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JRFM
Special Issues
Subjective Well-Being and Financial Decision Making
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Subjective Well-Being and Financial Decision Making

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (30 April 2024) | Viewed by 7033

Special Issue Editor

Dr. Junyi Chai

E-Mail Website
Guest Editor
Faculty of Business and Management, United International College, Beijing Normal University-Hong Kong Baptist University, Zhuhai 519087, China
Interests: decision analytics; information management; supplier selection

Special Issue Information

Dear Colleagues,

Humans pursue well-being and happiness, which are influenced by interpersonal environments, and further influence individual decision making (such as financial performance). Subjective well-being can be a unique perspective that bridges individual emotions and financial decision making. It is valuable to explore the causes of subjective happiness in interpersonal comparisons, as well as individual beliefs and group behaviours that use subjective happiness as an incentive in the decision-making process. This Special Issue focuses on quantitative or qualitative aspects of financial decision analysis and subjective well-being relating to, but not limited to, the nature and mechanisms of individual, organizational, and managerial decisions. Contributions on financial behaviours from both quantitative and qualitative fields, such as econometrics, behavioural economics, artificial intelligence, applied psychology, and information systems, are highly encouraged. This Special Issue publishes both theoretical and empirical studies. Empirical contributions in cutting-edge applications, such as quantitative finance, FinTech, finance innovations, e-commerce, digital marketing, social networks, operation management, judgements, emotions, subjective happiness, and human behaviours in marketing/organizations/society, are especially encouraged. Generally speaking, case studies or pure empirical studies should contain proper quantitative analyses and/or innovative methodological elements, which can be considered suitable for this Special Issue.

Dr. Junyi Chai
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial decision making
  • judgement and decision making
  • subjective happiness and well-being
  • hedonic/eudemonic happiness
  • emotions in decision process
  • stress and financial decision making
  • behavioural decision making
  • decision making and informatics
  • multicriteria decision making
  • data-based decision making
  • utility and preference modelling
  • analytics in behavioural anomalies

Published Papers (5 papers)

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Research

11 pages, 332 KiB  
Article
Illusion of Control: Psychological Characteristics as Moderators in Financial Decision Making
by Tobias Schütze, Ulrich Schmidt, Carsten Spitzer and Philipp C. Wichardt
J. Risk Financial Manag. 2024, 17(2), 65; https://doi.org/10.3390/jrfm17020065 - 07 Feb 2024
Viewed by 1255
Abstract
Financial decision making requires a sound handling of chance events. However, various studies have suggested that people are prone to illusion of control, i.e., the belief that prospects of a chancy event are better if they are involved in the randomisation process. This [...] Read more.
Financial decision making requires a sound handling of chance events. However, various studies have suggested that people are prone to illusion of control, i.e., the belief that prospects of a chancy event are better if they are involved in the randomisation process. This paper reports results from an experiment (N=420) suggesting that psychological characteristics moderate risk-taking behaviour under such circumstances. For example, we find that subjects high in sensation seeking buy more tickets of a risky lottery if they determine the winning numbers themselves and the random event lies in the future. The findings suggest that “illusion of control” effects are at least partly driven by underlying (idiosyncratic) emotions/preferences rather than an actual belief in control. Regarding applications, the results emphasise the importance of individual characteristics for the behaviour of decision makers in a financial context. Full article
(This article belongs to the Special Issue Subjective Well-Being and Financial Decision Making)
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13 pages, 266 KiB  
Article
Examining U.S. Millennial Retirement Plan Participation Decisions: The Roles of Employer Contributions and Automatic Enrollment
by Thomas Korankye, Blain Pearson and Yi Liu
J. Risk Financial Manag. 2024, 17(2), 52; https://doi.org/10.3390/jrfm17020052 - 30 Jan 2024
Viewed by 1278
Abstract
This study examines how automatic enrollment and employer contribution provisions relate to the retirement plan participation decisions of Millennials using data from the 2018 U.S. Financial Industry Regulatory Authority’s (FINRA) Millennial Investment Study. The analysis controls for various factors such as total debt, [...] Read more.
This study examines how automatic enrollment and employer contribution provisions relate to the retirement plan participation decisions of Millennials using data from the 2018 U.S. Financial Industry Regulatory Authority’s (FINRA) Millennial Investment Study. The analysis controls for various factors such as total debt, household income, risk tolerance, and investable assets. The findings underscore the notion that automatic enrollment and employer contribution provisions are associated with an increased likelihood of participation in retirement plans among Millennials. The empirical results reveal that the absence of auto-enrollment, lack of employer-matching contributions, or communication inadequacies are fundamental reasons for Millennials’ non-participation in employer retirement plans. These findings have important implications for employer retirement plan design and the effectiveness of their communication strategies. Full article
(This article belongs to the Special Issue Subjective Well-Being and Financial Decision Making)
19 pages, 1080 KiB  
Article
Human Resource Investment and Early-Stage Career Choice: Evaluating Work–Life Income Paths in 21st-Century Canada
by Gordon Anderson
J. Risk Financial Manag. 2024, 17(1), 36; https://doi.org/10.3390/jrfm17010036 - 16 Jan 2024
Viewed by 1048
Abstract
Of necessity, people make many investment decisions regarding their human resource stock early in their life cycle, long before outcomes predicated upon those choices are realized. Different choices involve very different initial effort and financing outlays and issues arise as to how these [...] Read more.
Of necessity, people make many investment decisions regarding their human resource stock early in their life cycle, long before outcomes predicated upon those choices are realized. Different choices involve very different initial effort and financing outlays and issues arise as to how these alternative paths can be compared and evaluated. Here, techniques for the cardinal comparison of human resource contingent work–life-cycle income value profiles under alternative income valuation function assumptions are outlined and instruments for examining potential ambiguities in comparison developed. All are applied in an analysis of the impact of different levels of investment of human resources in 21st-century Canada. The results, with one notable exception (the choice for boys between a trade or a bachelor-level degree), indicate unambiguous life-cycle benefits to higher levels of human resource stock investment for both girls and boys. Within gender, best–worst relative magnitudes are increasing over time for both genders but more so for girls. Boys are enjoying a universal but diminishing premium over time, reflective of male–female income convergence. Full article
(This article belongs to the Special Issue Subjective Well-Being and Financial Decision Making)
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20 pages, 2460 KiB  
Article
Risky Indebtedness Behavior: Impacts on Financial Preparation for Retirement and Perceived Financial Well-Being
by Kelmara Mendes Vieira, Taiane Keila Matheis and Ana Maria Heinrichs Maciel
J. Risk Financial Manag. 2023, 16(12), 519; https://doi.org/10.3390/jrfm16120519 - 17 Dec 2023
Viewed by 1370
Abstract
This study aimed to verify the impact of financial preparation for retirement and risky indebtedness behavior on perceived financial well-being. A survey was carried out with 2290 individuals from diverse sociodemographic and economic profiles who resided in Brazil. Confirmatory factor analysis and structural [...] Read more.
This study aimed to verify the impact of financial preparation for retirement and risky indebtedness behavior on perceived financial well-being. A survey was carried out with 2290 individuals from diverse sociodemographic and economic profiles who resided in Brazil. Confirmatory factor analysis and structural equation modeling were used as data analysis techniques. The results obtained indicate that risky indebtedness behavior negatively impacts financial preparation for retirement and perceived financial well-being and that there is a positive impact of financial preparation for retirement on perceived financial well-being. These findings highlight the importance of financial planning and savings behavior so that future expectations are achieved, and individuals may enjoy life with financial well-being. Thus, it is essential that public policies that promote new behaviors and healthy financial habits to the population, in addition to incentives for financial preparation for retirement, are built. Brazil needs to review the new credit concessions so that the individual does not acquire the behavior of using a financial resource that they do not have and that compromise financial well-being in the short and long term, negatively affecting retirement. Full article
(This article belongs to the Special Issue Subjective Well-Being and Financial Decision Making)
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12 pages, 1307 KiB  
Article
Safety versus Compensation for Professional Athletes Who Face the Prospect of Career-Ending Injuries: An Economic Risk Analysis
by Duane Rockerbie
J. Risk Financial Manag. 2023, 16(11), 481; https://doi.org/10.3390/jrfm16110481 - 13 Nov 2023
Viewed by 1646
Abstract
The National Football League and National Hockey League have instituted several rule changes, equipment improvements and medical protocols in response to the frequency of serious career-ending injuries. These two professional leagues and others have litigated lawsuits by former players who have sought financial [...] Read more.
The National Football League and National Hockey League have instituted several rule changes, equipment improvements and medical protocols in response to the frequency of serious career-ending injuries. These two professional leagues and others have litigated lawsuits by former players who have sought financial compensation. This paper constructs a simple economic model of a risk averse athlete who faces the uncertain prospect of a career-ending injury. Improving the athlete’s welfare can be accomplished by reducing the probability of a serious injury or providing increased compensation in the event of such an injury. The net marginal preference for safety is high in sports with moderate to high probabilities of serious injury. Compensation plans are favored in sports with moderate to low probabilities. Significant increases in player salaries have little effect on a players net marginal preference for safety. These results are robust to constant or decreasing absolute risk aversion. Full article
(This article belongs to the Special Issue Subjective Well-Being and Financial Decision Making)
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