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Behavioral economics - how anchor affects demand
PODHOROVÁ, Nikola
My bachelor thesis is focused on behavioral economics. Behavioral economics are based on psychology, sociology and economics. One chapter is dedicated to the psycho-logical direction - behaviorism. I'm interested in the topic: how to anchor affects demand. In my thesis examine the theory in practice, the goal of the experiment is to prove whether people, that they really let anchor to affect them. I called 120 respondents, whose were divided into two groups, each group had its own version of the questionnaire. Each version was equipped with different primary anchor, which causes groups have different results. Both questionnaires contained the same four questions. The data are processed in the STATISTICA program with using ANOVA. Type the questionnaire with which related primary anchor, influenced respondents offered prices. The first questionnaire had the primary anchor wedding ring and a the second one had massage. But it also happened, that some respondents did not offer anything. Naming a star for them are worthless. The issues that included questionnaires, had an impact on the decision-making level of education and the latter type of questionnaire. For other questions failed to demonstrate that they have influences on decision-making.
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Economic and Psychological Aspects of a Consumer's Behaviour and Decision-Making
Kašová, Jana ; Votava, Libor (advisor) ; Hes, Patrik (referee)
The dissertation called Economic and Psychological Aspects of a Consumer's Behaviour and Decision-Making is dedicated to a consumer's behaviour and decision-making in economic and financial issues from the perspective of classic economy, psychology and behavioural economy. The theoretical part describes the expected utility theory and psychological findings on one hand, and presents the so called Prospect Theory and systematic biases on the other hand. The practical part comprises a research. Mission of the questionnaire survey is to find out whether behaviour and decision-making are rational and correspond with the classic economy theory or whether consumers behave irrationally and verify presumptions of behavioural economy.
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Human behaviour and economic crises
Šťastný, Jan ; Sirůček, Pavel (advisor) ; Breňová, Lubomíra (referee)
This bachelor thesis treats with the two longest economic crisis in last eighty years and the way how they were influenced by human behavior. Is it possible some subconscious aspects of human behavior were one of the causes of start of Great depression or Mortgage crisis? Under the influence of human trust or stories spread among people some acts significantly affects business cycle. The power of media and their specialists who are giving advices to us about investing is inconsiderable. But is it right?
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Psychologické a sociologické aspekty investování na akciových trzích
Šedina, Jan ; Klosová, Anna (advisor) ; Resende, José De Lara (referee)
This work is mainly focused on the environment of stock markets. It aims to identify some psychological and sociological factors relating to investors' behaviour which may help to justify occurrence of excessive movements in stock market prices resulting in price "bubbles" and stock market crashes. It emphasizes that the assumptions for the validity of the Efficient Markets Hypothesis based on dominant position of rational investors in stock markets have been empirically undermined by number of experiments and observations. As one of the most vigorous alternative challenging the Efficient Market Hypothesis is now considered the theory of behavioural finance stressing some imperfections of human behaviour which may substantially influence dynamics of stock market prices in both directions.
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The concept of man in economics
Zeman, Jakub ; Sirůček, Pavel (advisor) ; Džbánková, Zuzana (referee)
The thesis discusses the concept of man in the standard economic thinking. It focuses on a critical evaluation of the selected fundamentals. It presents some possible alternative views which show deficiencies in axiomatics of the main currents of economic modeling. Emphasizing the interdisciplinary connections of knowledge about human thought and behavior the thesis is trying to suggest some directions for further development in the approach to human beings in economics to better reflect their defining natural characteristics. It also mentions some of the manifestations of these characteristics, which can be obtained by drawing on the knowledge of psychology, behavioral economics, neuroeconomics and other disciplines and which are inconsistent with standard models, because they lead to errors and irrationality, implicitly produce bounded rationality or attribute the constitutive importance during the formation of thought to completely different elements. In conclusion, the thesis passes to reflect the position of irrationality in the inner world of human's brain and also in the outside world - the economy.
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Psychological aspects of the theory of advertisement
Bahník, Štěpán ; Sirůček, Pavel (advisor) ; Džbánková, Zuzana (referee)
Present work describes two ways of application of psychological findings to economic theory of advertisement. Psychological findings may help with evaluation of different economic approaches of the study of advertisement. Evidence from psychology of persuasion is applied to the question, whether advertisement is used as a source of information. The work then inquires into the possibility, that advertisement can enhance utility. Summarized studies indicate, that it may indeed be so. During the inquiry, neuroeconomics is applied and it's basic methods are presented. The concluding part describes ramifications of chosen approach.
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Debt Financing Model and its Comparsion with Current Trends in Household Debt
Stehlík, Petr ; Chytilová, Helena (advisor) ; Mirvald, Michal (referee)
The aim of this work attempts to identify some causes of the current trend in household debt. The work presents its own model of debt financing. Subjects maximize their discounted utility, which depends on its consumption and debt financing in different time periods. Consumer and mortgage loans are analysed. Model simulates an inefficiency of any type of consumer debt financing, and allows benefits in certain situations in mortgage debt financing. These results are discussed in terms of model assumptions, and also from the perspective of some behavioral approaches to indebtedness. The findings are put into comparison with the current trend in the debt financing and identify the reasons, why the model is or is not equivalent to today's economic trends.
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Theory of behavioral finance
Šulc, Miroslav ; Kuncl, Martin (advisor)
The bachelor thesis is dedicated to behavioral finance and it's application. The thesis describes evolution of the theory till present. Theories are introduced, which forego behavioral finance, for example Expected utility theory. Just as well the newest discipline, neuroeconomics, is outlined. The application part of the thesis analyse bubble on technological market in USA 1995-2000.
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Decision making and behavior in financial matters
Tereková, Kristýna ; Votava, Libor (advisor) ; Bytelová, Tereza (referee)
Work summarizes the current knowledge of classical economic theory of consumer and of behavioral economics. These two directions in which economic theory goes, practically verify on the students of the Faculty of Management of University of Economics in Prague. The work has also pointed out the rationality or irrationality in decision making and behavior of students in the financial field and possibly make some basic steps to amend any irrational behavior.
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Applications of psychology of decision-making
Bahník, Štěpán ; Sirůček, Pavel (advisor) ; Džbánková, Zuzana (referee)
This work summarizes the basics of the heuristics and biases approach. It is a psychological approach to the study of decision-making and judgment stemming from works of Daniel Kahneman and Amos Tversky. Not only did it contribute to understanding of numerous cognitive processes, which people use for deciding and making judgments, but it has many applications in various fields including economics as well. There are mentioned examples of application besides theory in this work. In particular, the covered fields are negotiation, investment decision making and marketing. Critics of depicted approach and its implications are briefly described at the end of the work.
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