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Behavioral interventions and market efficiency: The case of a volatile retail electricity market
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102328
Rimvydas Baltaduonis , Jūratė Jaraitė , Andrius Kažukauskas
{"title":"Behavioral interventions and market efficiency: The case of a volatile retail electricity market","authors":"Rimvydas Baltaduonis ,&nbsp;Jūratė Jaraitė ,&nbsp;Andrius Kažukauskas","doi":"10.1016/j.socec.2024.102328","DOIUrl":"10.1016/j.socec.2024.102328","url":null,"abstract":"<div><div>Numerous field experiments have demonstrated that various monetary and informational incentives encourage demand response by increasing awareness about peak electricity prices and potentially inefficient energy use. However, very little is known about the effects of such interventions on overall market efficiency. We conducted a laboratory experiment with 200 participants to test the effects of different interventions on consumer decisions and overall market efficiency in a market reminiscent of a retail electricity market. We investigate two types of incentives—monetary information in the form of notifications about surge prices and non-monetary informational incentives in the form of peer comparisons—separately and together. We find that notifications about surge prices are effective interventions for reducing resource use and increasing market efficiency during surge-price periods. During these periods, the combination of peak-price notifications and peer-comparison information exhibits the highest efficiency.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102328"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163538","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}
引用次数: 0
Investors personality correlates with sustainability preferences in investment – A choice experiment with Spanish investors
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102332
E. Muñoz-Muñoz , E. Crespo-Cebada , A.S. Mirón-Sanguino , C. Díaz-Caro
{"title":"Investors personality correlates with sustainability preferences in investment – A choice experiment with Spanish investors","authors":"E. Muñoz-Muñoz ,&nbsp;E. Crespo-Cebada ,&nbsp;A.S. Mirón-Sanguino ,&nbsp;C. Díaz-Caro","doi":"10.1016/j.socec.2024.102332","DOIUrl":"10.1016/j.socec.2024.102332","url":null,"abstract":"<div><div>According to behavioral economics, investors’ decisions are influenced by factors beyond rational reasoning, such as an investor's personality. This paper explores the relationships between personality, using the Big Five personality traits framework, and the willingness to invest in assets that contribute to achieving sustainable development goals (SDGs), more specifically, sustainable finances. The study also analyzes the relationship between personality traits and risk aversion. To this end, 1,357 investors in Spain were surveyed through an online questionnaire combining a choice experiment and a personality assessment. The main conclusion of our study is that personality traits are associated with the characteristics of investment products preferred by the sampled investors.. This relationship is quantified through the analysis of a willingness to pay (WTP) for various investment attributes. While all personality traits are linked to risk aversion and a willingness to invest in sustainable companies, our WTP analysis highlights differences in the extent to which investors are willing to forgo profitability to contribute to the SDGs. Although we find heterogeneous behavior among investors, the agreeableness trait emerges as the most concerned with sustainability.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102332"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163715","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
Do emotional carryover effects carry over?
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102312
Nikhil Masters , Tim Lloyd , Chris Starmer
{"title":"Do emotional carryover effects carry over?","authors":"Nikhil Masters ,&nbsp;Tim Lloyd ,&nbsp;Chris Starmer","doi":"10.1016/j.socec.2024.102312","DOIUrl":"10.1016/j.socec.2024.102312","url":null,"abstract":"<div><div>Existing research has demonstrated carryover effects whereby emotions generated in one context influence decisions in other, unrelated ones. We examine the carryover effect in relation to valuations of risky and ambiguous lotteries with a novel focus on the comparison of carryovers arising from a targeted stimulus (designed to elicit a specific emotion) with those arising from a naturalistic stimulus (designed to produce a more complex emotional response). We find carryover effects using both types of stimuli, but they are stronger for the naturalistic stimulus and in the context of ambiguity, providing a proof of concept that carryover effects can be observed when moving away from highly stylised settings. These effects are also gender specific with only males being susceptible. To probe the emotional foundations of the carryover effect, we conduct analysis relating individual self-reports of emotions to valuation behaviour. Our results cast doubt on some previously claimed links between specific incidental emotions and risk taking.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102312"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163539","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}
引用次数: 0
The impact of board games on the financial literacy of public-school students
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102331
Rômulo César Reisdorfer-da-Silva , Kalinca Léia Becker , Kelmara Mendes Vieira
{"title":"The impact of board games on the financial literacy of public-school students","authors":"Rômulo César Reisdorfer-da-Silva ,&nbsp;Kalinca Léia Becker ,&nbsp;Kelmara Mendes Vieira","doi":"10.1016/j.socec.2024.102331","DOIUrl":"10.1016/j.socec.2024.102331","url":null,"abstract":"<div><div>This study examines the impact of using a board game as an educational tool to teach financial concepts in school environments. Adopting a quasi-experimental methodology, the study implemented the game in classrooms and measured its impact on students' financial literacy, financial knowledge, financial behavior and financial attitude using the propensity score matching technique, focusing on the immediate learning outcomes from the board game intervention. The results obtained indicate an increase in the financial literacy and all its dimensions of the students who took part in the board game lessons, demonstrating the effectiveness of this methodology. These findings have significant implications for financial education in schools, suggesting that more interactive teaching methods, such as board games, may be more effective in promoting financial literacy among young people, impacting from financial knowledge to financial behavior and attitude.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102331"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163545","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
Instinctiveness and reflexivity in behavioural type variability
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102322
Gianna Lotito , Matteo Migheli , Guido Ortona
{"title":"Instinctiveness and reflexivity in behavioural type variability","authors":"Gianna Lotito ,&nbsp;Matteo Migheli ,&nbsp;Guido Ortona","doi":"10.1016/j.socec.2024.102322","DOIUrl":"10.1016/j.socec.2024.102322","url":null,"abstract":"<div><div>Experimental economics uses response times (RTs) to evaluate the instinctiveness of choices and behaviours. The experiment proposed in this paper seeks to provide further results about the correlation between RTs and behaviours. We use a repeated public goods game with random re-matching to study (1) the relationship between response times and the stability of individual behavioural types and (2) the relationship between RTs and contribution variability. We identify three behavioural types in a public goods game - free-riders, unconditional cooperators, and conditional cooperators. To define RTs in a round, we use two distinct measures: the time the subject takes to review the previous round's results and the time the subject takes to choose the contribution to the public good in that round. Experimental evidence suggests that longer RTs are linked to higher variability in both behavioural types and contributions in a public goods game. The results show that conditional cooperation is the most reflexive choice: 1) the time used to see the results of the previous round correlates positively with behavioural type variation; 2) the subjects switching from free-riding to conditional cooperation spend more time than the others also when choosing the amount of their contribution to the public good.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102322"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163537","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}
引用次数: 0
The effects of large-scale, racially-charged violence on labor productivity and racial identity: The riots of 1967–68 and outcomes in Major League Baseball
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102324
Sebastian Anti , Andrew W. Nutting , Andrew E. Sfekas
{"title":"The effects of large-scale, racially-charged violence on labor productivity and racial identity: The riots of 1967–68 and outcomes in Major League Baseball","authors":"Sebastian Anti ,&nbsp;Andrew W. Nutting ,&nbsp;Andrew E. Sfekas","doi":"10.1016/j.socec.2024.102324","DOIUrl":"10.1016/j.socec.2024.102324","url":null,"abstract":"<div><div>Many major race riots occurred in 1967–68. We investigate whether these riots affected individual labor productivity by studying 240,408 plate appearances from Major League Baseball games in those years. Stacked difference-in-difference and two-way-fixed effects difference-in-difference estimations show that batters, but not pitchers, experienced significantly worsened productivity after major riots in their teams’ home cities. In addition, two-way-fixed effects difference-in-difference estimations show evidence of worsened productivity of pitchers after riots near their birthplaces, and that white batters whose teams’ cities had undergone major riots were hit by fewer pitches from white pitchers. However, these latter results are not robust to stacked difference-in-difference estimators. We discuss these differences in the paper.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102324"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163541","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
Social learning under ambiguity—An experimental study
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102323
Sara le Roux , Fabian Bopp
{"title":"Social learning under ambiguity—An experimental study","authors":"Sara le Roux ,&nbsp;Fabian Bopp","doi":"10.1016/j.socec.2024.102323","DOIUrl":"10.1016/j.socec.2024.102323","url":null,"abstract":"<div><div>Many behaviours spread through contact with others. The extent to which people adopt observed behaviour can critically affect whether policymakers are successful when introducing new initiatives. In many situations, people can either make decisions based on their own intuitive signals or follow a social signal. Depending on the quality of the signals, one might be more informative than the other. This study aims to better understand how people use social information to learn in ambiguous situations, when both the private and the social signal are not perfectly informative. We conduct an experimental study that observes whether people are prone to imitate others in risky and ambiguous environments. We find that individuals do learn from social information and that this learning is robust and not significantly affected by ambiguity.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102323"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163719","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}
引用次数: 0
A longitudinal study on the association between financial scarcity and feelings of societal exclusion
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102319
Marret K. Noordewier , Frank T. Doolaard , Gert-Jan Lelieveld , Eric van Dijk , Leon P. Hilbert , Susanne Marr , Ilja van Beest , Marcello Gallucci , Wilco W. van Dijk
{"title":"A longitudinal study on the association between financial scarcity and feelings of societal exclusion","authors":"Marret K. Noordewier ,&nbsp;Frank T. Doolaard ,&nbsp;Gert-Jan Lelieveld ,&nbsp;Eric van Dijk ,&nbsp;Leon P. Hilbert ,&nbsp;Susanne Marr ,&nbsp;Ilja van Beest ,&nbsp;Marcello Gallucci ,&nbsp;Wilco W. van Dijk","doi":"10.1016/j.socec.2024.102319","DOIUrl":"10.1016/j.socec.2024.102319","url":null,"abstract":"<div><div>We tested the association between financial scarcity (i.e., the experience of lacking needed monetary resources) and feelings of societal exclusion using longitudinal data from a large probability sample of the Dutch population. We report preregistered analyses of two time points (almost two years apart) and exploratory robustness checks of seven time points (spanning four years). As hypothesized, results of a Cross-Lagged Panel Model indicated that financial scarcity was associated with increased feelings of societal exclusion over time and vice versa, feelings of societal exclusion were associated with increased financial scarcity over time. In addition, results showed that financial scarcity was associated with perceived lack of social participation, perceived stigmatization, and weaker social networks. These factors did not mediate the association between financial scarcity and feelings of societal exclusion. We discuss the potential implications of these findings for the temporal dynamics of financial scarcity and feelings of societal exclusion.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102319"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163540","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}
引用次数: 0
Incentives and the replication crisis in social sciences: A critical review of open science practices
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-02-01 DOI: 10.1016/j.socec.2024.102327
Loukas Balafoutas , Jeremy Celse , Alexandros Karakostas , Nicholas Umashev
{"title":"Incentives and the replication crisis in social sciences: A critical review of open science practices","authors":"Loukas Balafoutas ,&nbsp;Jeremy Celse ,&nbsp;Alexandros Karakostas ,&nbsp;Nicholas Umashev","doi":"10.1016/j.socec.2024.102327","DOIUrl":"10.1016/j.socec.2024.102327","url":null,"abstract":"<div><div>The replication crisis in the social sciences has revealed systemic issues undermining the credibility of research findings, primarily driven by misaligned incentives that encourage questionable research practices (QRPs). This paper offers a comprehensive and critical review of recent empirical evidence on the effectiveness of Open Science initiatives—such as replication studies, reproducibility efforts, pre-registrations, and registered reports—in addressing the root causes of the replication crisis. Building upon and extending prior reviews, we integrate recent theoretical models from economics with empirical findings across several social science disciplines to assess how these practices impact research integrity. Our review demonstrates that while measures like pre-registration and data sharing have advanced transparency, they often fall short in mitigating QRPs due to persistent incentive misalignments. In contrast, registered reports and megastudies show greater promise by fundamentally reshaping the incentive structure, shifting the focus from producing statistically significant results to emphasizing methodological rigor and meaningful research questions. We argue that realigning incentives is crucial for fostering a culture of integrity and offer policy recommendations involving key stakeholders—including authors, journals, editors, reviewers, and institutions—to promote practices that enhance research reliability and credibility across the social sciences.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"114 ","pages":"Article 102327"},"PeriodicalIF":1.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143163542","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
Weather uncertainty and demand for information in technology adoption: Case of Namibia
IF 1.6 3区 经济学
Journal of Behavioral and Experimental Economics Pub Date : 2025-01-25 DOI: 10.1016/j.socec.2025.102346
Martine Visser , Chalmers K. Mulwa , Zachary Gitonga , Max Baard
{"title":"Weather uncertainty and demand for information in technology adoption: Case of Namibia","authors":"Martine Visser ,&nbsp;Chalmers K. Mulwa ,&nbsp;Zachary Gitonga ,&nbsp;Max Baard","doi":"10.1016/j.socec.2025.102346","DOIUrl":"10.1016/j.socec.2025.102346","url":null,"abstract":"<div><div>This study examines the impact of risk and ambiguity preferences on farmers‘ technology adoption decisions under uncertainty, with an emphasis on the role of precise weather information in guiding these decisions. Using framed lab-in-the-field experiments conducted with rural households in the North-Central region of Namibia, we elicit individual risk and ambiguity attitudes and observe technology choices across varying levels of known and unknown probabilities of favourable weather. Our findings show that risk-seeking behaviour significantly increases the likelihood of adopting higher-risk, higher-return agricultural technologies when probabilities are known. Under ambiguity, both risk and ambiguity preferences significantly influence technology choices, with ambiguity-averse farmers tending towards safer options. Importantly, we demonstrate that farmers’ willingness to pay for precise weather information escalates with the level of objective uncertainty that they face. Access to accurate weather forecasts leads to significant improvements in weather-related decisions under complete uncertainty, promoting the adoption of improved technologies and increasing expected payoffs. These results underscore the crucial role of objective uncertainty in shaping demand for information and highlight the potential of targeted weather information services to enhance farmers’ agricultural decision-making, particularly in the arid and semi-arid regions of sub-Saharan Africa. Our study contributes to the literature by providing empirical evidence on how reducing uncertainty through information provision can facilitate technology adoption, suggesting that investments in weather forecasting and dissemination could substantially benefit farmers in regions vulnerable to climate variability and when there are high levels of objective uncertainty.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"116 ","pages":"Article 102346"},"PeriodicalIF":1.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642737","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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