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 …

Exploring Consumer Value Of Certified Sustainability Labels Of Local, Independent Versus National Coffee Brands, Mary Olivia H. Broussard

LSU Master's Theses

Local, oftentimes independent, coffee shops in the US now measure over 38,000. These shops must differentiate themselves from chain coffee brands in order to compete in the bagged coffee market. Research shows consumers value certified labels, and these labels have the potential to help differentiate independent shops. This paper will look at coffee drinkers’ willingness to pay for certifications (Fairtrade, USDA Organic, Rainforest Alliance, Carbon Trust) and how it differs between national brands (Dunkin, Folgers, Starbucks) and a local provider specified by the individual respondent. Data collection took place in spring of 2024. Results indicated a preference for branded bagged …

Financial Literacy And Aspirations: Experimental Evidence From Eastern Uganda, Ester Agasha

Master's Theses

Financial literacy and the cultivation of aspirations are pivotal in empowering individuals and fostering economic growth, particularly within disadvantaged com munities. Although prior research has extensively analyzed the individual effects of financial education and motivational interventions on economic behaviors, there is less clarity on how the synergy between them can collectively impact the socioe conomic status of individuals in developing economies, especially women. Through randomized control experiment(RCT), this study explored the effectiveness of two interventions; 1) a financial literacy digital gaming application and, 2) an aspirations intervention (a short video documentary and a follow-up curriculum) in not only enhancing financial …

Heat And Social Behavior: The Effect Of Personal And Social Well-Being, Antonia Michele Sottile

Master's Theses

High temperatures have the capacity to cause catastrophic changes in social and economic systems, but does heat impact our social behavior, and is this potential effect moderated by a person's social and personal well-being? In this paper, I utilize data from a 5 country laboratory experiment and run a fixed effect regression model to understand the role of these metrics in determining behavioral outcomes. The results suggest that heat alone has no impact on egalitarianism, generosity, or selfishness, but that it does have a small negative impact on spite. Stress was also found to have a negative impact on spite, …

Dose Higher Socioeconomic Status Associate With Better Mental Health Outcomes Among Primary Caregivers In Rural China?, Wenwen Zhang

Master's Theses

This study explores the intricate relationship between socioeconomic status (SES) and the mental health outcomes of primary caregivers in rural China, focusing on the Early Childhood Development (ECD) context in Ya'an. Anchored in a major intervention project launched in 2023, the study critically examines the hypothesis that higher socioeconomic status correlates with lower levels of negative emotions among caregivers.

Utilizing cross-sectional data, the research investigates how educational attainment and household income influence caregivers' mental health, measured through the DASS-21 score in three dimensions: stress, anxiety, and depression. The findings reveal that higher household income and educational levels are significantly associated …

Can Aspiration And Financial Literacy Interventions Relieve Internal Constraints? Evidence From Uganda And India, Veronika Divis

Master's Theses

Can aspiration and financial literacy interventions relieve internal constraints? We address this question through a novel experiment in Uganda and India, using 617 participants in 89 already existing borrowing groups of microfinance institutions. We carry out aspiration and financial literacy treatments as well as a combined treatment group which received both treatments to measure effects on aspirations, hope, agency, and pathway indices. Results show that receiving the aspirations treatment led to 0.34, 0.42, 0.18, and 0.40 standard deviation increases in aspirations, agency, pathways, and aspirational hope, respectively. The game and combined treatment groups also showed positive effects but lacked statistical …

What The Stork Brought: Endogenous Fertility Preferences, Lucas Fortier Borden

Master's Theses

Where most existing literature on fertility preferences has described how fertility preferences shape outcomes, this paper provides insight into how the sex of a recent birth affects a mother’s fertility preferences. Utilizing data from the Demographic Health Survey from 1985-2020 in 81 countries containing 309,238 mothers who gave birth in the past 12 months and who have equal to or fewer than three children, I employ OLS with two-way fixed effects as my primary specification, examining the effects of the plausibly exogenous sex of a recent birth on sibship sex composition preferences. Results show that a recent daughter birth increases …

Leveling Up Financial Literacy: Evidence From Game-Based Intervention With Aspiration Treatment Amongst Rural Women In India, Akash Shaji

Master's Theses

In India, rural women exhibit notably low financial literacy levels, necessitating effective and scalable educational interventions. Our randomized controlled trial evaluated a novel approach, combining game-based financial literacy education with a video documentary-based aspirations intervention, targeting women in self-help groups in Karnataka. The study included 348 participants and employed an ANCOVA model adjusted for clustering to analyze the effects. The results demonstrate significant improvements in financial literacy and aspirations, particularly when interventions are combined. The game-based intervention alone significantly enhanced digital literacy, financial confidence, and behavioral indices such as agency, pathways, and aspirations. The aspirations intervention also independently affected financial …

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 …

Financial Self-Efficacy Among Puerto Rican Women In The United States: An Ethnographic Action-Based Research Study, Melinda Jimenez Perez

Theses & Dissertations

The purpose of this ethnographic action research study was to better understand the financial self-efficacy of Puerto Rican women in the United States. There is a gap in the literature in identifying the relationship between middle-class Puerto Rican women and financial literacy. In a pilot study, four major findings emerged from the survey about Puerto Rican women and their relationship with finances: (a) as children, mothers taught them to save, and as adults, they rely on the male figures in their families; (b) the traditional education systems did not provide financial education; (c) the childhood culture of poverty and scarcity …

A Multi-Group Public Goods Game Experiment, Aaron S. Berman

Behavioral and Computational Economics (MS) Theses

People belong to many different groups, and few belong to the same network of groups. Moreover, people routinely reduce their involvement in dysfunctional groups while increasing involvement in those they find more attractive. The net effect can be an increase in overall cooperation and the partial isolation of free-riders, even if free-riders are never punished, excluded, or recognized. We test this conjecture with a multi-good extension of the standard finitely repeated public goods game. Our results from four treatments suggest that the multi-group setting indeed raises overall cooperation and dampens the impact of free-riders.

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 …

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 …

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 …

Effects Of Temperature On Economic Preferences: A Cross-Cultural Laboratory Study Of Prosocial Behavior, Nikita Tkachenko

Master's Theses

In light of the pressing issue of climate change, our study investigates the implications of rising temperatures on social and economic behaviors through a laboratory experiment conducted among students at university sites in Mexico, India, Kenya, Colombia, and the United States. This paper examines the influence of temperature differences and exposure length on economic decision-making among students at university sites in Mexico, Kenya, and the United States. Analyzing data from the dictator game, we explored how temperature, both ambient and wet bulb, and session length affect prosocial behavior. Our results suggest a link between temperature measures and prosocial behavior, with …

Happy Teams: Utilizing Remote Data Entry Work To Understand The Relationship Between Team Gender Composition, Team Performance, And Worker Satisfaction, Laura Zimmer

CMC Senior Theses

The following study contributes to existing scholarship surrounding the relationship between gender and teamwork. My experiment aims to build on how gender impacts team members' success, emotions, and overall experience by randomly pairing individuals in two-person remote teams, to complete data entry tasks together. Teams work together remotely to complete tasks rating Chicago roads. Pre and post-teamwork surveys were completed by individuals surrounding their emotions and experience working with their partner. My results demonstrate that single-gender female teams report the highest increases in happiness while working in teams. Individuals were found to rate partners of their same gender more highly …

Mental Imagery Contributes To Loss Aversion By Amplifying Negative Emotions, Daniel Kroshchuk

CMC Senior Theses

Defined as the experience of sensory information without the presence of external stimuli, mental imagery is thought to play a role in memory, emotional regulation, and decision-making. Recent studies suggest that mental imagery varies widely across the general population, with approximately 2-4% of individuals having a reduction or complete absence of visual imagination, a phenomenon known as aphantasia. Individuals with aphantasia show reduced emotional arousal to fear-inducing imagery, raising the question of how variation in imagery affects cognitive processes that are influenced by emotion. Specifically, in economic decision-making it has been shown that the prospect of loss triggers negative emotions, …

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 …

Covid-19 Disruptions And Coping Strategies For Media Houses In Uganda: Case Of Next Media Services, Arthur Matsiko

Theses & Dissertations

News production in the legacy media houses occurs in enclosed spaces. Editors, reporters, sub-editors, and news producers discuss and develop story ideas for production and dissemination on television, radio and print platforms. However, the Covid-19 pandemic presented a significant change in the traditional operation of the newsroom. This disruption interfered with the journalistic norms of story ideation, news sourcing, gatekeeping and distribution. Local and regional media organisations struggled through the Covid-19 pandemic because technological adoption mechanisms had long been dragged. By the time the pandemic hit Ugandan newsrooms, most media houses lacked fall-back plans, which led to several changes such …