FACHBEREICHRECHTS- UND WIRTSCHAFTSWISSENSCHAFTENBehavioral Aspects of Financial Decision Making- Three Essays -Vom Fachbereich genehmigte Dissertationzur Erlangung des akademischen GradesDoctor rerum politicarum (Dr.rer.pol.)vorgelegt vonDipl.-Wirtsch.-Ing. Emanuela Trifan(geb. in Bukarest, Rum˜anien)Referenten:Prof. Dr. Horst Entorf (Erstreferent und Betreuer)Prof. Dr. Volker Caspari (Koreferent)Tag der Einreichung: 23. April 2008Tag der mundlic˜ hen Prufung:˜ 6. November 2008Darmstadt, 2008D17Pentru Mak & Tak, cu dragosteAcknowledgmentsThis thesis represents not only the result of some years of research, but also a milestoneof a somewhat long { sometimes painful, some other times also very enjoyable { processof personal and professional development. It is the personal achievement of a dream thatstarted years ago in Romania, by my curiosity and thirst of knowledge. It would yet havebeen impossible to complete it without the help of many people and I would like to seizethis opportunity to thank them.Firstofall,mygratitudegoestomysupervisor,Prof. HorstEntorf,towhomIowethechance to study and live in Germany and the interest for Economics and Econometrics.His constant moral support kept me on the track all along my PhD and his inspiringsuggestions and comments made this thesis richer.