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All Articles in Behavioral Economics

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The Perverse Behavioral Economics Of Disclosing Standard Terms, Tess Wilkinson-Ryan 2016 University of Pennsylvania Law School

The Perverse Behavioral Economics Of Disclosing Standard Terms, Tess Wilkinson-Ryan

Faculty Scholarship

In consumer contracting, the ritual of documentation and provision of terms is essentially vestigial, at least as a form of deal-making communication between the parties. This paper starts with a thought experiment: what would it look like to have contracts but no standard terms? Most scholarly and political approaches to the mismatch of contract law and consumer contracting have focused on the information problem in consumer contracting—the difficulty of the required cognitive processing—and thus the proposed solutions have focused on how to make terms more salient or easier to assimilate. I argue that the focus on salience is ...


Econometric Analysis Of Motorists’ Preference For Ethanol In Motor Fuel, Kenneth Liao, Sebastien Pouliot 2016 Iowa State University

Econometric Analysis Of Motorists’ Preference For Ethanol In Motor Fuel, Kenneth Liao, Sebastien Pouliot

Sebastien Pouliot

The second installment of the Renewable Fuels Standard (RFS2) requires minimum blending of ethanol and other biofuels into the motor fuel consumed in the United States. The vast majority of gasoline consumed in the United States contains no more than 10 percent ethanol. This gasoline-ethanol blend is conventionally known as E10. The maximum quantity of ethanol that can be blended into the total motor fuel pool through E10 is commonly referred to as the E10 blend wall. The quantity of ethanol mandated by the RFS2 is now reaching the point where it is set to surpass the E10 blend wall ...


Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Jill Fisch

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch 2016 University of Pennsylvania Law School

Regulatory Responses To Investor Irrationality: The Case Of The Research Analyst, Jill E. Fisch

Jill Fisch

An extensive body of behavioral economics literature suggests that investors do not behave with perfect rationality. Instead, investors are subject to a variety of biases that may cause them to react inappropriately to information. The policy challenge posed by this observation is to identify the appropriate response to investor irrationality. In particular, should regulators attempt to protect investors from bad investment decisions that may be the result of irrational behavior?

This Article considers the appropriate regulatory response to investor irrationality within the concrete context of the research analyst. Many commentators have argued that analyst conflicts of interest led to biased ...


Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth 2016 University of Pennsylvania Law School

Investor Financial Literacy In The Workplace, Jill E. Fisch, Tess Wilkinson-Ryan, Kristin Firth

Jill Fisch

The dramatic shift from traditional pension plans to participant-directed 401(k) plans has increased the decision-making responsibility of individual investors for their own retirement planning. With this shift comes increasing evidence that investors are making poor decisions in choosing how much to save for retirement and in selecting among their investment options. Studies question the value of efforts to improve these decisions through regulatory reforms or investor education.

This article posits that deficiencies in workplace retirement savings cannot be adequately addressed until the reasons for poor investment decisions are better understood. We report the results of a study designed to ...


Estimating Risk Preferences In The Field, Levon Barseghyan, Francesca Molinari, Ted O'Donoghue, Joshua C. Teitelbaum 2016 Cornell University

Estimating Risk Preferences In The Field, Levon Barseghyan, Francesca Molinari, Ted O'Donoghue, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

We survey the literature on estimating risk preferences using field data. We concentrate our attention on studies in which risk preferences are the focal object and estimating their structure is the core enterprise. We review a number of models of risk preferences—including both expected utility (EU) theory and non-EU models—that have been estimated using field data, and we highlight issues related to identification and estimation of such models using field data. We then survey the literature, giving separate treatment to research that uses individual-level data (e.g., property insurance data) and research that uses aggregate data (e.g ...


The Economic Costs Of Natural Disasters, Terrorist Attacks, And Other Calamities: An Analysis Of Economic Models That Quantify The Losses Caused By Disruptions, Amro Al Kazimi, Cameron A. MacKenzie 2016 Iowa State University

The Economic Costs Of Natural Disasters, Terrorist Attacks, And Other Calamities: An Analysis Of Economic Models That Quantify The Losses Caused By Disruptions, Amro Al Kazimi, Cameron A. Mackenzie

Cameron A. MacKenzie

Over the past decade, numerous studies have estimated the economic impacts of a variety of disruptions. Most of these studies are based on macroeconomic models that quantify the direct and indirect economic losses from a disruption. Direct economic losses occur due to damaged facilities or when consumers change their purchasing behavior because of the disruption. Indirect economic losses occur when directly impacted businesses consequently reduce their orders to their suppliers. Indirect economic losses are often larger than direct economic losses. This paper compiles the results from these economic models in order to compare the costs of different disruptions and help ...


Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne 2016 University of Nebraska-Lincoln

Industrial Ecology Analysis Of The Potential For An Eastern Nebraska Industrial Symbiosis Network (Enisn): A Comparative Study, Bradley A. Behne

Dissertations & Theses in Natural Resources

The area of Eastern Nebraska north of Omaha, including the municipality of Blair is host to a collection of unique companies and industries. These industries, driven by the agricultural and urban economy of the area, as well as the geographic proximity to each other, make it an advantageous area to study the potential for a network where individual entities utilize the concept of industrial symbiosis. This potential network is referred to as the Eastern Nebraska Industrial Symbiosis Network (ENISN). Industrial symbiosis, a sub-set of industrial ecology, engages separate industries in a collaborative and collective approach, concerning itself with the flow ...


The Influence Of Projection Bias On Outcomes Of Healthcare Financial Incentive Programs, Jordyn M. Bader 2016 University of Nebraska-Lincoln

The Influence Of Projection Bias On Outcomes Of Healthcare Financial Incentive Programs, Jordyn M. Bader

Dissertations and Theses in Agricultural Economics

This thesis contributes to the behavioral health literature and literature regarding healthcare financial incentive programs by discussing the influences of the behavioral economic concept of projection bias on programs designed to recruit healthcare providers to rural or under served areas. First, I propose an adaptation to the model of projection bias by introducing a term that captures variability in individuals’ propensity to exhibit projection bias based on the amount of effort expended in predicting future preferences. Next, I conduct a probit model regression to observe what incentive program design features and participant characteristics are likely to influence the probability of ...


The Economic Impacts Of Animal To Human Transmitted Disease In The Sudan.Pdf, Professor Issam A.W. Mohamed 2016 Department of Economics. Al Neelain University, Khartoum, Sudan

The Economic Impacts Of Animal To Human Transmitted Disease In The Sudan.Pdf, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

Zoonotic infectious livestock diseases are becoming a significant burden for both animal and human health and
are rapidly gaining the attention of decision-makers who manage public health programs. We developed a susceptible,
infected and removed (SIR) dynamic linear mathematical model of livestock-to-human brucellosis transmission in AL-Gazira
state. The compartmental model considers transmission within sheep and cattle populations and the transmission to humans
as additive components. The model was fitted to demographic and sero-prevalence data from livestock and annually
reported new human brucellosis cases in Abu-Gutta locality. The objectives are to estimate the economic impacts of endemic
Brucellosis diseases on both ...


Visual Brand Identity Of Food Products: A Customer’S Perspective, Panagiota Moutaftsi Ms, Panagiotis Kyratsis Dr 2016 International Hellenic University

Visual Brand Identity Of Food Products: A Customer’S Perspective, Panagiota Moutaftsi Ms, Panagiotis Kyratsis Dr

Journal of Applied Packaging Research

Purpose – The aim of this research is to explore the benefits of a customer based approach on food packaging design. A case study of a small production honey brand is used.

Design/methodology/approach – For the design process, a survey that involved visual elements was conducted as an online questionnaire. The final size of the sample consists of 285 questionnaires.

Findings – The research findings indicate that packaging is a great influencer for consumers and the synergy of consumers with companies can be a catalyst for the product design process resulting in package designs, which engage potential customers and drive sales ...


Can Peers Improve Agricultural Revenue?, Tisorn Songsermsawas, Kathy Baylis, Ashwini Chhatre, Hope Michelson 2016 University of Illinois at Urbana-Champaign

Can Peers Improve Agricultural Revenue?, Tisorn Songsermsawas, Kathy Baylis, Ashwini Chhatre, Hope Michelson

Kathy Baylis

Crop revenues vary greatly among farmers and the source of that variation is not fully understood, even after controlling for factors including input use, technology adoption, and other agro-climatic factors. One hypothesis that may explain the variation in outcomes among farmers is differential access to information through peers. Using a household survey from India containing detailed information about personal relationships, we estimate peer effects on cash crop revenue using a novel spatial econometric technique to control for reflection. Our results show that 60% of farmers' revenue is explained by peers. Peer effects are particularly large in pesticide use and in ...


Options Of State And Local Governments For Dealing With Shfits And Fiscal Stress: A Midwest Perspective, Mark A. Edelman, Daniel M. Otto 2016 Iowa State University

Options Of State And Local Governments For Dealing With Shfits And Fiscal Stress: A Midwest Perspective, Mark A. Edelman, Daniel M. Otto

Mark Edelman

We live in a world of change. Nothing stays the sane forever. Communities and institutions are born. Some group and continue to group. Some nay experience decline. Some nay even die. Fiscal stress may' occur during the growth phase if the demand for community services expands faster than the capacity to deliver the services. However a different kind of fiscal stress occurs when the community's economic base erodes due to structural change in nature or declining industries like agriculture, mining, petroleum or labor-intensive manufacturing. This symposium is concerned more with the last type of stress.


A Proposal To Establish A Joint Venture Among U.S. And Soviet Cooperatives, Mark A. Edelman Dr. 2016 Iowa State University

A Proposal To Establish A Joint Venture Among U.S. And Soviet Cooperatives, Mark A. Edelman Dr.

Mark Edelman

-Significant Soviet political and economic restructuring is occurring- Soviet leaders are making public admissions that the command system of central planning instituted by Stalin is not resulting in the standard of living desired by Soviet citizens and perhaps more important, it has not generated economic growth for sustaining a long—term global leadership position.


The Importance Of Funding Channels For Microfinance Performance, Roman Fedorak 2016 University of Washington Tacoma

The Importance Of Funding Channels For Microfinance Performance, Roman Fedorak

Global Honors Theses

This paper studies the importance of microfinance funding channels by analyzing how for-profit and non-profit microfinance institutions’ performances differ in practice. Generally all MFIs seek financial sustainability in order to avoid reliance on external funding and increase efficiency. However, for-profit MFIs tend to rely more heavily on standard economic assumptions established by the neoclassical economics model, shifting the priority away from the social and economic development process among poor communities to the final product of loan repayment enjoyed by such institutions. By contrast, non-profit MFIs attracting donors contributions tend to focus more closely on shifts in social dynamics within communities ...


Empirical Study Of Online Horse Race Bettors Betting Behavior In Finland, Tuomo Kainulainen 2016 University of Eastern Finland

Empirical Study Of Online Horse Race Bettors Betting Behavior In Finland, Tuomo Kainulainen

International Conference on Gambling and Risk Taking

This presentation produces an overview of online horse race bettors’ betting behavior in the Finnish betting market. The following studies have utilized individual-level online betting data LaPlante et al. (2006), LaBrie et al. (2007), LaBrie et al. (2008), LaPlante et al. (2009), Xuan & Shaffer (2009), Braveman & Shaffer (2010), Dragicevic et al. (2011), Fiedler (2013) and Gainsbury & Russell (2013). These studies focus on sports betting, poker and casino games. As an addition to the betting behavioural literature, this study focuses on horse race betting by utilizing betting data provided by Fintoto Ltd which has a legal monopoly for horse race betting ...


The Economics Of Lotto, Ian Walker, Robert E. Pryce, Rhys Wheeler, Nick Powdathvee 2016 Lancaster University

The Economics Of Lotto, Ian Walker, Robert E. Pryce, Rhys Wheeler, Nick Powdathvee

International Conference on Gambling and Risk Taking

No abstract provided.


Lockouts And Player Productivity: Evidence From The National Hockey League, Qi Ge, Michael J. Lopez 2016 Skidmore College

Lockouts And Player Productivity: Evidence From The National Hockey League, Qi Ge, Michael J. Lopez

Qi Ge

We implement a propensity score matching technique to present the first evidence on the impact of professional sports lockouts on player productivity. In particular, we utilize a unique natural experiment from the 2012-2013 National Hockey League lockout, during which approximately 200 players decided to play overseas, while the rest stayed in North America. We separate players based on their nationality and investigate the effect of playing abroad on postlockout player performance. We find limited evidence of enhanced productivity among European players and no evidence of a benefit or drawback for North American players. Our study contributes to the understanding of ...


The Relative Impact Of Psychosocial Well-Being And Mental Health On The Relationship Between Economic Circumstance And Religiosity, Veronica Momjian 2016 Graduate Center, City University of New York

The Relative Impact Of Psychosocial Well-Being And Mental Health On The Relationship Between Economic Circumstance And Religiosity, Veronica Momjian

All Graduate Works by Year: Dissertations, Theses, and Capstone Projects

Employing Norris and Inglehart’s concept of existential security as a theoretical framework, this dissertation utilizes three data points from the Americans’ Changing Lives study (1986, 1994 and 2011) to interrogate the link between the economic circumstance and religiosity. More specifically, the mediating impact of psychosocial well-being and mental health on religiosity are explored.

This dissertation hypothesizes that individuals employ religious coping strategies to deal with the stress of economic uncertainty; and when that uncertainty subsides, so too does religiosity. The results of this study show that, on average, religiosity increases during times of economic instability, and decreases when the ...


Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom 2016 Lawrence University

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.


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