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The Truth Behind the Lies: The Experiment
Harutyunyan, Mikayel ; Chytilová, Julie (advisor) ; Matoušek, Jindřich (referee)
The Truth Behind The Lies: The Experiment. Abstract The following thesis presents an economic experiment exploring the patterns of cheating behaviors among secondary school students. The students filled in the Big Five and the Dark Triad personality inventories, for which they were rewarded. The payoff in sweets was determined by a die roll. Since the outcomes of the die throw were known only to the subjects, they could decide whether to report the real outcome of the die roll or deceive. Subsequent analysis showed that a certain fraction of participants cheated, but some of them claimed a non-maximal payoff. We also find the appeal to honesty ineffective in reducing the cheating rate. Additionally, we find positive correlation between narcissism, extraversion and cheating, while openness to experience, neuroticism and Morality, a facet of agreeableness, covary negatively with dishonesty. Individuals with poor academic ability cheat less, while subjects who perform better at the Cognitive Reflection Test appear to deceive more. Furthermore, indicators of "unstable" family environment (divorced or unemployed parents) are positively associated with cheating, whilst the effect of a more affluent family background is equivocal. Ultimately, females seem to forgo the opportunity of cheating to a full extent and...
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A behavioral analysis of market failures
Urbanová, Aneta ; Sieber, Martina (advisor) ; Vlček, Josef (referee)
The thesis deals with a contemporary stream of the behavioral economics at the labour market in connection with a divergence to the neoclassical theory based on explicit assumption of rationality. The existing theoretical approaches and the examples of experiments are introduced in the theoretical part. The irrational impacts on labour market is defined by the amount of wage, unemployment, education, but on the other hand also by motivation, loss aversion, prejudices and other cognitive biases in human decision making process. The practical part is based on the standardized questionnaire survey in which the respondents were given some simplified decision making dilemmas in context of the labour market. The aim of the thesis is to observe their tendency to choose not always the most effective option and to validate the impact of irrational factors on decision making according to the theoretical approaches. Key words: Behavioral economics, limited rationality, market failures, labour market, prospect theory, heuristics, biases
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Nudging v zdravotníctve - cesta k vyšším mieram očkovania?
Turányi, Samuel ; Chytilová, Helena (advisor) ; Fidler, Armin (referee)
This master thesis investigates impact of nudging on the level of vaccination rates against measles by utilizing insights from behavioral economics. In the theoretical part, brief overview of behavioral economics and its contributions to health economics is outlined. Additionally, direct application of nudging concepts and behavioral features in healthcare is illustrated, primarily focused on the vaccination issue. In the analytical part, two neighboring countries have been chosen for the research, Austria and Czech Republic and their regions Vorarlberg, Prague and South Bohemia. Their rates of vaccination based on data gathered from both private institutions as well as public sources were compared using documentary comparative analysis as a research method. Two hypotheses were set for testing: (1) Czech mandatory vaccination policy against measles had been historically more effective than Austrian opt-in system and (2) Choice architecture had profound effect on levels of coverage. None of the hypotheses was refuted. Research was narrowed down to examination of measles due to data availability. In final part, implications from findings were elaborated on. Subsequent policy recommendations were presented, referring to the type of vaccination system, incentives, behavioral as well as historical factors and concepts of nudging like peer pressure, framing, priming, loss aversion or three heuristics.
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Evaluation of behavioral insights with its aplication in the Czech Republic
Makovec, Petr ; Cingl, Lubomír (advisor) ; Štěpánek, Pavel (referee)
Implementing behavioral insights into policy making goes along well with widespread effort for increased efficiency. From the public budget administrator point of view, this efficiency is crucial since it directly affects the current state of the budget. The theoretical part of this thesis consists of description of the most important parts of behavioral economics that can be used during the creation and setting of public policies. It also consists of brief description of current behavioral insights teams that are already using the insights representing more realistic behavior and decision making of individuals. In the analytical part of this thesis, I provide methodology of experiment evaluation as well as result extrapolation facets and risks. Those experiments usually take place before any reasonable extension is made. I also provide financial analysis of several experiments, should they be extended to larger group of individuals. In the last chapter of the analytical part, I discuss the possibilities of implementation of behavioral economics in the Czech Republic. Based on the calculations I ran, even a small change of the environment where people make decisions can significantly improve the results of the intervention, all that with minimal costs. It is however important to point out that not all behavioral insights inspirations end with success. Application of behavioral insights into policy making has got a great potential when it comes to the Czech Republic, as I show Using two examples from Health care and taxes revenues.
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Altruism in economics: Does purely unselfish altruism exists?
Tobiášová, Magdaléna ; Stroukal, Dominik (advisor) ; Chytilová, Helena (referee)
The thesis deals with altruism and searches for the existence of its purely unselfish form in economic theory by exploring the motives of altruism and works with the hypothesis that all altruistic behavior is motivated by altruists own utility. It focuses primarily on the economic theory of altruism and the blending of neoclassical economics, which deals with the rational behavior of economic subjects with the definition of altruism as irrational behavior. To develop the phenomenon of altruism from the point of view of economic theory, it also deals with altruism in the theory of games. This alternative approach describes altruism as reciprocal behavior and accesses it through relational goods.
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Investor jako Homo Oeconomicus nebo Human; Jaké jsou zdroje odchylek od racionality na finančních trzích?
Vacha, Robert ; Chytilová, Helena (advisor) ; Prokop, Jaromír (referee)
The thesis deals with the differences among phenomena of Homo Oeconomicus and Human and their presence in the financial markets. Furthermore, it aims at revealing differences of behavior in alignment with the phenomena among groups of people involved and not involved in the financial markets. To do so we use an experiment with its assessment based on the Anchoring Index. For the purpose of the research of behavior in alignment with the Prospect theory, the thesis defines new index of assessment of human behavior the Human Index upon which it draws conclusions about the two groups. The results show no significant difference in propensity to bias and marginal difference in behavior in alignment with the prospect theory where the group involved in the financial markets reveals less Human behavior. Altogether, the findings are no remarkable difference in behavior among the two groups, i.e. both the group of people involved in the financial markets as well as those not involved are Human at very similar levels.
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Predicting Field Experiment Results in a Lab
Chadimová, Kateřina ; Cingl, Lubomír (advisor) ; Krištoufek, Ladislav (referee)
This thesis is aimed at forecasting of experimental results in a lab environment, investigating often discussed external validity of laboratory experiments. We run a novel laboratory experiment in which the subject pool is asked to make predictions on results of a certain field experiment. The collected data is ana lyzed using different accuracy measures, arriving at several interesting results. First, the forecast among the 94 subjects is quite informative about the actual treatment effects although its accuracy substantially varies based on a type of accuracy measure and a particular treatment. Second, the average forecast is either more accurate or at least comparable to the mean individual forecast, proving the presence of "wisdom-of-crowds" effect.
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Aplication of behavioral psychology in marketing focusing price stimuli
Ptáčková, Marta ; Hofmannová, Jitka (advisor) ; Vranka, Marek (referee)
Price is a part of the marketing mix and plays an important role in decision making process of a consumer. The dissertation's main aim is to examine what lies behind shopping decisions. The text is divided in two parts. The first part summarizes findings of different authors on how the shopping decision is being made and how important emotions are to make a shopping decision. Since stories are not emotionally neutral, it also analyses the impact of storytelling on price people are willing to pay and if this price has an effect on perception of quality. The second part comprises the author's own research. Six in-depth interviews were conducted to put the previous findings into context and to gain a new perspective on the topic.
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Essays on Decision Making under Stress
Cingl, Lubomír ; Bauer, Michal (advisor) ; Skořepa, Michal (referee) ; Levínský, René (referee) ; Servátka, Maroš (referee)
Název / Title Eseje o rozhodování pod stresem / Essays on Decision Making under Stress Student PhDr. Lubomír Cingl Studijní program / Study program Ekonomické teorie Školitel / Advisor PhDr. Michal Bauer, Ph.D. Abstract This dissertation comprises three thematically connected experimental studies of human behavior under non- standard conditions: time-pressure and stress. In the Introduction section I present the argument for why it is important for economists to recognize stress research as a valid part of the research in economics and how it can contribute to the growing knowledge of human behavior in general, including several examples from the literature. The first paper presented in Chapter 2 examines the effect of time pressure on the individual propensity to herd, while the remaining two papers examine the effect of acute stress on risk-preferences and herding behavior, respectively. Herding behavior is a very important phenomenon in human decision making since social influence is very frequent in our lives and economic decisions: consider traders in financial markets, wait-and-see investors, but also purchase behavior due to fads, fashion and top-ten lists. Risk preferences are another essential factor which determines many important economic outcomes, and the assumption of their stability is a...
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On the Nature of Gender Differences in Attitudes to Risk
Sýkora, Zdeněk ; Cingl, Lubomír (advisor) ; Troch, Tomáš (referee)
Despite a number of studies demonstrating that women are more risk averse than men, this strong consensus has recently been questioned. In this thesis we discuss what may be the reason for such contradicting outcomes. Firstly, we describe the most common elicitation methods and compare them from the perspective of reporting gender differences in risk attitudes. We also summarize current literature in the topic. Then we describe a design and analyze original dataset from a survey experiment conducted with university students, mainly investigating responses to a general risk question. We examine the role of variables that are different between genders and can explain risk preferences to see whether the gender difference is robust. We further focus on different dimensions of risk: we ask about risk taking in driving, financial, sports, career, and health domains. Our findings show that the gender differences in risk preferences are significant, ubiquitous, and can be detected by a simple survey measure, even after controlling for additional characteristics that are known to play role in attitudes to risk and differ between men and women. This applies for all studied domains except for the health one.
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