CHAPTER 18Can You Trust Your Bankers? The Finance Industry Attracts Less‐Trustworthy People
Some industries have a good reputation; others, less so. One reason might be the culture prevailing in certain sectors, another the way of selecting staff. Using the example of the financial sector, this can be demonstrated in quite tangible terms.
Peter, a B.A. student at the University of Frankfurt in his last semester, takes part in an experimental study that deals with the question of how trustworthiness can be measured. The rules of the experiment are as follows: One person receives $8 and must decide whether they want to give some of the $8 to a second person. The amount given is tripled. Then the second person can give back part of the threefold amount (which is not tripled again, though). Peter got $24 from the first person, which means the first person has given him the entire $8. Now Peter wonders whether he should reward the trust of the first person—who remains anonymous in the experiment—by sending back a large part of the $24 or if he ought to concentrate on his own wallet and keep (nearly) everything himself. Peter's trustworthiness is the vital aspect here. After he's made his decision, he answers a few questions about his life, for example, which internships he has done during his time at University of Frankfurt and where he'd like to work after graduating.
Peter was one of 268 students who took part in one of my studies, performed in Frankfurt, Germany, as this is ...