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Irrationality in the perception of money
Juhásová, Zuzana ; Chytilová, Julie (advisor) ; Želinský, Tomáš (referee)
Irrationality is a phenomenon that can be seen in every aspect of human life. In many cases people do not behave rationally in terms of economic theory and they often do not even realise it. This thesis aims at problem of irrationality in the perception of money and describes anomalies in rational decision-making. First, it introduces the topics that behavioural economics is concerned with and its place among other sciences. It brings the overview of history of behavioural economics and the most influential people that are responsible for its evolution. Next, it briefly summarizes the most common research methods used. After that, the concept of rationality is described, both from classical economics and behavioural points of view. The core of the thesis is the experiment that is an example of irrationality in the perception of money. Studies that examined this problem are presented. Finally, a conducted survey is presented, which detects the presence of irrational behaviour.
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Irrationality in the decision- making of an individual as an economic entity in the territory of the Czech Republic
Böhm, Tomáš ; Zeman, Martin (advisor) ; Babin, Jan (referee)
The main objective of this thesis is an in-depth analysis of the decision-making process on issues of economic nature for individuals in the Czech Republic. The degree of rationality occurring in consumer behavior is evaluated based on lessons learned. The theoretical section is concerned with the economic aspect of the decision-making process, which mainly includes knowledge of neoclassical theory, whose basis is the cardinal and ordinal concept of utility maximization. Subsequently there are introduced the alternative approaches to decision making, focusing on the subjective aspects of human reasoning. Using the mutual synthesis of these approaches, the author draws a term behavioral economics, specific elements of which constitute a substantive content of the whole work. The practical section verifies the hypothesis that the decision-making contradicts the theory of rational individual conduct. Data collected through the questionnaire is subjected to analytical procedures by which the stated hypothesis was verified.
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Behavioural Economics - How Expensive is Ownership
BODEŠÍNSKÁ, Tereza
Behavioural economics is a connection between economics and psychology. Especially, it examines human irrationality. One of the topics of behavioural economics is an ownership. It deals with a relationship between the ownership and the price. The first part of the thesis describes the theory of behavioural economics. It introduces history, present and the important personalities of this field to the reader. Further it deals with the persons that contributed with their knowledge about the connection of psychology and economics. The second part describes an experiment which is done to verify the theoretical knowledge. The experiment examines how influential the ownership is towards the price (for a consumer). The students of the Faculty of Economics in our University answer the questionnaire and the results of the experiment are explained at the end of the thesis.
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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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