{"title":"Fostering environmental integrity via investor-focused communications: Private in-house meeting disclosures and greenwashing behaviors","authors":"June Cao , Zijie Huang , Ahmad Usman Shahid","doi":"10.1016/j.jebo.2025.106946","DOIUrl":"10.1016/j.jebo.2025.106946","url":null,"abstract":"<div><div>This study explores whether and how mandatory disclosure of private in-house meetings affects corporate environmental behaviors. Employing a difference-in-differences model, we find that regulated firms significantly reduce their greenwashing behaviors in response to the implementation of mandatory disclosure of private in-house meetings. We identify that mandatory disclosure of private in-house meetings decreases greenwashing behaviors by fostering a corporate culture of integrity. Firms with higher information asymmetry before the mandate exhibit a greater reduction in greenwashing behaviors after mandatory disclosure of private in-house meetings. Furthermore, we document that firms reducing greenwashing as a result of this mandatory disclosure policy witness an improvement in their social reputations. Our study offers insightful implications to policymakers and practitioners by shedding light on the significant role of investor-focused communications in mitigating greenwashing behaviors, thereby bolstering firms’ environmental integrity and accountability.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106946"},"PeriodicalIF":2.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143527168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Juan Carlos Gonçalves-Dosantos , Ricardo Martínez , Joaquín Sánchez-Soriano
{"title":"Measuring success in streaming platforms","authors":"Juan Carlos Gonçalves-Dosantos , Ricardo Martínez , Joaquín Sánchez-Soriano","doi":"10.1016/j.jebo.2025.106941","DOIUrl":"10.1016/j.jebo.2025.106941","url":null,"abstract":"<div><div>Digital streaming platforms , including Twitch, Spotify, Netflix, Disney+, and Kindle, have emerged as major sources of entertainment with significant growth potential. Many of these platforms distribute royalties among streamers, artists, producers, or writers based on their impact. In this paper, we measure the relevance of each of these contributors to the overall success of the platform, which can play a key role in revenue allocation. We perform an axiomatic analysis to provide normative foundations for four relevance metrics: the uniform, the subscriber-uniform, the proportional, and the subscriber-proportional indicators. The last two indicators implement the so-called pro-rata and user-centric models, which are extensively applied to distribute revenues in the music streaming market. The axioms we propose formalize different principles of fairness, stability, and non-manipulability, and are tailor-made for the streaming context. We complete our analysis with a case study that measures the influence of the 19 most-followed streamers worldwide on the Twitch platform.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106941"},"PeriodicalIF":2.3,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143512037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Şenay Ağca , Deniz Igan , Fuhong Li , Prachi Mishra
{"title":"Doing more for less? New evidence on lobbying and government contracts","authors":"Şenay Ağca , Deniz Igan , Fuhong Li , Prachi Mishra","doi":"10.1016/j.jebo.2025.106942","DOIUrl":"10.1016/j.jebo.2025.106942","url":null,"abstract":"<div><div>This paper exploits the unanticipated sequestration of federal budget accounts in March 2013 to examine how contractors adjusted lobbying activities in response to the sequester. The sequestration reduced the funds disbursed through procurement. Firms with limited exposure to these cuts reduced lobbying spending after the event, whereas firms with high exposure maintained, or even increased, lobbying expenses. More affected firms appear to have intensified lobbying efforts to distinguish themselves, and to improve their chances of procuring a larger share of the reduced pie. These effects are stronger for government-dependent sectors and sectors where competition is more intense. Firms that increased lobbying obtained more contracts after sequestration. Overall evidence points towards the existence of a preferential treatment motive of lobbying. At the same time, we cannot rule out that lobbying may also serve an information-revealing purpose.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106942"},"PeriodicalIF":2.3,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143512036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Safety accidents and mutual fund flows","authors":"Xuefeng Hu , Bochen Wu , Rong Xu , Yifan Zhou","doi":"10.1016/j.jebo.2024.106875","DOIUrl":"10.1016/j.jebo.2024.106875","url":null,"abstract":"<div><div>Using a hand-collected dataset on major safety accidents (MSAs) in China, we find risky equity funds experience negative net flows following MSAs. Furthermore, riskier funds demonstrate higher sensitivities to casualties than safer funds do. Consistent with the idea that more serious accidents attract greater public attention, “extraordinarily serious” accidents’ impact on flows is larger than “serious” accidents’. Investors’ willingness to take risks decreases and insurance demand increases following MSAs. Flows are not explained by funds’ exposure to MSAs’ economic losses. Collectively, we interpret the negative effect of MSAs on subsequent fund flows as evidence of increased risk aversion stemming from negative emotions associated with MSAs.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106875"},"PeriodicalIF":2.3,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143508781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Lorenzo Amir Nemati Fard , Alberto Bisin , Michele Starnini , Michele Tizzoni
{"title":"Modeling adaptive forward-looking behavior in epidemics on networks","authors":"Lorenzo Amir Nemati Fard , Alberto Bisin , Michele Starnini , Michele Tizzoni","doi":"10.1016/j.jebo.2025.106914","DOIUrl":"10.1016/j.jebo.2025.106914","url":null,"abstract":"<div><div>Incorporating decision-making dynamics during an outbreak poses a challenge for epidemiology, faced by several modeling approaches siloed by different disciplines. We propose an epi-economic model where high-frequency choices of individuals respond to the infection dynamics over heterogeneous networks. Maintaining a rational forward-looking component to individual choices, agents follow a behavioral rule-of-thumb in the face of limited perceived forecasting precision in a highly uncertain epidemic environment. We describe the resulting equilibrium behavior of the epidemic by analytical expressions depending on the epidemic conditions. We study existence and welfare of equilibrium, identifying a fundamental negative externality. We also sign analytically the effects of the behavioral rule-of-thumb at different phases of the epidemic and characterize some comparative statics. Through numerical simulations, we contrast different information structures: global awareness – where individuals only know the prevalence of the disease in the population – with local awareness, where individuals know the prevalence in their neighborhood. We show that agents’ behavioral response through forward-looking choice can flatten the epidemic curve, but local awareness, by triggering highly heterogeneous behavioral responses, more effectively curbs the disease compared to global awareness.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106914"},"PeriodicalIF":2.3,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143479694","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Junjie Lin , Chunchao Wang , Sheng Xu , Ling Zhang , Yunbin Zhang
{"title":"Boarding education and children's human capital development","authors":"Junjie Lin , Chunchao Wang , Sheng Xu , Ling Zhang , Yunbin Zhang","doi":"10.1016/j.jebo.2025.106948","DOIUrl":"10.1016/j.jebo.2025.106948","url":null,"abstract":"<div><div>Boarding schools, offering an alternative residential arrangement to the traditional home environment, have been under-studied regarding their impacts on students’ non-cognitive development. This study presents findings derived from a quasi-experimental design where changes in local educational policy caused a transition from voluntary to compulsory boarding. Results indicate that boarding students outperform their non-boarding counterparts in both cognitive and non-cognitive outcomes, with disadvantaged students exhibiting the largest gains. We attribute these effects to increased teacher engagement in course preparation, closer teacher-student interactions, and heightened student effort toward academic pursuits. These findings underscore the potential of boarding schools as a powerful catalyst for enhancing students’ human capital.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106948"},"PeriodicalIF":2.3,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Social norm uncertainty: Measurement using coordination games and behavioral relevance","authors":"Robert Schmidt","doi":"10.1016/j.jebo.2025.106937","DOIUrl":"10.1016/j.jebo.2025.106937","url":null,"abstract":"<div><div>We propose a modified pure coordination game to elicit social norm perception as distributions at the individual level. In addition to receiving point estimations equivalent to Krupka and Weber (2013), the dispersion of individual-level norm distributions indicates a subject's social norm uncertainty. In an experiment involving allocation decisions, we measure and gauge the behavioral relevance of norm uncertainty. We find that subjects exhibit considerable uncertainty regarding both injunctive and descriptive social norms. Moreover, social norm uncertainty weakens the relationship between norms as point estimations and revealed social preferences. Finally, the more confident subjects are about their own norm perception, the more they disagree at the population level. The results indicate that uncertainty is a distinct and behaviorally relevant dimension of norm perception that reduces norm compliance.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106937"},"PeriodicalIF":2.3,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143471275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Violence against women and the substitution of help services in times of lockdown: Triangulation of three data sources in Germany","authors":"Cara Ebert , Janina Isabel Steinert","doi":"10.1016/j.jebo.2024.106879","DOIUrl":"10.1016/j.jebo.2024.106879","url":null,"abstract":"<div><div>We study the impact of the COVID-19 pandemic on domestic violence against women in Germany in 2020. The analysis draws on three data sources: (1) longitudinal administrative data on the volume of help requests to helplines, shelters and counselling services, (2) cross-sectional survey data collected during the first wave of the pandemic, and (3) a qualitative online survey with counsellors and domestic violence experts. The number of violence-related requests at helplines increased significantly by 34% with the first physical distancing measures, whereas ambulatory care services such as shelters experienced a 14% increase in help requests only after physical distancing restrictions were lifted. Our results indicate that individuals substituted help services away from ambulatory care towards helplines. We do not observe exacerbated violence in states with greater mobility reductions, lower day care capacity for childcare or higher COVID-19 infection numbers. Yet, our cross-sectional household-level data suggests that home quarantine and financial distress may have been triggers of violence. Our findings highlight the importance of providing easily accessible online counselling offers for survivors of violence and governmental financial relief packages.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106879"},"PeriodicalIF":2.3,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Rational vs. irrational beliefs in a complex world","authors":"Gregor Boehl , Cars Hommes","doi":"10.1016/j.jebo.2025.106898","DOIUrl":"10.1016/j.jebo.2025.106898","url":null,"abstract":"<div><div>How do rational and boundedly rational agents interact in a competitive asset market? To answer this question, we build a highly nonlinear asset pricing model where agents hold heterogeneous beliefs. Our model features fully rational forward looking agents versus boundedly rational backward looking agents whose market shares evolve endogenously. This gives rise to chaotic model dynamics which are characterized by complex bubble and crash dynamics, even without any exogenous fluctuations. We show that computational methods can be applied to numerically analyze models combining agents forming rational expectations and agents forming extrapolative expectations, with the possibility of transition between one type of behavior and the other. Not only do we find that boundedly rational agents remain in the market, but document that their effect on price dynamics is even amplified by the behavior of fully rational agents. In their interaction, trend-extrapolators amplify small deviations from fundamentals, while rational agents eventually anticipate market crashes after large bubbles and drive prices back to the fundamental.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106898"},"PeriodicalIF":2.3,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Zsuzsanna Hosszú , András Borsos , Bence Mérő , Nikolett Vágó
{"title":"The optimal choice of scaling in economic agent-based models","authors":"Zsuzsanna Hosszú , András Borsos , Bence Mérő , Nikolett Vágó","doi":"10.1016/j.jebo.2025.106928","DOIUrl":"10.1016/j.jebo.2025.106928","url":null,"abstract":"<div><div>In economics, two strategies are typically employed to reduce the size and complexity of models: (i) using representative agents by aggregating the actual entities, (ii) and downscaling, i.e. using only a sample of agents. While the first strategy has been studied in detail in mainstream economics, the implications of the second option – which is mainly used in complexity economics – are underresearched. This paper contributes to filling this gap by proposing a protocol for sensitivity analysis with respect to the scaling choice in these models. We introduce this protocol in a dual manner. First, we identify three main theoretical channels via which scaling can influence complex economic ABMs: (i) idiosyncratic shocks, (ii) information loss due to insufficient interactions, and (iii) the distribution of the characteristics of agents. Second, we analyse the implications of these mechanisms by assessing the trade-offs between three fundamental measures of model performance: <em>precision</em>, <em>accuracy</em> and <em>running time</em>, with different downscaling levels ranging between 0.25%–100% of the full population. We illustrate our approach using the model of Mérő et al. (2023), which is suitable for representing the housing market of Hungary at any scale in this interval (from 10,000 to 4 million agents). We show that in this model there is a non-trivial relationship between the scaling factor and the model performance. Not only does the model’s accuracy and precision depend on the model size in a non-linear manner, we also found that the evaluation of a scenario at a given level of precision takes only three to four times longer with 100 times more agents.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"232 ","pages":"Article 106928"},"PeriodicalIF":2.3,"publicationDate":"2025-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}