No description available.

The requirement to exhibit moderation in the marketing of loans is still new and relatively undefined. According to the preparatory works of the new consumer credit law it is the task of the practitioners of the law to provide the more precise definition of the requirement. In the preparatory works it is also expressed that human tendensies such as overoptimism and time-inconsistent preferences as well as framing effects in the presentation of a loan may be exploited in the marketing of loans. The terms "overoptimism", "time-inconsistent preferences" and "framing effects" can be derived from the behavioral research made on human economic behavior. The mentioning of them in the preparatory works raises the issue of which role behavioral sciences plays, and may come to play, in the interpretation of the moderation requirement. Put in a wider perspective, it also raises the question of which role behavioral sciences may come to play for the practice of marketing law in general.In this essay, the requirement to exhibit moderation in the marketing of loans is first examined and compared to other similar kinds of requirements. Then, the concepts of overoptimism, time-inconsistent preferenses and framing effects are analysed and put into relation to the requirement. In order to determine whether or not there is a need for influences from the behavioral sciences in the practice of marketing law the view of consumers held by the courts and the legislator is then examined. Finally, ways of incorporating a behavioral sciences perspective in the interpretation of the moderation requirement as well as in the practice of marketing law in general are proposed. It is concluded that certain experi-mentally observed psychological effects could serve as guidance in determining whether or not the moderation requirement is respected. It is also concluded that behavioral research can help paint a more realistic of the average consumer in the general practice of marketing law. With regards to the current practice of marketing law, the step to explicitly incorporating a behavioral sciences perspective into it may seem like a big one. The discussion surrounding the practice of what has been called "behavioral law" has, however, only just begun.

Finanzielle Resilienz und der Umgang mit finanziellen Risiken sind wesentliche Bestandteile einer erfolgreichen finanziellen Inklusion. Die persönlichen Faktoren, die finanzielles Management formen, sind allerdings nicht umfassend bekannt. Diese Dissertation untersucht wie nicht-standard-ökonomische Präferenzen und Vorstellungen („Beliefs“) dazu beitragen können verschiedene Vorgehensweisen im finanziellen Risikomanagement von Haushalten zu verstehen. Der Fokus liegt dabei auf Ländern, die kurz davor stehen einkommensstarke Ökonomien zu werden und in denen die Auswahl an finanziellen Produkten und die finanzielle Inklusion stetig wachsen. Vier Bereiche des finanziellen Risikomanagements werden betrachtet. Kapitel zwei analysiert den Zusammenhang zwischen Ungleichheitsaversion und der Aufnahme von Versicherungen. Dazu wird ein neuartiges Maß für Ungleichheitsaversion konstruiert und in einer Haushalts-Panelumfrage in Thailand verwendet. In Kapitel drei wird der Effekt von sozialen Vergleichen auf die Schuldenaufnahme in einem Laborexperiment in Deutschland untersucht um zwei Arten von Peer Effekten zu entflechten: Sorge um das soziale Ansehen und Peer Information. Kapitel vier erforscht potenzielle Unterschiede in Unsicherheitspräferenzen und in Beliefs zwischen Individuen, die vermeintlich ein hohes Risiko managen: Selbständige aus der Notwendigkeit und Selbstständige aus der Möglichkeit heraus als auch Menschen mit Migrationsgeschichte in Albanien und im Kosovo. In Kapitel fünf werden Beliefs und deren potenzieller Effekt auf Überschuldung innerhalb der gleichen Panel-Stichprobe in Thailand wie in Kapitel zwei studiert. Alle Kapitel folgen einem gemeinsamen methodologischen Ansatz indem Labor- oder sogenannte lab-in-the-field-Experimente verwendet werden. In drei Kapiteln wird die Evidenz aus dem Labor in Relation zu Resultaten aus dem wahren Leben gesetzt, die mit selbstberichteten Umfragedaten erfasst werden. / Financial resilience and managing financial risks are key factors of a successful financial inclusion. The personal factors that shape financial management are, yet, not well understood. This dissertation studies how non-standard economic preferences and beliefs might help explain different financial management practices of households. The focus is on countries that are on the verge of becoming high income economies and where financial products and inclusion are steadily expanding. Four domains of financial risk management are considered. Chapter two analyzes the relationship between inequality aversion and insurance take-up. To this end, a novel measure for inequality aversion is constructed and employed in a household panel survey in Thailand. In chapter three, the effect of social comparison on debt taking is investigated in a lab experiment in Germany to disentangle two kinds of peer effects: social image concerns and peer information. Chapter four explores potential differences in uncertainty preferences and in beliefs between supposedly high-risk managers: necessity and opportunity entrepreneurs as well as return migrants in Albania and Kosovo. In chapter five, beliefs and their potential effect on over-indebtedness are studied using the same panel sample in Thailand as in chapter two. All chapters follow a common methodological approach by using lab(-in-the-field) experiments. In three chapters, lab evidence is set in relation to real life outcomes elicited with self-reported survey data.

This thesis contains three chapters, each of which covers a different topic in experimental economics.<br><br>The first chapter investigates power and power analysis in economics experiments. Power is the probability of detecting an effect when a true effect exists, which is an important but under-considered concept in empirical research. Power analysis is the process of selecting the number of observations in order to avoid issues with low power. However, it is often not clear ex-ante what the required parameters for a power analysis, like the effect size and standard deviation, should be. <br>This chapter considers the use of Quantal Choice/Response (QR) simulations for ex-ante power analysis, as it maps related data-sets into predictions for novel environments. <br>The QR can also guide optimal design decisions, both ex-ante as well as ex-post for conceptual replication studies. This chapter demonstrates QR simulations on a wide variety of applications related to power analysis and experimental design.<br><br>The second chapter considers a question of interest to computer scientists, information technology and security professionals. How do people distribute defenses over a directed network attack graph, where they must defend a critical node? Decision-makers are often subject to behavioral biases that cause them to make sub-optimal defense decisions. Non-linear probability weighting<br>is one bias that may lead to sub-optimal decision-making in this environment. An experimental test provides support for this conjecture, and also other empirically important biases such as naive diversification and preferences over the spatial timing of the revelation of an overall successful defense. <br><br>The third chapter analyzes how individuals resolve an exploration versus exploitation trade-off in a laboratory experiment. The experiment implements the single-agent exponential bandit model. The experiment finds that subjects respond in the predicted direction to changes in the prior belief, safe action, and discount factor. However, subjects also typically explore less than predicted. A structural model that incorporates risk preferences, base rate neglect/conservatism, and non-linear probability weighting explains the empirical findings well. <br>

No description available.

Cost Overrun is something that plagues infrastructure projects, both in Sweden and globally. The repercussion of it can be severe since it not only hurts the public’s perception of how the public authorities manage and allocates its resources, but also due to the immense opportunity costs that arise when the increased costs need to be covered. In general, the factors that lead to cost overrun in infrastructure transport projects can often be derived from technical, psychological, political, and economical factors, and it is not uncommon that there is a combination of these factors, which is why the subject of cost overrun is so complex. With a highly unique dataset, this paper examines cost overrun in Swedish infrastructure transport projects to see if there is a statistical relationship between cost overrun and the size of a project, its regional location, and whether it is a road- or railway project. Furthermore, an evaluation of the process of estimating and forecasting costs will be conducted. The results shows that the characteristics of regional locations have a significant relationship with projects experiencing cost overrun and that cost overrun is more common in smaller projects. There were no significant differences in cost overrun between types of projects, but it was found that between the period 2018 to 2022, cost estimates had been underestimated by approximately 34%.

This research investigates the use of pro-social emotions to improve cooperation. In particular, it tries to reconcile the results from Noussair and Tucker (2007) and Lopez et al. (2010). To reach this goal the experiment considers different degrees of revelation: no revelation, partial and full disclosure of information. Additionally, I use different microeconometric specifications to accommodate different hypothesis about the motivation of the subjects. My results diverge from those of Lopez et al. because I find that revealing the decision of a single subject at random does not significantly increase cooperation, which is the main result of these authors. Also, my findings indicate that cooperation is triggered only when I reveal information of either 3 or all the subjects in the group, the last case being similar to the public observability of Noussair and Tucker. These authors find a non-permanent increase in contributions, so I do but using a positive framed-experiment with disclosure of additional information, the group’s earning loss. Therefore, random revelation together with the disclosure of information about subjects’ decisions appears to be a good alternative to promote cooperation in a sample pool of undergraduate students. Also, I observe a reduction in contributions over time, but in the random revelation treatment this decay by less than 40%. The most interesting result that I obtain is the evidence of altruism and positive reciprocity in the specification of Ashley et al. (2003, 2010), instead of the matching in contributions reported by these authors.

This research investigates route choice behavior in networks with risky travel times and real-time information. A stated preference survey is conducted in which subjects use a PC-based interactive maps to choose routes link-by-link in various scenarios. The scenarios include two types of maps: the first presenting a choice between one stochastic route and one deterministic route, and the second with real-time information and an available detour. The first type measures the basic risk attitude of the subject. The second type allows for strategic planning, and measures the effect of this opportunity on subjects' choice behavior. Results from each subject are analyzed to determine whether subjects planned strategically for the en route information or simply selected fixed paths from origin to destination. The full data set is used to estimate route choice models that account for both risk attitude and strategic thinking. Estimation results are used to assess whether models that incorporate strategic behavior more accurately reflect route choice than do simpler path-based models.

This thesis investigates the emerging phenomenon of Initial Token Offerings, which is a tool for capital procurement for ventures being built using token ecosystems within their products. Through a series of interviews with representatives from venture capital, blockchain specialized venture capital, investors, and academia, the author connects the sentiments held by those representatives to the existing literature of behavioral economics. The sentiments expressed mainly focus on: the role of regulations; the development of investors during capital procurement; and the potential for experimentation in the field of token economies. The thesis discusses the implications of the technologies and potential future outcomes. The author also raises the question of whether this is the first non-regulated financial ecosystem that could provide an interesting perspective for behavioral economists as future research is done on the effects of regulations. / Den här uppsatsen undersöker det nya fenomenet Intial Token Offerings, ett verktyg för kapitalanskaffning för bolag som bygger produkter med en kryptografisk token ekonomi som en del av sin plattform. Genom en serie intervjuer med representanter från riskkapital, blockkedjespecialiserat riskkapital, investerare och forskare försöker författaren koppla de koncept och tendenser som tas upp i intervjuerna till fältet beteendeekonomi. The koncept som tog upps består till största del av: den roll regulatoriska aspekter kan spela; utvecklingen av investerarens roll vid kapitalanskaffning; och vikten av fortsatt experimentation gällande finansieringsmodeller inom krypografiska tillgångar och plattformar. Uppsatsen diskuterar också implikationer och möjliga framtida resultat. Författaren lyfter också frågan om kryptografiska tillgångar ger forskare en unik möjlighet att studera effekterna av individers tendenser och regulatorisk påverkan ur ett beteendeekonomiskt perspektiv.

Целью работы является исследование повышения эффективности труда сотрудников промышленного предприятия с учетом влияния когнитивных искажений. Для этого был разработан методический подход, в основу которого положен учет когнитивных искажений, включающий в себя классификацию групп рабочих по уровню когнитивных искажений и эффективности труда, а также комплекс мероприятий, направленных на нивелирование влияния когнитивных искажений, что позволит снизить воздействие когнитивных искажений и достигнуть более высоких показателей эффективности труда на промышленном предприятии. / The aim of the work is to study the improvement of the labor efficiency of employees of an industrial enterprise, taking into account the influence of cognitive distortions. For this purpose, a methodical approach was developed, which is based on the account of cognitive distortions, including the classification of groups of workers by the level of cognitive distortions and labor efficiency, as well as a set of measures aimed at leveling the influence of cognitive distortions, which will reduce the impact of cognitive distortions and achieve higher labor efficiency indicators at an industrial enterprise.