Behavioral Impediments To Valuing Annuities: Complexity And Choice Bracketing, 2019 University of Illinois at Urbana-Champaign
Behavioral Impediments To Valuing Annuities: Complexity And Choice Bracketing, Jeffrey R. Brown, Arie Kapteyn, Erzo Luttmer, Olivia S. Mitchell, Anya Samek
Wharton Pension Research Council Working Papers
This paper examines two behavioral factors that diminish people’s ability to value a lifetime income stream or annuity, drawing on a survey of about 4,000 adults in a U.S. nationally representative sample. By experimentally varying the degree of complexity, we provide the first causal evidence that increasing the complexity of the annuity choice reduces respondents’ ability to value the annuity, measured by the difference between the sell and buy values people assign to the annuity. We also find that people’s ability to value an annuity increases when we experimentally induce them to think jointly about the ...
Fossil-Fueled Discourse, 2019 University of Kansas
Fossil-Fueled Discourse, Henry Walter
Crossing Borders: A Multidisciplinary Journal of Undergraduate Scholarship
As industrial civilization confronts the realities of devastating global climate change and the local environmental catastrophes precipitated by coal, oil, and natural gas extraction, this paper moves away from mainstream analyses of demand-side choices and instead considers how miners and rig workers make decisions surrounding the ethicality of their work. This article considers corporate publications including investor and sustainability reports and company-sponsored employee magazines, industry magazines, and news sources in top-producing fossil fuel producing localities in the United States. A discursive analysis of this set of publications uncovers a dense rhetorical lattice of misinformation and disinformation surrounding fossil fuel workers ...
Identification Of Resource Extraction Technologies When The Resource Stock Is Unobservable, 2019 Iowa State University
Identification Of Resource Extraction Technologies When The Resource Stock Is Unobservable, Quinn Weninger, Larry Perruso, Helle Bunzel
Economics Working Papers
This paper consistently estimates the structural properties of a fishery resource extraction technology. We overcome two ubiquitous features of fisheries data generating processes that invalidate classical estimators: unobservability by the researcher (but partial observability by fishermen) of the fish stock, and endogenous production decisions that vary with private information about stock abundance and economic variables. We adopt methods used in fisheries stock assessment to control for unobserved stock effects on productivity. A nonlinear instrumental variables estimator controls for endogenous choices of the output mix. The approach is applied to the US Gulf of Mexico commercial reef fish fishery. Comparison with ...
Motherhood, Migration, And Self-Employment Of College Graduates, 2019 Southwestern University of Finance and Economics
Motherhood, Migration, And Self-Employment Of College Graduates, Zhengyu Cai, Heather M. Stephens, John V. Winters
Economics Working Papers
Women face unique challenges in starting and running their own businesses and may have differing motives to men for pursuing self-employment. Previous research suggests that married women with families value the flexibility that self-employment can offer, allowing them to balance their family responsibilities with their career aspirations. This may be especially true for college graduates, who tend to have more successful businesses. Access to childcare may also affect their labor force decisions. Using American Community Survey microdata, we examine how birth-place residence, a proxy for access to extended family and child care, relates to self-employment and hours worked for college-graduate ...
The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, 2019 Georgetown University
The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin
Faculty Scholarship at Penn Law
After the Great Recession, new regulatory interventions were introduced to protect consumers and reduce the costs of financial products. Some voiced concern that direct price regulation was unlikely to help consumers, because banks offset losses in one domain by increasing the prices that they charge consumers for other products. This paper studies this issue using the Durbin Amendment, which decreased the interchange fees that banks are allowed to charge merchants for processing debit transactions. Merchant interchange fees, previously averaging 2 percent of transaction value, were capped at $0.22, decreasing bank revenue by $6.5 billion annually. The objective of ...
Accounting For Agent Heterogeneity In Market And Policy Analysis, 2019 University of Nebraska-Lincoln
Accounting For Agent Heterogeneity In Market And Policy Analysis, Konstantinos Giannakas
This book presents a multi-market framework of market and policy analysis that explicitly accounts for the empirically relevant heterogeneity in consumer preferences and producer characteristics. The explicit consideration of consumer and producer heterogeneity represents a significant departure from the representative consumer and producer that have been at the center of most of the literature on market and policy analysis, and enables the distributional impacts of changes in market conditions and policies to be fully identified. The framework is used to analyze the system-wide market and welfare impacts of a number of changes in market conditions (like ...
Actual And Self-Assessed Financial Literacy Among Employees Of A South African University, 2019 The University of Cape Town
Actual And Self-Assessed Financial Literacy Among Employees Of A South African University, Gizelle D. Willows
This study examines the level of financial literacy and self-assessed financial literacy amongst members of a South African tertiary institution’s retirement fund. Based on surveys of the fund’s members, I employ descriptive statistics and multivariate regression analyses to examine differences in financial literacy within and across groups. The results show that, despite working for an employer implementing many best practices identified by financial literacy advocates, respondents from all demographic subgroups possess relatively low levels of financial knowledge. Men, White respondents, and those with a higher cost of employment or higher educational attainment were more likely to have a ...
Circadian Variations And Risky Decision Making, 2019 Claremont Colleges
Circadian Variations And Risky Decision Making, Sana Sra
Scripps Senior Theses
Over the past decades, decision making under risk has garnered a great amount of attention both in the field of economics and psychology. Although state-dependent variabilities of risk taking are well-documented, little is known about the effects of a person’s preferred time of day, or chronotype, in risky decision making. Under circumstances of circadian mismatch (e.g., when an “early bird” makes decisions in the evening), research suggests that decision making may reflect a greater reliance on heuristics, such as using stereotypes in social judgments. However, the effects of circadian mismatch on heuristics in risky decision making are relatively ...
What Drives Merger Waves? A Study Of The Seven Historical Merger Waves In The U.S., 2019 Claremont Colleges
What Drives Merger Waves? A Study Of The Seven Historical Merger Waves In The U.S., Katherine Ching
Scripps Senior Theses
Historically, merger and acquisition (or M&A) activity has occurred in cyclical patterns, forming what are known as “merger waves.” To date, there have been a total of seven waves. Though it is widely acknowledged that merger waves exist, there is no consensus on what drives these waves. Through both qualitative and quantitative analysis, this paper aims to determine the causes of merger waves and looks at those causes through two different lenses: the neoclassical view, which states that economic shocks cause merger waves, and the behavioral view, which states that increases in merger activity are due to managerial behavior ...
Monthly Spending Dynamics Of The Elderly Following A Health Shock: Evidence From Singapore, 2019 University of Adelaide
Monthly Spending Dynamics Of The Elderly Following A Health Shock: Evidence From Singapore, Terence Cheng, Li Jing, Rhema Vaithianathan
Research Collection School Of Economics
We use novel longitudinal datafrom 19 monthly waves of the Singapore Life Panel to examine the short-termdynamics of the effects health shocks have on household health and non-healthspending and income by the elderly. The health shocks we study are theoccurrence of new major conditions such as cancer, heart problems, and minorconditions (e.g. diabetes, and hypertension). Our empirical strategy exploits unanticipated changesin health status through the diagnosis of new health conditions, combined withan individual fixed effect framework. We find that major shocks have large and persistent effects while minorshocks have small and mainly contemporaneous effects. We find that householdincome reduces ...
One Step At A Time: Does Gradualism Build Coordination?, 2019 Xiamen University
One Step At A Time: Does Gradualism Build Coordination?, Maoliang Ye, Jie Zheng, Plamen Nikolov, Sam Asher
Economics Faculty Scholarship
This study investigates a potential mechanism to promote coordination. With theoretical guidance using a belief-based learning model, we conduct a multi-period, binary-choice, and weakest-link laboratory coordination experiment to study the effect of gradualism – increasing the required levels (stakes) of contributions slowly over time rather than requiring a high level of contribution immediately – on group coordination performance. We randomly assign subjects to three treatments: starting and continuing at a high stake, starting at a low stake but jumping to a high stake after a few periods, and starting at a low stake while gradually increasing the stakes over time (the Gradualism ...
The Effects Of Environmental Factors On Maternal Health, Infant Health And Mental Health, 2019 Lehigh University
The Effects Of Environmental Factors On Maternal Health, Infant Health And Mental Health, Li Zeng
Theses and Dissertations
This dissertation explores the effects of environmental factors on adult’s health and infant’s health at birth. The first chapter of this dissertation studies the impact of maternal stress triggered by wildfire on infant birth outcomes. As a common natural event, one of the most noticeable effects of wildfires is the stress caused by their threat to people’s life and property. This study estimates the impact of exposure to wildfire events during pregnancy, especially the effects of maternal stress triggered by wildfire outbreaks, on infant birth outcomes. By linking three data sources – birth records from the New Jersey ...
Product Concentration And Usage: Behavioral Effects In The Glyphosate Market, 2019 Kansas State University
Product Concentration And Usage: Behavioral Effects In The Glyphosate Market, Edward D. Perry, David A. Hennessy, Giancarlo Moschini
CARD Working Papers
People often ignore or misunderstand information that would help them make better decisions. For products that differ by concentration level, a critical choice concerns the correct dosage rate. We study the effects of changing glyphosate product concentration levels on farmers’ glyphosate usage behavior. Glyphosate is the world’s most widely used herbicide. After glyphosate went off patent in 2000, product variants with higher concentration levels entered the market. Using detailed farmlevel glyphosate use data in U.S. corn and soybeans over the period 1998-2011, we estimate the impact of product concentration levels on glyphosate application rates. We control for prices ...
The Changing Nature Of Work, Leadership, And Organizational Culture In Future Ready Organizations, 2019 Claremont Colleges
The Changing Nature Of Work, Leadership, And Organizational Culture In Future Ready Organizations, Saloni Dhir
CMC Senior Theses
The relationship between individual and organizational performance is a key challenge for leaders in modern organizations, especially with the current disruption in technology and innovation. This thesis is a literature review and compilation of the relevant empirical evidence on various processes of industrial groups and organizational characteristics such as the changing nature of work, leadership, and company culture in detail. I investigate the complex challenges that millennials and organizations are facing in the current VUCA work environment as well as their potential responses to these changes. I map out the evolution of the concept of work and compare changes ...
Examining The Utility Of Behavioral Economic Demand In Addiction Science, 2019 University of Kentucky
Examining The Utility Of Behavioral Economic Demand In Addiction Science, Justin Charles Strickland
Theses and Dissertations--Psychology
The marriage of perspectives from behavioral economic theory and learning theory has the potential to advance an understanding of substance use and substance use disorder. Behavioral economic demand is a central concept to this interdisciplinary approach. Evaluating demand in the laboratory and clinic can improve previous research on the relative reinforcing effects of drugs by accounting for the multi-dimensional nature of reinforcement rather than viewing reinforcement as a unitary construct. Recent advances in the commodity purchase task methodology have further simplified the measurement of demand values in human participants. This dissertation project presents a programmatic series of studies designed to ...
The Fight-Or-Flight Response To The Joneses And Income Inequality, 2018 Drexel University
The Fight-Or-Flight Response To The Joneses And Income Inequality, Richard C. Barnett, Joydeep Bhattacharya, Helle Bunzel
Economics Working Papers
This paper studies the fight-or-flight ambivalence people show
towards the success of the proverbial Joneses. If an agent cares about
leisure and his consumption relative to a benchmark set by the Joneses, his
preferences display the keeping-up-with-the-Joneses (KUJ) property if an
increase in the benchmark urges him to substitute away from leisure into
work, allowing him to finance more consumption; the opposite is labeled
running-away-from-the-Joneses (RAJ). The long literature, thus far, finds a)
if any agent's behavior displays KUJ (or RAJ), everyone's will, or b) if an
agent displays KUJ (or RAJ) in one portion of the consumption ...
Why Trust Out-Groups? The Role Of Punishment Under Uncertainty, 2018 Bryant University
Why Trust Out-Groups? The Role Of Punishment Under Uncertainty, Xiaofei Pan, Daniel Houser
Economics Faculty Journal Articles
We conducted a hidden-effort trust game, in which we assigned subjects to one of two groups. The groups, which were formed through two different group formation processes, included a “social” group that required sharing and exchange among its members, and a “non-social” group that did not. Once assigned, subjects participated in the game with members from both groups, either with or without the opportunity to punish a trustee who may have defected on them. We found that for investors in the non-social group, the opportunity to punish a trustee worked to promote trust, but only when the trustee was a ...
The Big Spenddown: Digital Investment Advice And Decumulation, Steven Polansky, Peter Chandler, Gary R. Mottola
Wharton Pension Research Council Working Papers
Digital investment advice providers have traditionally focused on the process of assets accumulation. But as Baby Boomers and Gen Xers age, they will need to shift from accumulation to decumulation, and there is less agreement about how to manage payouts during retirement. This chapter provides on overview of digital investment advice in the U.S., explores how digital advice providers are thinking about and executing decumulation strategies, identifies challenges they face, and discusses how these decumulation strategies could affect investors.
"Integrated Science 3002a: Big Bike Giveaway: Changing London's Environment, Health, And Economy One Bike At A Time", Jermiah Joseph, Katelyn Melo, Devanshi Shukla, Tony Nguyen, Katherine Teeter
Community Engaged Learning Final Projects
There are significant benefits that manifest when an individual chooses to ride a bicycle as their primary mode of transportation. To investigate these benefits, the environmental, health, economic, and social impacts of biking were evaluated through research and data analyses. This revealed that numerous advantages can be obtained at an individual and local scale through citizens choosing to adopt a biking lifestyle. However, it was found that many Londoners are deterred from biking due to poor biking infrastructure. This paper calls into question the current cycling framework in London and it’s limitations on achieving the numerous benefits that biking ...
Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, 2018 University of Pennsylvania Law School
Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert
Wharton Pension Research Council Working Papers
This chapter examines the regulatory and market structure concerns raised by automated financial advisors, and arrives at two conclusions. First, the principles-based regulatory approach of the 1940 Investment Advisors Act in the U.S. appears adequate and sufficiently flexible to address the new issues raised by automation, at least for now. Second, there is a pressing need to develop new mechanisms for encouraging investment robo-advisors (and financial advisors generally) to provide high quality decumulation services to their customers, because neither of the two prevailing compensation approaches – assets under management and commissions – provides sufficient incentive at present, and consumers are poorly ...