Selected Publications

. Risky Choice in the Limelight. In Review of Economics and Statistics, 2016.

Journal article Working paper on SSRN Media: Financial Times Media: The Times Blog: The Conversation

. Number Preferences in Lotteries. In Judgment and Decision Making, 2016.

Journal article Working paper on SSRN Media: Wall Street Journal Media: NOS (Dutch) Media: Algemeen Dagblad (Dutch) Media: BNR (Dutch)

. Standing United or Falling Divided? High Stakes Bargaining in a TV Game Show. In American Economic Review, P&P, 2015.

Journal article Working paper on SSRN

Other Publications

. The Evil Eye: Eye Gaze and Competitiveness in Social Decision Making. In European Journal of Social Psychology, 2018.

Journal article Working paper on SSRN

. Comparing Uncertainty Aversion Towards Different Sources. In Theory and Decision, 2017.

Journal article Working paper on SSRN

. Coöperatie in Spelshows (Cooperation in Game Shows). In Samenwerking in sociale dilemma’s; Voorbeelden van Nederlands onderzoek, 2012.

Download from SSRN

. Social Motives in Network Formation: An Experiment. In International Conference on Game Theory for Networks, 2009.

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Working Papers

Prince: An Improved Method for Measuring Incentivized Preferences

Cathleen A. Johnson, Aurélien Baillon, Han Bleichrodt, Zhihua Li, Dennie van Dolder, Peter P. Wakker

This paper introduces the Prince incentive system for measuring preferences. Prince clarifies consequences of decisions and incentive compatibility of experimental choice questions to subjects. It combines the efficiency and precision of matching with the improved clarity and validity of choice questions. It helps distinguish between (a) genuine deviations from classical economic theories (such as the endowment effect) and (b) preference anomalies due to fallible measurements (such as preference reversals). Prince avoids the opaqueness in Becker-DeGroot Marschak and strategic behavior in adaptive experiments. It helps reducing violations of isolation in the random incentive system. Using Prince we shed new light on willingness to accept and the major components of decision making under uncertainty: utilities, subjective beliefs, and ambiguity attitudes.

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Malleable Lies: Communication and Cooperation in a High Stakes TV Game Show

Uyanga Turmunkh, Martijn J. van den Assem, Dennie van Dolder

We investigate the credibility of non-binding pre-play statements about cooperative behavior, using data from a high-stakes TV game show in which contestants play a variant on the classic Prisoner’s Dilemma. We depart from the conventional binary approach of classifying statements as promises or not, and propose a more fine-grained two-by-two typology inspired by the idea that lying aversion leads defectors to prefer statements that are malleable to ex-post interpretation as truths. Our empirical analysis shows that statements that carry an element of conditionality or implicitness are associated with a lower likelihood of cooperation, and confirms that malleability is a good criterion for judging the predictive power of cheap talk.

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Can the Market Divide and Multiply? A Case of 807 Percent Mispricing in Absence of Arbitrage Risk

Marc B.J. Schauten, Martijn J. van den Assem, Dennie van Dolder, Remco C.J. Zwinkels

This paper documents a strong violation of the law of one price surrounding a large-size rights issue. If prices are right, the relation between the prices of shares and rights follows the outcome of a simple calculation. In the case of Royal Imtech N.V. prices deviated sharply from the theoretical prediction. Throughout the term of the rights, investors were buying shares at prices that were up to nine times what they should have been given the price of the rights. The most likely explanation for the sizeable and persistent mispricing is the limited availability of shares for short selling.

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At the VU Amsterdam I teach Behavioral Finance and Real Estate (3rd year undergraduate). This course provides a behavioral perspective on real estate decision making and markets. Students learn how behavioral biases affect the decisions of participants in real estate markets, and how the bounded rationality of market participants can explain real estate market dynamics. In my part of the course, I provide students with a psychological perspective on negotiations, property valuations, and mortgage choices.

In addition, I provide tutorials in Finance (2nd year undergraduate). In this course we build the foundation for the study of corporate finance and investments. The focus is on financial decision-making in theory and practice. Our coverage of core finance topics includes: i) capital budgeting, ii) asset pricing, and iii) financial investment.

Finally, I supervise MSc theses on topics related to behavioral finance. Interested students can contact me by email.

Previously, I taught tutorials in behavioural economics and supervised BSc and MSc theses on topics related to behavioral economics and behavioral finance at Erasmus University Rotterdam.