Behavioral Economics Commons^™

Empirical Essays On Retail Investors, Institutional Investors, And Anomalies, Yuqing Yang

Dissertations, Theses, and Capstone Projects

This dissertation consists of five chapters on market efficiencies through retail and international mutual fund investors.

Chapter 1 This chapter briefly introduces this dissertation.

Chapter 2 This chapter Anomalies Never Disappeared: The Case of Stubborn Retail Investors delves into the “stubborn” retail investors and finds that anomalies traded against by retail investors never disappear in the long run, defying the conventional wisdom that anomalies are disappearing in recent years as market efficiency improves. Incorporating retail trading, I develop asset pricing models that surpass existing prominent models in explaining these long-run alphas. I hypothesize that retail investors exacerbate anomalies: the more …

Climate Change And Environmental Crises In Coastal Cities: Charleston Vs New York City, Nolan Rodriguez

Student Theses 2015-Present

This paper addresses the increasing vulnerability that coastal communities face regarding climate crises and rising sea levels. Specifically, this paper investigates the environmental crises facing Charleston, South Carolina, and New York City. The geographical location of these cities places a more severe threat upon their environment, as opposed to urban collectives removed from the immediate effect of rising sea levels. A cross-examination of politics and economics is discussed in order to determine the causal relationship of each city’s engagement with its surrounding environment. This paper examines how each city is affected by climate change, what measures are in place to …

Tax Preferences: A Numerical Exercise, Isaac Babatunde Olatunji

Major Papers

Tax preference focuses on individuals' perception and choice regarding specific tax policies or structure. It examines the extent to which individuals favor certain tax provisions, rates, or exemptions over others. Scholars and researchers have extensively examined tax preference from various perspectives. I performed a numerical exercise on one agent model and two agent model where agents have preferences over consumption, labor supply and tax preferences (dislike of the labor income tax). Under the one agent model there exist one household utility maximization problem and under the two agent model there exist two households with low productive ability and high productive …

Beer, Bourbon, And Bertrand: An Experimental Economics Analysis, Noah Cameron Dixon

Honors Thesis

The purpose of this paper is to determine the effect that binge drinking has on economic performance in a standard Bertrand-style game. Results indicate that binge drinking, when paired with poor protective behavioral strategies, increases cooperative pricing in a Bertrand-style game, with this result persisting across various contextual frameworks. In the aggregate, this study contributes to the literature by being the first of its kind to evaluate the effect of observational binge-drinking meta scores on performance in a Bertrand-style game. To measure economic performance in the market, participants play the 2/3 average game and a standard Bertrand game with zero …

Economic Anomalies Following The Handover Of Hong Kong, Nathan Martin

Economics Undergraduate Honors Theses

This paper seeks to examine and provide a possible explanation for economic anomalies in Hong Kong following its handover to China. Hong Kong was on a 99-year lease to the United Kingdom from China before being handed back over July 1^st, 1997. Due to the “one country, two systems” policy espoused in the handover agreement that was to be implemented for fifty years, this event marks a rare natural experiment of a peaceful regime change without a significant change in governance. This paper seeks to understand the impact of the act of regime change on selected key macroeconomic …

Allocating Vehicle Registration Permits, Massimiliano Landi, Domenico Menicucci

Research Collection School Of Economics

We compare social welfare, consumer surplus and profits in two different institutional settings in which an item whose quantity is fixed and controlled (vehicle registration permit) is allocated to the buyers of a complementary good (car). In the first setting, which resembles the way in which vehicle registration permits are allocated in Singapore, the central planner runs a uniform price auction for permits in which the consumers who bid the highest receive the permits and pay the highest losing bid. Then each winning consumer purchases a car from a seller. In the alternative setting, the central planner first allocates the …

Understanding The Influences Of Hedonic Personality Towards Advertising Avoidance On Social Media, Diera Desmonda, So Yohanes Jimmy, Mohammad Annas

The South East Asian Journal of Management

Research Aims: This study aims to investigate and explore how the hedonic personality that exists in each individual can influence avoidance behaviour towards advertisements on social media platforms.

Design/Methodology/Approach: A quantitative approach with a purposive sampling technique was employed to collect data from 198 respondents who have shopped or at least searched for products on social media. The data were then analysed using the Structural Equation Modelling (SEM) technique.

Research Findings: The results showed that hedonic personality affected advertising avoidance behaviour. Through multigroup analysis, this research found differences in how men and women respond to an advertisement. On the other …

Jargon To Jackpot: The Financial Impact Of Infusing Pop Culture References In Social Media, Madelynn Solow

Business and Economics Honors Papers

This research explores the impact of incorporating pop culture references in a company's Twitter feed on the company's stock price. Pop culture is integral to people's everyday lives, providing a sense of familiarity and fun between individuals. Many companies have started leveraging pop culture references on social media platforms like Twitter to establish a relatable and engaging connection with diverse consumer demographics. The primary purpose of this research is to investigate whether this strategy is beneficial within the stock market. It is hypothesized that incorporating pop culture references on Twitter can lead to increased sales and higher stock prices, as …

Equality In Times Of Uncertainty: Economic Downturn And Body Image Messaging Toward Women, Ritsa Giannakas

Honors Theses

A vast body of literature indicates that the economy and the status of women are interlinked, with higher levels of economic well-being tending to correspond with advancements in women’s rights. However, little of this research has investigated the changes in the wellbeing of women as it pertains to their physical and mental health, especially as it pertains to exploring the impacts of economics on eating disorder rates and societal messaging toward women. This thesis investigates a novel theory linking economic uncertainty and downturn to the spread of pro-eating disorder content online, positing that economic uncertainty may coincide with a “conservative …

Housing Markets Since Shapley And Scarf, Mustafa Oguz Afacan, Gaoji Hu, Jiangtao Li

Research Collection School Of Economics

Shapley and Scarf (1974) appeared in the first issue of the Journal of Mathematical Economics, and is one of the journal’s most impactful publications. As we approach the remarkable milestone of the journal’s 50th anniversary (1974–2024), this article serves as a commemorative exploration of Shapley and Scarf (1974) and the extensive body of literature that follows it.

Employment And Self-Rated Depression Among Older Persons In Thailand, Seung Chun Paek, Ning Jackie Zhang

Journal of Health Research

Background: Increasing attention has been paid to productive engagement as an important protective factor against depression in older persons. This study assessed the impact of employment on self-rated depression among older persons in Thailand using a matched sample obtained from a propensity score matching method.

Methods: This study involved a cross-sectional secondary data analysis using the 2019 Health and Welfare Survey dataset. Descriptive analysis and ordered logistic regressions were used.

Results: The effect of employment was negative for self-rated depression with an adjusted odds ratio (AOR) of 1.417. This indicates that employment could reduce self-rated depression among older …

Taking Pleasure In Distinction: Unlocking Specialty Coffee Preference, Ondrej Mitas, Danny D. Han, Belle Struijer, Lotte Willems, Thomas H. Chatwick

Journal of Global Business Insights

Specialty coffee, comprising a tenth of the global coffee trade, is distinguished by its strict quality requirements and traceable origins. The diverse flavor profiles of specialty coffee raise demands on providers to serve individual taste preferences. Prior research has not sufficiently explored how to predict customer preferences for specific flavor profiles or how these preferences influence behavioral intentions such as revisiting or recommending a café. This study hypothesized that customer involvement, the extrinsic factors of coffee experience, and culinary risk-taking would predict flavor preference, which would in turn affect behavioral intentions. In an experiment involving 47 participants, individuals tasted and …

Empowering Voices: Exploring The Career Trajectories Of Women Of Color Hr Professionals Amid Disruptive Change, Brandi R. Muñoz

Electronic Theses and Dissertations

This study investigated strategies to enhance diversity, equity, inclusion, and belonging initiatives in organizational leadership, focusing on supporting women of color in the workplace. The specific problem addressed was the underrepresentation and barriers faced by women of color in leadership positions despite their potential contributions to organizational success. The study employed a qualitative approach, combining qualitative interviews with socioeconomic data analysis. Data collection methods included semistructured interviews with women of color and a survey to gather demographic and employment information. The sample consisted of 16 women of color human resource professionals working in various industries and organizational settings across the …

Interviews In Global Catholic Studies: Matthew Eggemeier And Peter Fritz, Mathew N. Schmalz, Matthew Eggemeier, Peter Joseph Fritz

Journal of Global Catholicism

No abstract provided.

Horizontal Economic Inequality And Mass Atrocity Risk: A Large-Sample Empirical Inquiry, Charles H. Anderton, Roxane A. Anderton

Genocide Studies and Prevention: An International Journal

Our research question is: Does inter-group horizontal economic inequality elevate state-perpetrated mass atrocity risk? Theoretical perspectives in genocide studies show how economic and other forms of discrimination against ethnic or religious groups can elevate the risk of government violence against them. Among the approximately five dozen large-sample empirical studies of mass atrocity risk, only a few consider the effects of economic discrimination. Moreover, no large-sample empirical studies, to the best of our knowledge, test hypotheses related to how inter-group horizontal economic inequalities (as distinct from vertical economic inequalities based on GINI coefficients or quantile income or wealth measures) affect mass …

The Relationship Between Traffic Congestion And Quality Of Life, Amer Alhusinan

Journal of Police and Legal Sciences

The problem of traffic congestion is one of the most serious problems that affect people because of the many negative effects it has on the quality of life and well-being of people, which include health, environmental, psychological and aesthetic aspects. With the increase in the number of vehicles and means of transportation, especially in large, densely populated cities, the problem of traffic congestion is exacerbated, which results in many negative effects, such as air pollution resulting from vehicle exhausts, which leads to chest diseases and suffocation, as well as the transfer of toxic substances present in fuel such as lead …

Productivity Within Groups: An Analysis Of Shirking In High School Cross Country Competitions, Nathan J. Ashby

Hunt Institute Working Paper Series

Using enrollment based classification realignments for high school cross country running competitions in the state of Texas, we analyze the impact of changes in the intensity of competition on individual and team performance. The analysis demonstrates significant improvement in the performance of teams promoted to more competitive classifications in the boys’ division but does not yield similar results in the girls’ division. We also analyze the impact on runners according to their rankings within teams and find improvements to be greater for runners ranking lower relative to team leaders driven by heterogeneity in motivation based on ability or the sequential …

Abmscore: A Heuristic Algorithm For Forming Strategic Coalitions In Agent-Based Simulation, Andrew J. Collins, Gayane Grigoryan

Engineering Management & Systems Engineering Faculty Publications

Integrating human behavior into agent-based models has been challenging due to its diversity. An example is strategic coalition formation, which occurs when an individual decides to collaborate with others because it strategically benefits them, thereby increasing the expected utility of the situation. An algorithm called ABMSCORE was developed to help model strategic coalition formation in agent-based models. The ABMSCORE algorithm employs hedonic games from cooperative game theory and has been applied to various situations, including refugee egress and smallholder farming cooperatives. This paper discusses ABMSCORE, including its mechanism, requirements, limitations, and application. To demonstrate the potential of ABMSCORE, a new …

The Influence Of Flavor On The Abuse Liability Of A Heated Tobacco Product And Its Feasibility As A Menthol Cigarette Substitute, Augustus White

Theses and Dissertations

Heated Tobacco Products (HTPs) purport to expose people that use cigarettes to fewer of the harmful or potentially harmful constituents of tobacco while still delivering reinforcing amounts of nicotine (Auer, Concha-Lozano et al., 2017). An exemplar of the HTP class, IQOS, and its three varieties of “HeatSticks” have been authorized by the Food and Drug Administration (FDA) as “Modified Risk Tobacco Products” (MRTP). However, as the FDA is planning to ban menthol as a characterizing flavor in cigarettes, questions remain regarding whether characterizing flavors should be permitted in HTPs (FDA, 2022e). New evidence regarding HTP abuse liability (i.e., the likelihood …

Developing Countries And External Debt: What Is Wrong?, Jesus Felipe, Jose Antonio Perez Montiel

Angelo King Institute for Economic and Business Studies (AKI)

LAST DECEMBER, the World Bank published its annual report on international debt (https://www.worldbank.org/en/programs/debt-statistics/idr/products). The report indicates that, in 2022, the developing countries spent $443 billion on debt-service repayment (principal plus interest) of their external public and publicly guaranteed debt, 5% more than in 2021. These payments are expected to rise in 2023 and 2024 due to the increase in interest rates. The report indicates that debt levels and high interest rates have set many countries on a path to crisis.

The Effect Of Remittances On Housing Expenditure In Filipino Households, Joaquin Franco Rigonan, Angelo Salvo, Lawrence B. Dacuycuy, Tereso S. Tullao Jr, Winfred Villamil, Krista Yu

Angelo King Institute for Economic and Business Studies (AKI)

Overseas Filipino Workers (OFWs) have chosen to work abroad due to the abundance of better work opportunities and a higher salary earned. Migrant workers send remittances to their families from their country of origin to bring extra income for these households to spend on essential consumption. These remittances serve as additional income and protection for recipient households, easing their consumption and enabling them to spend their money on education, housing construction, and household electrical appliances. Numerous existing literature has stated that household-receiving remittances spend more money on investments that will help improve their standard of living; one of these investments …

Heat & Social Cooperation: The Effects Of Thermal Stress On Altruism, Alexander J. Courtman

Master's Theses

Recent literature has highlighted the effects of temperature on economic outcomes and violence in humans, on both the interpersonal and intergroup levels: as temperatures rise, humans are more likely to exhibit increased aggression and agitation. However, little research has been done on how pro-social behaviors like cooperation and altruism among humans might respond to increased temperatures. As extreme heat events increase in frequency, will humans and communities work together in the face of adverse shocks and crises? Leveraging experimental data collected randomized controlled trails held in 4 locations across the world, this paper seeks to establish a relationship between thermal …

Social Media Impacts On Arkansas Consumer Perceptions Of Gmos, Elizabeth R. Berner

Graduate Theses and Dissertations

This study builds upon previous consumer perceptions of GMOs studies. A need existed to determine what, if any, effects social media messages about GMOs had on consumer perceptions in Arkansas. The study utilized a qualitative approach with three focus groups. Data were analyzed using descriptive code. Participants were found to have a general understanding of GMOs, though discussion about what a GMO product was took an uncertain tone. Most participants did not consider GMOs as a factor when purchasing products. Rather participants considered characteristics such as price, quality, and convenience. Participants did not believe the infographics had changed their opinions …

Evaluating Garment Fit Perception For Pregnant Women During 1st, 2nd, Or 3rd Trimesters, Nelima Zipporah Barasa

Graduate Theses and Dissertations

During pregnancy, women experience diverse physical body changes as the pregnancy progresses through different periods. It has been noted that anthropometric changes occur during pregnancy in a non-linear manner and can be measured using 3D body scanners at various stages of pregnancy. The changes are diverse, and impact pregnant women's garment fit differently as the pregnancy progresses through each trimester. Pregnant women have experience in dressing their pre-pregnant bodies in stylish garments and would similarly want to dress fashionably when pregnant. This has led to the need for garments that can accommodate body changes comfortably and fashionably without losing the …

Per Capita Gdp’S Potential Effect On The Percentage Of Children In Foster Care, Jenna Mcclain

Honors College Theses

Few studies have been conducted on the presence of a direct connection between per capita gross domestic product (GDP) and the percentage of children in foster care in a given region. GDP is a known indicator of economic growth (Powers, 1995; Roshaniza & Selvaratnam, 2015), as is a child’s potential for foster care placement associated with a parent or family’s financial status (Bald et. al, 2022; Barth et. al, 2010). Poverty is the bridge in many of these scenarios – low GDP can be indicative of higher poverty rates, and financial hardship under poverty classification can lead to child maltreatment …

The Effect Of Conditional Cash Transfers On The Prepaid And Postpaid Expenditures Of Internet And Cellular Services: The Case Of Filipino Households, Krisann Carmina G. Caoile, Edgar Desher P. Empeño, Raphael Manuel P. Ramos, Marie Angeline A. Trinidad, Myrna S. Austria, Ma. Ella Oplas, Tereso S. Tullao Jr, Winfred M. Villamil

Angelo King Institute for Economic and Business Studies (AKI)

Technology has been playing a large role in the lives of households regardless of income. How, then, do poor families value the importance of internet and cellular services due to the existence of outcome-improving or outcome-worsening effects associated with these services? At the same time, since the Pantawid Pamilyang Pilipino Program (4Ps) substantially affects its beneficiaries’ household expenditures, assessing its effectiveness concerning its objectives is important. Most literature on how poor households spend their cash transfers is centered on directly linked goods such as health and education. However, the relationship between CCTs and expenditures on goods that play a more …

Behavioral Science Interventions Could Increase Snap Comprehension And Awareness Among Military Families, Colleen Heflin, Hannah Patnaik, Leonard M. Lopoo, Siobhan O'Keefe

Population Health Research Brief Series

Food insecurity is more common among military families than the general population, and the transition from active service to civilian life is a time of heightened risk. The Supplemental Nutritional Assistance Program (SNAP) is designed to support food security among low-income families. Many eligible military and veteran families do not enroll in SNAP due to a lack of information, stigma, and administrative barriers. This brief highlights findings from a survey experiment conducted in 2022 and 2023 to assess how small changes to SNAP informational flyers, such as simplifying information provided about SNAP, highlighting that other veterans use SNAP, and emphasizing …

Essays On Market Inefficiencies Arising From Information Asymmetry And Market Power, Ming Ge

Doctoral Dissertations

This dissertation comprises three chapters that empirically investigate various kinds of market inefficiencies arising from seller misbehaviors. The first two chapters focus on physicians' overtreatment in healthcare markets. A standard reputation system falls short of effectively curbing overtreatment due to the credence-good nature of such a market: patients cannot tell whether a high-cost treatment recommendation (versus a less costly and complex treatment) is necessary even after the service is completed. In the first chapter, I propose a novel solution to reinstate the function of reputation by combining a reputation mechanism with patient search for second opinions. I conduct a laboratory …

Book Review: Kings, Conquerors, Psychopaths: From Alexander To Hitler To The Corporation, Tim Bakken

Genocide Studies and Prevention: An International Journal

The book Kings, Conquerors, Psychopaths is a survey of a vast amount of human wrongdoing. It lays bare the motivations of aggressors who wish to subjugate nations or groups of people and corporate executives and government bureaucrats who make discretionary decisions that harm people. Along with cataloging mass killings by despots and soldiers, the book includes stories about Ponzi-schemers and the deaths of automobile drivers and passengers who were killed by vehicle defects known to the manufacturer. The book posits that “[p]owerful, elite forces are trying to force us backward toward a non-democratic state, one where power, wealth, and prerogative …

Will The Philippine Development Plan 2023-2028 Targets Be Met?, Jesus Felipe

Angelo King Institute for Economic and Business Studies (AKI)

EARLY THIS YEAR, President Ferdinand Marcos, Jr. signed the Philippine Development Plan 2023-2028 (PDP). The document contains hundreds of targets. Some of the key targets to be attained by 2028 are as follows (in fact, the Plan provides yearly targets):

1.) an annual growth rate of 6.5-8% (since 2024); 2.) a gross national income per capita of $6,044-$6,571 (50% higher than that in 2023); 3.) inflation between 2%-4% (from 2.5%-4.5% in 2023); 4.) a government fiscal deficit of 3% (from 6.1% in 2023); 5.) a debt-to-GDP ratio of 48%-53% (from 60%-62% in 2023); 6.) an unemployment rate of 4%-5% (from …