The influence of moral costs and heuristics on individual decision making: Five essays in behavioral economics

Abstract

In this thesis I present three essays in which the influence of heuristics on individual decision making is analyzed and two essays dealing with behavioral aspects of moral costs. In chapter two, we investigate the effect a traders’ decision can have on the disposition effect heuristic when they decide on behalf of others. In chapter three, the effect of the prenatal androgen exposure on loss aversion, as an essential driver of heuristics in financial economics, is analyzed. In chapter four, we went beyond the heuristics applied by stock investors and experimentally investigate disposition effects of farmers selling their stores goods. In chapter five, we turn to immoral behavior and analyze how social distance influences honesty. Finally, in chapter six, we distinguish experimentally between the intrinsic moral costs of lying and stealing.

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