Showing papers by "Steffen Huck published in 2021"
TL;DR: In this article, the authors study an investment experiment conducted with a representative sample of German households, where participants invest in a safe asset and a risky asset whose return is tied to the German stock market and find that households do not significantly react to an exogenous increase in the risky asset's return.
Abstract: We study an investment experiment conducted with a representative sample of German households Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity: they predict real-life stock market participation But many households do not significantly react to an exogenous increase in the risky asset's return The data analysis and analogous laboratory experiments suggest that task complexity decreases the responsiveness to incentives Modifying the return of the (simpler) safe asset has a larger effect
8 citations
Posted Content•
TL;DR: In this article, the authors examine how asking for donations affects ticket sales of a publically owned leading opera company and find that donations can crowd out ticket expenditure during a campaign, but for the longer run they observe a precisely estimated null effect.
Abstract: Some companies engage in mass fundraising - where thousands of recipients are asked to make small donations - in addition to their core business. Via a corpo-rate social responsibility (CSR) channel this may increase sales. However, recent research uncovered significant "ask avoidance" which, if present, could imply that fundraising activities may harm a company's core business. Here we examine how asking for donations affects ticket sales of a publically owned leading opera company. In two large-scale randomized controlled trials with a total of over 50,000 opera visitors, who are asked to donate for a social youth project, we find that donations can crowd out ticket expenditure during a campaign. But for the longer run we observe a precisely estimated null effect.
6 citations
Posted Content•
01 Jan 2021
TL;DR: In this paper, the authors study an investment experiment with a representative sample of German households, where respondents invest in a safe asset and a risky asset whose return is tied to the German stock market.
Abstract: We study an investment experiment with a representative sample of German households. Respondents invest in a safe asset and a risky asset whose return is tied to the German stock market. Experimental investments correlate with beliefs about stock market returns and exhibit desirable external validity at least in one respect: they predict real-life stock market participation. But many households are unresponsive to an exogenous increase in the risky asset’s return. The data analysis and a series of additional laboratory experiments suggest that task complexity decreases the responsiveness to incentives. Modifying the safe asset’s return has a larger effect on behaviour than modifying the risky asset’s return.
1 citations