Journal of Behavioral and Experimental Economics最新文献

英文中文

Does climate risk speed up dynamic capital structure adjustment? —Evidence from China 气候风险是否加速了资本结构的动态调整？——来自中国的证据

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-03-01 Epub Date: 2026-02-27 DOI: 10.1016/j.socec.2026.102542

Jie Fu , Dongyang Liu , Lei Gao

With rising climate risks, how firms respond through financial decisions has drawn increasing attention. Using Chinese A-share listed firms from 2007 to 2022, this study examines the effect of climate risk on firms’ dynamic capital structure adjustment. The results show that climate risk significantly accelerates adjustment toward target leverage. Mechanism analyses indicate that digital and green innovation strengthen this effect by facilitating firms’ proactive adaptation to climate challenges. Subsample tests reveal that climate transition risk, manifested through environmental regulation, carbon-reduction targets, and technological standards, is the primary driver of capital structure adjustment, while serious and chronic physical risks are insignificant. These results highlight the pathway of“climate risk—innovation response—capital structure adjustment,”enriching the literature on the economic consequences of climate risk and capital structure dynamics.The study also provides theoretical insights and practical implications for firms seeking to optimize capital structure under climate challenges.

随着气候风险的上升，企业如何通过财务决策来应对已引起越来越多的关注。本文以2007 - 2022年中国a股上市公司为研究对象，考察了气候风险对企业资本结构动态调整的影响。结果表明，气候风险显著加速了向目标杠杆的调整。机制分析表明，数字化和绿色创新通过促进企业主动适应气候挑战而加强了这一效应。子样本检验表明，气候转型风险是资本结构调整的主要驱动因素，表现为环境监管、碳减排目标和技术标准，而严重和长期的物理风险不显著。这些结果突出了“气候风险-创新响应-资本结构调整”的路径，丰富了气候风险和资本结构动态的经济后果的文献。该研究也为企业在气候挑战下寻求资本结构优化提供了理论见解和实践启示。

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引用次数: 0

Assessing the interaction of empathy and diversity in creative teams 评估创意团队中同理心和多样性的相互作用

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-03-01 Epub Date: 2026-02-16 DOI: 10.1016/j.socec.2026.102533

Cortney S. Rodet

Diversity, especially experiential diversity, has been shown to positively affect creativity in divergent thinking tasks, but issues like conflict, misunderstanding, and disagreement can arise due to diversity. This project explores empathy as a mechanism through which diversity fosters creativity in teams as it allows teammates to better understand each other when they differ in experience, knowledge, and characteristics. Consistent with previous research, I find that experiential diversity boosts creativity by increasing the number of ideas generated. When interacted with empathy, it increases originality and the use of unique words to describe ideas. Empathy also positively interacts with characteristic diversity (i.e., language, gender identity, and socioeconomic background) to increase the number of creative ideas.

多样性，尤其是经验多样性，已被证明对发散性思维任务的创造力有积极影响，但冲突、误解和分歧等问题也可能因多样性而产生。这个项目探讨了同理心作为一种机制，通过这种机制，多样性可以培养团队的创造力，因为它可以让团队成员更好地理解彼此，当他们在经验、知识和特征上存在差异时。与之前的研究一致，我发现体验多样性通过增加产生想法的数量来提高创造力。当与同理心互动时，它会增加独创性，并使用独特的词汇来描述想法。同理心还与特征多样性（即语言、性别认同和社会经济背景）积极互动，以增加创造性想法的数量。

引用次数: 0

Being the boss at work and at home — Self-employment and conflicts between partners 在工作和家庭中都是老板——自主创业和伴侣之间的冲突

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI: 10.1016/j.socec.2025.102506

Stefan Schneck

The self-employed are their own bosses and make independent decisions on how to achieve their goals. We ask if the self-employed not only make professional decisions but also interfere in the private decisions of their partners. Using unique German panel data designed to study intimate relationships, we show a positive relationship between complaints about interference and the self-employment status of partners, which indicates that the self-employed dominate in business and private life. Estimates explaining the frequency of disagreements and quarrels between partners reveal that tensions are more commonly reported by respondents with self-employed partners. Moreover, we show that partners exercising control over their partners are a major source of conflicts at home. In this regard, the significant effect of having a self-employed partner can be attributed to the degree of governance the partner exercises over the respondent’s life. This study is the first to suggest that decision autonomy in the work sphere is associated with dominance in private life, harming relationships.

自由职业者是他们自己的老板，可以独立决定如何实现他们的目标。我们要问的是，个体经营者是否不仅会做出专业决定，还会干涉伴侣的私人决定。使用独特的德国面板数据来研究亲密关系，我们显示了对干扰的抱怨与伴侣的自雇状态之间的正相关关系，这表明自雇者在商业和私人生活中占主导地位。解释伴侣之间分歧和争吵频率的估计表明，有自雇伴侣的受访者更常报告紧张关系。此外，我们表明，对其伴侣实施控制的伴侣是家庭冲突的主要根源。在这方面，拥有自雇合伙人的显著影响可归因于合伙人对被调查者生活的治理程度。这项研究首次表明，工作领域的决策自主权与私人生活中的支配地位有关，这会损害人际关系。

引用次数: 0

“Luxury beliefs”: Signaling through ideology? “奢侈信念”：通过意识形态发出信号？

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-03-01 Epub Date: 2026-02-24 DOI: 10.1016/j.socec.2026.102538

Margaret Samahita

The concept of “luxury beliefs”—ideological stances used to signal status—has attracted growing attention in public discourse. Using a set of statements commonly described as “luxury beliefs”, I conduct an online experiment with a nationally representative U.S. sample (

n = 715

) to examine how widely these beliefs are recognized, whether they are associated with higher socioeconomic status (proxied by education and income), and whether individuals use them for status signaling toward relevant audiences. I find that: (i) Only 39% of the participants, primarily Republicans, report having heard of “luxury beliefs”. (ii) Agreement with luxury beliefs is not associated with higher education or income. (iii) There is little evidence of signaling behavior, aside from suggestive evidence that Independents express higher agreement with luxury beliefs when paired with a Democrat. These results indicate that luxury beliefs are not widely recognized or used as status signals in the general population.

“奢侈信仰”的概念——用来表明地位的意识形态立场——在公共话语中引起了越来越多的关注。使用一组通常被描述为“奢侈信念”的陈述，我对一个具有全国代表性的美国样本（n=715）进行了一个在线实验，以检验这些信念被认可的程度，它们是否与更高的社会经济地位（以教育和收入为代表）有关，以及个人是否使用它们向相关受众发出地位信号。我发现：(1)只有39%的参与者（主要是共和党人）报告听说过“奢侈信仰”。（ii）认同奢侈观念与高等教育或收入无关。（iii）几乎没有信号行为的证据，除了暗示性的证据表明，当独立人士与民主党人配对时，他们对奢侈观念的认同程度更高。这些结果表明，在一般人群中，奢侈品观念并没有被广泛认可或用作地位信号。

引用次数: 0

Can paying employees to quit boost motivation? Evidence from a lab experiment 付钱让员工辞职能激励员工吗？来自实验室实验的证据

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-03-01 Epub Date: 2026-01-28 DOI: 10.1016/j.socec.2026.102521

Chiara Natalie Focacci , Tobias Gesche , Henry Kim , Ian Ayres , Alexander Stremitzer

We investigate whether pay-to-quit incentives can enhance worker productivity by conducting an online laboratory experiment with 1000 participants. Subjects were randomly assigned to either a control condition, which offered no financial inducement to quit, or to a treatment condition in which they received a one-time offer of CHF 5 ($ 6.16) to exit the task. While our design does not allow a clean decomposition of the total treatment effect into separate motivational and selection components our findings indicate that participants who reject the quit offer complete, on average, 33% more tasks than those in the control group. The evidence suggests that the foregone quit payment establishes a salient reference point, thereby inducing increased effort and a higher likelihood of surpassing performance thresholds. This study contributes to both behavioral decision research and the practice of personnel management by elucidating how a seemingly counterintuitive incentive can have dual effects: screening out less-committed employees and motivating those who remain to invest greater effort.

我们通过一项有1000名参与者的在线实验室实验来调查有偿辞职激励是否能提高工人的生产率。受试者被随机分配到没有经济诱因的控制组，或一次性获得5瑞士法郎（6.16美元）退出任务的治疗组。虽然我们的设计不允许将整个治疗效果分解为单独的动机和选择成分，但我们的研究结果表明，拒绝戒烟提议的参与者比对照组平均多完成33%的任务。有证据表明，放弃的离职补偿建立了一个显著的参考点，从而诱导了更多的努力和更大的超越绩效阈值的可能性。这项研究对行为决策研究和人事管理实践都有贡献，它阐明了一个看似违反直觉的激励机制是如何产生双重效果的：筛选不太忠诚的员工，激励那些留下来投入更多努力的员工。

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引用次数: 0

Naturally biased? Experimental evidence on how the term natural influences wine consumers’ perceptions and preferences 自然有偏见吗?关于“自然”一词如何影响葡萄酒消费者的认知和偏好的实验证据

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-03-01 Epub Date: 2026-01-24 DOI: 10.1016/j.socec.2026.102527

Beatrice Braut , Maria Alessandra Paissoni , Barbara Cavalletti , Susana Río Segade , Matteo Corsi , Luca Rolle

Food consumption choices have relevant consequences on the environment, and consumers are getting more and more conscious about it. In the absence of perfect information, consumers use signals to infer product quality, but these can also mislead. The object of our work is to test how a label can influence product evaluations and test if halo effects exist after subjects have experienced the product. We focus on wine and the label natural. Using an experimental design in a wine tasting setting, we find that sensory and quality perceptions of the wine are altered by the use of the term natural. The term "natural" is associated with a perceived higher sustainability of the product, potentially misleading the choices of environmentally conscious consumers. However, there is no such effect on the health domain, which would be a deep concern for wine. To drive the influence of the label are the subjects with less wine expertise, for whom information about the naturalness of the wine alters also the evaluation on the health domain.

食品消费的选择对环境有相关的影响，消费者越来越意识到这一点。在缺乏完美信息的情况下，消费者使用信号来推断产品质量，但这些信号也可能产生误导。我们工作的目的是测试标签如何影响产品评估，并测试受试者体验产品后是否存在光环效应。我们专注于葡萄酒和自然标签。在品酒设置中使用实验设计，我们发现葡萄酒的感官和质量感知被使用术语“自然”所改变。“天然”一词与产品的高可持续性联系在一起，可能会误导有环保意识的消费者的选择。然而，在健康领域没有这样的影响，这将是葡萄酒的一个深切关注。推动标签影响的是葡萄酒专业知识较少的受试者，对他们来说，关于葡萄酒自然度的信息也改变了对健康领域的评估。

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引用次数: 0

Legal reforms, norms, and child marriage: observational evidence on behavioral responses in sub-Saharan Africa 法律改革、规范和童婚：撒哈拉以南非洲地区行为反应的观察证据

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-01-01 Epub Date: 2025-12-06 DOI: 10.1016/j.socec.2025.102499

Anne Lieke Ebbers-Pardijs, Juliette Alenda-Demoutiez, Natascha Wagner

This study takes a macro perspective to examine how age-of-marriage laws have evolved across countries in Sub-Saharan Africa, and how societal norms and behavior related to child marriage changed concurrently. The literature has not found a clear effect of age-of-marriage laws on the practice of child marriage. To analyze the possible reasons for the mixed results, we combine a document and discourse analysis of 88 age-of-marriage laws in 38 Sub-Saharan African countries with trend and regression analyses performed on 3312,019 individuals aged 15–49. We show that legal changes are not associated with a systematic decrease in child marriage even when accounting for the strictness of the law and specified punishments. The primary explanations center on the discrepancy between formal and informal institutions, and how national governments and individuals behaviorally accommodate this mismatch. The analysis highlights why treating child marriage laws as uniform interventions is prone to error and demonstrates that accounting for informal institutions matters. Adapting too much to informal norms may result in limited change, while completely overrunning informal institutions may create a significant gap between formal and informal rules, equally leading to limited progress. The findings also suggest that mandatory marriage registration could help address enforcement gaps.

本研究从宏观角度考察了撒哈拉以南非洲各国的婚姻法是如何演变的，以及与童婚相关的社会规范和行为是如何同时发生变化的。文献没有发现婚龄法对童婚实践的明显影响。为了分析混合结果的可能原因，我们结合了38个撒哈拉以南非洲国家88个婚龄法的文献和话语分析，并对3312,019名15-49岁的个人进行了趋势和回归分析。我们表明，即使考虑到法律的严格程度和具体的惩罚措施，法律的变化也与童婚的系统性减少无关。主要的解释集中在正式和非正式制度之间的差异，以及国家政府和个人如何在行为上适应这种不匹配。分析强调了为什么将童婚法视为统一的干预措施容易出错，并表明对非正式制度的考虑很重要。过度适应非正式规范可能导致有限的变化，而完全超越非正式机构可能在正式和非正式规则之间造成重大差距，同样导致有限的进展。调查结果还表明，强制结婚登记有助于解决执法差距。

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引用次数: 0

Remembering past present biases 记住过去和现在的偏见

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-01-01 Epub Date: 2025-11-20 DOI: 10.1016/j.socec.2025.102484

Barna Bakó , Antal Ertl , Hubert János Kiss

This study examines a potential link between present bias and reduced memory accuracy in intertemporal decision-making. In a classroom experiment with university students, participants made choices between smaller-sooner and larger-later rewards on two occasions. The second time included an immediate option, tempting present-biased participants to choose the immediate reward. During a third visit, participants were randomized into two groups and asked to recall their decisions from one of the previous visits. The results show that participants with present bias had lower memory accuracy than their time-consistent peers in situations involving immediate rewards. Regression analysis indicates that this reduced accuracy is consistent with motivated misremembering — in which individuals recall their past decisions as more virtuous than they actually were. Robustness checks reveal that time inconsistency is positively associated with lower memory accuracy in general, but present-biased participants exhibit clearly distinct patterns compared to their future-biased counterparts. These results are weighed against alternative explanations, notably the possibility of noisy cognition.

本研究探讨了当前偏见与跨期决策记忆准确性降低之间的潜在联系。在一项针对大学生的课堂实验中，参与者在两种情况下在较小的“早”奖励和较大的“晚”奖励之间做出选择。第二次实验包括一个即时选项，诱使偏好现在的参与者选择即时奖励。在第三次访问中，参与者被随机分为两组，并被要求回忆他们在前一次访问中的决定。结果表明，在涉及即时奖励的情况下，具有当前偏见的参与者的记忆准确性低于具有时间一致性的参与者。回归分析表明，这种准确性的降低与动机性记忆错误是一致的——在这种情况下，人们回忆起自己过去的决定时，认为自己比实际情况更有道德。鲁棒性检验表明，时间不一致性通常与较低的记忆准确性呈正相关，但现在偏见的参与者与未来偏见的参与者相比，表现出明显不同的模式。这些结果与其他解释进行了权衡，特别是嘈杂认知的可能性。

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引用次数: 0

Hey, what did you expect ? Confirmation bias in credence goods markets: Theoretical and experimental analyses 嘿，你还想怎么样？可信商品市场中的确认偏差：理论与实验分析

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-01-01 Epub Date: 2025-11-29 DOI: 10.1016/j.socec.2025.102495

Maxime Perodaud , Michela Chessa

This study investigates how consumer confirmation bias affects expert decision-making in credence goods markets by combining theoretical modeling with experimental analysis. Using psychological game theory, we develop a dynamic two-player model in which an expert’s utility is shaped by both financial incentives and the psychological disutility associated with not meeting consumer expectations. The model predicts that experts with higher psychological sensitivity are more likely to deviate from profit-maximizing strategies to align with consumer beliefs, potentially increasing market inefficiencies. Experimental results show that the extent to which confirmation bias influences expert behavior depends on both the expert’s sensitivity and state of the world. Under conditions of high sensitivity and consumer bias, experts adjusted their recommendations to match consumer expectations, even when doing so led to suboptimal outcomes. These findings have policy implications and contribute to the literature on credence goods by highlighting the tension between expert judgment and consumer-driven expectations.

本文采用理论建模与实验分析相结合的方法，探讨了消费者确认偏差对可信商品市场中专家决策的影响。利用心理博弈论，我们开发了一个动态的双玩家模型，其中专家的效用由财务激励和与不满足消费者期望相关的心理负效用共同塑造。该模型预测，心理敏感度较高的专家更有可能偏离利润最大化策略，与消费者的信念保持一致，这可能会增加市场的低效率。实验结果表明，确认偏误对专家行为的影响程度取决于专家的敏感性和世界状态。在高度敏感和消费者偏见的条件下，专家们调整了他们的建议，以满足消费者的期望，即使这样做会导致次优结果。这些发现具有政策意义，并通过强调专家判断和消费者驱动的期望之间的紧张关系，为可信度产品的文献做出了贡献。

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引用次数: 0

Misperception of descriptive norms and adoption of eco-schemes by French farmers 法国农民对描述性规范的误解和对生态方案的采用

IF 1.4 3区经济学 Q2 ECONOMICS

Journal of Behavioral and Experimental Economics

Pub Date : 2026-01-01 Epub Date: 2025-12-03 DOI: 10.1016/j.socec.2025.102496

Benjamin Ouvrard , Arnaud Reynaud

Social norms have been shown to explain the adoption of sustainable agriculture practices by farmers. In this article, we focus on the role played by perceived social norms regarding eco-schemes (ES), a new type of direct monetary compensation provided to European farmers who voluntarily adopt specific environmentally-friendly practices. Using data from a large-scale web-survey (N = 1109), we assess to what extent French farmers’ willingness to adopt ES depends on their beliefs about peers’ participation, accounting for the fact that farmers may hold wrong beliefs about what peers think or do. We demonstrate that French farmers systematically underestimate the share of peers wishing to adopt ES, and that this misperception is substantial (more than 20 percentage points). French farmers who misperceive peers’ adoption of ES are also less likely to adopt ES themselves. Finally, we show that the perceived effectiveness of the ES influences both their adoption and the monetary compensation French farmers require to implement them.

社会规范已被证明可以解释农民采用可持续农业实践的原因。在这篇文章中，我们关注的是关于生态计划（ES）的感知社会规范所起的作用，这是一种为自愿采用特定环境友好做法的欧洲农民提供的新型直接货币补偿。利用大规模网络调查（N = 1109）的数据，我们评估了法国农民采用ES的意愿在多大程度上取决于他们对同伴参与的看法，考虑到农民可能对同伴的想法或行为持有错误的看法这一事实。我们证明，法国农民系统性地低估了希望采用ES的同行的份额，而且这种误解是实质性的（超过20个百分点）。法国的农民如果误解了同伴采用社会认知系统，他们自己也不太可能采用社会认知系统。最后，我们表明，ES的感知有效性影响了它们的采用和法国农民需要实施它们的货币补偿。

引用次数: 0

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