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Temporal Reframing Elicitations Can Improve the Emergency Savings Intentions of Gig Workers 时间重构启发可以提高零工工人的应急储蓄意愿
Pub Date : 2021-09-14 DOI: 10.2139/ssrn.3923886
Stephen Shu, Steve Thomas, David A. Smith
Gig Economy workers often face do-it-yourself financial savings, more granular earnings structures (versus being salaried employees), and proportionally greater financial uncertainty whether psychologically perceived or real (e.g., income uncertainty). This paper extends prior work on temporal reframing (e.g., which has used specific amounts, such as saving a set amount per day) to explore in a lab setting with UK-based participants whether eliciting emergency savings decisions in temporal frames may make a difference even without specific amounts (e.g., how much would you like to save per day in pounds) and relative to completely unstructured savings decisions (e.g., how much would you like to save). Given the emergency savings context, we further examine exogenously varying levels of income risk on intentions to participate in recurring savings into an emergency saving fund. The investigation provides evidence that eliciting savings using more granular temporal frames (e.g., how much would you save per day versus how much would you save per month) increases savings, but likely through different psychological mechanisms as compared to when savings choices are offered with specific amounts. Whereas prior literature has shown mixed evidence for the independent worker segment and precautionary savings, this investigation supports the perspective that under moderate income variability, independent workers will also increase their intentions for precautionary savings, although under high income variability these increases may start to reverse (e.g., inverted U-shaped outcome response to increasing income variability) after controlling for small stakes risk and loss aversion and other demographics.
零工经济工作者通常面临着自己动手的财务储蓄,更精细的收入结构(与受薪员工相比),以及更大的财务不确定性(无论是心理上的还是实际的)(例如,收入不确定性)。本文扩展了之前关于时间框架的工作(例如,它使用了特定的金额,例如每天节省一定的金额),以在实验室环境中与英国参与者一起探索,即使没有特定的金额(例如,你每天想存多少英镑),在时间框架中引发紧急储蓄决策是否会产生差异,以及相对于完全非结构化的储蓄决策(例如,你想存多少钱)。考虑到紧急储蓄的背景,我们进一步研究了外生不同水平的收入风险对参与经常性储蓄进入紧急储蓄基金的意图的影响。调查提供的证据表明,使用更细粒度的时间框架(例如,你每天会存多少钱与你每月会存多少钱)来激发储蓄会增加储蓄,但与提供特定金额的储蓄选择相比,可能是通过不同的心理机制。鉴于之前的文献显示了独立工人部分和预防性储蓄的混合证据,本调查支持这样一种观点,即在中等收入可变性下,独立工人也会增加预防性储蓄的意图,尽管在高收入可变性下,这种增加可能会开始逆转(例如,在控制了小额股权风险和损失厌恶以及其他人口统计数据后,对收入变异性增加的倒u形结果反应。
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引用次数: 0
Pharmaceutical Lottery Stocks: Investors’ Reaction to FDA Announcements 医药彩票类股:投资者对FDA公告的反应
Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3911774
D. Kliger, Tiran Rothman, S. Mousavi
We investigate return patterns of lottery-type-stocks around FDA announcements regarding New-Drug-Applications (NDAs), Biological-Licensing-Applications (BLAs), and New-Molecule-Entities (NMEs). Focusing on post-event returns, we document negative abnormal returns (‘bio-run-down’) for the 176 NDAs and BLAs, whether the FDA approved the firms’ applications or not. We document also negative abnormal returns for the 313 NMEs, mainly for small firms. We attribute these results to investors’ desire to participate in the ‘lotteries’ of FDA announcements and lack of interest in the firms’ stocks after the announcements. Employing Bloomberg’s Abnormal-Institutional-Attention (AIA) we suggest abovementioned pricing behavior is due to individual investors, rather than to professionals.
我们调查了FDA关于新药申请(NDAs)、生物许可申请(BLAs)和新分子实体(NMEs)公告的彩票型股票的回报模式。关注事件后回报,我们记录了176个nda和bla的负异常回报(“生物损耗”),无论FDA是否批准了这些公司的申请。我们还记录了313家新兴市场企业(主要是小企业)的负异常回报。我们将这些结果归因于投资者希望参与FDA公告的“抽奖”,以及公告后对公司股票缺乏兴趣。采用彭博的异常机构关注(AIA),我们认为上述定价行为是由于个人投资者,而不是专业人士。
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引用次数: 0
Review Studies: Lifestyle and Social Class in Consumer Behavior for Services Industries 回顾研究:服务业消费者行为中的生活方式和社会阶层
Pub Date : 2021-07-26 DOI: 10.2139/ssrn.2630570
I Gusti Bagus Rai Utama
Lifestyle studies share all about how the people do activities, how their attitudes to get values, how they become as a unique individual and as a group, how they reflect experiences, how they interact in their group, where they are living, how they used their freedom to choose. These characteristics can influence consumer behavior. The power of consumer behavior can be explained by social class studies, these powers can become from occupation, education and qualifications, income, wealth or net worth, ownership of land, property, and means of production, economical factor, political factor, and cultural factor. Lifestyle and social class can influence consumer behavior. It is an important case for a marketer because they can begin a marketing plan, who as consumers, where they are when they need the product. Market segmentation can be played by characteristics of consumers' behavior base on lifestyle and social class.
生活方式研究分享了人们如何进行活动,他们的态度如何获得价值观,他们如何成为一个独特的个体和一个群体,他们如何反映经验,他们如何在他们的群体中互动,他们住在哪里,他们如何使用他们的自由选择。这些特征会影响消费者的行为。消费者行为的权力可以通过社会阶级研究来解释,这些权力可以从职业、教育和资格、收入、财富或净资产、土地、财产和生产资料的所有权、经济因素、政治因素和文化因素。生活方式和社会阶层会影响消费者的行为。对于营销人员来说,这是一个重要的案例,因为他们可以开始一个营销计划,作为消费者,当他们需要产品的时候,他们在哪里。市场细分可以通过消费者基于生活方式和社会阶层的行为特征来发挥作用。
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引用次数: 4
Market Distraction and Near-Zero Volatility Persistence 市场分散和接近零波动的持久性
Pub Date : 2021-05-18 DOI: 10.2139/ssrn.3848600
Jian-xin Wang
This study shows that during the FIFA World Cups, the Olympic Games, and Christmas and New Year, the average daily volatility persistence is near zero across 17 equity indices in 14 developed economies. During the World Cups, the volatility persistence decreases with proxies for the intensity of distraction and negative sentiment. The evidence indicates reduced information production by distracted financial analysts and journalists. In addition, volatility persistence is low in June and high in January and October, consistent with reduced attention during holidays and heightened attention afterwards. The seasonal variations in volatility persistence explain 8.7% of variations in volatility level across global markets.
这项研究表明,在世界杯、奥运会、圣诞节和新年期间,14个发达经济体的17个股票指数的平均每日波动持续性接近于零。在世界杯期间,波动性持续性下降,代表分心和负面情绪的强度。有证据表明,分心的金融分析师和记者减少了信息产出。此外,6月的波动性持续性较低,1月和10月的波动性持续性较高,这与假期期间关注度降低、假期后关注度提高的情况一致。波动持续性的季节性变化解释了全球市场波动水平8.7%的变化。
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引用次数: 0
Do Preferences for Private Labels Respond to Supermarket Loyalty Programs? 对自有品牌的偏好会对超市忠诚度计划做出反应吗?
Pub Date : 2020-12-06 DOI: 10.2139/ssrn.3324595
Jorge Florez-Acosta
Abstract This paper examines the effects of supermarket loyalty programs (LPs) on the demand for private labels (PLs). Using transaction level data on grocery purchases and individual level information on the membership of loyalty programs, I estimate a model of demand in which membership may affect the consumers’ valuation for PLs, their sensitivity to price changes and have spillover effects on both named brands (NBs) and rivals’ PLs. My identification strategy of the membership effect exploits observed variation in shopping patterns at the consumer level over time and includes a control function using LP characteristics as instrumental variables to account for a potential selection bias related to unobserved factors of the membership decision. I find a significant effect of LPs on consumer preferences for PLs. Compared to non-members, membership reduces consumers’ price sensitivity for the products sold by the supermarket they are members of, but increases it for products sold by supermarkets they are not members of. These effects are weaker for households that are members of the LPS of multiple supermarkets. Further, I use my demand model along with a supply model to simulate counterfactual scenarios in which supermarkets unilaterally modify their LPs to make it more difficult for customers to benefit from them. I find a considerable decrease in the demand for PLs and an increase in the demand for NBs. In response, supermakets decrease PLs’ prices and increase NBs prices in order to partially offset the impact on PLs’ demand.
摘要本文考察了超市忠诚度计划(lp)对自有品牌(PLs)需求的影响。使用杂货购买的交易级别数据和忠诚计划会员资格的个人级别信息,我估计了一个需求模型,其中会员资格可能会影响消费者对PLs的估值。他们对价格变化的敏感性,以及对命名品牌(NBs)和竞争对手的PLs的溢出效应。我的会员效应识别策略利用了观察到的消费者层面随时间变化的购物模式,并包括一个使用LP特征作为工具变量的控制函数,以解释与会员决策中未观察到的因素相关的潜在选择偏差。我发现lp对消费者对PLs的偏好有显著影响。与非会员相比,会员资格降低了消费者对其会员超市销售的产品的价格敏感性,但增加了消费者对非会员超市销售的产品的价格敏感性。这些影响对于多家超市的会员家庭来说较弱。此外,我使用我的需求模型和供应模型来模拟反事实的情景,在这种情况下,超市单方面修改其lp,使客户更难以从中受益。我发现对pl的需求大幅减少,而对nb的需求增加。作为回应,超市降低了物流价格,提高了国家统计局的价格,以部分抵消物流需求的影响。
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引用次数: 0
Resource Allocation in the Brain and the Equity Premium Puzzle 大脑中的资源配置与股权溢价之谜
Pub Date : 2020-02-01 DOI: 10.2139/ssrn.3609062
Hammad Siddiqi
What happens when information reaches the human brain? In economics, a black box approach to information absorption is generally taken with an implicit assumption that, information, once it reaches the brain, is correctly processed. In sharp contrast, research in brain sciences has established that when information reaches the brain, a pre-existing knowledge structure or schema is first activated, which influences information absorption. The process through which these knowledge structures are created is resource intensive. It involves using a pre-existing schema as a starting point and attempting to adjust it appropriately by using finite brain resources. We apply this approach to the thinking process of investors trying to work out the worth of various stocks. We show that with a binding resource constraint, a new multiplicative term emerges on the right-hand-side of the standard Sharpe-ratio expression in asset pricing. This new term provides a unified explanation for the equity premium puzzle, generates counter-cyclical equity premia, and gives rise to size, value, and momentum effects. A novel prediction of the approach is negative correlation of momentum with value and size
当信息到达人脑时会发生什么?在经济学中,信息吸收的黑箱方法通常有一个隐含的假设,即信息一旦到达大脑,就会被正确处理。与此形成鲜明对比的是,脑科学研究已经证实,当信息到达大脑时,首先会激活已有的知识结构或图式,从而影响信息的吸收。创建这些知识结构的过程是资源密集型的。它包括使用一个预先存在的模式作为起点,并试图通过使用有限的大脑资源来适当地调整它。我们将这种方法应用于投资者试图计算各种股票价值的思维过程。我们表明,在约束资源约束下,在资产定价中标准夏普比率表达式的右侧出现了一个新的乘法项。这个新术语为股票溢价之谜提供了一个统一的解释,产生了逆周期股票溢价,并产生了规模、价值和动量效应。该方法的一个新的预测是动量与价值和大小的负相关
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引用次数: 2
Time Encoding in Languages and Investment Efficiency 语言时间编码与投资效率
Pub Date : 2019-11-29 DOI: 10.1287/MNSC.2019.3555
Jaehyeong Kim, Yongtae Kim, Jian Zhou
Linguistics research shows that languages differ as to how they differentiate future from present events. Economics research finds that when the grammatical structure of a language disassociates the future from the present, speakers of the language also disassociate the future from the present in their behaviors. This study examines how linguistically induced time perception relates to cross-country variation in investment efficiency. We find that underinvestment is less prevalent in countries where there is a weaker time disassociation in the language. The results from both a within-country analysis based on firms headquartered in different regions of Switzerland and an analysis based on the birthplace information of U.S. firms’ chief executive officers confirm the relation between languages and investment efficiency. Collectively, the results suggest that time encoding in languages influences speakers’ cognition and their investment decisions. This paper was accepted by Shivaram Rajgopal, accounting.
语言学研究表明,语言在区分将来事件和现在事件方面存在差异。经济学研究发现,当一种语言的语法结构将将来和现在分离开来时,这种语言的使用者在他们的行为中也会将将来和现在分离开来。本研究探讨语言诱导的时间知觉如何与投资效率的跨国差异相关。我们发现,在语言的时间分离性较弱的国家,投资不足的现象不那么普遍。基于总部设在瑞士不同地区的公司的国内分析和基于美国公司首席执行官出生地信息的分析结果证实了语言与投资效率之间的关系。总的来说,研究结果表明语言中的时间编码影响了说话者的认知和投资决策。这篇论文被会计Shivaram Rajgopal接受。
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引用次数: 16
The Hidden Costs of Whistleblower Protection 保护举报人的隐性成本
Pub Date : 2019-09-27 DOI: 10.2139/ssrn.3111844
N. Wallmeier
We conduct a laboratory experiment to analyze cooperative behavior between a manager and an employee in the presence of misbehavior and protected whistleblowing. Before taking part in a trust game with her employee, a manager has the opportunity to embezzle money at the expense of a third party. Her behavior is observed by the unaffected employee who may trigger an investigation by a report. We vary the framework with respect to monetary incentives and anonymity in case of a report and compare misbehavior, reporting and cooperative behavior across treatments. Our results suggest that a whistleblower law could deter wrongdoing, but could also have a detrimental effect on cooperation in organizations when it increases the probability for false whistleblowing.
我们进行了一项实验室实验来分析管理者和员工在存在不当行为和受保护举报的情况下的合作行为。在与她的员工进行信任游戏之前,经理有机会以牺牲第三方为代价侵吞资金。她的行为被未受影响的员工观察到,这可能会引发一份报告的调查。我们在金钱激励和匿名举报方面改变了框架,并比较了治疗过程中的不当行为、举报和合作行为。我们的研究结果表明,举报人法可以阻止不法行为,但也可能对组织内的合作产生不利影响,因为它增加了虚假举报人的可能性。
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引用次数: 6
Demand Estimation and Forecasting Using Neuroeconomic Models of Consumer Choice 使用消费者选择的神经经济学模型进行需求估计和预测
Pub Date : 2019-07-10 DOI: 10.2139/ssrn.3397895
Nan Chen, J. Clithero, Ming Hsu
A foundational problem in marketing and economics involves accurately predicting purchase decisions at both individual and aggregate levels. Building on recent advances in neuroeconomic models of decision making, we investigate the possibility of improving upon the prediction accuracy of popular existing approaches based on the multinomial logit model (MNL). Specifically, using a neuroeconomic model that incorporates response times in addition to choice data, we compare the out-of-sample prediction accuracy of both approaches using a series of consumer choice experiments. We show that our neuroeconomic model robustly outperformed the standard MNL approach in providing accurate forecasts on diverse measures including revenue, market share, and market cannibalization. Finally, we develop a generalizable framework to assess the relative strengths and weaknesses of our neuroeconomic approach compared to current modeling techniques.
市场营销和经济学中的一个基本问题涉及到在个人和总体水平上准确预测购买决策。基于决策神经经济学模型的最新进展,我们研究了基于多项逻辑模型(MNL)的现有流行方法提高预测精度的可能性。具体来说,我们使用了一个神经经济学模型,除了选择数据外,还结合了响应时间,通过一系列消费者选择实验,我们比较了两种方法的样本外预测精度。我们表明,我们的神经经济模型在提供包括收入、市场份额和市场蚕食在内的各种指标的准确预测方面,明显优于标准的MNL方法。最后,我们开发了一个可推广的框架来评估与当前建模技术相比,我们的神经经济学方法的相对优势和劣势。
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引用次数: 0
Mental Temporal Accounting 心理时间会计
Pub Date : 2019-06-03 DOI: 10.2139/ssrn.3398451
Julia M. Puaschunder
This paper introduces Mental Temporal Accounting – the behavioral economics application of mental accounting in the time domain. While most discounting studies are in the finance domain, social and environmental components have not gotten as much attention as appearing to require based on the novel perspectives this research grants. Theoretically we may also derive conclusions for contact theory and point at opening monetary gains focuses to social and environmental cues that may nudge people to perceive time differently and act on it accordingly. As mental accounting was successfully introduced to be extendable onto time, traditional mental accounting theory (Thaler 1999) should be revisted for attention to time discounting in the social and environmental spheres alongside the economic attention. Elucidating how contexts and experiencing critical life stages of parenthood influence temporal activity allocation choices promises to improve manifold decisions on education, health, asset management, career paths and common goods preservation throughout life for this generation and the following.
本文介绍了心理时间会计——心理会计在时间域的行为经济学应用。虽然大多数贴现研究都在金融领域,但社会和环境因素并没有得到那么多的关注,因为这项研究提供了新的视角。从理论上讲,我们也可以从接触理论中得出结论,并指出将金钱收益的重点放在社会和环境线索上,这些线索可能会促使人们以不同的方式感知时间,并据此采取行动。由于心理会计被成功地引入到时间上,传统的心理会计理论(塞勒1999)应该被重新审视,以关注社会和环境领域的时间贴现以及经济关注。阐明背景和经历为人父母的关键人生阶段如何影响时间活动分配选择,有望改善这一代人和下一代人在教育、健康、资产管理、职业道路和终身共同利益保护方面的多方面决策。
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引用次数: 1
期刊
CSN: Business (Topic)
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