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 …

To Tip Or Not To Tip: An Analysis Into Prompted Tipping, Jared Dingman

Theses/Capstones/Creative Projects

Giving tips (or gratuities) in restaurants in the United States has been and is currently a hotly debated and discussed topic. Concerns regarding proper compensation have been raised, but there is a need for empirical evidence to investigate and solve potential issues of compensation. This honors thesis aimed to answer two questions: Whether restaurant patrons tip more when prompted with tipping percentages, and whether those who have worked in the tipping industry tip more than those who have not. I administered a brief survey with tipping scenarios to gauge prompted and unprompted tipping behaviors. With these scenarios, demographic information was …

Bridging Biological Systems With Social Behavior, Conservation, Decision Making, And Well-Being Through Hybrid Mathematical Modeling, Maggie Renee Sullens

Doctoral Dissertations

Mathematical modeling can achieve otherwise inaccessible insights into bio-logical questions. We use ODE (ordinary differential equations) and Game Theory models to demonstrate the breadth and power of these models by studying three very different biological questions, involving socio-behavioral and socio-economic systems, conservation biology, policy and decision making, and organismal homeostasis.

We adapt techniques from Susceptible-Infected-Recovered (SIR) epidemiological models to examine the mental well-being of a community facing the collapse of the industry on which it’s economically dependent. We consider the case study of a fishing community facing the extinction of its primary harvest species. Using an ODE framework with a …

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 …

Catching Up To Yesterday: An Argument For A Practical Application Of Creativity For Inspiring Change From A Content-Based Course Delivery To A 21st-Century Skills-Based Delivery, Darren Chapman

Creativity and Change Leadership Graduate Student Master's Projects

This project is a creative vision for how college-level courses could be changed to deliver the most important skills students need in the 21st century—moving toward an essential employability skills-based delivery process while training vocational (content) skills. Technology is outpacing humans' ability to adapt and adopt to it, making it increasingly difficult to keep pace with technological change. This has wide-ranging effects on each of us – productively, emotionally, and perhaps physically. Colleges are at the forefront of educating citizens about the working world to improve their productivity, incomes and their sense of intrinsic motivation. However, these same colleges are …

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 …

Intricacies Of Agency: Rational Choice, Behavioral Economics, And Our Normative Commitments, Max Hendrix

Fenwick Scholar Program

This project undertakes a philosophical analysis of the intricacies of agency found in rational choice theory - the mainstream economic theory that agents are fundamentally rational and utilize their rationality to identify and pursue their self-interest. Recent experimental evidence within and outside of economics has cast doubt on the psychological accuracy and predictive prowess of the theory, laying the foundation to discuss the strengths and limitations of the theory as well as the impacts that this paradigm of agency has on our society today. I argue that rational choice theory struggles as a holistic conception of agency both from an …

Understanding The Evolution Of Enforcement Systems In Resource Dilemmas, Devin M. Flener

College of Arts & Sciences Senior Honors Theses

The effective management of resources on Earth is a pressing global social dilemma. An alternative solution to the traditional managing methods of these common pool resources is communal self-management facilitated through principles of restorative justice and developed through exploratory learning. We examined how communication, restorative justice techniques, and opportunity for exploratory learning impacted groups’ ability to develop a strong conceptual understanding of enforcement as well as an enforcement system in order to maintain an effective conservation strategy. Participants (N=288) were randomly assigned to 72 four-person groups in six separate conditions. Each group played nine rounds of a computer-simulated foraging task …

Perceptions Of Tourism And Quality Of Life: A Case Study In Savannah, Georgia, Marissa J. Renee

Honors College Theses

The World Travel and Tourism Council estimates that Travel and Tourism accounted for 10.3% of the world economy in 2019 and ¼ of all net new jobs over the past five years. Savannah, Georgia has experienced huge growth in the last decade due to tourism, with visitor spending on lodging alone increasing from $466 million in 2009 to $1 billion in 2019. The current study examined differences in perceived impact of tourism on quality of life using established predictors of tourism sentiments. An online community survey was conducted in Chatham County, Georgia (N = 94) using the Tourism Quality of …

Unbounding Rationality: Observing And Mitigating K-12 Public Education Administrators’ Cognitive Bias, Julie K. Mesaros

West Chester University Doctoral Projects

Humans tend to simplify complex decisions by employing cognitive bias(es). Cognitively biased decision-making by public administrators can be adversely consequential for public organizations, public employees, and the public interest. Given the historical scope of experimental research on cognitive bias in the social and physical sciences, public administration scholars should continue to advance such research across various public sectors. This dissertation study responded to the long-ago call of Herbert Simon for empirical research situated in specific public or political contexts. This qual-QUAN mixed-method study had two main aims: (1) explore decisions that K-12 public education administrators make in personnel management and …

Peer-To-Peer Energy Trading In Smart Residential Environment With User Behavioral Modeling, Ashutosh Timilsina

Theses and Dissertations--Computer Science

Electric power systems are transforming from a centralized unidirectional market to a decentralized open market. With this shift, the end-users have the possibility to actively participate in local energy exchanges, with or without the involvement of the main grid. Rapidly reducing prices for Renewable Energy Technologies (RETs), supported by their ease of installation and operation, with the facilitation of Electric Vehicles (EV) and Smart Grid (SG) technologies to make bidirectional flow of energy possible, has contributed to this changing landscape in the distribution side of the traditional power grid.

Trading energy among users in a decentralized fashion has been referred …

An Examination Of Transitioning Meso-Institutions And Markets In The Landscape Of American Politics, Devin Thomas Marconi

Graduate Student Theses, Dissertations, & Professional Papers

This paper bridges the gap in the literature between sociological accounts of market actors provided by Mark Granovetter and Douglas North, meso-institutional examinations of polarization provided by Paul Pierson and Eric Schickler, and the psychological exploration into cross-cutting identities provided by Liliana Mason. I argue that the nationalization and concentration of markets, identities, and politics have led to a transition within the meso-institution of the market from maintaining self-regulating punishment mechanisms to replacing them with self-reinforcing mechanisms, exacerbating affective polarization. Previous works explore the transition within the meso-institutions of the media, interest groups, and political parties. I include the market …

Examining Mobile Health App Engagement In A North American Employee Population: A One-Year Longitudinal Observational Study, Nabil Ratanshi

Electronic Thesis and Dissertation Repository

BACKGROUND: Mobile health (mHealth) apps may help promote physical activity and other health behaviours among office-based workers. Low app engagement, however, leading to little or no effect is typical. OBJECTIVE: To examine engagement with a rewards-based mHealth app and identify factors influencing engagement. METHODS: A one-year observational study was conducted with Canadian and U.S. users of the Sprout at Work app (N=2253; Female: 35.7%; Age: 39.3 years). Kaplan-Meier survival curves were used to examine engagement patterns from a ‘multiple-lives’ perspective (i.e., time to first disengagement, re-engagement, second disengagement). Regression models were used to identify factors influencing engagement. RESULTS: After one …

How An Abusive Supervision Climate Impacts Business-To-Business (B2b) Sales Performance, And The Roles Of Leader–Members Interdependence And Team Psychological Safety, Matthew J. Daniel

Electronic Theses and Dissertations

Sales supervisors can tremendously influence the sales teams they manage, and their behaviors can influence a team’s engagement and sales performance. Because of the supervisor’s influential role, their behavior, positive or negative, can ripple throughout the organization. As a result, a supervisor who role models abusive behavior within their organization also promotes a climate of abuse and incivility that can contribute to a toxic workplace. Abusive supervision (AS) is a significant problem in many business-to-business (B2B) sales organizations that negatively impacts the financial welfare and subjective well-being of organizations and their employees. This quantitative correlational study aimed to examine how …

Finance And Fear: Sentiment, Media, And Financial Markets During The Covid-19 Pandemic, Alison N. Sommers

Honors Theses

This thesis aims to build on existing research of market psychology and the effect of sentiment on financial markets. The main objective of this study is to determine the ability of investors to make rational decisions during the most recent period of high sentiment. The anomalies that have occurred in the stock market can be better understood by market psychology which focuses on the biases and social factors that influence investors. The media is a newly relevant factor impacting the volume of sentiment present in the market. A review of literature reveals that many studies of sentiment and financial market’s …

Impact Of Fear On Interpersonal And Economic Decision-Making, John Wilson

Economics Undergraduate Honors Theses

Fear is one of the most basic, intrinsic, and powerful emotions an individual may experience when faced with known or unknown threats, imminent pressures, or expectations of approaching doom. Fear may allow an individual to act quickly in a fight-or-flight response. Fear can alter both physiological and psychological frameworks to avoid certain calamity. Fear provides motivation to protect oneself or to effectuate altruistic behavior towards others for the greater good. One lesser explored area of research pertaining to fear and its implications is the influence of fear on interpersonal and economic decision-making. Economic volatility can produce both immediate consequences as …

Graduating Greener: Analysis Of A Non-Price Intervention To Encourage Pro-Environmental Behavior Among College Students, Jillie Santos

Honors Theses

According to the Yale Program on Climate Communication, a majority of Americans report worrying about climate change, yet the proportion of Americans who discuss climate change often with friends and family is around half of the worried percentage. This discrepancy illustrates a habit of climate avoidance and climate inaction. Drawing upon psychology and human-centered design, I assisted Dr. Michael A. Smyer in developing Graduating Greener, a workshop aimed at disrupting climate avoidance and promoting pro-environmental behavior through a sequence of social, environmentally-based activities. In this thesis, I investigate concepts from the field of behavioral economics which inform and align with …

The Effect Of Magnitude And Probability On Plea Bargain Decision-Making, Megan L. Small

Electronic Theses and Dissertations

Decision-making is studied in various aspects of life and can be especially vital in the context of the criminal justice system, such as plea bargains. Previous research in this area used a less commonly used task (fill-in-the-blank) in addition to a student sample (Falligant & Pence, 2019). The current study uses probability discounting to study the choice between accepting a plea bargain for a shorter incarceration sentence or risking a trial with a longer sentence on a sample of adults with experience in the criminal justice system. Three sentence durations, or magnitudes, were used (1 year, 5 years, and 25 …

The Effects Of Cost, Level Of Safety, And Severity Of Injury On Manager Decisions To Implement A Safety Solution, Jonathan M. Hochmuth

Dissertations

Workplace injuries continue to be a source of substantial human and financial costs each year. Behavioral safety processes have been effective in reducing workplace injuries by increasing safety-related behaviors. In recent years, the focus in behavioral safety has shifted towards the role of managers in establishing and maintaining safe behaviors and conditions in the workplace. Understanding how managers make decisions to allocate resources is critical to improving safety. The field of behavioral economics has developed methods for studying decision-making. While there have been calls to apply these methods to occupational safety, there are only two empirical studies which have done …

The Asymmetric Effect Of Sentiment On Equity Returns, Mishal Ahmed

Dissertations

In the first chapter titled “The Asymmetric Effect of Sentiment on U.S. Equity Returns”, we test the asymmetric impact of investor sentiment, proxied by the Baker-Wurgler (2007) investor sentiment index, on expected stock returns in the U.S. We regress sentiment on market and economy-wide fundamentals, use the residuals as a measure of excess sentiment and estimate long-horizon return regressions using positive and negative components of excess sentiment as predictors. We hypothesize that excessive optimism leads investors to make significant portfolio changes whereas excessive pessimism makes investors more cautious about investing, due to loss aversion. Primary results confirm our hypothesis with …

Choice Overload, Information Acquisition, And Gift Incentives In An Altruistic Context: Economic Experiments Exploring Decision Making In Charitable Giving, Jessica Adach White

Graduate Theses and Dissertations

This dissertation contains three essays on economic experiments concerning altruistic motives. The first chapter, “Choice Overload and Charitable Giving: Can There Be Too Much of a Good Thing?” concentrates on the effects of list sizes of charitable options on an individual’s decision making. The second chapter, “Is No News Good News? Motivated Reasoning in Charitable Giving,” focuses on the impact of information acquisition on an individual’s altruistic contributions. Finally, the third chapter, “Thank You, but No Thank You: Gift Incentives in Charitable Giving,” investigates gift incentives and their influence on donating behavior.

In the first chapter, “Choice Overload and Charitable …

Analysis Of Demand Under Time And Quantity Restriction Frames, Haily K. Traxler

Dissertations

For decades, behavioral economists and behavior analysts have borrowed techniques from one another to investigate human decision making. While there has been little overlap in their work, the union of the two may help to answer important questions about behavior. An emerging behavioral economic topic of interest in the behavior analytic literature is the analysis of how framing affects demand. The purpose of the present studies is to investigate some conditions under which demand is affected by framing and provide a behavior analytic interpretation of those effects. To assess the effects of framing, demand for marketplace items was assessed under …

Colombian Women’S Experiences Of Cosmetic Surgery And Its Relationship To Body Image, Austin Gonzalez-Randolph

Dissertations

The purpose of this study was to understand women’s experiences of cosmetic surgery and its effects on body image on women from the Colombian cities of Bogotá and Pereira. The participants of this study were women of Colombian descent, who reside in Colombia. This was done with the hopes of better understanding how culture impacts views on cosmetic surgery. Colombia appears to have a culture that is very enmeshed with cosmetic surgery. This study provides an initial exploratory and qualitative investigation into the perception of body image as it relates to cosmetic surgery among six young women living in Colombia; …

Better Together? Effects Of Dyadic Collaboration On Intertemporal Preference, Emily Edgington

Masters Theses, 2020-current

Abstract

Intertemporal choices have been researched extensively in the context of individual choices. However, empirical evidence is absent regarding intertemporal preferences when two individuals collaborate on a choice task. This study aimed to compare the rates of discounting under the condition of dyadic collaboration and individual decisions. Furthermore, this study examined the collaboration sessions in an online video conferencing platform. Results showed a strong, positive correlation between average individual discounting rates and corresponding dyad rates of discounting. The findings of this study should be considered when making intertemporal decisions.

Key Words: delay discounting, group decision-making, online collaboration

How The Level Of Job Complexity Impacts The Gender Wage Gap Across Occupations, Zytlaly Magaña Corona

Electronic Theses, Projects, and Dissertations

The present study focused on unpacking the social and structural aspects of job complexity to better understand its effects on the gender wage gap. Previous research on the job complexity-compensation dynamic has primarily focused on cognitive complexity. Job complexity across occupations were examined using work activity data from O*NET and merging it with the Current Population Survey data sponsored by the U.S. Bureau of Labor Statistics (N=67,003). Results revealed that higher complexity jobs in this study yielded greater wage disparities across different occupations as predicted. Furthermore, physical activities and gaining knowledge from the Generalized Work Activities were the two most …

The Impact Of Mindfulness On Healthy Food Choices, Kaylea Hopfer

Graduate Theses and Dissertations

The practice of mindfulness has a long history in research, particularly psychological studies. In this paper I examine the effects of a short mindfulness intervention on healthy food purchases. Specifically, I developed an online survey and recruited 634 participants via Prolific between July 24 - July 27, 2020. I randomly assigned participants to either a mindfulness manipulation or a control condition. Following treatment (or control) participants completed a food choice task and various other control. Following the survey, I analyzed data using R version 4.0.2 (2020-06-22) and R-Studio. I estimated three different regression models, ordinary least squares (OLS), Poisson, and …

The Effects Of Racial Capitalism On Poor White Laborers, Amy Whittaker

Liberal Studies (MA) Final Essays

While always remembering that racial capitalism’s very nature ensures that non-white Americans suffer incomparable racial oppression, this paper will endeavor to expose the devastation caused to American society as a whole by explaining the ways in which racial capitalism destroyed poor white labors ability to participate fully in the economic system and strangled its chances of living the American dream. It is my hope that by discussing the missing piece of the poor white laborers’ experience under racial capitalism will unite poor white laborers and poor black laborers to work together to end racial capitalism, policing, and the carceral system. …

Information Prioritization: A Comparison Between Utility Maximizers And Probability Matchers, Yusuf Ismaeel

CMC Senior Theses

This thesis examines the differences between probability matchers and utility maximizers in their preferences for information sources in a lab environment. In this paper, we consider the best source of information to be the most connected one. We conducted several linear probability model type regressions along with logit regressions. Furthermore, we also attempted to control and fix any potential misclassifications in classifying the cognitive strategy by using instrumental variables. The results show that utility maximizers will almost always choose the most informed node. Probability matchers, on the other hand, do not exhibit such a behavior as the probability matching strategy …

The Impact Of Levodopa Administration On Learning From Short-Term And Long-Term Action Consequences: A Paradigm Validation., Masood Rezaei

Electronic Thesis and Dissertation Repository

Behavioral and neuroimaging studies have identified two valuation systems in the human brain for controlling behavior known as model-free (MF) and model-based (MB). MF is based on immediate evaluation and MB is based on long-term evaluation of the outcome of our decisions. Previous studies suggest that dopamine baseline activity may play an important role in the balance between the two systems and determine how they compete or interact in controlling our actions. The overarching aims of this study is to investigate the impact of levodopa administration on learning from immediate and long-term action consequences, and to dissociate the role of …

Estimating Predictors Of Mental Well-Being Through Analysis Of Children’S Drawings: The Case Of Syrian Refugees, Stephanie Smith

Master's Theses

There are currently over 65 million individuals that have been forcibly displaced globally. The cumulative trauma that comes from the refugee experience and exposure to violence has proven to have long-term negative psychological outcomes and thus negative impacts on human capital in the long run. Given that over 50% percent of the global refugee population are children, the ability to efficiently and accurately assess their mental well-being is of critical importance. Using data from over 2000 refugee children in Jordan, I use machine learning techniques to find key predictors of psychological distress, PTSD, and exposure to violence found in children’s …