Synopsis
Master's Thesis from the year 2012 in the subject Economics - Other, grade: 1,3, University of Münster (Institut für Siedlungs- und Wohnungswesen), language: English, abstract: Behavioral economics is a relatively young subdiscipline of economics that has garnered a noticeable amount of attention especially over the last two decades. It seeks to utilize findings from other scientific fields, especially psychology, in order to enhance the plausibility of neo-classical (mainstream) economic models without replacing or abandoning them . The inclusion of psychology into economic thinking is nothing new, however. Instead, it can be traced back to the period of the classical economists of the 18th century. While lacking the rigorous formal approach of today´s behavioral economists, the conception of the human nature and human decision making was surprisingly sophisticated at the time. For instance, time-inconsistent preferences, which are an important aspect of behavioral economics, have already been examined by David Hume and Adam Smith . Other phenomena, including loss aversion and overconfidence, have also been discussed by classical economists. This thesis has the following structure: Chapter 2 explains a general, quite powerful model of dynamically inconsistent preferences. Special emphasis is placed on real-life examples as well as welfare analysis, including political implications. As we move along, we will constantly compare our findings to the results we would obtain from the neoclassical paradigm. The next two chapters take a closer look at time inconsistencies in the realm of financial decision making. We will examine the behavior of individuals regarding credit card debt in chapter 3, which will require the introduction of another model that is more specifically tailored towards the credit card market. However, the foundations laid out in chapter 2 will be helpful in understanding this second model of inconsistency. Chapter 3 will also discuss recent legislat
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Time Inconsistency and Financial Decision Making: Theory and Evidence
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Taschenbuch. Etat : Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Master's Thesis from the year 2012 in the subject Economics - Other, grade: 1,3, University of Münster (Institut für Siedlungs- und Wohnungswesen), language: English, abstract: Behavioral economics is a relatively young subdiscipline of economics that has garnered a noticeable amount of attention especially over the last two decades. It seeks to utilize findings from other scientific fields, especially psychology, in order to enhance the plausibility of neo-classical (mainstream) economic models without replacing or abandoning them . The inclusion of psychology into economic thinking is nothing new, however. Instead, it can be traced back to the period of the classical economists of the 18th century. While lacking the rigorous formal approach of today s behavioral economists, the conception of the human nature and human decision making was surprisingly sophisticated at the time. For instance, time-inconsistent preferences, which are an important aspect of behavioral economics, have already been examined by David Hume and Adam Smith . Other phenomena, including loss aversion and overconfidence, have also been discussed by classical economists.This thesis has the following structure: Chapter 2 explains a general, quite powerful model of dynamically inconsistent preferences. Special emphasis is placed on real-life examples as well as welfare analysis, including political implications. As we move along, we will constantly compare our findings to the results we would obtain from the neoclassical paradigm. The next two chapters take a closer look at time inconsistencies in the realm of financial decision making. We will examine the behavior of individuals regarding credit card debt in chapter 3, which will require the introduction of another model that is more specifically tailored towards the credit card market. However, the foundations laid out in chapter 2 will be helpful in understanding this second model of inconsistency. Chapter 3 will also discuss recent legislation in credit card markets in the US. In chapter 4, we discuss retirement savings decisions, specifically in the context of the 401(k) retirement plan . After having introduced two models already that explain how people and companies act in certain situations, in the chapter we will discuss several behavioral phenomena that help us explain the motivation behind the decisions of individuals. We will assess the costs and benefits of government interference into the market and the possible measures that might improve the market outcome. Chapter 5 concludes and discusses interesting questions that might be examined further in the future. 60 pp. Englisch. N° de réf. du vendeur 9783656385622
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Time Inconsistency and Financial Decision Making
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Time Inconsistency and Financial Decision Making
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Time Inconsistency and Financial Decision Making: Theory and Evidence
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GRIN Verlag, GRIN Verlag Mär 2013, 2013
ISBN 10 : 3656385629
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Taschenbuch. Etat : Neu. This item is printed on demand - Print on Demand Titel. Neuware -Master's Thesis from the year 2012 in the subject Economics - Other, grade: 1,3, University of Münster (Institut für Siedlungs- und Wohnungswesen), language: English, abstract: Behavioral economics is a relatively young subdiscipline of economics that has garnered a noticeable amount of attention especially over the last two decades. It seeks to utilize findings from other scientific fields, especially psychology, in order to enhance the plausibility of neo-classical (mainstream) economic models without replacing or abandoning them . The inclusion of psychology into economic thinking is nothing new, however. Instead, it can be traced back to the period of the classical economists of the 18th century. While lacking the rigorous formal approach of today¿s behavioral economists, the conception of the human nature and human decision making was surprisingly sophisticated at the time. For instance, time-inconsistent preferences, which are an important aspect of behavioral economics, have already been examined by David Hume and Adam Smith . Other phenomena, including loss aversion and overconfidence, have also been discussed by classical economists. This thesis has the following structure: Chapter 2 explains a general, quite powerful model of dynamically inconsistent preferences. Special emphasis is placed on real-life examples as well as welfare analysis, including political implications. As we move along, we will constantly compare our findings to the results we would obtain from the neoclassical paradigm. The next two chapters take a closer look at time inconsistencies in the realm of financial decision making. We will examine the behavior of individuals regarding credit card debt in chapter 3, which will require the introduction of another model that is more specifically tailored towards the credit card market. However, the foundations laid out in chapter 2 will be helpful in understanding this second model of inconsistency. Chapter 3 will also discuss recent legislation in credit card markets in the US. In chapter 4, we discuss retirement savings decisions, specifically in the context of the 401(k) retirement plan . After having introduced two models already that explain how people and companies act in certain situations, in the chapter we will discuss several behavioral phenomena that help us explain the motivation behind the decisions of individuals. We will assess the costs and benefits of government interference into the market and the possible measures that might improve the market outcome. Chapter 5 concludes and discusses interesting questions that might be examined further in the future.Books on Demand GmbH, Überseering 33, 22297 Hamburg 60 pp. Englisch. N° de réf. du vendeur 9783656385622
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Time Inconsistency and Financial Decision Making: Theory and Evidence
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GRIN Verlag, GRIN Verlag, 2013
ISBN 10 : 3656385629
ISBN 13 : 9783656385622
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Taschenbuch. Etat : Neu. Druck auf Anfrage Neuware - Printed after ordering - Master's Thesis from the year 2012 in the subject Economics - Other, grade: 1,3, University of Münster (Institut für Siedlungs- und Wohnungswesen), language: English, abstract: Behavioral economics is a relatively young subdiscipline of economics that has garnered a noticeable amount of attention especially over the last two decades. It seeks to utilize findings from other scientific fields, especially psychology, in order to enhance the plausibility of neo-classical (mainstream) economic models without replacing or abandoning them . The inclusion of psychology into economic thinking is nothing new, however. Instead, it can be traced back to the period of the classical economists of the 18th century. While lacking the rigorous formal approach of today s behavioral economists, the conception of the human nature and human decision making was surprisingly sophisticated at the time. For instance, time-inconsistent preferences, which are an important aspect of behavioral economics, have already been examined by David Hume and Adam Smith . Other phenomena, including loss aversion and overconfidence, have also been discussed by classical economists.This thesis has the following structure: Chapter 2 explains a general, quite powerful model of dynamically inconsistent preferences. Special emphasis is placed on real-life examples as well as welfare analysis, including political implications. As we move along, we will constantly compare our findings to the results we would obtain from the neoclassical paradigm. The next two chapters take a closer look at time inconsistencies in the realm of financial decision making. We will examine the behavior of individuals regarding credit card debt in chapter 3, which will require the introduction of another model that is more specifically tailored towards the credit card market. However, the foundations laid out in chapter 2 will be helpful in understanding this second model of inconsistency. Chapter 3 will also discuss recent legislation in credit card markets in the US. In chapter 4, we discuss retirement savings decisions, specifically in the context of the 401(k) retirement plan . After having introduced two models already that explain how people and companies act in certain situations, in the chapter we will discuss several behavioral phenomena that help us explain the motivation behind the decisions of individuals. We will assess the costs and benefits of government interference into the market and the possible measures that might improve the market outcome. Chapter 5 concludes and discusses interesting questions that might be examined further in the future. N° de réf. du vendeur 9783656385622
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Time Inconsistency and Financial Decision Making: Theory and Evidence
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Taschenbuch. Etat : Neu. Time Inconsistency and Financial Decision Making: Theory and Evidence | Hendrik-Sebastian Schmitz | Taschenbuch | 60 S. | Englisch | 2013 | GRIN Verlag | EAN 9783656385622 | Verantwortliche Person für die EU: GRIN Publishing GmbH, Waltherstr. 23, 80337 München, info[at]grin[dot]com | Anbieter: preigu. N° de réf. du vendeur 106020100
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Time Inconsistency and Financial Decision Making: Theory and Evidence
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GRIN Verlag, 2013
ISBN 10 : 3656385629
ISBN 13 : 9783656385622
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Etat : Sehr gut. Zustand: Sehr gut | Sprache: Englisch | Produktart: Bücher | Master's Thesis from the year 2012 in the subject Economics - Other, grade: 1,3, University of Münster (Institut für Siedlungs- und Wohnungswesen), language: English, abstract: Behavioral economics is a relatively young subdiscipline of economics that has garnered a noticeable amount of attention especially over the last two decades. It seeks to utilize findings from other scientific fields, especially psychology, in order to enhance the plausibility of neo-classical (mainstream) economic models without replacing or abandoning them . The inclusion of psychology into economic thinking is nothing new, however. Instead, it can be traced back to the period of the classical economists of the 18th century. While lacking the rigorous formal approach of today¿s behavioral economists, the conception of the human nature and human decision making was surprisingly sophisticated at the time. For instance, time-inconsistent preferences, which are an important aspect of behavioral economics, have already been examined by David Hume and Adam Smith . Other phenomena, including loss aversion and overconfidence, have also been discussed by classical economists. This thesis has the following structure: Chapter 2 explains a general, quite powerful model of dynamically inconsistent preferences. Special emphasis is placed on real-life examples as well as welfare analysis, including political implications. As we move along, we will constantly compare our findings to the results we would obtain from the neoclassical paradigm. The next two chapters take a closer look at time inconsistencies in the realm of financial decision making. We will examine the behavior of individuals regarding credit card debt in chapter 3, which will require the introduction of another model that is more specifically tailored towards the credit card market. However, the foundations laid out in chapter 2 will be helpful in understanding this second model of inconsistency. Chapter 3 will also discuss recent legislation in credit card markets in the US. In chapter 4, we discuss retirement savings decisions, specifically in the context of the 401(k) retirement plan . After having introduced two models already that explain how people and companies act in certain situations, in the chapter we will discuss several behavioral phenomena that help us explain the motivation behind the decisions of individuals. We will assess the costs and benefits of government interference into the market and the possible measures that might improve the market outcome. Chapter 5 concludes and discusses interesting questions that might be examined further in the future. N° de réf. du vendeur 23592910/2
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