Essays On Financial Decision Making

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Essays On Financial Decision Making

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Author : Thomas Spycher
language : en
Publisher:
Release Date : 2019

Essays On Financial Decision Making written by Thomas Spycher and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

This thesis contains four essays on financial decision making. The first two essays examine the influence of cultural group membership on the accumulation of financial literacy and on intertemporal choice. The chapters exploit the Swiss language border as a natural laboratory to study the influence of culture and document substantial differences in behavior based on a self-collected survey dataset of 15-year olds living along the language border in the canton of Fribourg. An analysis of underlying channels suggests that observed differences in financial literacy and intertemporal choice are rather related to systematic differences in social norms than to differences in time and risk preferences. The third essay investigates the influence of an extended cooling-off period for personal loans. A cooling-off period grants a borrower the right to withdraw from a signed credit contract. Cooling-off periods are a commonly used tool for consumer financial protection, but little empirical evidence exists on its use and how changes in its duration affect consumer behavior. Based on a large sample of loan offers in Switzerland, I document that cooling-off periods are rarely used. Less than 0.6\% of accepted loan offers are withdrawn by the borrower. The extension of the period from 7 to 14 days did not increase the propensity to make use of the right to withdraw but rather increased the cost of regulation as credit providers disburse loans only after the cooling-off period. The last essay examines how the numeracy level of employees is related to the quality of their on-the-job decisions. Employers place significant weight on the numerical skills of employees and the level of numeracy is associated with labor market outcomes. Based on an administrative dataset of a retail bank the study relates the performance of loan officers in a standardized math test to the accuracy of their credit assessments of small business borrowers. Results sug.

Essays On The Individual In Financial Decision Making

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Author : B. Adair Morse
language : en
Publisher:
Release Date : 2007

Essays On The Individual In Financial Decision Making written by B. Adair Morse and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

Two Essays In Financial Decision Making

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Author : Seok-kyun Hur
language : en
Publisher:
Release Date : 2002

Two Essays In Financial Decision Making written by Seok-kyun Hur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Bayesian statistical decision theory categories.

Financial Literacy Motivated Reasoning And Gender

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Author : Thérèse Lind
language : en
Publisher: Linköping University Electronic Press
Release Date : 2019-05-16

Financial Literacy Motivated Reasoning And Gender written by Thérèse Lind and has been published by Linköping University Electronic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-16 with categories.

I wrote this thesis to create a better understanding of how individual characteristics influence our feelings, our behavior and our way of interpreting information. My focus is on financial behavior and financial information, however I also consider a political context. I investigate the (usually) enabling abilities of financial literacy and numeracy. I also consider impediments such as stereotype threat and motivated reasoning, which can prevent people from engaging in certain behaviors or from interpreting information objectively. Both processes stem from valued beliefs and psychological foundations, consequently peoples’ efforts, decisions, and evaluations are based on them. The first essay, “Competence, confidence, and gender: The role of perceived and actual financial literacy in household finance,” broadens our understanding of the benefits of financial competence. I contrast perceived and actual levels of financial literacy, and consider the role of numeracy and cognitive reflective ability. I conclude that perceived and actual levels of financial literacy positively affect behavior and wellbeing; however, perceived financial literacy more so than actual financial literacy. No such effect is observed for numeric ability and cognitive reflection. Furthermore, women are more anxious about financial matters even though they tend to engage more frequently in the considered financial behaviors. The second essay, “Threatening finance? Examining the gender gap in financial literacy,” continues my exploration of the relationship between gender and financial literacy. In a series of studies, I investigate whether the observed gender gap in financial literacy can be identified in nonnumerical contexts, if it can be associated with confidence in financial matters, and if it can be attributed to stereotype threat, which posits that inbuilt prejudices about gender and finance undermine women’s performance of tasks that involve finance. The results show that the observed gender gap in financial literacy is robust even in nonnumerical financial contexts and suggest that a stereotype threat for women in the financial domain might be present. The gender gap in financial literacy could not be attributed to a difference in (displayed) confidence. In the third essay, “Preferences for lump-sum over divided payment structures,” I investigate whether or not people display systematic preferences for lump–sum or divided payment structures and how these preferences differ in gain (benefit) and loss (payment) situations. I investigate what happens when payments belong to a single underlying event, such as when people can choose to pay immediately or in installments. I also examine whether or not individual differences in time preferences, risk preferences, numeracy, and financial literacy are associated with preferences for one payment structure or the other. The aggregate results show a tendency for people to prefer obtaining and paying money in lump sums. I find no systematic indication that the considered individual differences play a role in this type of decision. The fourth essay, “Motivated reasoning when assessing the effect of refugee intake,” inquires into differences in worldview ideology, whether people identify as nationally or globally oriented, hinder them from objectively interpreting information. I use an experiment to find out if people display motivated reasoning when interpreting numerical information about the effects of refugees on the crime rate. Our results show evidence of motivated reasoning along the lines of worldview ideology. However, individuals with higher numeric ability were less likely to engage in motivated reasoning, leading to the conclusion that motivated reasoning is more likely to be driven by feelings and emotional cues than by deliberate analytical processes.

Behavioral Aspects Of Financial Decision Making

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Author : Emanuela Trifan
language : de
Publisher: Sudwestdeutscher Verlag Fur Hochschulschriften AG
Release Date : 2009

Behavioral Aspects Of Financial Decision Making written by Emanuela Trifan and has been published by Sudwestdeutscher Verlag Fur Hochschulschriften AG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Finance categories.

The present work seeks for a deeper motivation of those financial market behaviors that remained unexplained by traditional economic theories. It is the result of some years of research in the areas of Behavioral Finance and Market Microstructure. The work undertakes the challenging task of quantifying "less-rational" aspects of financial decision-making, such as simplified trading rules, emotional reactions, and subjective perceptions and beliefs. To this purpose, not only are traditional models extended in order to account for behavioral elements, but also new models and measures are developed and tested by means of numerical simulations. Surprisingly, it appears that rational trading is not the only way to make money, and the presence of less-than-perfectly rational traders can be compatible with stable and efficient markets. Not only trading decisions but also investment decisions are highly sensitive to subjective attitudes. The work helps to identify several trading and investment strategies that ensure the success and survival of their users and maximize their risky holdings, respectively.

Essays On Financial Decision Making

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Author : Corey A. Shank
language : en
Publisher:
Release Date : 2017

Essays On Financial Decision Making written by Corey A. Shank and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Decision making categories.

Essays On Financial Literacy Cognitive Ability And Financial Decision Making

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Author : Amelina Apricia Sjam
language : en
Publisher:
Release Date : 2021

Essays On Financial Literacy Cognitive Ability And Financial Decision Making written by Amelina Apricia Sjam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

Essays In Empirical Household Financial Decision Making

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Author : Charline Uhr
language : en
Publisher:
Release Date : 2021

Essays In Empirical Household Financial Decision Making written by Charline Uhr and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.

Essays In Financial Decision Making

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Author : Immanuel Lampe
language : en
Publisher:
Release Date : 2022

Essays In Financial Decision Making written by Immanuel Lampe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.

The three projects of this thesis investigate consumers' financial decision making. For two projects I employ survey questions to elicit subjects' preferences and link these to insurance demand decisions. In the third project I conduct an experiment on a representative sample to find out how prospect theory should best be applied to an intertemporal context.

Essays In Financial Literacy Decision Making

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Author : Jörg Weber
language : en
Publisher:
Release Date : 2015

Essays In Financial Literacy Decision Making written by Jörg Weber and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.