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Choice Architecture and the Pension System in the Czech Republic
Polenova, Daria ; Štěpánek, Martin (advisor) ; Janský, Petr (referee)
This thesis analyzes the influence of behavioral economics on a pension system. The research was performed in order to compare Czech and Swedish pension plans from behavioral economics' point of view. Survey logistic regression was applied to analyze the differences and similarities in the opinions of Czech and Swedish citizens. Data used for the analysis were obtained from Eurobarometer 76.2 (2011). The results show that both nations have similar opinions regarding basic questions about pension. Yet, regardless the fact, that both nations support the idea of elder people delaying the retirement, the number of employed Czech seniors is sustainably lower, than the same number for Swedish elder residents. This supports the idea that Swedish pension plan, to which policymakers had applied some behavioral economics' principles, is doing better than Czech scheme in maximizing employment. Therefore, in fulfilling one of the retirement policy's main goals. And proves, that people can be influenced to postpone the retirement. Furthermore, the analysis shows that people tend to have unrealistic expectations and consequently cannot evaluate some situations correctly, and need to be given a "nudge" to prevent unwelcome impact on an individual's life and on a whole country's economy.
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Use of the anchoring effect in marketing communication
Režný, Michal ; Vranka, Marek (advisor) ; Báča, Ladislav (referee)
This bachelor thesis is dedicated to the study of the anchoring effect, one of the most common cognitive biases, and its potential use in marketing communication. The first section of the first part provides a theoretical summary of the anchoring effect as a psychological phenomenon in the form in which it was defined by Amos Tversky and Daniel Kahneman in the early 1970s. It addresses the possible explanations of anchoring and also gives a brief introduction to related cognitive biases, understanding of which is crucial for further orientation in the use of anchoring in marketing communication. The main body of the first part is formed by a theoretical research of academic literature and consequently conducted studies and experiments. The terminological discrepancies between fields when it comes to anchoring in marketing communication are dealt with special attention. A considerable part of this section is dedicated to the different types of use of anchoring in marketing communication. The second part of this paper is an empirical one. It describes an experiment conducted by the author of this work with the objective of studying the effect of anchoring and its usability in practice on the example of fictitious car commercials. The results of the experiment suggest that while there is an evidence...
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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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The Ethics of Nudging
Král, Jan ; Báča, Ladislav (advisor) ; Vranka, Marek (referee)
The bachelor thesis "Nudging and its Ethical Dimension" describes the topic of applied economic, psychological and communication knowledge and principles of human behaviour, decision making and persuasion through nudging theory. This theory puts into contrast with philosophical and ethical principles that are relevant to the topic, so that ethicality and unethicality can be pointed out. It does so in two parts. The first part covers the definition, history, development and application of nudging theory as a practical intervention based on the knowledge of behavioural economics. The second part covers general philosophical-ethical level, through identification of historical philosophical and ethical principles in nudging. Afterwards, it focuses on specific critical points that are relevant to the theme in order to come up with the general principles of ethics.
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The hot hand fallacy
Augustin, Michael ; Korbel, Václav (advisor) ; Šťastná, Lenka (referee)
The "hot hand" effect describes the phenomenon when an athlete makes a considerable in his performance following a series of successes. In the professional literature was the "hot hand" effect considered a fallacy until 2014, when a substantial bias was discovered in the original test method, and a new set of statistics, which controlled for the bias, was introduced. The aim of this work is to test the occurrence of "hot hand" using new methods and to create a performance analysis of both genders. Furthermore it will be proven that the "hot hand" is not a privilege of the best NBA players in the world, but can also occur in semi-professional leagues such as the Czech NBL. The first part of the thesis presents the theory of "hot-hand fallacy" and its important implications in the world of economics and finance. There is also a key review of the "hot hand" literature. In the second and third parts, the biased data and the methodology of the "hot hand" literature are presented, and a new method for controlling this bias is introduced. The results of individual analyses confirm the significant findings of the "hot" and "cold" hand and demonstrate the effectiveness of the new unbiased test. Results discussing the performance test according to gender and the possibilities of further testing are to be...
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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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Application of behavioural economics on pricing page.
Oravec, Jakub ; Stříteský, Václav (advisor) ; Lorenc, Václav (referee)
This paper discuses design and optimization of the price lists on the web-sites, using the knowledge acquired from the field of behavioural economics. To support the main goal of this paper, the quantitative experiment was conducted. This experiment was conducted through the web-site, where two different types of prices, set by application of a knowledge from behavioural economics and architecture of a choice were tested. To evaluate the data obtained, the descriptive statistics, hypothesis testing and revenue impact analysis have been used. Applying the data obtained as a result of the experiment, it has been found that different factors can influence the decision-making process and preferences of an individual deciding between different types of services. This testing proved the relation between the price list displayed and the choice of a subject of this experiment. At the same time, it was found that by using the best suitable design architecture of the online price list and by applying knowledge from the behavioural sciences, it is possible to positively influence the sale revenue and conversion of the chosen variant, with relatively low implementation costs, as it is demonstrated on the example of Czech market.
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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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Zmírňování kognitivních zkreslení: Jak udělat rozhodování v byznyse racionálnější?
Kučera, Tomáš ; Cingl, Lubomír (advisor) ; Potužák, Pavel (referee)
The thesis is concerned with cognitive biases, especially with confirmation bias, and with various approaches to their mitigation. It elaborates on three main categories of debiasing strategies, namely increasing incentives, adjusting the environment in order to avoid or offset the bias, and training people in recognizing the situations in which a bias occurs and in mitigating the effects of the bias. An experiment in which the patterns of information selection and the effects of a debiasing training were investigated is reported. The results show that participants exhibited confirmation bias both in the selection of information and in the information processing, and that debiasing training effectively decreased the level of confirmation bias by 33 % at the 5% significance level. The debiasing training took the form of a short video which included information about confirmation bias and its impact on judgement, and mitigation strategies.
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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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