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Essays in behavioural and experimental economics
Get PDFThis thesis is a Thesis by Series of papers. It covers three topics in behavioural and experimental economics: financial decision-making, the endowment effect, and risk preferences in an experimental setting. The first paper is a novel topic that emerges from the increased availability of “Buy Now, Pay Later” (BNPL) financial services. It aims to address whether these types of loans are helpful or harmful to consumers by mimicking an online marketplace and measuring consumer welfare through late fees and bankruptcies. Our experimental results show that when BNPL is accessible, individuals could financially suffer from these consequences. These results are also exacerbated when individuals are given more autonomy in loan repayments. The second paper seeks to add something new to the well-researched topic of the endowment effect by incorporating probabilistic ownership and tangibility into the well-known coffee mug experiment (Kahneman et al. 1990). We use the BDM mechanism (Becker et al., 1964) to measure the endowment effect. Individuals in this study appear to be unaffected by our experimental variables, however, the disparity between Buyers and Sellers, in general, when the mug is tangible, is strong. Finally, the third paper challenges the notion that risk preferences are robust and are an immutable characteristic. Individuals participate in a version of the Gneezy and Potters (1997) investment task where the experimental environment moves from a static to a dynamic setting and also introduces insurance to cover partial losses. Our results show that risk preferences remain to be robust
Motivations and consequences of punishment: A justice motive theory perspective
Get PDFThis thesis explores punishment as a reaction to injustice from the perspective of just-world theory, which argues that individuals are motivated to believe that the world is a just and fair place where people get what they deserve. Despite the theory’s prominence, there has been limited research on punishment. Evidence from mock-jury studies (Devine & Caughlin, 2014; Mazzella & Feingold, 1994) suggests that punishment and guilt attributions can be biased by extra-legal factors relating to victims and defendants, potentially leading to wrongful punishment and innocent individuals suffering within the criminal justice system. The research first examined whether extra-legal attributes, irrelevant to legal proceedings, could influence punishment severity. Chapter 2 found no significant effect of a defendant’s appearance on punishment severity. Chapter 3 expanded on this by exploring additional extra-legal attributes, such as socio-economic status and the target’s character (victims and defendants), either in isolation or in combination with other attributes. The results showed that the defendant’s character affected punishment severity, either alone or interacting with the victim’s attributes, and these effects were mediated by perceptions of injustice and deservingness, in line with the just-world theory. Highlighting how bias from extra-legal attributes could lead to unjust punishment decisions for the defendant. Chapter 4 examined reactions to exonerees who had been wrongfully imprisoned, showing that character derogation occurred when the miscarriage of justice was more severe. Finally, Chapter 5 used a novel eye-tracking method to explore selective exposure to guilt- and innocence-affirming information based on the severity and resolution of miscarriages of justice. Showing that people spent more time on guilt-affirming documents when the cases were unresolved compared to innocence affirming documents. Overall, the research opens promising avenues for further investigation into normative and counter-normative responses to injustice. The findings deepen our understanding of how extra-legal factors influence judgements within the criminal justice system and how people react to clear instances of injustice exonerees face
Neoliberalism, Informal Employment and Post-Communist Economies: A Tale of a Debt-Seized Worker
Get PDFThis article examines the impact of neoliberal economic policies on workers in post-communist economies, with a particular focus on the rise of informal employment. Using the life story of David, a worker in the Czech Republic, we trace the trajectory of labour precarity from the 1990s to the present. During the 1990s, the rapid opening of the personal credit market— without adequate regulatory safeguards—led to a surge in household debt. At the same time, unemployment, previously non-existent due to the state’s system of compulsory employment under communism, became a widespread issue. As a result, a significant number of workers found themselves trapped in a cycle of debt enforcement, which in turn pushed them into informal employment as a means of survival. Through his case, we argue that debt functions as a structural mechanism that entrenches informality, further reinforcing the asymmetrical power relationship between capital and labour in post-communist economies
Breaking the cycle: investigating the Social drivers of child witchcraft accusations and ritual abuse in contemporary Ghana
Get PDFReports, including empirical research, indicate that violence directed toward children accused of being witches (termed ritual abuse) has intensified in contemporary Africa. The phenomenon of ritual abuse has its roots in the medieval period where certain behaviors exhibited by children were labeled as non-normative and associated with supernatural beliefs. Over time, these beliefs have been influenced (both positively and negatively) by societal factors, with some of the negative influences leading to extremely violent behaviors toward children accused of being witches. Consequently, this study utilized narrative vignettes as a stimulus to interview 20 young people in Kumasi-Ghana on the contemporary societal factors that enforce or prevent ritual abuse in Ghana. The findings revealed religious leaders, traditional healers, and the media (movies), among the key factors that enforce child witchcraft beliefs and ritual abuse. Mallams (Islamic leaders), and concoction men (traditional healers) were reported as those who substantiated and provided directives on how accused child witches should be treated. In contrast, enforcement of local bylaws and education on legal protections for children were some protective factors that contributed to the decline of ritual abuse. The study highlights gaps in the framing of child witchcraft accusations and calls for social work involvement to address ritual abuse of children
Asset pricing in African frontier equity markets
Get PDFThis paper undertakes a horse races style comparison of the efficacy of a range of multifactor asset pricing models in explaining the cross section of stock returns in African securities markets. Valuation factors used include size, book-to-market value, momentum, operating profit, asset growth or investment, liquidity and investor protection. Using monthly returns of 375 blue chip firms from 8 African equity markets over 23 years, we undertake a horse-race style comparison of various classes of augmented CAPM models. We show that both the Fama & French (2015) five factor and Fama & French (2018) six factor framework yield the highest explanatory power. Analysis of costs of equity and optimised portfolio opportunity set simulations reveal substantial differences arising and borne by practitioners from the contrasting application of different asset pricing models underscoring the timely importance of our study
Promoting motor recovery after stroke using cortico-cortical paired associative stimulation.
Get PDFStroke is the most prevalent neurological disorder, the primary cause of long-term disability, and the second leading cause of mortality. Post-stroke motor symptoms critically impact and limit stroke survivors' quality of life. Rehabilitation aims to restore motor function by promoting neuroplasticity and neuronal reorganisation. A promising therapeutic approach involves combining non-invasive brain stimulation (NIBS) with activity-based training to enhance neuroplasticity. NIBS are thought to promote the innate neuronal reorganisation of the functionally relevant networks after a stroke. Amongst NIBS techniques, a pioneering method, often referred to as cortico-cortical paired associative stimulation (ccPAS), allows to enhance neuroplasticity in cortical networks. Unlike traditional approaches, ccPAS enables the manipulation of interregional connectivity within specific cortical pathways. In particular, ccPAS can promote synaptic plasticity and connectivity in a functionally relevant cortico-cortical route tailoring the interventions to individual lesion-specific network alterations. In this viewpoint, we propose and critically evaluate the use of ccPAS as a therapeutic tool using upper-limb motor rehabilitation as a primary example, highlighting its potential for post-stroke recovery. We summarise the limited and contrasting evidence supporting the use of ccPAS after a stroke and make suggestions to overcome the current limitations emphasising the need for further future research
Advanced deep learning towards improving prediction outcomes on medical imaging data and radiology reports
Get PDFThis study presents two novel methodologies to predict the outcomes of medical reports and their corresponding visual data. The increasing complexity and volume of medical imaging necessitate advanced computational techniques that can enhance medical data interpretation. The primary objective of our research is to develop sophisticated tools that improve automated diagnostic accuracy and contribute to efficient clinical decision-making processes. Two robust approaches, a) Feature extraction for Content-based image retrieval with kNN and b) Multi-label Classification, are used, applying these DenseNet-121 and EfficientNet architectures. In the context of our research, the Feature extraction for Content-based image retrieval with kNN approach demonstrated significant potential, with the highest F1 scores achieved as follows: DenseNet-121 with Cosine similarity recorded an F1 score of 0.469, EfficientNet B0 with Bray-Curtis scored 0.451, Efficient-NetB0 with Cosine achieved 0.440, EfficientNetB0 with Canberra reached 0.423, and EfficientNet B3 with Canberra obtained a score of 0.355. These findings underscore the effectiveness of different distance metrics in optimising retrieval tasks within the medical imaging domain. On the other hand, the Multi-label Classification method showed its highest performance using the DenseNet-121 model, which achieved an F1 score of 0.412. This result highlights the model’s robustness in managing the complexities associated with multi-label data, which often reflects the multifaceted nature of medical diagnoses. However, our exploration identified several challenges that may have contributed to the models’ under-performance. One significant challenge is that no modality was provided in the dataset, which, as a consequence, furthers the issue with selective label assignment in Multi-label Classification, which can lead to ambiguity and inconsistency during the training phase. This inconsistency can adversely affect the model’s ability to generalise across datasets, impacting its overall predictive accuracy. Despite these challenges, the results obtained from our experiments establish a robust baseline for future research in automated medical image analysis
Community Diversity and Earnings Management: Empirical Evidence
Get PDFLocal communities shape corporate activities and performance by pressuring firms to comply with their expectations. In this study, we assess whether firms headquartered in areas with more diverse communities, in terms of race, religion, gender, and age, are less prone to opportunistically manipulate their earnings. Drawing on institutional theory, we predict that greater community diversity is associated with lower earnings management, possibly due to broader and more diverse public pressure and scrutiny of firms activities. Using a sample of 12,973 U.S. firm-year observations from 2000 to 2016, we find that all four dimensions of community diversity are negatively and significantly associated with earnings management. This finding is robust to the use of three earnings management measures, considering the four dimensions of community diversity concurrently and controlling for a battery of firm-level factors. GMM and 2SLS models, as well as additional analyses, also support the existence of a negative association between earnings management and community diversity. We contribute to the accounting literature by providing evidence that a rarely studied institutional and multidimensional diversity characteristic (i.e., local community diversity) shapes firms earnings management.</jats:p
Expanding the definition of ‘product’: Legal implications of including software and AI under the New EU Product Liability Directive
Get PDFAfter nearly four decades of reliance on the 1985 Product Liability Directive, the European Union undertook a major reform through the adoption of the New Product Liability Directive. The reform responds to the digital transformation and the circular economy by significantly expanding the scope of liability. Its most notable innovations include the broader definition of ‘product’ to encompass software, AI systems, and digital manufacturing files, the easing of claimants’ evidentiary burdens, and the introduction of new procedural mechanisms such as disclosure of evidence and presumptions of defectiveness and causation. From the claimant’s perspective, the New Directive strengthens access to justice by mitigating information asymmetries and lowering barriers to initiating proceedings. It also removes outdated thresholds that previously restricted compensation. From the other standpoint, however, these developments materially increase litigation exposure, extend liability to new categories of actors, and create significant legal uncertainties in assessing defectiveness and causation within complex digital systems. This paper critically examines the New Directive’s legal architecture, arguing that while it advances consumer protection, it simultaneously risks deterring innovation and paves the path for mass litigation. The analysis highlights how unresolved ambiguities may generate fragmented jurisprudence and long-tail liabilities, underscoring the need for greater doctrinal clarity to balance fairness with innovation
Exploring DNA methylation age and the influence of physical performance, and hypertension on frailty in elderly women
Get PDFEpigenetic age provides a reliable biomarker for biological aging, reflecting the cumulative impact on health over time. Frailty is common among elderly individuals and is further compounded by hypertension, which increases the risk associated with aging. Therefore, we examined the relationship between epigenetic aging and frailty in a non-Western population and explored synergistic effects of frailty and hypertension on epigenetic age. Thai women (60–80 years) were assessed for physical, blood, and biochemical parameters. Age acceleration (AA) residuals were derived to explore deviations between chronological and epigenetic age. We classified 126 participants into robust, pre-frail, and frail groups based on the Fried phenotype and Kihon Checklist. GrimAge1 and GrimAge2 outperformed other epigenetic age estimators in terms of correlation with frailty status. Furthermore, these age models were significantly correlated with physical performance tests. AA varied significantly among groups, with robust individuals having lower Grim1AA and Grim2AA levels than pre-frail individuals. Furthermore, hypertensive participants with pre-frail had significantly different levels of Grim1AA and Grim2AA compared to robust without hypertension. Our findings reveal a complex relationship among frailty, epigenetic age, physical performances, and hypertension. Grim2Age exhibits a strong correlation with chronological age and shows accelerated AA in frail individuals, particularly those with hypertension