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- Creators: Economics Program in CLAS
- Creators: School of International Letters and Cultures
- Member of: Barrett, The Honors College Thesis/Creative Project Collection
- Resource Type: Text
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.
This thesis will examine possible connection points between the health of a local environmental/climate news ecosystem and that local community’s belief in and vulnerability to the effects of climate change in Central Appalachia and Northern Virginia. The three counties that will be studied in Virginia are Arlington, Buchanan and Wise Counties. This research will be mainly a hypothesis-generating descriptive analysis of data, coupled with both interviews with researchers and local experts, in addition to observations from relevant literature about the possible connections between availability of environmental news with climate change, institutional belief and climate vulnerability data. The local history of resource extraction will also be explored. The point of this thesis is not to prove that a lack of access to strong, locally focused climate and environmental news increases vulnerability to the effects of climate change (although it does raise this as a possibility). Rather, it is to continue a conversation with journalists, media professionals and climate professionals about how to approach understanding and engaging groups left out of the climate conversation and groups who've been traditionally underserved by news media when it comes to climate information and appeals for institutional trust. This conversation is already happening, especially when it comes to the importance of the health of local, community focused news in general in Appalachia, but given the urgency and scale of the climate crisis, merits continuation and some inquiry into environmental news.