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Asymmetric Social Norms
(2017-01-10)
Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is efficient and any defection is collectively sanctioned. Here we study heterogeneous economies where ...
The Impact of Biases in Survival Beliefs on Savings Behavior
(2017-03-24)
"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, ...
Mental Accounting in a Business Cycle Model
(2018-12-17)
Motivated by the consumer behavior literature, this paper presents a new business cycle model in which consumers incur a pain of paying and neglect the opportunity costs of consumption. Although consumers maximize their ...
Belief Formation and Belief Updating under Ambiguity: Evidence from Experiments
(2019-09-21)
Decisions under ambiguity depend on both the belief regarding possible scenarios and the attitude towards ambiguity. This paper exclusively focuses on beliefs, measured independent from attitudes. We use laboratory experiments ...
Time Preferences over the Life Cycle
(2020-02-01)
We study whether and how time preferences change over the life cycle, exploiting representative long-term panel data. We estimate the age patterns of discount rates from age 25 to 80. In order to identify age effects, we ...
The Economic Consequences of Algorithmic Discrimination: Theory and Empirical Evidence
(2020-12-09)
Using a novel theoretical framework and data from a comprehensive field study we conducted over a period of three years, we outline the causal effects of algorithmic discrimination on economic efficiency and social welfare ...
Separating the Effects of Beliefs and Attitudes on Pricing under Ambiguity
(2021-03-10)
The pricing of an ambiguous asset, whose cash flow stream is uncertain, may be affected by three factors: the belief regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude ...
Incentives, self-selection, and coordination of motivated agents for the production of social goods
(2021-07-24)
We study, theoretically and empirically, the effects of incentives on the self-selection and coordination of motivated agents to produce a social good. Agents join teams where they allocate effort to either generate ...