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Analysis of Czech P2P lending investors' behaviour drivers
Hudcová, Tereza ; Polák, Petr (advisor) ; Dvořáková Švejdová, Lenka (referee)
This empirical study develops an analysis of peer-to-peer lending market in the Czech Republic by analysing uniquely collected dataset from Czech P2P lending platform Zonky and information obtained directly from its investors. The research question investigates, if there exists correlation between peer-to-peer investors' risk attitude, which is inferred by validated survey method, and their real behaviour on platform. The thesis' results show that investors in online environment behave way riskier than they, from the theoretical point of view, actually should. Results also confirmed that investors' risk attitudes are domain specific. Subsequently, OLS estimation method uncovers that the only factor, that is highly statistically significant, in terms of the impact on lenders' expected return, is the interest rate stated at loan request. This finding further supports lenders' inclination to greater risk, resulting in lack of concern with borrower's characteristics.
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Vliv kognitivního vyčerpání na rozhodování
Farská, Kateřina ; Houdek, Petr (advisor) ; Rusina, Robert (referee)
One of the factors significantly influencing our daily decisions is the so-called cognitive depletion.The theory of cognitive depletion postulates the existence of a limited mental resource that is necessary for self-regulation. If the resource is diminished by a task involving self-control, achievement in subsequent self-control task will be impaired. This project examines the effect of cognitive depletion on decisions in the Iowa Gambling Task designed to simulate real-life decision making involving gains and losses. Further, a possible effect of moderating factors that could be affected by cognitive depletion and consequently influence decisions in the Iowa Gambling Task -- risk preference and impulsivity -- is investigated. Dual-process theories postulate there are two systems involved in decision-making: faster, intuitive, emotional System 1 and slower, deliberative, rational System 2. It was found that cognitive depletion leads to enhancement of System 1. As advantageous decisions in the Iowa Gambling Task are closely related to emotional reactions -- domain of System 1 -- it was hypothesized that cognitive depletion will lead to not worse, or possibly even better results in depleted subjects. A controlled laboratory experiment was conducted involving 39 subjects in total. No difference was found in average desicions of depleted and non-depleted subjects in the Iowa Gambling Task, supporting the hypothesis. Further, short-term increase in impulsivity caused by cognitive depletion was very probably moderating choices in the IGT, leading to worse overall performance. Regarding risk preferences, we found that non-depleted subjects were generally more risk seeking in losses context, while depleted subjects exhibited rather loss aversion. This change in risk behaviors due to cognitive depletion very probably did not mediate choices in the Iowa Gambling Task.
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