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While economists believe that monetary incentives provide the most powerful motivation for individuals to undertake an activity, major schools in psychology and sociology emphasize the motives coming from within the individual and from the personal and cultural differences among individuals. This dissertation employs both approaches to investigate the effect of monetary incentives, behavioral biases (such as overconfidence), and culture on individuals' decision-making. So it can be divided in two parts. The first part of this dissertation explores the effect of different compensation schemes on risk-taking behavior and performance of proprietary traders and mutual fund managers, using an experimental setup and historical data. The second part investigates the role of overconfidence in effort and investment provision and the role of cultural background in risk-taking in experimental setting.
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