Peer review is a well-established cornerstone of the scientific process, yet it not immune to biases like status bias, which we explore in this paper. Merton described bias as prominent researchers getting disproportionately great credit for their contribution, while relatively unknown get little [R. K. Merton, Science 159, 56-63 (1968)]. We measured extent peer-review process through preregistered field experiment. invited more than 3,300 finance research paper jointly written by author (a...

Abstract We study the robustness of Krupka and Weber's method (2013) for eliciting social norms. In two online experiments with more than 1200 participants on Amazon Mechanical Turk, we find that participants’ response patterns are invariant to differences in salience monetarily incentivized coordination aspect. further demonstrate asking their personal first- second-order beliefs without monetary incentives results qualitatively identical responses case norms well aligned. Overall, produces...

We study four fundamental components of financial agency settings: The perception commonly used investment profile terminology, agents' customization portfolios to clients' preferences, the effect and preferences on levels, role compensation schemes. observe large heterogeneity in profiles, resulting substantial miscommunication between clients agents. Financial agents show a high willingness implement their preferred yet appear fail because deviating perceptions. Agents' own matter, but...

Abstract We document outcome bias in situations where an agent makes risky financial decisions for a principal. In three experiments, we show that the principal’s evaluations and rewards are strongly affected by random of investment. This happens despite her exact knowledge investment strategy, which can, therefore, be assessed independently outcome. The principal thus judges same decision differently, depending on factors has no influence on. effect outcomes persists setting principals...

Gender differences in university teaching evaluations are well established, showing less favorable assessments of female instructors. It has also been shown that these cannot be linked to students' course performance, which would justify evaluations. The thus either due aspects do not affect student but their class experience (e.g., likability voice tone), or evaluation biases unrelated any actual experience. We find support for the latter mechanism when between instructors excluded by...

Peer-review is a well-established cornerstone of the scientific process, yet it not immune to status bias. Merton identified problem as one in which prominent researchers get disproportionately great credit for their contribution while relatively unknown little (Merton, 1968). We measure extent this effect peer-review process through pre-registered field experiment. invite more than 3,300 review paper jointly written by author - Nobel laureate and an early-career research associate -,...

We provide a test of the axioms certainty and weak independence in models decision-making under subjective uncertainty. show that it is through these two weakenings classic axiom prominent ambiguity retain properties stand conflict with ambiguity-sensitive behavior revealed our experiment. Our findings suggest this may be more fundamental nature than what most can accommodate. results call for use accommodate an attitude which depends on chances winning.

Value of a Statistical Life Year (VSLY) provides an important economic measure individual's trade-off between health risks and other consumption, is widely used policy parameter. Measuring VSLY complex though, especially in low-income low-literacy communities.Using large randomized experiment (N = 3027), we study methodological aspects stated-preference elicitation with payment cards (price lists) extreme poverty context. In 2 × design, systematically vary whether buying or selling prices...

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Abstract To address the climate crisis, it is necessary to transform economy, with finance industry taking a central role by implementing sustainable investment policies. This study aims understand motivations and preferences of its key players—financial professionals experts. Here we use an incentivized experiment measure willingness forgo payout curb carbon emissions survey elicit attitudes beliefs toward crisis. We provide suggestive evidence that financial have lower emissions, are less...

We study first-order and higher-order inflation expectations of German households firms elicited from surveys. The data allows to shed light on the relation between different orders beliefs, derivate implications for noisy-information models with infinite regress. Moreover, since is identical firms, it also studying whether beliefs differs two samples. While we find that this mostly in our data, identify differences previously literature. discuss potential sources these their theoretical...

We study three fundamental components of financial agency settings: Perception and communication investment profiles, the interaction agents’ clients’ preferences, role (non-)monetary incentives. The perception profile terminology is very heterogeneous, resulting in substantial miscommunication between clients agents. Financial agents show a high willingness to implement their preferred profiles independent monetary Agents’ investments for are biased by own preferences.

We study the impact of disclosure about bank fundamentals on depositors’ behavior in presence (and absence) economic linkages between financial institutions. Using a controlled laboratory environment, we identify under which conditions is conducive to stability. find that deposits are sensitive perceived performance. While banks with strong benefit from more precise disclosure, an opposing effect present for solvent weaker fundamentals. Depositors take information into account and correctly...

Abstract To address this climate crisis, it is necessary to transform the economy with finance industry taking a central role by implementing sustainable investment policies. We use an incentivized experiment measure willingness forgo payout curb greenhouse gas emissions and survey elicit attitudes beliefs toward crisis among professionals---key protagonists on financial markets---and experts---key providing scientific findings. provide suggestive evidence that professionals have lower...