Das Tabu brechen: Gemeinsam über Geld sprechen Ein Werkstatt-Bericht

The paper shows work in progress. Several years ago I started forming groups of men and women who want to reflect about their different money styles. I assume that the special way a person deals with money reflects its personality, especially the conflicts he or she has with him or herself and with others. The conventional economic view ignores such symbolism. It fails to provide an adequate understanding about the big influence of emotions, norms and values on what people think about money and how they use it in different social situations. But people seldom make rational decisions. In most cases they only rationalize their irrational desires. It is therefore necessary to develop a financial competence which is based on the insight in ones own psychic structure. The groups I report about here offers sheltered spaces where such insights can be gained.     

Empirical rules of thumb for choice under uncertainty

A substantial body of empirical evidence shows that individuals overweight extreme events and act in conflict with the expected utility theory. These findings were the primary motivation behind the development of a rank-dependent utility theory for choice under uncertainty. The purpose of this paper is to demonstrate that some simple empirical rules of thumb for choice under uncertainty are consistent with the rank-dependent utility theory.