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- All Subjects: Behavioral Economics
- Creators: Economics Program in CLAS
- Member of: Barrett, The Honors College Thesis/Creative Project Collection
- Member of: Theses and Dissertations
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.
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.