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Three Essays On Financial Economics, Megersa Daksa
Three Essays On Financial Economics, Megersa Daksa
Dissertations
This study presents three essays on financial economics. In the first essay, we examine how monetary policy shocks affect risk aversion and uncertainty, as well as how risk aversion and uncertainty spread across financial markets. Although a recent study shows that monetary policy influences risk aversion and uncertainty in global stock markets, there are no studies on risk aversion and uncertainty spillover across stock, currency, and commodity markets. Following the method of Bekaert et al. (2013), we decompose the implied volatility indexes (VIX's) for the SP500, U.S. exchange rate, gold and crude oil into risk aversion and uncertainty. The decomposition …
Discrete Choice Experiments In Agricultural And Food Economics: Two Essays On Information Provision Modalities, Uncertainty Adjustment, And Hypothetical Bias, Monsoïa Arsène Juste Agossadou
Discrete Choice Experiments In Agricultural And Food Economics: Two Essays On Information Provision Modalities, Uncertainty Adjustment, And Hypothetical Bias, Monsoïa Arsène Juste Agossadou
Graduate Theses and Dissertations
Stated discrete choice experiments are extensively used in applied economics to study preferences and valuation for new products, as well as costs and benefits of new policies and programs. Moreover, information provision experiments widely use the method to examine information effects on different outcomes. This thesis explores two methodological issues in discrete choice experiments: (i) information provision modalities and (ii) hypothetical bias. The first study examines the effect of information modality by testing the effect of using combined text script and audio clip (treatment) versus only text script (control) to convey information in discrete choice experiments. Specifically, the study elicits …
No Need For Certainty In Animal Sentience, Yew Kwang Ng
No Need For Certainty In Animal Sentience, Yew Kwang Ng
Animal Sentience
This commentary supports Crump et al.’s (2022) point that where risks to welfare are severe, strong evidence of sentience is sufficient to warrant protecting welfare. Crump et al.’s eight criteria for sentience are also useful. Flexible decision-making (5) and flexible behaviour (6) are consistent with Ng (1995). The concession that the “no-need-for-sentience” proposition is unnecessary also strengthens the importance of the target article’s conclusions.
A Critical Reinterpretation Of Shacklean Decision Theory, Se Ho Kwak
A Critical Reinterpretation Of Shacklean Decision Theory, Se Ho Kwak
Economics Department Working Paper Series
Shackle was one of the representative critics of probability calculus. His alternative decision theory was mathematically reformalized by Katzner till 1990s. Following the Katzner’s reformalized framework, this paper presents a new interpretation of Shacklean theory by focusing on the common stage structure of the decision-making. This paper shows that the characteristics of Shackle-Katzner framework can be explained as: (1) the non-distributive and non-additive ordinal measure of subjective uncertainty, (2) the incomplete list of imaginable future states, (3) the valuation of “importance” reflecting various types of loss- psychology, and (4) the final choice of the action is made on the set …
A Functional Representation Of Potential Surprise Ordering, Se Ho Kwak
A Functional Representation Of Potential Surprise Ordering, Se Ho Kwak
Economics Department Working Paper Series
In the history of economic thought, Shackle was one of the representative critics about probability based economic theory. Specifically, he constructed his own concept of subjective uncertainty called potential surprise to replace probability. In 1980s, the potential surprise is axiomatized by Katzner as Kolmogorov-styled measure defined on the 𝜎-field over the set of possible states. In this paper, potential surprise function is reconstructed as the functional representation of potential surprise ordering on the space of hypotheses about future called monad.
Effects Of The Covid-19 Pandemic On Gambling Behavior And Revenues: A Multi-State Analysis, Xiaoling W. Sundberg
Effects Of The Covid-19 Pandemic On Gambling Behavior And Revenues: A Multi-State Analysis, Xiaoling W. Sundberg
Honors Undergraduate Theses
This thesis examines the impact of the COVID-19 pandemic on individual gambling behavior by testing whether ticket sales and revenues in the multi-state parimutuel PowerBall and MegaMillions lotteries decreased or increased between the pre-COVID and COVID periods in Florida, Texas, and Colorado. Two competing hypotheses are investigated. First, gambling activity may have decreased during COVID either due to increased risk-aversion induced by the pandemic, negative changes in household income from the loss of employment, or a combination of the two. Second, gambling activity may have increased during COVID either due to increased willingness to take risks, substitution of income previously …
Portfolio Adjustment And Panic Behavior Under True Uncertainty, Se Ho Kwak
Portfolio Adjustment And Panic Behavior Under True Uncertainty, Se Ho Kwak
Economics Department Working Paper Series
G.L.S. Shackle was one of the representative critics against probability- based economic theory, and influenced some Post-Keynesians and Austri- ans. During the 1980s and 1990s, his alternative framework was math- ematically reconstructed by Katzner. In this paper, we will reformalize the Shackle-Katzner framework to explain the financial decision-making of the individual. For this, the portfolio diversification between two non- monetary assets will be explained by the reformalized model introduced here, and then moved to the analysis about a case of money and a non- monetary asset. Based on these findings, a few possible scenarios of panic behavior in the portfolio …