Pour les entreprises concernées par le phénomène du vieillissement, le rapport entre la structure par âge de la main d’œuvre, les profils des salaires et de productivité est un élément clé abordé dans cette thèse. Le premier chapitre passe en revue divers concepts théoriques et décrit les résultats empiriques en ce qui concerne le profil des salaires et de productivité en fonction de l’âge. L’étude empirique présentée dans le chapitre deux évalue le profil de productivité marginale selon l'âge. Nous considérons la main d'œuvre à la fois par qualification (peu qualifiés, hautement qualifiés) et par âge (jeunes, âge moyen, âgés). Nous estimons, sur des données françaises d'entreprises, une fonction de production de type CES emboîtée qui autorise une substitution imparfaite entre les différentes catégories de travailleurs. Parmi les résultats principaux, nous avons trouvé que la productivité du travail par l’âge dépend étroitement de la catégorie de qualification et du secteur d’activité des travailleurs. Le chapitre trois analyse le comportement des juniors et des seniors, en particulier leurs attitudes face au risque, la confiance en soi et la propension à entrer en compétition. Pour cela, nous avons organisé une expérience avec des banquiers suisse. Nous trouvons que, bien que les deux générations ne présentent ni des différences considérables quant à leurs attitudes face au risque, ni face à l’ambiguïté, les seniors font preuve d’une propension plus élevée à entrer en compétition. Cette décision est clairement influencée par l’information sur l’âge des autres participants. De plus, les deux générations maximisent leurs profits dans les groupes équilibrés en termes d’âge. / The relationship between the age structure of workforce, earnings and productivity profiles is a key issue for the enterprises facing the phenomenon of ageing. The present thesis addresses these issues in the following order. The first chapter reviews different theoretical concepts and recent empirical findings concerning the profile of earnings and productivity by age. The empirical study presented in the chapter two aims at estimating the actual profile of labour productivity across different age groups. In this purpose, we differentiate the workforce simultaneously by skills (low-skilled, high-skilled) and by age (young, middle-aged, old). Using French firm-level data, we estimate a production function with a nested constant-elasticity-of-substitution (CES) specification in labour, which allows the imperfect substitution between different age and skill categories of workers. Among the main findings, labour productivity by age highly depends on skill category of workers and the sector of activity. The third chapter involves the behavioural analysis of the workforce composed of juniors and seniors. In particular, we study workers’ risk attitudes, self-confidence and propensity to enter the competition. In this purpose, we perform an artefactual field experiment with the employees of a Swiss bank. We find that, although there are no significant differences in attitudes towards risk and ambiguity between both generations, seniors have higher propensity to enter the competition. The information on age of others players clearly has an impact on this decision. Moreover, the profits of both generations are maximised, when a pool of competitors is balanced in terms of age.

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Made available in DSpace on 2016-04-25T16:44:40Z (GMT). No. of bitstreams: 1 Gabriel Santos Alberto.pdf: 1530144 bytes, checksum: 5d3e547ec9c1168ac27b5519e48cd67d (MD5) Previous issue date: 2014-09-24 / The aim of this study was to investigate the relationship between the theory of psychological types and the decision-making, focusing on behavioral biases, anchoring, overconfidence, representativeness, mental accounting and loss aversion. A questionnaire was developed and 319 valid responses were obtained. We used descriptive statistics, parametric and nonparametric tests, and structural equation modeling, using IBM SPSS Statistics and AMOS. The results show that decision-making is influenced by the dimension extraversion-introversion, sensation-intuition, thinking-feeling, judgment-perception, gender, education, income and age. The extraversion-introversion dimension influence on the anchoring and loss aversion bias, sensation-intuition on the representativeness bias; thinking-feeling on the overconfidence, representativeness and loss aversion bias; judgment-perception on the overconfidence, representativeness, mental accounting and loss aversion bias; gender on the anchoring, overconfidence, representativeness, mental accounting and loss aversion bias; education on the overconfidence, representativeness and loss aversion bias; income on the anchoring, overconfidence, representativeness, mental accounting and loss aversion bias, and age on the anchoring, overconfidence, representativeness and mental accounting bias. This work contributes adding new evidence that behavior of decision makers is influenced by psychological types and therefore bias is possible to be mitigated / O objetivo do trabalho foi verificar a relação entre a teoria dos tipos psicológicos e as decisões dos indivíduos, sob a luz dos vieses comportamentais, ancoragem, excesso de confiança, representatividade, contabilidade mental e aversão a perdas. Foi elaborado um questionário e foram obtidas 319 respostas válidas. Utilizou-se de análises descritivas, teste paramétrico, não paramétrico e modelagem de equações estruturais, utilizando o IBM SPSS Statistics e o AMOS. Os resultados mostram que as tomadas de decisões são influenciadas pela dimensão extroversão-introversão, sensação-intuição, pensamento-sentimento, julgamento-percepção, gênero, escolaridade, renda e idade. A dimensão extroversão-introversão influencia no viés ancoragem e aversão a perdas; a sensação-intuição no viés representatividade, o pensamento-sentimento no viés excesso de confiança, representatividade e aversão a perdas; o julgamento-percepção no viés excesso de confiança, representatividade, contabilidade mental e aversão a perdas; o gênero no viés ancoragem, excesso de confiança, representatividade, contabilidade mental e aversão a perdas; a escolaridade com o viés excesso de confiança, representatividade e aversão a perdas; a renda com o viés ancoragem, excesso de confiança, representatividade, contabilidade mental e aversão a perdas, e a idade com o viés ancoragem, excesso de confiança, representatividade e contabilidade mental. O presente trabalho contribui agregando novas evidências da influência dos tipos psicológicos no comportamento dos tomadores de decisão, que certos tipos psicológicos estão mais propensos a certos vieses comportamentais, e, assim sendo, há possibilidade de mitigar os vieses, seja na esfera corporativa ou governamental

本文利用國內投資人參與民國八十五年一月至八十九年四月間77家IPO競價拍賣的投標資料為樣本，來探討投資人過度自信以及自我歸因偏誤的情形。實證結果發現:過度自信假說於對個人投資人在初級市場的投資行為仍有適用，並且男女皆有過度自信的現象，但沒有足夠證據顯示男性較女性過度自信。最後當投資者上次報酬為正時，投資者會更積極的投標。而上次報酬為負時，對其下次投標標價的影響並不顯著。此點符合自我歸因假說的推論。

Understanding the behavior of those who start--or intend to start--a business is vital for a country of entrepreneurs such as Peru, which registered the third highest rate of active entrepreneurship worldwide in 2011, according to the Global Entrepreneurship Monitor (GEM). However, Peru also registered, in 2011, one of the highest business discontinuation rates among efficiency-based and resource-based economies. This study represents the first effort to analyze certain behavioral characteristics (risk aversion, joy of winning, overconfidence and tax collection) of a sample of necessity-driven entrepreneurs in Lima, Peru. These features might help explain, in the first place, the decision to become entrepreneurs, but also the decision to leave the market. In particular, wefind that entrepreneurs are risk averse, tend to overestimate their abilities and are willing to work harder when the gross pay is higher (and are taxed) than when it is lower (and are not taxed). Altogether, these traits may explain the high discontinuation rate of businesses in Peru, one of the highest in efficiency-based and resource-based economies. / Entender el comportamiento de aquellos que empiezan —o pretenden empezar— un negocio es vital para un país de emprendedores así como el Perú, el cual registró la tercera tasa más alta de emprededeurismo activo a nivel mundial en 2011, de acuerdo con el Global Entrepreneurship Monitor (GEM). Sin embargo, el Perú también registró, el año 2011, una de las tasas más altas de descontinuación de negocios entre las economías basadas en la eficiencias y recursos. Este estudio representa el primer intento en analizar ciertas características de conducta (aversión al riesgo, alegría por el triunfo, confianza excesiva y el pago de impuestos) de una muestra de emprendedoresmotivados por la necesidad en Lima, Perú. Estas características puede que ayuden a explicar, en primer lugar, la decisión de devenir emprendedores, pero también la decisión de dejar el mercado. En particular, nos encontramos con que los emprendedores son adversos al riesgo, tienden a sobrestimar sus habilidades y están dispuestos a trabajar más duro cuando el pago bruto es mayor (y está sujeto a impuestos) que cuando es menor (y no está sujeto a impuestos). En suma, estas características pueden explicar la alta tasa de descontinuación de negocios en el Perú, una de las más altas en economías basadas en la eficiencia o en recursos.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-10-17T13:59:24Z No. of bitstreams: 1 erikaburkowski.pdf: 845391 bytes, checksum: 14c988927e98f8c13c85ad45e55d0a1c (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-10-25T11:59:26Z (GMT) No. of bitstreams: 1 erikaburkowski.pdf: 845391 bytes, checksum: 14c988927e98f8c13c85ad45e55d0a1c (MD5) / Made available in DSpace on 2016-10-25T11:59:26Z (GMT). No. of bitstreams: 1 erikaburkowski.pdf: 845391 bytes, checksum: 14c988927e98f8c13c85ad45e55d0a1c (MD5) Previous issue date: 2008-02-27 / Esta dissertação pesquisou 99 empresas localizadas na cidade de Juiz de Fora (MG), buscando identificar um perfil de financiamento das mesmas. Utilizou-se a Análise Conjunta (Conjoint) para identificar as características mais desejadas de um instrumento de financiamento por essas empresas. Realizaram-se revisões bibliográficas acerca de temas como estrutura de capital, finanças comportamentais e trabalhos empíricos realizados em micro e pequenas empresas, além da Análise de Correspondência, para se identificar os atributos das empresas relacionados à decisão de financiamento atual e ideal. Constatou-se que a maior parte das empresas da amostra utiliza financiamentos de curto e de longo prazo; o endividamento total se apresenta próximo a 20% do capital total. A variável ‘novos Investimentos’ foi significativa para os financiamentos de curto longo prazos. As variáveis ‘tamanho’ (medida pelo faturamento), ‘, ‘expectativa de retorno dos novos investimentos’ e ‘fonte de financiamento dos novos investimentos’ foram significantes para financiamentos de curto prazo. Com os financiamentos de longo prazo, estão relacionadas ‘destino do financiamento’, ‘percepção da volatilidade’, ‘expectativa de crescimento’ e ‘intenção de novos investimentos’. Conclusivamente, observa-se adequação da hierarquia de fontes modificada (HOLMES e KENT, 1991) e do modelo de decisão de estrutura de capital em pequenas empresas (MICHAELAS et al, 1998). / This dissertation surveys 99 companies located in Juiz de Fora (Minas Gerais State), searching for patterns in their capital structure. Conjoint Analysis was used to capture the most preferable items in a financing instrument chosen by them. A literature review on capital structure, behavioral finance and empirical works concerning to small companies was made and Correspondence Analysis was used to identify companies attributes related either to the actual capital structure and capital structure preferences. The findings were: most of the companies in the sample use short and long term funds. Debt was nearly 20% of total funds. Variable “new investments’ was significant to the short- and long-term debt. Variables “size” (measured by Net Income), “new investments return expectation” and “funding source of new investments” were related to short-term debt. Variables “application of new funding”, “volatility perception”, “growth expectation” and “intention of doing new investments” were related to long-term debt. Conclusively, evidences of the modified pecking order theory (HOLMES e KENT, 1991) and the capital structure model adequacy in small companies (MICHAELAS et al, 1998) were found.

Börsåret 2020 har varit ett unikt år som präglats av ett kraftigt börsras, men även en historiskt snabb återhämtning. Det unika händelseförloppet härrör ur en pandemi orsakad av ett coronavirus, vilket skapat nya underlag för studier av investerares beslutsfattande ur ett börspsykologiskt perspektiv. Syftet med studien var att kartlägga vilka börspsykologiska faktorer som indikerats hos investerare under pandemin. Intentionen var att undersöka huruvida det förelåg samband mellan börspsykologiska faktorer och investerares beslutsfattande. Studien har främst tillämpat en kvantitativ metod i form av en tvärsnittsdesign för att uppnå generaliserbarhet, men har även inslag av kvalitativ forskningsdesign för att erhålla en djupare förståelse. I syfte att besvara studiens forskningsfrågor har en statistisk analys i form av bivariata och multivariata linjära regressionsanalyser genomförts. Resultatet visar att samtliga undersökta börspsykologiska faktorer indikeras hos investerare och att det existerar ett flertal signifikanta samband mellan faktorerna och investerares beslutsfattande. Vidare har studien uppmärksammat en problematik i investerares självuppfattning och brister i de tillämpade testerna för börspsykologiska faktorer. Slutligen har en modell framtagits i syfte att bistå med underlag som kan öka förståelsen och medvetenheten inom ämnesområdet och således skapa bättre förutsättningar för rationella investeringsbeslut. / The stock market during 2020 has been a remarkable year that has experienced a major marketcrash, but also a historical recovery. The unique course of events derives from a pandemic causedby a coronavirus, which has generated new data for research of investors’ decision making from abehavioral finance perspective. The purpose with the research was to map biases which havebeen indicated by investors during the pandemic. The intention was also to investigate whetherthere were relationships between biases and the decision making of investors. This thesis hasmainly applied a quantitative method in the form of a cross-sectional study to achievegeneralizability, but it also has elements of qualitative research to obtain a deeper understanding.In order to answer the research questions, a statistical analysis in the form of bivariate andmultivariate linear regression models has been applied. The result concludes that all theinvestigated biases were indicated, and several significant relationships between the biases andthe decision making of the investors. Furthermore, the research has shown two problematicaspects. The first is the self-perception of investors and the second is the weaknesses of theapplied tests for biases. Finally, a model has been developed with the aim to contribute withuseful research that can create better conditions for rational investment decisions through anincreased understanding and awareness in the area of behavioral finance.

Cette thèse présente les résultats d'expérimentations visant à mettre en évidence des mécaniques de jeu utiles pour aider le joueur à développer une posture plus réflexive sur la manière dont il prend une décision. Notre approche consiste à mettre le joueur en défaut en exploitant ses biais de raisonnement, permettant dans un second temps de l’amener à mieux cerner ses processus décisionnels. A ce titre, nous cherchons à placer le joueur en excès de confiance dans le cadre spécifique d'un jeu vidéo. Pour mesurer le comportement, le joueur doit utiliser un outil intégré au déroulement de la partie : un système de mise au travers duquel il renseigne sa confiance en ses chances de succès. Deux jeux spécifiques ont été développés en vue de mesurer l’influence des biais sur la confiance du joueur : un se focalise sur l’influence des biais d’ancrage et de confirmation, l’autre sur l’influence du biais de l'effet difficile / facile d’autre part. / This thesis introduces the results of experiments testing specific game mechanics to help the players to develop reflective decision making. Our approach is, firstly, to bias the players’ judgment. Then, through the bias awareness, we want to help them to have a better understanding about their judgment processes. To do this, we try to place the player in an overconfident state while playing video games. To measure their behavior, the players must use an integrated tool to the game progression: a bet system through which they assess on their confidence in their chances of success. Two games were developed to measure the influence of the biases on the confidence of the player: one focusing on the effect of anchoring and confirmation biases, another one on the hard / easy effect.

Bakgrund: De yngre generationerna, individer födda efter år 1990, står inför stora utmaningar och riskerar att erhålla sämre pensioner än dagens pensionärer, vilket ställer höga krav på att inkludera ett privat pensionssparande. Trots att det privata pensionssparandet i dagsläget är mer aktuellt än någonsin är det fortfarande ovanligt förekommande bland de yngre generationerna. Att individen kringgår ett aktivt beslutsfattande gällande sin pensionssituation innebär att agerandet avviker från den rationella teorin och livscykelhypotesen. För att komma närmare verkligheten och göra de underliggande resonemangen mer beteendemässigt realistiska bör teorin anpassas efter praktiken och större hänsyn tas till beteendepsykologiska bias.  Syfte: Studiens syfte är att skapa en ökad förståelse för de yngre generationernas inställning till och agerande för deras privata pensionssparande med utgångspunkt i en analys av de beteendepsykologiska biasen kort- och långsiktigt fokus, självdisciplin, övermod och social interaktion.  Metod: För att säkerställa att studiens insamlade empiri kunde uppfylla studiens syfte med stöd av den teoretiska referensramen genomfördes åtta kvalitativa, semistrukturerade intervjuer med individer från de yngre generationerna. Under djupintervjuerna med respondenterna uppmanades de att reflektera över sin upplevda verklighet för att på så sätt möjliggöra ett sammanförande av teori och praktik och därmed göra förståelsen för pensionssparbeslut mer verklighetsförankrad.  Slutsats: Den goda inställningen och den därmed uppkomna sparviljan bland respondenterna återspeglas inte i ett gynnsamt agerande då ingen av de tillfrågade i denna studie ännu har inkluderat ett sparande specifikt till den privata pensionen. Det kan konstateras att de faller offer för beteendepsykologiska fallgropar. Studien påvisar att lusten av att leva här och nu i kombination med att det kortsiktiga tänket är mycket starkare än det långsiktiga, motarbetar ett pensionssparande. För vissa är detta en konsekvens av deras självupplevda bristande självdisciplin och för andra är det en influens av övermod som motarbetar. Vad gäller social interaktion ger respondenterna tecken på att den både kan anses vara främjande eller motarbetande beroende på förmedlarens framställning och egna agerande. / Background: The younger generations, individuals born after 1990, face major challenges and risk receiving worse pensions than today's pensioners, which places high demands on including private pension savings. Even though private pension savings are currently more relevant than ever, it is still uncommon among the younger generations. The fact that the individual circumvents active decision- making regarding their pension situation means that the action deviates from the rational theory and life cycle hypothesis. In order to get closer to reality and make the underlying reasoning more behaviorally realistic, the theory should be adapted to practice, and greater consideration must be given to behavioral psychological bias.  Purpose: The purpose of the study is to create an increased understanding of the younger generations' attitudes and actions regarding their private pension savings based on an analysis of the behavioral psychological bias of short- and long-term focus, self-control, overconfidence, and social interaction.  Method: To ensure that the empirical data collected by the study could fulfill the purpose of the study with the support of the theoretical frame of reference, eight qualitative, semi-structured interviews were conducted with individuals from the younger generations. During the in-depth interviews with the respondents, they were asked to reflect on their perceived reality in order to enable a merge of theory and practice and thus make the understanding of pension savings decisions more reality based.  Conclusion: The good attitudes and the willingness to save among the respondents is not reflected in a favorable action as none of the respondents in this study have yet included any savings specific for the private pension. It can be stated that they fall in these behavioral psychological pitfalls. The study shows that the desire to live here and now in combination with the fact that short-term thinking is much stronger than long-term thinking counteracts pension savings. For some it is a consequence of their self-perceived lack of self-control and for others it is an influence of overconfidence that counteracts. Regarding social interaction, the respondents give signs that it can be considered both promoting or counteracting depending on the mediator's framing and own actions.

Bakgrund: 90-talister i Sverige står inför två tuffa val: att arbeta fram till 70–71-års åldereller att offra vissa angelägenheter idag för att kunna spara en relativt stor summa av sinlön till den framtida pensionen. Dagens pensionärer visar ett missnöje för sin ekonomiskasituation och med tanke på de sämre förutsättningarna som föreligger för 90-talister gällerdet att ta tag i pensionsförberedelser i tid för att ha någon chans att uppnå entillfredsställande pensionssituation. Trots det har det visat sig att unga vuxna skjuter framproblemet till framtiden och prioriterar mer kortsiktiga mål, samtidigt som de förväntarsig en tillfredsställande pensionssituation. Syfte: Studiens syfte är att, med utgångspunkt i en analys av de beteendepsykologiskafallgroparna övertro, ostrich effect och influerande av andra, skapa en djupare förståelseför det potentiella gapet mellan 90-talisters pensionsförväntningar och potentiellapensionssituation. Metod: För att uppfylla studiens syfte och få en djupare förståelse för hur debeteendepsykologiska fallgroparna influerar det potentiella gapet valdes en kvalitativmetod med tio semistrukturerade intervjuer. Genom intervjuerna kunde författarna få enbättre insikt i respondenternas subjektiva verklighet. Slutsats: Studien visar att det i många fall finns ett gap mellan pensionsförväntningar ochen potentiell pensionssituation och att faktorer inom de utvalda beteendepsykologiskafallgroparna både kan bidra till ett ökat och minskat gap. Gapet är stort hos majoritetenav respondenterna, på grund av de genomgående höga förväntningarna. Trots attförväntningarna ofta är för höga i jämförelse med respondenternas förutsättningar ochpensionsförberedelser, går det att skilja på ett positivt och negativt gap. Det viktigaste äratt börja spara i tid, och faktorer såsom självförtroende på egen förmåga och att ta hjälpav en finansiell rådgivare främjar ett pensionssparande och bidrar på så sätt till ett positivtgap, medan faktorer som att tro sig vara bättre än andra och prokrastinering hämmaragerandet och bidrar till ett negativt gap. / Background: Young adults in Sweden face two tough choices: to work until the age of70-71 or to sacrifice certain wants today in order to save a relatively large amount of theirsalary for future retirement. Today's pensioners show dissatisfaction with their financialsituation and, given the inferior conditions that exist for young adults, it is important tostart with retirement preparations in time to have any chance of achieving a satisfactorypension situation. Nevertheless, it has been shown that young adults postpone the problemuntil the future and prioritize more short-term goals, while expecting a satisfactoryretirement situation. Purpose: The purpose of this study is to, based on an analysis of the behavioralpsychological bias of overconfidence, ostrich effect and influence of others, create adeeper understanding of the potential gap between young adults’ retirement expectationsand potential retirement situation. Methodology: To fulfill the purpose of the study and gain a deeper understanding of howthe behavioral psychological biases influence the potential gap, a qualitative method withten semi-structured interviews was chosen. Through the interviews, the authors were ableto gain a better insight into the subjective reality of the respondents. Conclusion: The study shows that, in many cases, there is a gap between retirementexpectations and a potential retirement situation and that factors within the selectedbehavioral psychological biases can contribute to both an increased and a decreased gap.The majority of the respondents have a large gap, due to the consistently highexpectations. Despite the fact that the expectations are often too high in comparison withthe respondents’ conditions and retirement preparations, it is possible to distinguishbetween a positive and a negative gap. The most important thing is to start retirementsavings on time, and factors such as self confidence and taking the help of a financialadviser promote retirement saving and thus contribute to a positive gap, while factorssuch as believing oneself to be better than others and procrastination inhibits action andcontributes to a negative gap.