zur Entwicklung einer "economics of responsibility" und zur Wahrnehmung von...

On average young people "undersave" whereas old people "oversave" with respect to the rational expectations model of life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also "underestimate" whereas old people "overestimate" their...

Pension economics has traditionally guided pension policy with the help of formal models based on individuals who think in a life cycle context with perfect foresight, full information, and in a time-consistent manner. This paper sheds light on selected aspects of pension economics when these...

On average young people "undersave" whereas old people "oversave" with respect to the rational expectations model of life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also "underestimate" whereas old people "overestimate" their...

Environmental policies are increasingly informed by behavioral economics insights. 'Green nudges' in particular have been suggested as a promising new tool to encourage consumers to act in an environmentally responsible way, such as choosing renewable energy sources or saving energy. While there...

In this study we test predictions from Unconscious Thought Theory (UTT) that unconscious thought will lead to better decision making in complex decision tasks relative to conscious thought. Different from prior work testing this prediction, we use a method of manipulating conscious and...

This paper seeks to extend the domain of identity economics by exploring motivational foundations of in-group cooperation and out-group competition. On this basis, we explore the reflexive interaction between individual economic decisions and social identities in response to technological change...

This paper estimates the percentage of students who do not take up their federal need-based student financial aid entitlements and sheds light on determinants of this behavior. Against the background that educational mobility in Germany is low although extensive student financial aid for needy...

Recent evidence suggests that default based nudges i.e. alterations in the decisional context, can have large effects on decision making and can be used as policy interventions to improve individual and public welfare. This paper presents the results of a controlled experiment (N = 988),...

This paper seeks to extend the domain of identity economics by exploring motivational foundations of in-group cooperation and out-group competition. On this basis, we explore the reflexive interaction between individual economic decisions and social identities in response to technological change...

Purpose - This paper addresses a criticism of coaching that is rather overlooked in the respective literature but highly discussed among clients. It is often claimed that coaching is nothing more than a chat among friends or colleagues and has, therefore, no added value for a potential customer....

The consequences of many economic decisions only materialize in the future. To make informed choices in such decision problems, consumers need to anticipate the likelihood of future states of the world, the state-dependence of their preferences, and the choice alternatives that may become...

This survey paper discusses the links between (1) research done by Amartya K. Sen on the social rate of discount and (2) behavioural economics studies on intertemporal and interpersonal choice. Sen's idea on the need to differentiate social rate of discount allowed to pave the way further...

Naturkatastrophen wie Hurrikans, Erdbeben, Tsunamis, aber auch Terroranschläge erschüttern die Menschen und lösen weltweit Anteilnahme und Solidarität aus. Das Ausmaß dieser Anteilnahme hängt dabei von verschiedenen Faktoren ab, wie die Verhaltensökonomik zeigt.

This paper analyzes 12,596 wagering decisions of 6,064 contestants in the US game show Jeopardy!, focusing on the anchoring phenomenon in financial decision-making. We find that contestants anchor heavily on the initial dollar value of a clue in their wagering decision, even though there exists...

Partnering with a savings product provider in Kenya, we tested the extent to which behavioral interventions and financial incentives can increase the saving rate of individuals with low and irregular income. Our experiment lasted for six months and included a total of twelve conditions. The...

Politikberatung ist in einer komplexen Umwelt nicht trivial. Versucht man mit theoretischen Modellen Politikfragen zu beantworten, sind die Modellvoraussetzungen entscheidend, aber oft nicht mit der Realität vereinbar. Der Sachverständigenrat setzt auf eine evidenzbasierte Politikberatung....

Vor zehn Jahren haben erste Unternehmen damit begonnen, ihre Käuferschaft nach dem „Pay-what-you-want“-Prinzip entscheiden zu lassen, wieviel sie für eine in Anspruch genommene Leistung zahlen will. Parallel dazu hat die Verhaltensökonomik in Laborexperimenten oder Feldversuchen...

Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. Thus, strategic decisions are influenced by the social context and by beliefs about other actors’ levels of sophistication. The present study investigated whether strategic...

Over two days in February 1988, several key experimental economists and cognitive psychologists met to explore the possibilities of joint research promoted by the Sloan and Russell Sage Foundations under the rubric behavioral economics. The original vision that the meeting could open a line of...

Die vorliegende Arbeit beschäftigt sich mit der Suche nach möglichen Rechtfertigungen für zwingende Bestimmungen im Privatrecht. Da das Privatrecht stark vom Prinzip der Privatautonomie geprägt ist, werfen zwingende Bestimmungen die grundsätzliche Frage auf, ob diese wirklich notwendig...

Implicit discount rates (IDRs) are employed in energy models to capture household investment decisions, yet the factors behind the IDR and their respective implications for policy-making usually remain blurred and fractional. The proposed comprehensive framework distinguishes three broad...