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Essays in behavioural economics
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Tuckwell, Anthony (2020) Essays in behavioural economics. PhD thesis, University of Warwick.
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Official URL: http://webcat.warwick.ac.uk/record=b3714579~S1
Abstract
This thesis is a collection of three essays in behavioural economics. The first paper considers one of the most well-known cognitive biases (the “sunk cost effect”). Given its notoriety, it is perhaps somewhat surprising that there has not been many lab-based experiments that try to measure the effect. In our design we find evidence of a significant sunk cost effect (23% of the sample were subject to it) and are able to trace its determinants back to a particular aspect of intelligence (“cognitive reflection”). Moreover, we use our found sunk cost behaviour to validate a new off-the-shelf scale (the “SCE-8”) for researchers to use.
The second paper then considers how a particular type of mental training (“mindfulness meditation”) can alleviate a different type of cognitive bias (“information avoidance”). Reporting evidence from a randomised-controlled trial we find that a short mindfulness treatment (two weeks, 15-minutes a day) is able to significantly reduce information avoidance in comparison to the control group. Since anyone in the population can vary in their levels of mindfulness (even if they have never meditated), these results potentially have a wide relevance. Possible mechanisms and policy implications are discussed.
Finally, the third paper takes a step back from individual cognitive biases to investigate a novel way of measuring wellbeing at the macro (national) level. It asks whether the emotions of a country’s most popular songs potentially carries a signal of how happy people are actually feeling in the population. Applying emotion-detecting machine learning algorithms to the UK’s chart music, we find that the valence of the most popular song of the year can reliably predict how happy people are (with respect to the leading survey-based measure of life satisfaction).
Item Type: | Thesis (PhD) | ||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory |
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Library of Congress Subject Headings (LCSH): | Economics -- Psychological aspects, Sunk costs, Mindfulness (Psychology), Happiness, Music -- Psychological aspects | ||||
Official Date: | December 2020 | ||||
Dates: |
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Institution: | University of Warwick | ||||
Theses Department: | Department of Economics | ||||
Thesis Type: | PhD | ||||
Publication Status: | Unpublished | ||||
Supervisor(s)/Advisor: | Akerlof, Robert J. ; Pancrazi, Roberto ; Sgroi, Daniel | ||||
Sponsors: | Alan Turing Institute ; Mind & Life Institute ; Economic and Social Research Council (Great Britain) | ||||
Format of File: | |||||
Extent: | iv, 61 leaves : illustrations (some colour) | ||||
Language: | eng |
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