|
on Cognitive and Behavioural Economics |
| By: | Lindahl L.; Golsteyn B.H.H.; Grönqvist H. (GSBE) |
| Abstract: | This paper investigates the relationship between time preferences and lifetime social and economic behavior. We use a Swedish longitudinal dataset that links information from a large survey on childrens time preferences at age 13 to administrative registers spanning over four decades. Our results indicate a substantial adverse relationship between high discount rates and school performance, health, labor supply, and lifetime income. Males and high ability children gain significantly more from being future-oriented. These discrepancies are largest regarding outcomes later in life. We also show that the relationship between time preferences and long-run outcomes operates through early human capital investments. |
| Keywords: | Behavioral Economics: Underlying Principles; Intertemporal Consumer Choice; Life Cycle Models and Saving; Labor Economics: General; |
| JEL: | D03 D91 J01 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:umagsb:2013065&r=cbe |
| By: | Benndorf, Volker; Kübler, Dorothea; Normann, Hans-Theo |
| Abstract: | We study the voluntary revelation of private, personal information in a labor-market experiment with a lemons structure where workers can reveal their productivity at a cost. While rational revelation improves a worker's payout, it imposes a negative externality on others and may trigger further unraveling. Our data suggest that subjects reveal their productivity less frequently than predicted in equilibrium. A loaded frame emphasizing personal information about workers' health leads to even less revelation. We show that three canonical behavioral models all predict too little rather than too much revelation: level-k reasoning, quantal-response equilibrium, and to a lesser extent inequality aversion. -- |
| Keywords: | information revelation,privacy,lemons market,level-k reasoning,quantalresponse equilibrium,inequality aversion |
| JEL: | C72 C90 C91 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wzbmbh:spii2013208&r=cbe |
| By: | Marco Stimolo |
| Abstract: | The idea of multiple-self models in economics is that individual identity is the equilibrium result of the strategic interaction between sub-personal selves. These models fill the gap of standard rational choice theory in explaining inter-temporal inconsistency of choices. This modelling procedure requires an extension of revealed preference theory to the sub-personal level. This extension is grounded in the assumption that sub-personal selves are economic agents to whom analytical tools of microeconomics apply. I claim that this assumption is false and entails the empirical methodology of functional localization that fails to provide robust results. |
| Keywords: | Multiple-self, rationality, as if, functional localization, robustness |
| Date: | 2012–09 |
| URL: | http://d.repec.org/n?u=RePEc:icr:wpicer:07-2012&r=cbe |
| By: | Robert L. Clark; Jennifer A. Maki; Melinda Sandler Morrill |
| Abstract: | We report results from a field experiment in which a randomized subset of newly hired workers at a large financial institution received a flyer containing information about the employer’s 401(k) plan and the value of contributions compounding over a career. Younger workers who received the flyer were significantly more likely to begin contributing to the plan relative to their peers in the control group. Many workers do not participate in their employers’ supplemental retirement savings programs, even though these programs offer substantial tax advantages and immediate returns due to matching contributions. From a survey of new hires we find that many workers choose not to contribute to the plan because they have other financial priorities. However, some non-participants lack the financial literacy to appreciate the benefit. These findings indicate that simple informational interventions can nudge workers to participate in retirement saving plans and enhance individual well-being and retirement income security. |
| JEL: | J26 J32 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19591&r=cbe |
| By: | Paul Peigné (GRANEM - Groupe de Recherche Angevin en Economie et Management - Université d'Angers) |
| Abstract: | In their quest for deeper insight into organizations, for some years now a great deal of researchers have focused on the concept of routines. Routines enable researchers to make out some of the dynamics which govern the organization, by fostering stability or , on the contrary, favoring development and change. The present paper proposes a case study which will enable us to portray two sets of routines whose dynamic and effects prove worthy of consideration. In fact, an exogenous event compels an organization to change its aims and its habits. This change triggers a break in the albeit proven set of routines within the organization. Those of the executive managers adapt themselves to new objectives without adopting the mindset, whereas most operatives become the symbol of resistance to change so plunging themselves into uncertainty, jeopardizing their identity and the meaning of their everyday situation. By means of this case, we underline how desires for openness, exchange and dialogue meant to nurture the conditions of change get bogged down, sabotaged and become useless in the daily interplay of force and opposition that the project itself engenders. Finally we will underline how this dynamic also produces effects as much upon the individuals exposed to the paradoxes that it induces as upon the organization whose coherence and integrity is gradually being whittled away. |
| Keywords: | Organizational dynamics; organizational change; evolutionary economics; routines, job stress. |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-00876163&r=cbe |