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Present bias, risk management and capital structure 目前的偏见，风险管理和资本结构
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-28 DOI: 10.1016/j.jebo.2025.107094
Jan Pape
{"title":"Present bias, risk management and capital structure","authors":"Jan Pape","doi":"10.1016/j.jebo.2025.107094","DOIUrl":"10.1016/j.jebo.2025.107094","url":null,"abstract":"<div><div>Standard credit risk models assume entrepreneurs maximize long-term equity value, despite significant evidence that entrepreneurs overvalue short-term profits and undervalue future long-term returns. We extend a classical credit risk framework by entrepreneurial myopia and show that myopic entrepreneurs favour lower volatility, while defaulting at a higher cash flow level. Our analysis distinguishes between sophisticated and naive entrepreneurs and shows that naivety leads to lower cash flow volatility and delayed default.</div><div>We analyse the interaction between unbiased debt-holders and myopic entrepreneurs. The desire for debt financing increases in the degree of the entrepreneur’s bias. Surprisingly, the entrepreneur’s myopia can actually increase the value of debt.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107094"},"PeriodicalIF":2.3,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144510999","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}
引用次数: 0
Tour detour: Intermediaries’ search diversion in rental markets 旅游迂回：中介在租赁市场的搜索转向
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-27 DOI: 10.1016/j.jebo.2025.107125
Ying Fan , Yuqi Fu , Zan Yang
{"title":"Tour detour: Intermediaries’ search diversion in rental markets","authors":"Ying Fan ,&nbsp;Yuqi Fu ,&nbsp;Zan Yang","doi":"10.1016/j.jebo.2025.107125","DOIUrl":"10.1016/j.jebo.2025.107125","url":null,"abstract":"<div><div>This paper investigates how intermediaries with information advantages divert consumers’ search in rental markets and lead to inefficient outcomes. Using unique data on tenants’ initial preferences, property-showing sequences, and transaction records, we find that agents present suboptimal properties as the first option in property-showing sequences. Leveraging such door-in-the-face tactics, agents further guide tenants’ choices through sequential adjustments. These diversion strategies are robust to exogenous shocks, market variations, and platform externalities. Such search diversion is a dominant strategy through which intermediaries benefit from an increasing transaction success rate, and transaction acceleration and increased transaction prices of suboptimal properties. However, search diversion leads to rental contracts offering unsatisfactory prices and quality, resulting in perceived utility losses for the diverted tenants, subjecting tenants to discrimination.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107125"},"PeriodicalIF":2.3,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144491614","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}
引用次数: 0
Politicians' egalitarian cultural values and within-firm wage gaps: Evidence from China 政治家的平等主义文化价值观与公司内部工资差距：来自中国的证据
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-25 DOI: 10.1016/j.jebo.2025.107092
Jie Li , Wanlin Liu , Changyuan Luo , Hong Song
{"title":"Politicians' egalitarian cultural values and within-firm wage gaps: Evidence from China","authors":"Jie Li ,&nbsp;Wanlin Liu ,&nbsp;Changyuan Luo ,&nbsp;Hong Song","doi":"10.1016/j.jebo.2025.107092","DOIUrl":"10.1016/j.jebo.2025.107092","url":null,"abstract":"<div><div>This paper examines how local government politicians’ egalitarian cultural values affect within-firm wage gaps using data from China. We measure these values through prefecture-level Party Secretaries’ hometown egalitarian cultural orientation and leverage exogenous variation from personnel rotations. Results show that stronger egalitarian values among incumbent officials correlate with narrower wage gaps. Robustness checks, including high-dimensional fixed effects and instrumental variable regressions, address endogeneity concerns such as omitted variable bias. Mechanism analysis reveals that firms adjust wage gaps to secure political legitimacy and government-controlled resources, particularly under heightened regulatory scrutiny or market competition. Furthermore, non-state-owned enterprises aligning wage gaps with officials’ egalitarian values receive preferential treatment, including increased tax rebates and subsidies. These findings underscore the role of local leaders’ cultural preferences in shaping firms’ behaviors.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107092"},"PeriodicalIF":2.3,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471253","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}
引用次数: 0
Silver spoons and scales of justice: The fairness preference over unequal intergenerational wealth transfers between Americans and Chinese 银勺与公平天平：美国人和中国人之间代际财富转移不平等的公平偏好
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-25 DOI: 10.1016/j.jebo.2025.107093
Kelin Lu
{"title":"Silver spoons and scales of justice: The fairness preference over unequal intergenerational wealth transfers between Americans and Chinese","authors":"Kelin Lu","doi":"10.1016/j.jebo.2025.107093","DOIUrl":"10.1016/j.jebo.2025.107093","url":null,"abstract":"<div><div>Intergenerational transfers are widespread and markedly unequal. To examine fairness preferences toward inequality arising from wealth transfers by economically advantaged parents, we conducted a large-scale experiment with American and Chinese participants making distributive choices in identical settings. In our experiment, workers earned income either through merit or luck or transfers from parents whose earnings were similarly derived from merit or luck. Impartial spectators then made real distributive decisions. We find a pronounced aversion among Americans to inequalities from intergenerational transfers compared with those from self-earned wealth, whereas the Chinese exhibit only mild aversion. In addition, Americans accept more inequality when it is derived from inherited merit than inherited luck, a pattern not observed among Chinese. Additional experiments show that aversion toward unequal intergenerational transfers is not affected by whether parents actively transfer wealth. We also discuss other potential mechanisms underlying this aversion.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107093"},"PeriodicalIF":2.3,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471252","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}
引用次数: 0
Public R&D, private R&D and growth: A Schumpeterian approach 公共研发、私人研发与增长：熊彼特的视角
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-24 DOI: 10.1016/j.jebo.2025.107087
Chien-Yu Huang , Ching-Chong Lai , Pietro F. Peretto
{"title":"Public R&D, private R&D and growth: A Schumpeterian approach","authors":"Chien-Yu Huang ,&nbsp;Ching-Chong Lai ,&nbsp;Pietro F. Peretto","doi":"10.1016/j.jebo.2025.107087","DOIUrl":"10.1016/j.jebo.2025.107087","url":null,"abstract":"<div><div>This paper introduces public R&amp;D in a tractable Schumpeterian model to study analytically the dynamic effects of changes in public R&amp;D on private R&amp;D, market structure, growth and welfare. While public and private R&amp;D can move in opposite directions in the short run, they move in the same direction in the long run. The tension between the personnel-interaction and knowledge-base effects on one side, and the crowding-out effect on the other, drive these dynamics. The three effects jointly determine firm-level private R&amp;D behavior and thus economic growth in the short run. However, net entry-exit sterilizes the crowding-out effect in the long run, leaving only the first two effects. This difference between short- and long-run behavior rationalizes some of the empirical puzzles documented in the literature. To evaluate quantitatively these analytical insights, we calibrate the model to the USA and feed to it a halving of public R&amp;D that mimics the massive reduction that took place from 1964 to 2021. The economy experiences a long transition characterized by falling productivity of labor in private R&amp;D driven by the falling ratio of public to private knowledge. In the new steady state the growth rate of income per capita falls from 2% to 1.44%. Accounting for the whole transition, welfare falls by about 14%.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107087"},"PeriodicalIF":2.3,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366076","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}
引用次数: 0
The right to benefit: Using videos to encourage citizen involvement in resource revenue management 受益权：利用视频鼓励公民参与资源收益管理
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-24 DOI: 10.1016/j.jebo.2025.107065
Christa Brunnschweiler , Nanang Indra Kurniawan , Päivi Lujala , Primi Putri , Sabrina Scherzer , Indah Surya Wardhani
{"title":"The right to benefit: Using videos to encourage citizen involvement in resource revenue management","authors":"Christa Brunnschweiler ,&nbsp;Nanang Indra Kurniawan ,&nbsp;Päivi Lujala ,&nbsp;Primi Putri ,&nbsp;Sabrina Scherzer ,&nbsp;Indah Surya Wardhani","doi":"10.1016/j.jebo.2025.107065","DOIUrl":"10.1016/j.jebo.2025.107065","url":null,"abstract":"<div><div>The governance of natural resource wealth is a key factor in promoting strong institutions and economic development in resource-rich countries. In this article, we explore how individuals’ engagement in local natural resource revenue (NRR) management can be enhanced and encouraged. We focus on Indonesia, which is a large gold and petroleum producer, among other natural resources, with local challenges such as underdevelopment of resource-rich areas and corruption. We run a randomized survey experiment among 807 local community members in an oil-rich district using videos with three information treatments that give citizens salient and easily understandable information on local NRR and additional motivation to use this information to engage in NRR management. Our outcomes include survey questions on stated behavior and citizen rights perceptions and two behavioral measures. We find that providing information increases respondents’ sense of the right to personally influence how NRR are used and the propensity to donate to an anti-corruption NGO. Our positive-example treatment strengthened respondents’ sense of their right to benefit from NRR and their right to influence NRR management, while our negative-example treatment had no impact on our outcomes. The mechanism analysis shows that the information and positive-example treatments act through changing the salience of the issue; the negative-example treatment instead increases grievance without affecting our outcomes. We find that individuals who are already concerned about the local impacts of the extractives sector are most responsive to our interventions. Providing the population of resource-rich areas with clear and locally relevant information on NRR management can change attitudes, but encouraging action for better NRR governance is more challenging.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107065"},"PeriodicalIF":2.3,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366075","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}
引用次数: 0
Estimating Behavioral Inattention 估计行为注意力不集中
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-23 DOI: 10.1016/j.jebo.2025.107068
Jonathan Benchimol , Lahcen Bounader , Mario Dotta
{"title":"Estimating Behavioral Inattention","authors":"Jonathan Benchimol ,&nbsp;Lahcen Bounader ,&nbsp;Mario Dotta","doi":"10.1016/j.jebo.2025.107068","DOIUrl":"10.1016/j.jebo.2025.107068","url":null,"abstract":"<div><div>Bounded rationality and limited attention significantly influence expectation formation and macroeconomic dynamics, yet empirical quantification of these behavioral phenomena remains challenging. This paper provides the first cross-country estimation of both micro- and macro-level attention parameters using a structurally identified behavioral New Keynesian model. Employing Bayesian techniques on harmonized data from 22 OECD countries (1996–2019) and ensuring robust parameter identification, we document substantial heterogeneity in behavioral inattention across countries. Our cognitive discounting estimates range from 0.76 to 0.98, with higher values indicating greater attention. We establish three key empirical regularities: (1) attention parameters are positively associated with macroeconomic volatility, supporting rational inattention theory; (2) surprise movements in key macroeconomic variables and online information-seeking behavior significantly influence attention allocation; and (3) institutional quality, particularly government effectiveness, is correlated with attention levels. These findings reveal that attention is both a behavioral and a structural phenomenon, responding to institutional factors and economic conditions. Our results provide an empirical foundation for calibrating country-specific models and yield important implications for the design and transmission of monetary policy under bounded rationality, showing that policy effectiveness may systematically vary with the macroeconomic environment.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107068"},"PeriodicalIF":2.3,"publicationDate":"2025-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366074","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}
引用次数: 0
Trade-off aversion and indecisive behaviours 取舍厌恶和优柔寡断行为
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-21 DOI: 10.1016/j.jebo.2025.107095
Edwin Ip, Stephen Nei
{"title":"Trade-off aversion and indecisive behaviours","authors":"Edwin Ip,&nbsp;Stephen Nei","doi":"10.1016/j.jebo.2025.107095","DOIUrl":"10.1016/j.jebo.2025.107095","url":null,"abstract":"<div><div>Why do people suffer from choice overload but still prefer larger choice sets? We present a model of indecision where decision makers find making trade-offs psychologically painful. We show that aversion to making trade-offs leads to indecisive behaviours (choice avoidance and choice overload). However, not all trade-off averse decision makers succumb to indecisions. Decision makers who are aware of their trade-off aversion should anticipate indecisive behaviours and mitigate them accordingly by restricting their consideration set. Our results suggest that indecisive behaviours are not simply a problem of having indecisive preferences but also a problem of self-awareness.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107095"},"PeriodicalIF":2.3,"publicationDate":"2025-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330187","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}
引用次数: 0
Gendered effects of labels on advanced course enrollment 标签对高级课程入学的性别影响
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-21 DOI: 10.1016/j.jebo.2025.107077
Paola Ugalde A.
{"title":"Gendered effects of labels on advanced course enrollment","authors":"Paola Ugalde A.","doi":"10.1016/j.jebo.2025.107077","DOIUrl":"10.1016/j.jebo.2025.107077","url":null,"abstract":"<div><div>This paper investigates gender differences in how high school students react to standardized test performance labels regarding their advanced math and English enrollment decisions. Using a regression discontinuity design, I find that women labeled as not proficient in math are less likely to enroll in advanced math courses than their proficient-labeled peers. In English, the effect of labels on women’s enrollment decisions is smaller and nosier. While, on average, men enroll in advanced classes at a lower rate than women, men’s likelihood of enrollment is not impacted by the labels they receive, regardless of subject. These findings highlight unintended consequences of testing practices that affect human capital investment decisions differentially by gender, potentially contributing to the persistent underrepresentation of women in male-dominated fields.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107077"},"PeriodicalIF":2.3,"publicationDate":"2025-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330186","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}
引用次数: 0
Mental health and labour productivity 精神健康和劳动生产率
IF 2.3 3区 经济学
Journal of Economic Behavior & Organization Pub Date : 2025-06-21 DOI: 10.1016/j.jebo.2025.107075
Nigel Rice , Jennifer Roberts , Cristina Sechel
{"title":"Mental health and labour productivity","authors":"Nigel Rice ,&nbsp;Jennifer Roberts ,&nbsp;Cristina Sechel","doi":"10.1016/j.jebo.2025.107075","DOIUrl":"10.1016/j.jebo.2025.107075","url":null,"abstract":"<div><div>We present novel evidence of the effect of mental health on productivity using a direct measure of productivity from the COVID-19 modules of the UK Household Longitudinal Study. We employ spatial variation in COVID-19 deaths as an instrumental variable and supplement results by computing bounds by considering coefficient stability to observable factors to infer the influence of unobservables. Our findings reveal a substantive positive relationship between poor mental health and decreased productivity. Our estimates suggest productivity losses of around 54 min per week (on average) for individuals who report a decline in mental health.</div></div>","PeriodicalId":48409,"journal":{"name":"Journal of Economic Behavior & Organization","volume":"236 ","pages":"Article 107075"},"PeriodicalIF":2.3,"publicationDate":"2025-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144335664","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}
引用次数: 0
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