This work contributes to the literature demonstrating an important role for psychological traits in labor market decisions. We show that West German workers with an internal locus of control sort into jobs with performance appraisals. Appraisals provide workers who believe they control their...

This work contributes to the literature demonstrating an important role for psychological traits in labor market decisions. We show that West German workers with an internal locus of control sort into jobs with performance appraisals. Appraisals provide workers who believe they control their...

The discount rate is of great importance for all decisions in an intertemporal context, such as the decision of how much a society invests in environmental preservation, or the financial decisionmaking on the individual level. This study experimentally investigates the time preferences of...

Risk attitude and perception is reflected in brain reactions during RPID experiments. Given the fMRI data, an important research question is how to detect risk related regions and to investigate the relation between risk preferences and brain activity. Conventional methods are often insensitive...

From 2009 to 2011, the Thai government implemented an income guarantee program for rice, tapioca and maize farmers. Essentially, this program added a non-negative but stochastic component to the incomes of registered farmers. We evaluate the impact of the program on risk attitudes and investment...

This paper complements evidence on the Allais paradox from advanced countries and educated people by a novel investigation in a poor rural area. The share of Allais-type behavior is indeed high and related to characteristics of "lacking ability", such as poor education, unemployment, and little...

This paper analyses the relation between individual migrations and the risk attitudes of other household members when migration is a household decision. We develop a simple model that implies that which member migrates depends on the distribution of risk attitudes among all household members,...

A large number of recent experimental studies show that women are less likely to sort into competitive environments. While part of this effect may be explained by gender differences in risk attitudes and overconfidence, previous studies have attributed the majority of the gender gap to gender...

This paper complements evidence on the Allais paradox from advanced countries and educated people by a novel investigation in a poor rural area. The share of Allais-type behavior is indeed high and related to characteristics of "lacking ability", such as poor education, unemployment, and little...

Job change is a decision under uncertainty: It is associated with costs whereas the decision is made without full knowledge about future benefits. In order to investigate the relationship between willingness to take risks and job mobility, we first extend a model for on-the-job search with...

We attempt to link laboratory-based measures of preferences with measures of school performance. We measure in an incentivized way risk, time, social and competitive preferences and also cognitive abilities of university students and look for associations between these measures and two important...

In this study we experimentally investigate whether solidarity, which is a crucial base for informal insurance arrangements in developing countries, is sensitive to the extent to which in-dividuals can influence their risk exposure. With slum dwellers of Nairobi our design measures subjects'...

In this study we experimentally investigate whether solidarity, which is a crucial base for informal insurance arrangements in developing countries, is sensitive to the extent to which individuals can influence their risk exposure. With slum dwellers of Nairobi our design measures subjects'...

In this study we experimentally investigate whether solidarity, which is a crucial base for informal insurance arrangements in developing countries, is sensitive to the extent to which individuals can influence their risk exposure. With slum dwellers of Nairobi our design measures subjects'...

In this paper we investigated group size impact on risk aversion when a majority rule is applied. Drawing on the widely used Holt and Laury’s (2002) lottery pairs, we observed a risky shift for both individual and groups regardless of their size. However, groups choices are shown to be closer...

Decision making can be a complex process requiring the integration of several attributes of choice options. Understanding the neural processes underlying (uncertain) investment decisions is an important topic in neuroeconomics. We analyzed functional magnetic resonance imaging (fMRI) data from...

This work contributes to the literature demonstrating an important role for psychological traits in labor market decisions. We show that West German workers with an internal locus of control sort into jobs with performance appraisals. Appraisals provide workers who believe they control their...

This paper complements evidence on the Allais paradox from advanced countries and educated people by a novel investigation in a poor rural area. The share of Allais-type behavior is indeed high and related to characteristics of 'lacking ability', such as poor education, unemployment, and little...

In this paper, we first replicated Harrison et al. (2012). Then, we studied if the group’s size has an impact on group’s risk aversion. In line with Harrison et al. (2012), our results confirm that no significant differences occur between individuals and groups risk aversion in three-person...

In Germany and many other countries, financial advisors are required by law to assess their clients' risk preferences in order to help them make informed and appropriate investment decisions. Most institutions that provide financial advice-banks, for instance-carry out this assessment using just...

In vielen Ländern der Welt, Deutschland eingeschlossen, sind Finanzberater (hier Personen, die Privatanleger bei Finanzanlagen beraten) heutzutage gesetzlich verpflichtet, die Risikoeinstellung ihrer Kunden zu erfassen, um ihnen dabei zu helfen, die passendste Anlageentscheidung zu treffen. Die...

Principal component analysis (PCA) is a widely used dimension reduction tool in the analysis of high-dimensional data. However, in many applications such as risk quantification in finance or climatology, one is interested in capturing the tail variations rather than variation around the mean. In...

This work contributes to the literature demonstrating an important role for psychological traits in labor market decisions. We show that West German workers with an internal locus of control sort into jobs with performance appraisals. Appraisals provide workers who believe they control their...

Using data of adult women from the German Socio-Economic Panel (SOEP), we find that risk tolerance is associated with a higher probability of an out-of-partnership birth. In contrast, we find no association between risk tolerance and the probability of a cohabiting birth.

This paper complements evidence on the Allais paradox from advanced countries and educated people by a novel investigation in a poor rural area. The share of Allais-type behavior is indeed high and related to characteristics of “lacking ability”, such as poor education, unemployment, and...

Produktinnovationen sind für Unternehmen von großer Bedeutung für deren langfristige Existenzsicherung. So ist fast die Hälfte aller deutschen Unternehmen innovationstätig und verfügt über hohe Innovationsausgaben. Den hohen Innovationsausgaben stehen hohe Misserfolgsquoten gegenüber....

This thesis contributes to the understanding of the economic decision making of farmers. In five chapters, different experimental investigations of preferences and cognitive biases are presented. Various experimental measures of risk and time preference are applied to analyze farmers’...

In this chapter, we discuss the "lab-in-the-field" methodology, which combines elements of both lab and field experiments in using standardized, validated paradigms from the lab in targeting relevant populations in naturalistic settings. We begin by examining how the methodology has been used to...