New dogs, old tricks. Why do Ponzi schemes succeed?

The Madoff saga is a vivid reminder of people's vulnerability to Ponzi schemes, and to how little the financial scams change over time. How are we to account for such schemes? Why do people fall for the same old tricks?

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References listed on IDEAS

1. John Y. Campbell & Howell E. Jackson & Brigitte C. Madrian & Peter Tufano, 2011. " Consumer Financial Protection ," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 91-114, Winter.

• Campbell, John Y. & Tufano, Peter & Madrian, Brigitte C. & Jackson, Howell Edmunds, 2011. " Consumer Financial Protection ," Scholarly Articles 9887620, Harvard University Department of Economics.

• Nicholas Barberis & Richard Thaler, 2002. " A Survey of Behavioral Finance ," NBER Working Papers 9222, National Bureau of Economic Research, Inc.

Citations

1. Mengyin Li & Phillip H. Phan & Xian Sun, 2021. " Business Friendliness: A Double-Edged Sword ," Sustainability, MDPI, vol. 13(4), pages 1-22, February.
2. Reurink, Arjan, 2016. " Financial fraud: A literature review ," MPIfG Discussion Paper 16/5, Max Planck Institute for the Study of Societies.
3. Kim Kaivanto, 2014. " Visceral emotions, within-community communication, and (ill-judged) endorsement of financial propositions ," Working Papers 69123498, Lancaster University Management School, Economics Department.
4. Hervé Laroche & Véronique Steyer & Christelle Théron, 2019. " How Could You be so Gullible? Scams and Over-Trust in Organizations ," Journal of Business Ethics, Springer, vol. 160(3), pages 641-656, December.
5. Hofstetter, Marc & Mejía, Daniel & Rosas, José Nicolás & Urrutia, Miguel, 2018. " Ponzi schemes and the financial sector: DMG and DRFE in Colombia ," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 18-33.

• Marc Hofstetter & Daniel Mejía & José Nicolás Rosas & Miguel Urrutia, 2017. " Ponzi Schemes and the Financial Sector: DMG and DRFE in Colombia ," Documentos CEDE 15609, Universidad de los Andes, Facultad de Economía, CEDE.

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