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Irrational Behaviour
Vlach, Tomáš ; Koubek, Ivo (advisor) ; Kvaček, Jan (referee)
This thesis questions the notion of rationally behaving individuals as an as- sumption of microeconomic and macroeconomic models. Its goal is to show that foundations on which the modern economics is built are not so much solid. Selected topics are discussed theoretically and subsequently confirmed empir- ically by existing research studies. Afterwards, they are extended by related findings and potential implications for human behaviour. The thesis contains examples of irrational behaviour in which it is possible to behave rationally as well as examples in which it is very difficult to do so. The results imply that irrationality is present in many different domains. Because the assumption of rationality is repeatedly violated, economic models are not able to properly describe and predict human behaviour. Keywords Irrationality; opportunity costs; loss aversion; self-control; procrastination; cognitive illusions Author's e-mail tvlach92@seznam.cz Supervisor's e-mail koubek@fsv.cuni.cz
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Irrational Behaviour
Vlach, Tomáš ; Koubek, Ivo (advisor) ; Kvaček, Jan (referee)
This thesis questions the notion of rationally behaving individuals as an as- sumption of microeconomic and macroeconomic models. Its goal is to show that foundations on which the modern economics is built are not so much solid. Selected topics are discussed theoretically and subsequently confirmed empir- ically by existing research studies. Afterwards, they are extended by related findings and potential implications for human behaviour. The thesis contains examples of irrational behaviour in which it is possible to behave rationally as well as examples in which it is very difficult to do so. The results imply that irrationality is present in many different domains. Because the assumption of rationality is repeatedly violated, economic models are not able to properly describe and predict human behaviour. Keywords Irrationality; opportunity costs; loss aversion; self-control; procrastination; cognitive illusions Author's e-mail tvlach92@seznam.cz Supervisor's e-mail koubek@fsv.cuni.cz
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Neuroeconomics: The analysis of consumer behavior and perception of TV spots
Červenka, Petr ; Chytilová, Helena (advisor) ; Máslo, Lukáš (referee)
The thesis deals with the detailed study of two television commercials of an unnamed energy company. The aim of this work is to determine whether people's subjective evaluation is similar or different to values that were detected during the measurement, after viewing each commercial and in subsequent in-depth interviews. A sample of 24 respondents, who participated in the research, represented the composition of the economically active population in the Czech Republic. These were people of various ages, a combination of educational attainment and an evenly balanced gender ratio. Neurological measurement was done through an eye camera, brain responses were measured using electroencephalography (EEG), and changes in heart rate, skin resistance and body temperature were measured by photoplethysmography. The resulting data ispresented in graphs indicating emotional polarity and activity. The results show that respondent's verbal evaluation of their perception of ads is not necessarily identical with the values that are measured by the devices. The thesis concludes by recommending how to successfully target the so-called end user who uses the services of the company.
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Majetnický efekt: Ceníme si více informací z knih?
Hadincová, Ludmila ; Houdek, Petr (advisor) ; Hudík, Marek (referee)
The main purpose of this thesis is to answer a question, whether an individual appreciates more information originating from physical media than information from virtual media. Respectively, if these two types of media have a different impact on the endowment effect. This effect is conditioned by the individual's physical possession of an object that is provided by physical media, but not allowed by virtual media. The first part of the experiment is based on the comparison of buyer's willingness to pay for information from physical and virtual media (WTP) with seller's willingness to accept payment for the information (WTA). The results from the first part of the experiment did not satisfy the hypothesis about participant's higher valuation of information from physical media. But it was found out that buyers were more willing to pay for the information from physical media suggesting the emergence of quasi-endowment effect. Subjects were reluctant to pay for the electronic version of information. The second part of the experiment is based on comparison of participant's preferences for books in regular and virtual format. It was proved that participants who had an experience only with the book in electronic format were more eager to exchange it for the other book. The opposite effect was documented for participants who had the book in regular format. So, the results from the second part of the experiment provided weak evidence on behalf of the prediction about greater impact of physical media information on the endowment effect. The thesis is further focused on detection of personal characteristic's impacts on the endowment effect. Finally, it was discovered that subjects felt loss aversion of information and that information from books were perceived trustworthier.
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