The COVID-19 pandemic changed the relationship between the market economy, state, and society in the G7 countries and beyond. While economies...

Standard economic theory assumes that individual risk taking decisions are independent from the social context. Recent experimental evidence...

This article analyzes insurance demand under prospect theory in a simple model with two states of the world and fair insurance contracts. We...

The existing models of Bayesian learning with multiple priors by Marinacci and by Epstein and Schneider formalize the intuitive notion that...

The literature reports a tendency that future losses are discounted less than future gains, the so-called sign effect in intertemporal...

We study ethnic discrimination in Europe’s largest carpooling marketplace. Using a unique dataset with more than 17,000 rides, we estimate the...

Experiments on choice under risk typically involve multiple decisions by individual subjects. The choice of mechanism for selecting...

This paper presents an experimental study analyzing common consequence effects with binary choice, willingness-to-pay (WTP), and...

Each stage of the human life course is characterised by a distinctive pattern of social relations. We study how the intensity and importance...

Human judgment and decision-making (JDM) requires an assessment of different choice options. While traditional theories of choice argue that...

We show, using data from the Italian Survey on Household Income and Wealth and the German Socio-economic Panel, that household consumption...

This paper investigates the relationship between market overconfidence and occurrence of stock-price bubbles. Sixty participants traded stocks...

Dyadic social relations are known to exhibit homophily – attraction and bonding between similar individuals – and recent studies have detected...

Sibling relations are typically close but ambivalent, including both altruism and competition. Full siblings are often assumed to exhibit more...

Individuals often rely on simple heuristics when they face complex choice situations under uncertainty. Traditionally, it has been proposed...

Most simulated micro-founded macro models use solely consumer-demand aggregates in order to estimate preference parameters of a representative...

This paper analyzes whether social comparison can explain the low take-up of disaster insurance usually reported in field studies. We argue...