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</o:shapelayout></xml><![endif]--></head><body lang=DE-AT link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span lang=EN-US>Dear all,<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>You are cordially invited to attend the VCEE seminar on <b>Friday, Jan 24 <sup> </sup>from 10:00-12:00</b> (SR 1, Ground floor). We have two speakers: Dotan Persitz (U Tel Aviv) and <o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Gönül Dogan (U Köln)</span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><b><span lang=EN-US>10:00-11:00 Dotan Persitz </span></b><span lang=EN-US>(U Tel Aviv)<br></span><span lang=EN-US style='font-size:12.0pt;color:#0D0D0D'>Titel: </span><span lang=EN-US style='font-size:12.0pt'>``Design Invariance in the Classic Consumer Choice Problem``.<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-size:12.0pt;color:#0D0D0D'><o:p> </o:p></span></p><table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;border-collapse:collapse;border:none'><tr><td style='border:solid #D4DADE 1.0pt;border-right:none;padding:0cm 0cm 0cm 0cm'></td><td width=12 style='width:9.0pt;border:solid #D4DADE 1.0pt;border-left:none;padding:0cm 0cm 0cm 0cm'></td></tr></table><p class=MsoNormal><span class=event-description><span lang=EN-US>I</span></span><span lang=EN-US>f you are interested in <b>meeting Dotan Persitz </b>after the seminar<b><u> </u></b>(meeting slots of 30’ , room no 05.641 please register via this doodle-link: <span class=MsoHyperlink><o:p></o:p></span></span></p><p class=MsoNormal><b><span lang=EN-US><a href="https://doodle.com/poll/h9u6guwagcg3vzgz">https://doodle.com/poll/h9u6guwagcg3vzgz</a><o:p></o:p></span></b></p><p class=MsoNormal><b><span lang=EN-US><o:p> </o:p></span></b></p><p class=MsoNormal><b><span lang=EN-US><br>11:00-12:00 Gönül Dogan </span></b><span lang=EN-US>(U Köln)<br><span style='color:#0D0D0D'>Titel: </span></span><b><span lang=EN-US style='font-size:12.0pt;font-family:"Times New Roman",serif'>Pyramid Schemes</span></b><span lang=EN-US style='font-size:12.0pt;font-family:"Times New Roman",serif'><br></span><span lang=EN-US style='font-size:12.0pt'>with Kenan Kalaycı and Priscilla Man<br>Abstract.<br>Ponzi and pyramid schemes promise a large return for investors with limited risk. In reality, most investors lose money when such schemes collapse due to a lack of new entrants. In an online experiment without deception, we invite participants to invest their endowment in a pyramid-like investment scheme with a negative expected return. We find that more than half of the subjects are willing to invest in the scheme regardless of their age, gender, years of schooling, trust levels, and income. Complexity of the decision-making in the pyramid scheme plays an important role in investment; the size of the group, difficulty of calculating average payoff outcomes as well as the percentage of losers contribute to complexity. Risk tolerance and preference for positively skewed outcomes partially explain investment decisions. Our findings suggest that pyramid schemes can be attractive even in the absence of deceptive recruitment efforts by scheme founders.<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-size:12.0pt'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='color:#0D0D0D'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='color:#333333'><o:p> </o:p></span></p><table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;border-collapse:collapse;border:none'><tr><td style='border:solid #D4DADE 1.0pt;border-right:none;padding:0cm 0cm 0cm 0cm'></td><td width=12 style='width:9.0pt;border:solid #D4DADE 1.0pt;border-left:none;padding:0cm 0cm 0cm 0cm'></td></tr></table><p class=MsoPlainText><span lang=EN-US style='color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US>If you are interested in <b>meeting Gönül Dogan </b>after the seminar<b> </b>(meeting slots of 30’ , room no 05.510b please register via this doodle-link: <o:p></o:p></span></p><table class=MsoNormalTable border=1 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;border-collapse:collapse;border:none'><tr><td style='border-top:solid #D4DADE 1.0pt;border-left:solid #D4DADE 1.0pt;border-bottom:none;border-right:none;padding:0cm 0cm 0cm 0cm'></td><td width=12 style='width:9.0pt;border-top:solid #D4DADE 1.0pt;border-left:none;border-bottom:none;border-right:solid #D4DADE 1.0pt;padding:0cm 0cm 0cm 0cm'></td></tr></table><p class=MsoNormal><span lang=EN-US><a href="https://doodle.com/poll/xsh9wad2769imya9">https://doodle.com/poll/xsh9wad2769imya9</a><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US>Best regards,</span><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Gabriele Prochaska</span><span lang=EN-US style='mso-fareast-language:DE-AT'><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US>University of Vienna<o:p></o:p></span></p><p class=MsoNormal><a href="http://econ.univie.ac.at/"><span lang=EN-US>Department of Economics</span></a><span lang=EN-US><o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>Oskar-Morgenstern-Platz 1<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US>1090 Vienna<o:p></o:p></span></p><p class=MsoNormal><span lang=EN-US><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='mso-fareast-language:DE-AT'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>