Housing renovation is a major activity for many consumers in Australia, and its growing popularity in recent years has been reflected not only by it share in GDP but also by publicity it receives via home exhibitions and numerous TV renovation shows. Despite this, and despite similar experiences in other countries, research on how decisions in this sector are made is still quite sparse, a major restraint being the limitation of secondary data. This thesis attempts to improve knowledge in this area while at the same time exploring the feasibility and benefits of doing applied economic research in a pluralistic manner. From the perspective of mainstream economics, individuals’ decision-making in the context of renovation can be modelled in terms of utility/profit maximization subject to a budget constraint. The literature that has attempted to follow this research strategy is reviewed in Chapter 2, as is research undertaken in sociology that has been partly informed by behavioural economics. The economic literature fails to recognize the possible importance of social influence and psychological factors in this context. This could be unfortunate, as these factors, which are seen as important in some other economic paradigms, may explain how some renovators get derailed from rational decision-making. The methodology of pluralism offers a way to bridge between these divergent arguments by keeping mainstream insights in mind whilst at the same time adopting an ‘open-minded’ rather than ‘autistic’ attitudes towards different paradigms and embracing ‘realistic’ aspects (e.g. limits to individuals’ rational behaviours) rather than assuming them away. Chapter 3 examines the case for pluralism and shows that although debate in economics is often couched in terms of a battle between fundamentally opposed ‘mainstream’ and ‘heterodox’ views, a deeper analysis of sub-paradigms reveals a complex web of partially overlapping core ideas. Once this richer view of schools of thought in economics is recognized, orthodox economics and heterodox economics are not necessarily incompatible but rather seem potentially complementary. Despite renovation being a popular topic in Australia, relevant micro-data regarding individuals’ choices and their social and psychological attitudes towards renovation are in short supply. Therefore, unlike most previous renovation studies using published secondary data, this study involved the collection of primary data by a survey mailed to a sample of Brisbane residents in late 2006 and early 2007. Chapter 4 explains this choice of method, which provided data on respondents’ decision-making regarding renovation, their demographics, and social and psychological factors. This data set was used to analyse the following four topics: individuals’ decision to renovate or not (Chapter 5); renovators’ choice between using their own labour (DIY) or outsourcing the work (Chapter 6); psychographic segments of ‘non-renovators’, ‘DIY-renovators’ and ‘Hire-renovators’ (renovators who outsource the work) (Chapter 7); and factors shaping renovators’ tendencies to engage in overcapitalization and cost escalation in their renovation projects (Chapter 8). The pluralistic philosophy is applied in an addition way to analyse these issues, since the study used a variety of statistical techniques. The empirical results reveal that this dual form of pluralism—involving theoretical inputs from a variety of paradigms (including both ‘old’ and ‘new’ behavioural economics, socio-economics and others) and a variety of analytical techniques (cluster analysis, logistic regression and others)—does indeed widen our understanding of this topic. Generally speaking, the empirical finding stresses the importance of psychological factors in the context of individuals’ decision-making on renovation. In analysing individuals’ decisions to renovate or not, it is shown that, besides conventional factors (such as age of respondents), the psychological factor ‘perceived self-performance in renovation’ is crucial: individuals are more likely to embrace renovation if they perceive highly their ability to handle the renovation process. In exploring renovators’ decisions to engage in do-it-yourself (DIY) or hire others to do the work in their latest renovation projects, besides factors such as the scope of the project and renovators’ capabilities, the psychological factor ‘trust in contractors’ plays an important role: renovators are more likely to choose to use their own labour if they are uncertain about contractors’ reliability while those who outsource renovation works are in general more trusting than those who engage in DIY. The exploratory psychographic analysis of heterogeneous groups within each of the three groups (non-renovators, DIY-renovators and Hire-renovators) indicates the necessity of recognizing the heterogeneity the population when designing policies to improve the efficiency of the renovation market. In the investigation of renovators’ mistakes that lead to overcapitalization and cost escalation, psychological factors did not show their expected strong influences on either of these phenomena. However, it was found that the factors related to the project itself, especially the scope of the project (approximated by ‘time spent on preparation’) and the age of house, influence renovators’ overcapitalized spending and the extent of their cost escalation.

Housing renovation is a major activity for many consumers in Australia, and its growing popularity in recent years has been reflected not only by it share in GDP but also by publicity it receives via home exhibitions and numerous TV renovation shows. Despite this, and despite similar experiences in other countries, research on how decisions in this sector are made is still quite sparse, a major restraint being the limitation of secondary data. This thesis attempts to improve knowledge in this area while at the same time exploring the feasibility and benefits of doing applied economic research in a pluralistic manner. From the perspective of mainstream economics, individuals’ decision-making in the context of renovation can be modelled in terms of utility/profit maximization subject to a budget constraint. The literature that has attempted to follow this research strategy is reviewed in Chapter 2, as is research undertaken in sociology that has been partly informed by behavioural economics. The economic literature fails to recognize the possible importance of social influence and psychological factors in this context. This could be unfortunate, as these factors, which are seen as important in some other economic paradigms, may explain how some renovators get derailed from rational decision-making. The methodology of pluralism offers a way to bridge between these divergent arguments by keeping mainstream insights in mind whilst at the same time adopting an ‘open-minded’ rather than ‘autistic’ attitudes towards different paradigms and embracing ‘realistic’ aspects (e.g. limits to individuals’ rational behaviours) rather than assuming them away. Chapter 3 examines the case for pluralism and shows that although debate in economics is often couched in terms of a battle between fundamentally opposed ‘mainstream’ and ‘heterodox’ views, a deeper analysis of sub-paradigms reveals a complex web of partially overlapping core ideas. Once this richer view of schools of thought in economics is recognized, orthodox economics and heterodox economics are not necessarily incompatible but rather seem potentially complementary. Despite renovation being a popular topic in Australia, relevant micro-data regarding individuals’ choices and their social and psychological attitudes towards renovation are in short supply. Therefore, unlike most previous renovation studies using published secondary data, this study involved the collection of primary data by a survey mailed to a sample of Brisbane residents in late 2006 and early 2007. Chapter 4 explains this choice of method, which provided data on respondents’ decision-making regarding renovation, their demographics, and social and psychological factors. This data set was used to analyse the following four topics: individuals’ decision to renovate or not (Chapter 5); renovators’ choice between using their own labour (DIY) or outsourcing the work (Chapter 6); psychographic segments of ‘non-renovators’, ‘DIY-renovators’ and ‘Hire-renovators’ (renovators who outsource the work) (Chapter 7); and factors shaping renovators’ tendencies to engage in overcapitalization and cost escalation in their renovation projects (Chapter 8). The pluralistic philosophy is applied in an addition way to analyse these issues, since the study used a variety of statistical techniques. The empirical results reveal that this dual form of pluralism—involving theoretical inputs from a variety of paradigms (including both ‘old’ and ‘new’ behavioural economics, socio-economics and others) and a variety of analytical techniques (cluster analysis, logistic regression and others)—does indeed widen our understanding of this topic. Generally speaking, the empirical finding stresses the importance of psychological factors in the context of individuals’ decision-making on renovation. In analysing individuals’ decisions to renovate or not, it is shown that, besides conventional factors (such as age of respondents), the psychological factor ‘perceived self-performance in renovation’ is crucial: individuals are more likely to embrace renovation if they perceive highly their ability to handle the renovation process. In exploring renovators’ decisions to engage in do-it-yourself (DIY) or hire others to do the work in their latest renovation projects, besides factors such as the scope of the project and renovators’ capabilities, the psychological factor ‘trust in contractors’ plays an important role: renovators are more likely to choose to use their own labour if they are uncertain about contractors’ reliability while those who outsource renovation works are in general more trusting than those who engage in DIY. The exploratory psychographic analysis of heterogeneous groups within each of the three groups (non-renovators, DIY-renovators and Hire-renovators) indicates the necessity of recognizing the heterogeneity the population when designing policies to improve the efficiency of the renovation market. In the investigation of renovators’ mistakes that lead to overcapitalization and cost escalation, psychological factors did not show their expected strong influences on either of these phenomena. However, it was found that the factors related to the project itself, especially the scope of the project (approximated by ‘time spent on preparation’) and the age of house, influence renovators’ overcapitalized spending and the extent of their cost escalation.

The poor need a range of financial services to cope with shocks, to manage day-to-day transactions, and to grasp business opportunities, among others. To be successful in reaching the poor, microfinance institutions should offer products that meet the poor’s needs. Product design, therefore, is becoming a very important topic. “Behavioral” product design pinpoints the importance of individuals’ behavioral anomalies, such as procrastination behavior and lack of self-control. Financial products are seen as commitment devices to help individuals diverting money from immediate consumption to savings and investment.<p>This doctoral thesis contributes to this recent research stream by first surveying the literature on product design in microfinance, and then providing an empirical and a theoretical contribution. Precisely, the thesis is structured in four chapters. Chapter 1 and Chapter 2 are both reviewing the literature. Chapter 1, titled “Product Flexibility in Microfinance: A Survey”, reviews the academic literature on product flexibility in microfinance and offers a categorization scheme of flexible microfinance products. Chapter 2, titled “Innovative Flexible Products in Microfinance”, scrutinizes nine real-life practices covering microcredit, micro-savings and micro-insurance services that mix flexible features and commitment devices. Chapter 3, titled “The Debt Puzzle in Dhaka’s Slums: Do Liquidity Needs Explain Co-Holding?”, examines the use of flexible savings-and-loan accounts by SafeSave’s clients and tests whether the need for liquidity explains why the poor save and borrow simultaneously. Lastly, Chapter 4, titled “Having it Both Ways: A Theory of the Banking Firm with Time-consistent and Time-inconsistent Depositors,” proposes a theoretical model to determine the liquidity premium offered by a monopolistic bank to a pool of depositors composed of time-consistent and time-inconsistent agents. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

Traditional economic theory assumes that individuals are self-interested. They only care about their own well-being and disregard the impact of their actions on the others. However, the assumption of selfish individuals is unable to explain a number of important phenomena and puzzles. Individuals frequently engage in actions that are costly to themselves with no<p>apparent reward. Behavioural economics provides plausible explanations for these actions.<p>Individuals can be “boundedly rational" (Simon, 1955, and Kahneman et al. 1982) and/or can be driven by altruistic, equity and reciprocity considerations (see for an overview Fehr<p>and Schmidt, 2006). Over the past decade, researchers have applied behavioural economics<p>models to the study of organisations and how contracts should be designed in the presence<p>of non-standard preferences and asymmetric information or incomplete contracts (see for<p>an overview of the literature Köszegi, 2014).<p>In my current research, I try to be at the forefront of these new behavioural economics<p>applications into traditional industrial organisation and contract theory themes. The usual prescriptions of standard models can be misleading if potential differences in the agents' preferences are overlooked. Behavioural economics can make great progress if it takes into proper accountmarket and organisational features. / Doctorat en Sciences économiques et de gestion / info:eu-repo/semantics/nonPublished

This thesis focus on the free rider problem, well known in the field of economics. It is an unwanted situation that gives rise to unnecessary deadweight costs. The aim of this thesis is to analyse the free rider problem that occur when rent include housing utilities and especially when electricity is billed collectively. A Difference-in-Differences design has been applied on two different sets of panel data covering tenants electricity consumption. The results show that tenants use 21.3 percent more electricity when not paying directly for their own electricity consumption. This thesis also shed some light on different components of this problem. The findings in this thesis contributes to the limited research in this field with new empirical evidence.

The focus of both academic and public debate on the expression of work-related conflict has long been focused on strikes. Substantial declines in collective disputes have been associated with more harmonious and less conflict-laden employment relations. This research deals with another, often forgotten form in which conflict is manifested, namely the settlement of individual conflicts through labour courts or employment tribunals. Its aim is to explore and explain differences in application rates to national judicial bodies both across countries and over time. Using a novel database on 23 European Union Member States, it is found that a substantial degree of variance exists; claim rates across Europe differ substantially, and countries have developed along different lines. The explosion of court applications is found to be exceptional, and stability or volatility is identified in the large bulk of EU Member States. In order to explain cross-sectional and time differences, the research draws on wide range of literature, develops a new procedural concept of conflict, and proposes a comparative neo-institutionalist framework accounting for both institutions and actors. The theoretical discussion elaborates three sets of arguments to predict claim incidence. First, it is argued that the existence of comprehensive collective industrial relations institutions, particularly employee workplace representation and collective agreements, tend to reduce the frequency of labour court claims. Second, the amount and complexity of employment regulation is argued to have an impact on the incidence of court applications. Finally, cyclical economic conditions and individual characteristics of the potential grievant are expected to predict the phenomenon. Empirical evidence is presented from a range of different data sources, such as national administrative data and large-scale surveys for three country case studies on France, Germany and the United Kingdom. Findings support that all three sets of explanations contribute to the explanation of the incidence of labour court claims. Moreover, data seem to confirm the need for an interdisciplinary approach drawing on different bodies of literature.

Chronic diseases, including obesity are a global epidemic with significant long term mental and physical health complications, as well as societal costs from loss of productivity and health care expenditures. The causes of chronic disease and obesity are multifaceted and are linked to the complexity of eating behaviour, which develops over many years and is a product of our food environment as well as our social influences. First-year undergraduate students living in residence and on meal plans have lower vegetable intake than is recommended for optimal health and disease and obesity prevention. They also gain on average 2-3 kg in their first year due to factors like stress, increased autonomy in food choices and the food environment they face. With more than 2 million Canadian young adults attending post-secondary institutions and the importance of diet to overall health and wellness, building healthy eating habits and preventing weight gain during this life transition is an important public health priority. Nudges or choice architecture interventions aim to encourage public health goals without removing choice for participants. Nudging seems to have a stronger effect in deterring the choice of unhealthy foods over motivating the choice of healthy foods. Conversely, pricing strategies where healthy foods are subsidized appear effective. Many intervention studies have been conducted in cafeterias with young adults but there was a need for studies that compared the impact of nudge interventions against economic strategies on the purchase of vegetables. This study occurred in the main cafeteria serving undergraduate students on meal plans at the University of Victoria (n=1700). A longitudinal, quasi-experimental, single case ABACA research design was conducted and salad bar sales data was tracked. After a baseline period (A), an economic incentive was provided in the form of a loyalty card (B), this was then withdrawn for a second baseline period (A), followed by a cognitive and affect nudge implemented in the form of tent cards and sandwich boards with reasons to eat more vegetables conveyed with eye-catching, colourful graphics and messaging (C) and finally a third baseline measure (A) after withdrawal of the cognitive nudge. The results showed that small economic incentives and nudges were not enough to have an impact on salad bar sales and that they declined throughout the term with too much overlapping data to establish an intervention effect. Larger economic incentives, behaviour or placement nudges and a focus on deterring unhealthy foods may have had an effect but these intervention options were not deemed feasible by food service management in this context. It may also be that there need to be more extensive changes to an individual’s microsystem and that these need to be supported by other changes in the microsystem and further changes at the level of the meso, macrosystem or exosystem through university-level intervention in food service operations or government policy or regulation. / Graduate / 2021-12-10

Cette thèse étudie la façon dont l’inégalité intra et inter groupes affecte le comportement du consommateur et son bien-être via des effets de comparaisons sociales. L’objectif est une meilleure compréhension d’un certain nombre de phénomènes sociaux largement délaissés par la théorie classique du consommateur. Par exemple, dans quelle mesure les déterminants visibles d’une identité sociale tels que le groupe ethnique ou la caste affectent les comportements de consommation des ménages ? Comment comprendre le sur-endettement des plus pauvres malgré la persistante stagnation de leur revenu réel ? Ou encore, la consommation de biens de luxes devient-elle nécessaire au sein de sociétés plus inégalitaires et que nous apprend ce phénomène sur les limites sociales de la croissance économique ? Pour ce faire, la thèse incorpore d’importants résultats issus des travaux d’économie comportementale - en particulier s’agissant des préférences sociales et de l’évaluation subjective du bien-être - à la théorie du consommateur et de l’épargne. Le chapitre 1 développe un modèle de consommation relative qui tient compte des effets de comparaison au cours du temps et entre biens. Les chapitres suivant identifient ces effets à partir de données d’enquêtes représentatives de la population et de larges bases de données obtenues via des méthodes de web-scrapping. Le chapitre 2 se concentre sur l’endettement immobilier aux Etats-Unis lorsque les ménages se préoccupent de la taille relative de leur maison. Les chapitres 3 et 4 analysent la composante sociale des dépenses en Inde et leur implication en terme de malnutrition en utilisant des méthodes d’estimations standards et structurelles. / This thesis studies ways in which inequality between and within groups affects consumer behaviors and welfare through social comparison effects. The objective is to provide a better understanding of a number of economic phenomena, namely: How to understand the extensive use of credit by lower income households in periods of stagnating real income growth? How do visible identities such as race or caste affect consumption choices, and can social hierarchies lead to poverty traps? Do luxury goods become more necessary when inequality rises, and what does such a phenomenon tell us about the social limits to growth? To that aim, the thesis incorporates important findings of behavioural economics, in particular on other-regarding preferences and subjective well-being, into theories of consumption and savings. Chapter 1 presents a model of relative consumption which accounts for comparison effects over time and across goods. The following chapters identify these effects using representative survey data and large datasets obtained via web-scrapping techniques. Chapter 2 looks at mortgage debt in the United States when households care about the relative size of their house. Chapters 3 and 4 study the social component of expenditures in India and its implication in terms of malnutrition using standard and structural estimation techniques.

Bakgrund: Dagligen kan vi läsa om människans överkonsumtion och ohållbara levnadssätt. Det finns ett ökat intresse för hållbara placeringsalternativ bland privatpersoner. Bland den svenska befolkningen sparar 8 av 10 myndiga personer aktivt i värdepapper, varav en tredjedel valde en investering med fokus på hållbarhet under 2020. Efterfrågan och finansiella flöden till hållbara produkter har de senaste åren ökat, varför det ter sig både aktuellt och intressant att undersöka varför det skett. Syfte: Syftet med studien är att undersöka och analysera ett specifikt urval av variabler för att se vilka faktorer som påverkar privatpersoner att investera hållbart eller inte. Metod: En deduktiv ansats har genomsyrat metodarbetet och studien har genomförts med en kvantitativ enkätundersökning som vidare kompletterats med kvalitativa intervjuer. Enkätundersökningen besvarades av 86 respondenter varav 5 respondenter senare valdes ut till intervju. Data har bearbetats med univariata analyser samt bi- och multivariata analyser bestående av 1 beroende variabel, bestämd till “vikten av hållbarhet” som förklarats med hjälp av 18 oberoende variabler. Resultat: Studiens regressionsanalys utmynnade i 5 signifikanta respektive 13 ickesignifikanta oberoende variabler. De variabler som föreföll signifikanta på lägst signifikansnivå blev social påverkan följt av överavkastning i förhållande till hållbarhet. Slutsats: Analysen av resultatet gav indikationer på att avkastning inte behöver var en motsättning till hållbarhet, samtidigt som de som väljer att inte beakta hållbarhet är av denna åsikt. Hållbara investeringar görs i högre grad, trots att investeraren har ett lägre förtroende för hållbarhetsrapportering / Background: We can daily read about human overconsumption and unsustainable lifestyles. An increased interest in sustainable investment alternatives has been seen among private investors. Among the Swedish population, 8 out of 10 adults actively save in securities, of which a third chose an investment with a focus on sustainability in 2020. The demand for sustainable products has increased in recent years, which also seems current and interesting to examine why it has happened.  Purpose: The purpose of the study is to examine and analyse a specific selection of variables to see which factors influence individuals to invest sustainably or not.  Methodology: A deductive approach has permeated the methodological work and the study has been carried out with a quantitative survey which is further supplemented with qualitative interviews. The questionnaire was answered by 86 respondents, of which 5 were later selected for an interview. A regression analysis was pursued consisting of 1 dependent variable, “importance of sustainability”, which was explained using 18 independent variables.  Results: The study's regression analysis resulted in 5 significant and 13 non-significant independent variables, respectively, where the most significant variables were social impact followed by excess return in relation to sustainability.  Conclusion: The analysis of our findings indicate that financial return does not have to be a contradiction to sustainability, as well as those who do not value sustainability values the financial return. Sustainable investments are being made, even though the credibility for the sustainability reports is somewhat low.

Syftet med studien är att kartlägga fastighetsvärderarens problematik och de potentiella riskområden värderaren stöter på i sin värderingsprocess. Uppsatsen har även undersökt vad branschen vill se för förändringar på marknaden för värdering av kommersiella fastigheter. Alla fastighetsvärderare utsätts för ”fallgropar” under en värderingsprocess. Uppsatsen svarar på varför dessa problem finns och visar bland annat på problematiken kring maktbalansen mellan värderare och beställare, informationsassymetri och långsiktiga relationers inverkan på värderarens oberoende ställning. För att få en djupare förståelse för värderarens arbete och tankar kring värderingsbranschen har kvalitativa intervjuer genomförts med sex representanter från utvalda företag. Respondenterna har valts med hänsyn till ålder, kön, utbildning och antal år inom branschen. Den information som framkommit från intervjuerna har främst fått stöd av beslutsteori och finansiell beteendevetenskap, även kallad behavioural finance. Annan teoretisk grund för uppsatsen har lagts med hjälp av ”the economic man” och studier gällande eftergymnasiala utbildningar vid universitet. Med hjälp av respondenternas kunskap om värderingsbranschen och den berörda teorin har frågeställningen studerats och utretts. Det finns skeva förutsättningar i en fastighetsvärderares arbete som gör att denne medvetet eller omedvetet kan ge felaktiga värdeutlåtanden. Aktörer i värderingsbranschen har flaggat för att en ökad kontroll av auktoriserade värderares arbete skulle skapa en mer rättvis bransch. Åtgärder för de systematiska fel och fallgropar som framkommit under arbetet med uppsatsen handlar främst om hur relationen mellan beställare och värderare skall förändras och förbättras. / The purpose of the study is to show the property appraiser's problems and the potential risk areas that the valuer encounters in the valuation process. The essay has also investigated what the industry wants to change in the market for valuation of commercial real estate. All property valuer’s are subjected to "pitfalls" during a valuation process. The essay gives us the answer to why they exist and focuses on the problem of the balance of power between the valuer and the client, information asymmetry and the impact of long-term relationships on the valuer's independent position. In order to gain a deeper understanding of the valuer's work and thoughts on the valuation industry, qualitative interviews have been conducted with six representatives from selected companies. Respondents have been selected with regard to age, sex, education, position and number of years in the industry. The information obtained from the interviews has received support mainly from decision theory and behavioral finance. Other theoretical areas that have been used in the essay is "the economic man" and studies on post-secondary education at universities. With the help of the respondents' knowledge of the valuation industry and the relevant theory, the main question and problem of the essay has been investigated. There are conditions in a property valuer's work that sometimes makes it difficult to properly estimate the value of a commercial real estate or causes the appraiser to unintentionally giving flawed valuations. Market participants in the valuation market have flagged that increased oversight of authorized valuer’s' work would create a more fair industry. Measures for the systematic errors and pitfalls that emerged during the work with the essay are mainly about how to change and improve the relationship between the client and the valuer.