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A Simplified Measure of Investor Risk Aversion 投资者风险厌恶的简化度量
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-09-17 DOI: 10.1177/0260107920924518
John E. Grable, E. Kwak, M. Fulk, Aditi Routh
{"title":"A Simplified Measure of Investor Risk Aversion","authors":"John E. Grable, E. Kwak, M. Fulk, Aditi Routh","doi":"10.1177/0260107920924518","DOIUrl":"https://doi.org/10.1177/0260107920924518","url":null,"abstract":"This article introduces a simplified measure of investor risk aversion. The singleitem question combines elements from revealed preference and propensity measurement techniques in a way that matches traditional constant relative risk-aversion estimation procedures. Based on survey data from 500 investors living in the United States, scores from the proposed measure were found to correlate with other measures of risk aversion, as well as with indicators of risk-taking. A validity test showed that answers to the proposed measure were statistically associated with equity and cash ownership holdings in respondent portfolios. The simplicity and intuitive nature of the proposed measure and the alignment of question response categories to estimates of constant relative risk aversion make this a potentially valuable addition to the toolkit of researchers, financial educators, investors and those who provide advice to investors. JEL: C83, D10, D11, D14, D19, D81","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"34 1","pages":"7 - 34"},"PeriodicalIF":0.6,"publicationDate":"2020-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920924518","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64980752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The Gender Gap: Looking at the Entire Distribution 性别差距:观察整个分布
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-09-15 DOI: 10.1177/0260107920938544
Yanay Farja, Avi Tillman, Ori Zax
{"title":"The Gender Gap: Looking at the Entire Distribution","authors":"Yanay Farja, Avi Tillman, Ori Zax","doi":"10.1177/0260107920938544","DOIUrl":"https://doi.org/10.1177/0260107920938544","url":null,"abstract":"We propose a new method of estimating wage differences among individuals from different populations, which is based on looking at the distribution of fixed effects from a wage regression. We use this method to compare males’ and females’ wage distribution at different levels of education and at different ages. In most cases, unobserved, time-constant factors increase the wage of males, compared to that of females, by a constant share. But this is not true when looking at the tails of the distribution. We also discuss the advantages of our method. JEL: J71, J31","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"242 ","pages":"51 - 68"},"PeriodicalIF":0.6,"publicationDate":"2020-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920938544","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41272783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interdependences Between Cryptocurrencies: A Network Analysis from 2013 to 2018 加密货币之间的相互依赖性:2013年至2018年的网络分析
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-09-15 DOI: 10.1177/0260107920938559
C. Schinckus, D. Duy, N. P. Canh
{"title":"Interdependences Between Cryptocurrencies: A Network Analysis from 2013 to 2018","authors":"C. Schinckus, D. Duy, N. P. Canh","doi":"10.1177/0260107920938559","DOIUrl":"https://doi.org/10.1177/0260107920938559","url":null,"abstract":"Through a data-driven analysis, namely network analysis, we investigate the relationships between all existing cryptocurrencies. Starting from the analysis of cryptocurrencies in 2013, we extend our study until July 2018 to study the interdependencies between 1636 cryptocurrencies. Our study shows that, although Bitcoin is the older and the most famous cryptocurrency, it does not appear as an influential asset on the virtual currency market. Our analysis also indicates a densification of the interconnections between virtual currencies, indicating that change of a single coin will likely influence many other coins. Interestingly, we also observe that the most influential cryptocurrencies for a year appear not to be influential the following year. Finally, cryptocurrencies tend to change their influence over time suggesting a short-term interdependence between them. JEL: G11, G12","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"33 1","pages":"190 - 199"},"PeriodicalIF":0.6,"publicationDate":"2020-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920938559","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46684256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Maps of Behavioural Economics: Evidence from the Field 行为经济学图谱：来自实地的证据
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-08-23 DOI: 10.1177/0260107920925675
S. Frid-Nielsen, M. Jensen
{"title":"Maps of Behavioural Economics: Evidence from the Field","authors":"S. Frid-Nielsen, M. Jensen","doi":"10.1177/0260107920925675","DOIUrl":"https://doi.org/10.1177/0260107920925675","url":null,"abstract":"Behavioural economics is a research agenda, which gradually has moved from the periphery to the centre of the discipline of economics. The rise of behavioural economics has fostered a burgeoning number of studies dealing with the past, present and future of the field. In contrast to these studies which focus on predestinated scholars, outlets and key concepts, this article uses exploratory bibliometric approaches to map behavioural economics. Utilising a novel data set, comprising 104,558 references across 1,872 articles published in the period 1956–2016, the article systematically illuminates the historical foundations, development and interdisciplinary nature of behavioural economics. The article shows (a) the overlooked role of several behavioural psychologists in shaping the field; (b) the influence of the Anglo-Saxon universities, such as University of California Berkeley, Harvard University and University of Pennsylvania; and that (c) behavioural economics mainly draws knowledge from five disciplinary clusters: (a) economics and policy, (b) psychology, (c) pharmacology, (d) health and (e) law.","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"292 1","pages":"226 - 250"},"PeriodicalIF":0.6,"publicationDate":"2020-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920925675","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41290190","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
A Behavioural-economic Perspective on Conflicts of Interest Among Shareholders, Debtholders, and Directors 股东、债务人和董事利益冲突的行为经济学视角
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-07-17 DOI: 10.1177/0260107920934204
Daisuke Asaoka
{"title":"A Behavioural-economic Perspective on Conflicts of Interest Among Shareholders, Debtholders, and Directors","authors":"Daisuke Asaoka","doi":"10.1177/0260107920934204","DOIUrl":"https://doi.org/10.1177/0260107920934204","url":null,"abstract":"Corporations have conflicts of interest among shareholders, debtholders and directors, and, corporate law gives each party avenues to pursue others, while protecting themselves. While debtholders are exposed to excessive risk-taking by directors and abuse of limited liability by shareholders, they are protected by legal institutions like directors’ liabilities to third parties and piercing of the corporate veil. Shareholders are subject to the risk of veil-piercing and director negligence, but they are protected by derivative suits. And directors, while under threat of liability suits by debtholders and shareholders, are protected by the business judgement rule, liability exemption and liability insurance of directors and officers (D&O). This web of legal institutions comprises a dual structure of economic and psychological factors, built upon economic incentives but also upon such psychological factors as bounded rationality, the chilling effect, the desire for certainty, loss aversion and the sense of fairness. Any change in the balance will affect their behaviour; greater protection of directors, for example, provokes greater risk-taking, both economically and psychologically. JEL: K22, G41, D91","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"33 1","pages":"7 - 23"},"PeriodicalIF":0.6,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920934204","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48747665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Conflict–Poverty Relationship in Africa: A Disaggregated Approach 非洲冲突与贫困的关系:分类分析
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-07-12 DOI: 10.1177/0260107920935726
Olalekan Charles Okunlola, I. G. Okafor
{"title":"Conflict–Poverty Relationship in Africa: A Disaggregated Approach","authors":"Olalekan Charles Okunlola, I. G. Okafor","doi":"10.1177/0260107920935726","DOIUrl":"https://doi.org/10.1177/0260107920935726","url":null,"abstract":"This article investigates the conflict–poverty relationship in Africa between 1980 and 2015. Conducting a panel regression, we test the effect of disaggregated conflict on the poverty index (POV) and indicators in Africa. Conflict causes poverty in Africa, and not the other way round as many studies have suggested. We also found that internal conflict causes poverty in Africa; it increases the poverty rate and worsens the standard of living. However, interstate conflicts have little effects on poverty indicators, it reduces the life expectancy of people in Africa. This article concludes that poverty is not the prime cause of conflict in Africa; there are other causes (i.e., political, structural, and sociological), poverty only stimulates conflict. This article suggests that peacemaking and peacebuilding mechanisms should be strengthened in Africa. Also, emphasis should be laid on other causes of conflict, such as political, structural and sociological, as it has been established that poverty is not the cause of conflict in Africa.","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"34 1","pages":"104 - 129"},"PeriodicalIF":0.6,"publicationDate":"2020-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920935726","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45710249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
From Hybrid Organizations to Social-purpose Hierarchies: Toward a Transaction Cost Economics of Social Enterprises 从混合组织到社会目的层级:社会企业的交易成本经济学
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-07-01 DOI: 10.1177/0260107919846791
Alejandro Agafonow
{"title":"From Hybrid Organizations to Social-purpose Hierarchies: Toward a Transaction Cost Economics of Social Enterprises","authors":"Alejandro Agafonow","doi":"10.1177/0260107919846791","DOIUrl":"https://doi.org/10.1177/0260107919846791","url":null,"abstract":"Building on Oliver E. Williamson’s work, this article lays the basis for a transaction cost theory of social enterprises. It is submitted that the more proprietary-centred the creation of value is, the lower the governance costs of economizing on bounded rationality to protect patrons from the hazard of opportunism. Since not all productive activities can be organized within the range of the lowest governance costs, a discrete structural analysis is developed, with different ranges of governance costs suitable for different purposes depending on the kinds of value creation intended and the class of patrons to be protected. Accepting higher governance costs is justified by preventing the exploitation of bargaining asymmetries at the expense of selected classes of patrons like disadvantaged customers and stakeholders at large, subject to what is feasible, or Williamson’s remediableness standard. JEL: D23, M14","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"32 1","pages":"180 - 199"},"PeriodicalIF":0.6,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107919846791","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45347565","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
The Impact of Financial Crises on the Asset Allocation: Classical Theory Versus Behavioral Theory 金融危机对资产配置的影响：古典理论与行为理论
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-07-01 DOI: 10.1177/0260107919848629
Amen Aissi Harzallah, Mouna Boujelbène Abbes
{"title":"The Impact of Financial Crises on the Asset Allocation: Classical Theory Versus Behavioral Theory","authors":"Amen Aissi Harzallah, Mouna Boujelbène Abbes","doi":"10.1177/0260107919848629","DOIUrl":"https://doi.org/10.1177/0260107919848629","url":null,"abstract":"The aim of this article is to compare the portfolio optimization generated by the behavioral portfolio theory (BPT) and the mean variance theory (MVT) by investigating the impact of the global financial crisis on the asset allocation. We use data from the Canadian Stock Exchange over the 2002–2015 period. By comparing both approaches, we show that for any level of aspiration and admissible failure, the BPT optimal portfolio will always contain a part of the mean–variance frontier. Thus, in the case of higher degree of risk aversion induced by typical BPT investors, the security set is located on the upper right of the Markowitz frontier. However, even if the optimal portfolios of MVT and BPT may coincide, MVT investors associated with an extremely low degree of risk aversion will not systematically choose BPT optimal portfolios. Our results also indicate the period of financial crisis generate huge losses in MVT portfolio values that implies a lower expected return and a higher level of risk. Furthermore, we point out the absence of the BPT optimal portfolio when potential losses are higher during the 2008 global financial crisis. JEL: G11, G17, G40","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"32 1","pages":"218 - 236"},"PeriodicalIF":0.6,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107919848629","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43480446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Broad Insecurity and Perceived Victimization Risk 广泛的不安全感和感知的受害风险
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-07-01 DOI: 10.1177/0260107919829966
R. A. C. Caliso, J. P. Francisco, Emmanuel Garcia
{"title":"Broad Insecurity and Perceived Victimization Risk","authors":"R. A. C. Caliso, J. P. Francisco, Emmanuel Garcia","doi":"10.1177/0260107919829966","DOIUrl":"https://doi.org/10.1177/0260107919829966","url":null,"abstract":"Appealing to fear of crime and perceived risk of victimization is a known political strategy for gaining popular support. While fear of crime and perceived risk may stem from vulnerability and past experiences of victimization, high levels of fear and perceived risk, despite declining crime rates, had prompted researchers to investigate other sources of fear of crime and perceived victimization risk. We used survey data from 1,200 households in Metro Manila to test the hypothesis that perceived risk of victimization may be predicted by broad insecurity, which encompasses insecurities in finances, employment, education, health, disaster preparedness and rights protection. Multivariate regression is used to measure variable effects. Our results showed that broad insecurity significantly influences perceived risk of victimization. Other reliable predictors included past victimization, local government spending and social identifiers such as age and gender, but none was as strong as broad insecurity. These findings suggest that perceptions of public safety depend not only on tough policing, but also economic opportunities, human capital development and overall wellbeing. This article corroborates budding research on the diffuse sources of fear of crime and victimization. It informs political and economic prioritization in pursuit of social harmony and development amidst a rapidly changing socioeconomic and political landscape. JEL: Z13, Z18","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"32 1","pages":"160 - 179"},"PeriodicalIF":0.6,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107919829966","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48608268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Quantifying Value with Effective Complexity 用有效复杂性量化价值
IF 0.6
Journal of Interdisciplinary Economics Pub Date : 2020-05-21 DOI: 10.1177/0260107920913663
M. Murialdo, Arturo Cifuentes
{"title":"Quantifying Value with Effective Complexity","authors":"M. Murialdo, Arturo Cifuentes","doi":"10.1177/0260107920913663","DOIUrl":"https://doi.org/10.1177/0260107920913663","url":null,"abstract":"We present a new economic theory of value based on complexity theory. For simplicity, we call this theory ‘complexalism’ (a portmanteau of ‘complexity’ and ‘capitalism’). Complexalism is a framework that establishes valuations by quantifying the present and future complexities of objects and their surroundings. This framework reparameterises questions of economic value into more objectively addressable subcomponents. First, we motivate the importance of developing alternative frameworks for value. Next, we discuss a novel three-dimensional framework to analyse value and the use of effective complexity as a proxy metric of economic value. Finally, we propose explicit methods for quantifying complexity and simulating valuations. The resulting valuations may serve to benchmark prices and can be used in evaluating the market rules of engagement. JEL: B41, B59, C63, D63","PeriodicalId":42664,"journal":{"name":"Journal of Interdisciplinary Economics","volume":"34 1","pages":"69 - 85"},"PeriodicalIF":0.6,"publicationDate":"2020-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0260107920913663","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45004367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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