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Mapas de precificação de ativos no mercado de capitais : uma análise do poder prescritivo da behavioral finance

Nunes, Bernardo Fonseca
Fonte: Universidade Federal do Rio Grande do Sul Publicador: Universidade Federal do Rio Grande do Sul
Tipo: Dissertação Formato: application/pdf
Português
Relevância na Pesquisa
46.38%
O objetivo deste trabalho é analisar o poder prescritivo da Behavioral Finance (Shleifer, 2000) para a gestão de ativos financeiros no mercado de capitais, contrastando-a com as implicações da Hipótese dos Mercados Eficientes (FAMA, 1970). A meta específica é identificar quais conjuntos de técnicas são apropriados para a precificação de títulos ou ações levando-se em conta a interação dos respectivos modelos teóricos com a evidência empírica do comportamento dos investidores. A presente análise será feita através do mapeamento dos processos decisórios dos investidores segundo a Hipótese dos Mercados Eficientes (HME) e a Behavioral Finance (BF), identificando os pressupostos dos aludidos modelos e suas implicações e confrontando-os com a evidência obtida através de experimentos em laboratório que testem determinadas hipóteses sobre o comportamento de investidores. Discute-se a contribuição positiva de uma linha de pesquisa, a BF, que explora a racionalidade limitada dos agentes individuais em suas escolhas e os efeitos que os investidores experimentam ao tomarem decisões de investimentos. Metodologicamente, a BF absorve as conclusões sobre o mundo real obtidas a partir da observação experimental (DAVIS & HOLT...

Economia comportamental : caracterização e comentários críticos; Behavioral economics : characterization and critical commentaries

Alex Sandro Rodrigues de Castro
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 28/02/2014 Português
Relevância na Pesquisa
56.29%
Esta dissertação busca apresentar e discutir as principais características da economia comportamental, identificando suas diferentes abordagens e comparando-as com a economia neoclássica. A intenção é apresentar as propostas e a estrutura conceitual das abordagens psicológicas e realçar os elementos de ruptura e continuidade em relação à economia neoclássica. Os conceitos básicos e as principais descobertas da economia comportamental são apresentados particularmente com base nos trabalhos de Kahneman e Tversky. Ao final, a dissertação destaca as objeções de Gerd Gigerenzer ao programa de pesquisa de Kahneman e Tversky e faz comentários críticos ao individualismo das abordagens psicológicas que penetraram a economia mainstream.; This dissertation is concerned with defining the characteristics of behavioral economics, identifying its different approaches and comparing them to neoclassical economics. The intention is to present the proposals and conceptual framework of psychological approaches and highlight the elements of departure from, and continuity with, the neoclassical economy. The basic concepts and major findings of behavioral economics are presented particularly based on the work of Kahneman and Tversky. Finally...

Essays in Behavioral Economics

Peysakhovich, Alexander
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation
Português
Relevância na Pesquisa
66.33%
Essays in this dissertation cover three topics in behavioral economics: social preferences, ambiguity aversion and self-control. The first essay, based on work with Aurelie Ouss, studies the behavior of individuals making decisions to punish norm violators. It addresses two types of questions. First, what parameters affect these punishment decisions? Second, what do outcomes look like when these decisions are aggregated? Experimental data show that individual punishment decisions appear to respond to individual cost and not necessarily social cost. Additionally, individuals appear not to take the probability that violators will be apprehended into account. Finally, punishment by others does not act as a perfect substitute for own punishment. These combined effects mean that aggregate levels of punishment rarely resemble those in line with commonly used benchmarks such as optimal deterrence. The second essay, based on work with Uma Karmarkar, studies how information affects valuation of ambiguous financial prospects. Experimental results show that across several domains individual valuations appear to react much more strongly to favorable information than unfavorable information. Additional studies indicate that this effect is driven by two mechanisms. The first is a bias towards the integration of favorable information. The second is an effect of ambiguity aversion...

Encouraging Healthful Dietary Behavior in a Hospital Cafeteria: A Field Study Using Theories from Social Psychology and Behavioral Economics

Mazza, Mary Carol
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation
Português
Relevância na Pesquisa
66.26%
Public policy efforts to curb obesity often adhere to a rational actor model of human behavior, asserting that consumer behavior will change provided proper economic incentives, nutritional information, and health education. However, rigorous academic research related to such questions remains limited in scope and appears inconclusive as to the success of such economic and cognitive interventions. In contrast, research in social psychology and behavioral economics suggests that decision making is partially based on heuristics, or rules of thumb, and susceptible to powerful cognitive biases. External cues can subtly influence decision making in powerful ways. In this paper, after discussing existing policy efforts and their limitations, we use concepts from behavioral decision theory to design interventions related to different psychological domains in hopes of providing a more complete understanding of consumer dietary decision making. We move beyond traditional cognitive methods, namely the provision of nutritional information and economic incentives, to suggest the value of other cognitive, affective, social, and environmental influences in shaping food choices. Over a 21-month period, we tested 9 interventions in a point-of-purchase field study at a hospital cafeteria...

Use of behavioral economics and social psychology to improve treatment of acute respiratory infections (BEARI): rationale and design of a cluster randomized controlled trial [1RC4AG039115-01] - study protocol and baseline practice and provider characteristics

Persell, Stephen D; Friedberg, Mark W; Meeker, Daniella; Linder, Jeffrey A; Fox, Craig R; Goldstein, Noah J; Shah, Parth D; Knight, Tara K; Doctor, Jason N
Fonte: BioMed Central Publicador: BioMed Central
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
66.29%
Background: Inappropriate antibiotic prescribing for nonbacterial infections leads to increases in the costs of care, antibiotic resistance among bacteria, and adverse drug events. Acute respiratory infections (ARIs) are the most common reason for inappropriate antibiotic use. Most prior efforts to decrease inappropriate antibiotic prescribing for ARIs (e.g., educational or informational interventions) have relied on the implicit assumption that clinicians inappropriately prescribe antibiotics because they are unaware of guideline recommendations for ARIs. If lack of guideline awareness is not the reason for inappropriate prescribing, educational interventions may have limited impact on prescribing rates. Instead, interventions that apply social psychological and behavioral economic principles may be more effective in deterring inappropriate antibiotic prescribing for ARIs by well-informed clinicians. Methods/design The Application of Behavioral Economics to Improve the Treatment of Acute Respiratory Infections (BEARI) Trial is a multisite, cluster-randomized controlled trial with practice as the unit of randomization. The primary aim is to test the ability of three interventions based on behavioral economic principles to reduce the rate of inappropriate antibiotic prescribing for ARIs. We randomized practices in a 2 × 2 × 2 factorial design to receive up to three interventions for non-antibiotic-appropriate diagnoses: 1) Accountable Justifications: When prescribing an antibiotic for an ARI...

Notes on Behavioral Economics and Labor Market Policy

Babcock, Linda; Congdon, William J; Katz, Lawrence F.; Mullainathan, Sendhil
Fonte: Springer Science + Business Media Publicador: Springer Science + Business Media
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
66.34%
Labor market policies succeed or fail at least in part depending on how well they reflect or account for behavioral responses. Insights from behavioral economics, which allow for realistic deviations from standard economic assumptions about behavior, have consequences for the design and functioning of labor market policies. We review key implications of behavioral economics related to procrastination, difficulties in dealing with complexity, and potentially biased labor market expectations for the design of selected labor market policies including unemployment compensation, employment services and job search assistance, and job training.; Economics

Is Behavioral Economics Doomed? The Ordinary versus the Extraordinary

LEVINE, David K.
Fonte: Instituto Universitário Europeu Publicador: Instituto Universitário Europeu
Tipo: Outros Formato: application/pdf; digital
Português
Relevância na Pesquisa
66.31%
Behavioral economics is an effort to bring psychological and emotional aspects of human behavior into economic theory. Critics of existing theory, including many psychologists and behavioral economists, poorly understand modern equilibrium and learning theory. That theory explains most phenomena of interest to economists. In some cases, however, it lacks predictive power. If there is a role for behavioral economics it is not in supplanting the existing theory, but in strengthening it to give it greater predictive power.

Is behavioral economics doomed? : The ordinary versus the extraordinary

LEVINE, David K.
Fonte: Open Book Publishers Publicador: Open Book Publishers
Tipo: Livro
Português
Relevância na Pesquisa
46.45%
It is fashionable to criticize economic theory for focusing too much on rationality and ignoring the imperfect and emotional way in which real economic decisions are reached. All of us facing the global economic crisis wonder just how rational economic men and women can be. Behavioral economics - an effort to incorporate psychological ideas into economics - has become all the rage. In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them. Is Behavioral Economics Doomed? is essential reading for students and teachers of economic theory and anyone interested in the psychology of economics.; 1. Introduction 2. Does Economic Theory Work? 3. Why Is The World So Irrational? 4. Does Economic Theory Fail? 5. You Can Fool Some Of The People... 6. Behavioral Theories I: Biases and Irrationality 7. Behavioral Theories II: Time and Uncertainty 8. Learning and Friends 9. Conclusion: Psychology...

Real World Nuclear Decision Making: Using Behavioral Economics Insights to Adjust Nonproliferation and Deterrence Policies to Predictable Deviations from Rationality

Center on Contemporary Conflict
Fonte: Monterey, California: Naval Postgraduate School. Publicador: Monterey, California: Naval Postgraduate School.
Tipo: Relatório
Português
Relevância na Pesquisa
66.28%
Performer: Monterey Institute of International Studies Principal Investigators: Jeffrey Knopf, Miles Pomper, and Anne Harrington. FY: 2014-2015.; Research in neuroscience and related branches of psychology has begun to influence social science disciplines, most notably through the rise of the “behavioral economics” perspective. Behavioral economics has clear applications to nuclear strategy and other policies that deal with WMD threats. The Monterey Institute will draw out the implications of this research—and in particular the critique of rational actor assumptions—to improve our understanding of nuclear deterrence and nonproliferation policies. The research is organized in two strands: 1) psychology and decision-making; and 2) neuroscience and emotions.

Experimental and behavioral economics: Theory, tools and topics

Bra??as-Garza, Pablo; Georgantz??s, Nikolaos
Fonte: Consejo Superior de Investigaciones Cient??ficas (CSIC) Publicador: Consejo Superior de Investigaciones Cient??ficas (CSIC)
Tipo: Outros
Português
Relevância na Pesquisa
56.16%
This note presents the special issue on Experimental and Behavioral Economics. The volume includes some recent contributions from these correlated disciplines ???empirical the former and theoretical the latter??? and their potential contribution to the intersection of Economics with Psychology and Sociology. The project ???El papel de la comparaci??n social en las decisiones econ??micas bajo incertidumbre??? (Junta de Andaluc??a, P07- SEJ-03155)??? provided us with inspiration and financial support to publish this volume.; Este trabajo presenta el n??mero especial de Revista Internacional de Sociolog??a dedicado a la Econom??a Experimental y del Comportamiento. El volumen se compone de una serie de trabajos tanto te??ricos como emp??ricos ubicados en la intersecci??n de la Econom??a con la Psicolog??a y la Sociolog??a. El proyecto ???El papel de la comparaci??n social en las decisiones econ??micas bajo incertidumbre??? (Junta de Andaluc??a, P07- SEJ-03155)??? nos proporcion?? inspiraci??n y financiaci??n para publicar este volumen.

Behavioral Economics and Social Exclusion : Can Interventions Overcome Prejudice?

Hoff, Karla
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
Português
Relevância na Pesquisa
56.11%
Behavioral economics recognizes that mental models -- intuitive sets of ideas about how things work -- can bias an individual's perceptions of himself and the world. By representing an ascriptive category of people as unworthy, a mental model can foster unjust social exclusion of, for example, a race, gender, caste, or class. Since the representation is a social construction, shouldn't society be able to control it? But how? This paper considers three interventions that have had some success in developing countries: (1) Group deliberation in Senegal challenged the traditional mental model of female genital cutting and contributed to the abandonment of the practice; (2) political reservations for women and low castes in India improved the way men perceived women, the way parents perceived their daughters, and the way women perceived themselves, but have not generally had positive effects on the low castes; and (3) reductions in the salience of identity closed performance gaps between dominant and stigmatized groups in experiments in India and China. Spoiled collective identities need to be changed or made less prominent in order to overcome social exclusion.

Essays in Behavioral Economics and Innovation

Gilchrist, Duncan Sheppard
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
Português
Relevância na Pesquisa
56.16%
This dissertation consists of three essays, two in behavioral economics and one on the economics of innovation. The first essay, which is joint work with Emily Glassberg Sands, exploits the randomness of weather and the relationship between weather and movie-going to quantify network externalities (i.e., a preference for shared experience) in movie consumption. Instrumenting for early viewership with unanticipated and plausibly exogenous weather shocks captured in LASSO-chosen instrument sets, we find that a shock to opening weekend viewership is doubled over the following five weekends. Our estimated momentum arises almost exclusively at the local level, and varies neither with ex-post movie quality nor with the precision of ex-ante information about movie quality, suggesting the observed momentum is unrelated to learning. The second essay, which is joint work with Michael Luca and Deepak Malhotra, asks whether higher wages elicit reciprocity and hence higher productivity. In a field experiment with 266 employees, we find that paying above-market wages, per se, does not have an effect on productivity relative to paying market wages (in a one-time job with no future employment opportunities). However, structuring a portion of the wage as a clear and unexpected gift--by offering a raise (with no additional conditions) after the employee has accepted the contract--does lead to higher productivity for the duration of the job. Targeted gifts are more efficient than hiring more workers. However...

Essays in Development and Behavioral Economics

Schilbach, Frank N.
Fonte: Harvard University Publicador: Harvard University
Tipo: Thesis or Dissertation; text Formato: application/pdf
Português
Relevância na Pesquisa
56.16%
This dissertation consists of three empirical essays in development and behavioral economics. Chapter 1 considers the impact of heavy alcohol consumption on savings behavior among low-income males in India. High levels of alcohol consumption are more common among the poor. This fact could have economic consequences beyond mere income effects because alcohol impairs mental processes and decision-making. Since alcohol is thought to induce myopia, this paper tests for impacts on self-control and on savings behavior. In a three-week field experiment with low-income workers in India, I provided 229 individuals with a high-return savings opportunity and randomized incentives for sobriety. The incentives significantly reduced daytime drinking as measured by decreased breathalyzer scores. This in turn increased savings by approximately 60 percent. No more than half of this effect is explained by changes in income net of alcohol expenditures. In addition, consistent with enhanced self-control due to lower inebriation levels, incentivizing sobriety reduced the impact of a savings commitment device. Finally, alcohol consumption itself is prone to self-control problems: over half of the study participants were willing to sacrifice money to receive incentives to be sober...

Freedom of choice and bounded rationality: a brief appraisal of behavioral economists' plea for light paternalism

Muramatsu,Roberta; Fonseca,Patrícia
Fonte: Editora 34 Publicador: Editora 34
Tipo: Artigo de Revista Científica Formato: text/html
Publicado em 01/09/2012 Português
Relevância na Pesquisa
56.11%
Behavioral economics has addressed interesting positive and normative questions underlying the standard rational choice theory. More recently, it suggests that, in a real world of boundedly rational agents, economists could help people to improve the quality of their choices without any harm to autonomy and freedom of choice. This paper aims to scrutinize available arguments for and against current proposals of light paternalistic interventions mainly in the domain of intertemporal choice. It argues that incorporating the notion of bounded rationality in economic analysis and empirical findings of cognitive biases and self-control problems cannot make an indisputable case for paternalism.

Behavioral economics and environmental policy theory and experiments

Gsottbauer, Elisabeth
Fonte: [Barcelona] : Universitat Autònoma de Barcelona, Publicador: [Barcelona] : Universitat Autònoma de Barcelona,
Tipo: Tesis i dissertacions electròniques; info:eu-repo/semantics/doctoralThesis Formato: application/pdf
Publicado em //2013 Português
Relevância na Pesquisa
46.39%
La eficacia, la equidad y la eficiencia de las políticas ambientales orientadas a la sostenibilidad dependen en gran medida del modelo subyacente de comportamiento individual. Sólo un modelo fundado empíricamente en la acción y motivación individuales puede garantizar el diseño de políticas y acuerdos ambientales efectivos. La teoría dominante en política medioambiental se basa en el modelo económico estándar racional (neoclásico), de comportamiento egoísta y preferencias estables. Esto tiende a favorecer a los instrumentos políticos que tratan de influir en el comportamiento a través de señales de precios. Más recientemente, la economía conductual ha generado evidencia experimental considerable de que el comportamiento individual se desvía de la plena racionalidad y el puro interés propio. Esta Tesis tiene en cuenta la racionalidad limitada y las interacciones sociales para identificar instrumentos de política ambiental adecuados. Contiene cinco ensayos que investigan las aplicaciones de modelos alternativos de comportamiento para mejorar o modificar ideas dentro de la economía ambiental y la teoría de la política pública. La Tesis combina modelos teóricoanalíticos e investigación económica experimental para estudiar las preferencias individuales y fundamentar el diseño de políticas. El primer ensayo ofrece una extensa revisión crítica de la economía conductual y su aplicación al comportamiento de relevancia medioambiental...

Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics

Ho, Teck H.; Lim, Noah; Camerer, Colin F.
Fonte: UCLA Department of Economics Publicador: UCLA Department of Economics
Tipo: Report or Paper; PeerReviewed Formato: application/pdf
Publicado em 23/09/2005 Português
Relevância na Pesquisa
56.24%
Marketing is an applied science that tries to explain and influence how firms and consumers actually behave in markets. Marketing models are usually applications of economic theories. These theories are general and produce precise predictions, but they rely on strong assumptions of rationality of consumers and firms. Theories based on rationality limits could prove similarly general and precise, while grounding theories in psychological plausibility and explaining facts which are puzzles for the standard approach. Behavioral economics explores the implications of limits of rationality. The goal is to make economic theories more plausible while maintaining formal power and accurate prediction of field data. This review focuses selectively on six types of models used in behavioral economics that can be applied to marketing. Three of the models generalize consumer preference to allow (1) sensitivity to reference points (and loss-aversion); (2) social preferences toward outcomes of others; and (3) preference for instant gratification (quasi-hyperbolic discounting). The three models are applied to industrial channel bargaining, salesforce compensation, and pricing of virtuous goods such as gym memberships. The other three models generalize the concept of gametheoretic equilibrium...

Driving Sustainable Behavior in the Mainstream Consumer: Leveraging Behavioral Economics to Minimize Household Energy Consumption

Boomgard, Elizabeth; Snook, Jennifer
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Masters' project
Publicado em 27/04/2011 Português
Relevância na Pesquisa
66.35%
This project reviews and evaluates the effectiveness of behavioral economic interventions on household energy consumption, as utilized by non-intrusive energy monitoring services such as our client company, PlotWatt. Through our assessment of the landscape of relevant academic literature and interviews with experts within the fields of behavioral economics and environmental psychology, we identify five principles of behavioral economics that are most salient for this sector: awareness, learning, social norms, goal setting, and framing. These five principles are examined through six case studies of companies within the client’s peer group: OPOWER, Earth Aid, Microsoft Hohm, Google PowerMeter, Wattvision and GreenLite Dartmouth/TELLEMOTION. In each case study, particular attention is paid to how effectively the behavioral economic intervention is implemented and best practices are highlighted. The paper concludes with tailored recommendations for PlotWatt. Our research suggests that a few behavioral economic tweaks to the user interface and reporting systems could lead to unique, measurable and significant behavior change that not only saves money for the household but also, in some case, motivates a deeper interest in conservation and curtailment of energy consumption.

Behavioral Economics and the Affordable Care Act: What States Should Know As They Design Health Insurance Exchanges

Khan, Zarak
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Masters' project
Publicado em 17/04/2013 Português
Relevância na Pesquisa
66.37%
EXECUTIVE SUMMARY One of the signature pieces of legislation passed under the Obama administration, the Patient Protection and Affordable Care Act (hereafter referred to as “ACA”) is a vast expansion of the healthcare system in the United States. Part of the law requires that states set up a health insurance exchanges. These exchanges are a key element of expanding coverage to those currently uninsured--particularly people who will be purchasing insurance on their own--and will be responsible for implementing several key aspects of the ACA. The ACA will bring many changes starting January 1, 2014 to people who don’t currently get their health coverage through their job. Part of the law requires that states set up health insurance exchanges. These exchanges are a key element of expanding coverage to those currently uninsured--particularly people who will be purchasing insurance on their own since they work in a small business that doesn’t offer coverage or are self-employed. A health insurance exchange is a governing body that sets standards for what health insurance plans are offered in a state. It is not itself an insurance company and does not offer any insurance plans, rather it ensures that the insurance market in a state is fair...

The Power of Policy Defaults: A Behavioral Economics View of Public School Assignment Policies & Educational Equity

Mahesh, Pavithra
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Tese de Doutorado
Publicado em 17/06/2012 Português
Relevância na Pesquisa
66.28%
The school assignment process plays a central role in shaping a student’s educational experience, which subsequently influences his or her future opportunities. Thus, school assignment policies have an impact on social equity. Over the past seventy years, public school district assignment policies have undergone significant change as a result of evolving national attitudes towards segregation, legal changes stemming from Supreme Court rulings, and the growing popularity of parental choice. Though school assignment policies are constantly evolving, some consideration of area of residence has always played a role in the process. Given the equity implications of school assignments, it is important to recognize that the design of an assignment policy plays a critical role in determining the pattern of outcomes generated. My goal in this thesis is to examine the structure of school assignment policies using the lens of behavioral economics. Behavioral economics highlights the importance of the system designated outcome, commonly known as the “default” option, in complex decision making environments. Specifically, I examine the type of default school assignment during three distinct assignment policy years within the Charlotte-Mecklenburg School District. I hypothesize that as the default school assignment becomes more dependent on residential proximity...

The Behavioral Economics Guide 2014 (with a foreword by George Loewenstein and Rory Sutherland)

Samson, Alain
Fonte: BehavioralEconomics.com Publicador: BehavioralEconomics.com
Tipo: Book; NonPeerReviewed Formato: application/pdf
Publicado em 30/07/2014 Português
Relevância na Pesquisa
46.42%
CONTENTS Foreword by George Loewenstein and Rory Sutherland Part 1 - The Basics - An Introduction to Behavioral Economics - Selected Behavioral Economics Concepts - References Part 2 - Resources - Books Read by 'Behavioral Economics Group' Members - Scholarly Journals with Behavioral Economics Content - Postgraduate Programs in Behavioral Economics and Behavioral/Decision Science Part 3 - Applied Perspectives Psychology and Behavioral Economics in Practice Appendix - Author and Contributing Organization Profiles