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Behavioral Economics and Strategy
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Behavioral Economics and Strategy

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (30 June 2016) | Viewed by 23218

Special Issue Editor

Dr. Jeffrey A. Livingston

E-Mail Website
Guest Editor
Department of Economics, Bentley University, Waltham, MA 02452, USA
Interests: social preferences; bounded rationality; behavioral economics and policy; education policy

Special Issue Information

Dear Colleagues,

Behavioral Economics, once on the fringes of the discipline, has become a widely accepted field. Both governments and private organizations have begun to use lessons from the discipline in developing strategic plans and public policy, both directly (e.g., through the UK’s Behavioural Insights Team, also known as the Nudge Unit) and indirectly (through influence on the theories used to predict the likely outcomes of initiatives).

This Special Issue aims to highlight the creative use of Behavioral Economics in research on planning and strategy in both the private and public spheres. Examples of areas of interest include, but are not limited to, studies of managerial decision-making, marketing strategies, health policy, education policy, and the solicitation of charitable donations.

Dr. Jeffrey A. Livingston
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. International Journal of Financial Studies is an international peer-reviewed open access quarterly 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 1800 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

  • behavioral economics
  • bounded rationality
  • social preferences
  • strategy
  • public policy
  • prospect theory
  • intertemporal choice

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Published Papers (3 papers)

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Research

954 KiB  
Article
Strategic Decision-Making and Social Skills: Integrating Behavioral Economics and Social Cognition Research
by Johannes Leder, Leonhard Schilbach and Andreas Mojzisch
Int. J. Financial Stud. 2016, 4(4), 22; https://doi.org/10.3390/ijfs4040022 - 4 Nov 2016
Cited by 2 | Viewed by 6434
Abstract
Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. Thus, strategic decisions are influenced by the social context and by beliefs about other actors’ levels of sophistication. The present study investigated whether strategic decision-making, as measured by [...] Read more.
Strategic decisions are affected by beliefs about the expectations of others and their possible decisions. Thus, strategic decisions are influenced by the social context and by beliefs about other actors’ levels of sophistication. The present study investigated whether strategic decision-making, as measured by the beauty contest game, is associated with social skills, as measured by the Autism Quotient (AQ). In line with our hypothesis, we found that social skills were positively related to successful strategic decision-making. Furthermore, results showed a curvilinear relationship between steps of reasoning in the beauty contest game and social skills, indicating that very high as well as very low scoring individuals on the social skills subscale of the AQ engaged in high-levels of strategic thinking. Full article
(This article belongs to the Special Issue Behavioral Economics and Strategy)
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593 KiB  
Article
The Effect of Straight-Line and Accelerated Depreciation Rules on Risky Investment Decisions—An Experimental Study
by Hagen Ackermann, Martin Fochmann and Nadja Wolf
Int. J. Financial Stud. 2016, 4(4), 19; https://doi.org/10.3390/ijfs4040019 - 13 Oct 2016
Cited by 5 | Viewed by 9190
Abstract
The aim of this study is to analyze how depreciation rules influence the decision behavior of investors. For this purpose, we conduct a laboratory experiment in which participants decide on the composition of an asset portfolio in different choice situations. Using an experimental [...] Read more.
The aim of this study is to analyze how depreciation rules influence the decision behavior of investors. For this purpose, we conduct a laboratory experiment in which participants decide on the composition of an asset portfolio in different choice situations. Using an experimental setting with different payment periods, we show that accelerated compared to straight-line depreciation can increase the willingness to invest as hypothesized by theory. However, this expected behavior is only observed in a more complex environment (with a subsidy) and not in a less complex environment (without a subsidy). Full article
(This article belongs to the Special Issue Behavioral Economics and Strategy)
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1169 KiB  
Article
Positive Alpha and Negative Beta (A Strategy for Counteracting Systematic Risk)
by Erik Sonne Noddeboe and Hans Christian Faergemann
Int. J. Financial Stud. 2015, 3(4), 431-450; https://doi.org/10.3390/ijfs3040431 - 28 Sep 2015
Cited by 1 | Viewed by 7108
Abstract
Undiversifiable (or systematic risk) has long been an enemy of investors. Many countercyclical strategies have been developed to counter this. However, like all insurance types, these strategies are generally costly to implement, and over time can significantly reduce portfolio returns in long and [...] Read more.
Undiversifiable (or systematic risk) has long been an enemy of investors. Many countercyclical strategies have been developed to counter this. However, like all insurance types, these strategies are generally costly to implement, and over time can significantly reduce portfolio returns in long and extended bull markets. In this paper, we discuss an alternative technique, founded on the premise of physiological bias and risk-aversion. We take a behavioral discussion in order to contextualize the insurance like characteristics of option pricing and discuss how this can lead to a mispricing of the asymmetric relationship between the VIX and the S&P 500. To test this, we perform studies in which we find statistical inefficiencies, thereby making it possible to implement a method of hedging index option premium in a way that has displayed no monthly drawdowns in bullish periods, while still providing large returns in major sell-offs. The three versions of the strategy discussed have negative betas to the S&P 500, while exhibiting similar risk-adjusted excess returns over both bull and bear markets. Further, the performance generated over the entire period, for all three strategies, is highly statistically significant. The results challenge the weak form of the Efficient Market Hypothesis and provide evidence that the methods of hedging could be a valuable addition to an equity rich portfolio for the purpose of counteracting systematic risk. Full article
(This article belongs to the Special Issue Behavioral Economics and Strategy)
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