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

Mervyn K. Lewis

Accounting forum, 2012, vol. 36, issue 4, 294-309

Abstract: 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?

Keywords: Ponzi schemes; Financial fraud; Gullibility; Trust; Confirmation bias; Financial education (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:accfor:v:36:y:2012:i:4:p:294-309

DOI: 10.1016/j.accfor.2011.11.002

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