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Description
The field of behavioral economics explores the ways in which individuals make choices under uncertainty, in part, by examining the role that risk attitudes play in a person’s efforts to maximize their own utility. This thesis aims to contribute to the body of economic literature regarding risk attitudes by first evaluating the traditional economic method for discerning risk coefficients by examining whether students provide reasonable answers to lottery questions. Second, the answers of reasonable respondents are subject to our economic model using the CRRA utility function in which Python code is used to make predictions of the risk coefficients of respondents via a two-step regression procedure. Lastly, the degree to which the economic model provides a good fit for the lottery answers given by reasonable respondents is discerned. The most notable findings of the study are as follows. College students had extreme difficulty in understanding lottery questions of this sort, with Medical and Life Science majors struggling significantly more than both Business and Engineering majors. Additionally, gender was correlated with estimated risk coefficients, with females being more risk-loving relative to males. Lastly, in regards to the model’s goodness of fit when evaluating potential losses, the expected utility model involving choice under uncertainty was consistent with the behavior of progressives and moderates but inconsistent with the behavior of conservatives.
ContributorsSansone, Morgan Marie (Author) / Leiva Bertran, Fernando (Thesis director) / Vereshchagina, Galina (Committee member) / Economics Program in CLAS (Contributor) / School of Politics and Global Studies (Contributor) / Sandra Day O'Connor College of Law (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description
Evolutionary theory predicts that animal behavior is generally governed by decision rules (heuristics) which adhere to ecological rationality: the tendency to make decisions that maximize fitness in most situations the animal encounters. However, the particular heuristics used by ant colonies of the genus Temnothorax and their propensity towards ecological rationality are up for debate. These ants are adept at choosing a nest site, making a collective decision based on complex interactions between the many individual choices made by workers. Colonies will migrate between nests either upon the destruction of their current home or the discovery of a sufficiently superior nest. This study offers a descriptive analysis of the heuristics potentially used in nest-site decision-making. Colonies were offered a choice of nests characterized by the Ebbinghaus Illusion: a perceptual illusion which effectively causes the viewer to perceive a circle as larger when it is surrounded by small circles than when that same circle is surrounded by large circles. Colonies were separated into two conditions: in one, they were given the option to move to a high-quality nest surrounded by poor-quality nests, and in the other they were given the option to move to a high-quality nest surrounded by medium-quality nests. The colonies in the poor condition were found to be more likely to move to the good nest than were colonies in the medium condition at a statistically significant level. That is, they responded to the Ebbinghaus Effect in the way that is normally expected. This result was discussed in terms of its implications for the ecological rationality of the nest-site choice behavior of these ants.
ContributorsTalken, Lucas Warren (Author) / Pratt, Stephen (Thesis director) / Sasaki, Takao (Committee member) / Liebig, Juergen (Committee member) / Barrett, The Honors College (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Department of Psychology (Contributor) / Economics Program in CLAS (Contributor)
Created2014-05
Description
Did the amount of media attention to the H1N1 flu or the information that the Centers for Disease Control (CDC) disseminates about the H1N1 flu, influence individuals' decisions to avoid public locations during the 2009-2010 H1N1 Influenza pandemic? I investigate this question using weekly-confirmed H1N1 cases from the CDC, the American Time Use Survey (ATUS), and the Google Trends weekly search volume index for certain key terms. I found that individuals did exhibit some avoidance behaviour during the flu pandemic in response to the CDC data, but not the measures of media attention. However, the magnitudes of these adjustments are small in comparison to other measures of avoidance behaviour, such as reduced time in public during extreme weather events.
ContributorsGunn, Quentin Lee (Author) / Kuminoff, Nicolai (Thesis director) / Abbott, Joshua (Committee member) / Fenichel, Eli (Committee member) / Barrett, The Honors College (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Economics Program in CLAS (Contributor)
Created2013-12
Description
In recent years, the number of applications for admission to graduate education programs has increased. Researchers attempted to gain insight into this increase by examining student perception of the costs and benefits of pursuing graduate-level education. In order to gauge this perception, researchers administered an online survey to 151 subjects from Barrett, the Honors College at Arizona State University. Student perception was then compared to data released by ASU detailing actual costs and benefits of obtaining graduate-level education. Researchers' prediction that increased levels of parental education would be associated with more accurate estimates of the benefits of graduate-level education was correct at a statistically significant level. Further, being male was statistically significantly associated with an increase in starting salary overestimation.
ContributorsCunningham, Shelly Kathryn (Author) / DeSerpa, Allan (Thesis director) / Baldwin, Marjorie (Committee member) / Barrett, The Honors College (Contributor) / Economics Program in CLAS (Contributor) / Department of Psychology (Contributor)
Created2015-05
Description
According to the Tax Policy Center, a joint project of the Brookings Institution and Urban Institute, the Earned Income Tax Credit (EITC) will provide 26 million households with 60 billion dollars of reduced taxes and refunds in 2015 \u2014 resources that serve to lift millions of families above the federal poverty line. Responding to the popularity of EITC programs and recent discussion of its expansion for childless adults, I select three comparative case studies of state-level EITC reform from 2005 to 2013. Each state represents a different kind of policy reform: the creation of a supplemental credit in Connecticut, credit reduction in New Jersey, and finally credit expansion for childless adults in Maryland. For each case study, I use Current Population Survey panel data from the March Supplement to complete a differences-in-differences (DD) analysis of EITC policy changes. Specifically, I analyze effects of policy reform on total earned income, employment and usual hours worked. For comparison groups, I construct unique counterfactual populations of northeastern U.S. states, using people of color with less than a college degree as my treatment group for their increased sensitivity to EITC policy reform. I find no statistically significant effects of policy creation in Connecticut, significant decreases in employment and hours worked in New Jersey, and finally, significant increases in earnings and hours worked in Maryland. My work supports the findings of other empirical work, suggesting that awareness of new supplemental EITC programs is critical to their effectiveness while demonstrating that these types of programs can affect the labor supply and outcomes of eligible groups.
ContributorsRichard, Katherine Rose (Author) / Dillon, Eleanor Wiske (Thesis director) / Silverman, Daniel (Committee member) / Herbst, Chris (Committee member) / Barrett, The Honors College (Contributor) / School of International Letters and Cultures (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Economics Program in CLAS (Contributor)
Created2015-05
Description
My work focuses on the themes of grief, closure, and celebration of life. Life is a catalyst both celebration and grief. Feeling joy when a life is introduced is as common as feeling pain when a life is lost. When I lost my maternal grandmother nearly a year ago, I felt grief accompanied with guilt. I never got a chance to say goodbye since we lived so far apart, her residing in the Philippines and me residing in the United States. In order to get rid of these negative emotions, I sought closure. I attended her funeral, and now I want to celebrate her life through my artwork.
My work comes in two parts: an illustration book titled The Butanding and an illustration exhibition. The book will be published through lulu.com and made available to the public. The exhibition component will be held from March 2nd to March 6th in Gallery 100 as part of my senior exhibition Post Pre-Production with six other colleagues in the School of Art. The illustration book is a narration of a little girl and her growing friendship with a whale shark. The overarching theme of the creative project is closure with the passing away of loved ones.
The Butanding is a narrative illustration book about a young girl befriending the local menace of her village, the whale shark. Similar to my own experience, the main subject—the young girl—of my narrative is shown suffering from grief and guilt over her grandmother’s death. My work illustrates a progression of the young girl’s emotional state as she goes on a journey with the whale shark or locally known in the Philippines as the “butanding”. It provides the scenario of a grieving individual who gets the chance to reconnect with a deceased loved one and rebuild relationships that were lost.
My work comes in two parts: an illustration book titled The Butanding and an illustration exhibition. The book will be published through lulu.com and made available to the public. The exhibition component will be held from March 2nd to March 6th in Gallery 100 as part of my senior exhibition Post Pre-Production with six other colleagues in the School of Art. The illustration book is a narration of a little girl and her growing friendship with a whale shark. The overarching theme of the creative project is closure with the passing away of loved ones.
The Butanding is a narrative illustration book about a young girl befriending the local menace of her village, the whale shark. Similar to my own experience, the main subject—the young girl—of my narrative is shown suffering from grief and guilt over her grandmother’s death. My work illustrates a progression of the young girl’s emotional state as she goes on a journey with the whale shark or locally known in the Philippines as the “butanding”. It provides the scenario of a grieving individual who gets the chance to reconnect with a deceased loved one and rebuild relationships that were lost.
ContributorsSydiongco, Hannah Gloria (Author) / Solis, Forrest (Thesis director) / Drum, Meredith (Committee member) / Barrett, The Honors College (Contributor) / School of Art (Contributor)
Created2015-05
Description
This study estimates the effect of district wealth on Arizona Empowerment Scholarship Account program participation using data from the Arizona Department of Education. We find that students from poor districts are not more likely to participate as school performance decreases.Conversely, those from wealthy districts do increase participation as school performance decreases. We briefly try to explain the observed heterogeneity through survey results and commenting on the program design.
ContributorsAngel, Joseph Michael (Author) / Kostol, Andreas (Thesis director) / Kuminoff, Nicolai (Committee member) / Economics Program in CLAS (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description
This paper analyzes responses to a survey using a modified fourfold pattern of preference to determine if implicit information, once made explicit, is practically significant in nudging irrational decision makers towards more rational decisions. Respondents chose between two scenarios and an option for indifference for each of the four questions from the fourfold pattern with expected value being implicit information. Then respondents were asked familiarity with expected value and given the same four questions again but with the expected value for each scenario then explicitly given. Respondents were asked to give feedback if their answers had changed and if the addition of the explicit information was the reason for that change. Results found the addition of the explicit information in the form of expected value to be practically significant with ~90% of respondents who changed their answers giving that for the reason. In the implicit section of the survey, three out of four of the questions had a response majority of lower expected value answers given compared to the alternative. In the explicit section of the survey, all four questions achieved a response majority of higher expected value answers given compared to the alternative. In moving from the implicit to the explicit section, for each question, the scenario with lower expected value experienced a decrease in percentage of responses, and the scenario with higher expected value and indifference between the scenarios both experienced an increase in percentage of responses.
ContributorsJohnson, Matthew (Author) / Goegan, Brian (Thesis director) / Foster, William (Committee member) / School of Sustainability (Contributor) / Economics Program in CLAS (Contributor) / Dean, W.P. Carey School of Business (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
This study estimates the capitalization effect of golf courses in Maricopa County using the hedonic pricing method. It draws upon a dataset of 574,989 residential transactions from 2000 to 2006 to examine how the aesthetic, non-golf benefits of golf courses capitalize across a gradient of proximity measures. The measures for amenity value extend beyond home adjacency and include considerations for homes within a range of discrete walkability buffers of golf courses. The models also distinguish between public and private golf courses as a proxy for the level of golf course access perceived by non-golfers. Unobserved spatial characteristics of the neighborhoods around golf courses are controlled for by increasing the extent of spatial fixed effects from city, to census tract, and finally to 2000 meter golf course ‘neighborhoods.’ The estimation results support two primary conclusions. First, golf course proximity is found to be highly valued for adjacent homes and homes up to 50 meters way from a course, still evident but minimal between 50 and 150 meters, and insignificant at all other distance ranges. Second, private golf courses do not command a higher proximity premia compared to public courses with the exception of homes within 25 to 50 meters of a course, indicating that the non-golf benefits of courses capitalize similarly, regardless of course type. The results of this study motivate further investigation into golf course features that signal access or add value to homes in the range of capitalization, particularly for near-adjacent homes between 50 and 150 meters thought previously not to capitalize.
ContributorsJoiner, Emily (Author) / Abbott, Joshua (Thesis director) / Smith, Kerry (Committee member) / Economics Program in CLAS (Contributor) / School of Sustainability (Contributor) / School of Mathematical and Statistical Sciences (Contributor) / Barrett, The Honors College (Contributor)
Created2018-05
Description
Grief reaches across all human differences and boundaries. Grief, when it does not resolve on its own, is known as complicated grief. Parents of children who die are at increased risk for experiencing complicated grief. This case study seeks commonalities and possible contributing factors for the creation of a non-profit in reaction to the death of a child. This study finds that previous achievements such as completing a marathon or graduating from a graduate program may indicate the presence of characteristics like resilience that result in the creation of a non-profit.
ContributorsGood, Jennifer Rose (Author) / Bozeman, Barry (Thesis director) / Gaughan, Monica (Committee member) / School of Human Evolution and Social Change (Contributor) / Economics Program in CLAS (Contributor) / School for the Science of Health Care Delivery (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12