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Essays on Behavioral Macroeconomics.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Essays on Behavioral Macroeconomics./
Author:	Lu, Kelin.
Description:	1 online resource (223 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-12, Section: A.
Contained By:	Dissertations Abstracts International84-12A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9798379705473

Essays on Behavioral Macroeconomics.
Lu, Kelin.

Essays on Behavioral Macroeconomics. - 1 online resource (223 pages)

Source: Dissertations Abstracts International, Volume: 84-12, Section: A.

Thesis (Ph.D.)--Indiana University, 2023.

Includes bibliographical references

In this dissertation, three experimental methods are employed to investigate various questions in macroeconomics.In the first chapter, a traditional laboratory experiment examines the influence of non-financial factors, such as intrinsic moral values and extrinsic image considerations, on investors' valuation of stocks in asset markets. The findings reveal that intrinsic morals alone do not exert any impact, supporting the hypothesis that markets erode social responsibility. Specifically, stocks with positive externalities do not command a price premium, and individuals with strong prosocial preferences do not direct their portfolios toward environmentally friendly investments. Conversely, social image considerations significantly affect stock prices in asset markets, as investors assign higher valuations to ethical stocks.The second chapter investigates the response of saving decisions to two alternative forms of capital taxation: wealth tax and capital income tax. Initially, a lifecycle experiment conducted using Amazon Mechanical Turk demonstrates that subjects overreact to wealth taxes but not to capital income taxes when making dynamic saving decisions. Subsequently, a parsimonious behavioral model of individual optimization is developed to characterize this overreaction and elucidate its welfare implications. Finally, additional treatments aim to identify the root cause of this overreaction bias. The results exclude the possibility that intrinsic aversion to paying wealth taxes drives overreaction; instead, it appears to stem from subjects' misconceptions regarding the effects of wealth taxes on their savings.In the third chapter, we undertake an online survey of a nationally representative sample to investigate the diverse channels by which inflation expectations affect present consumption. To accomplish this, a novel survey instrument is developed, featuring two crucial innovations: hypothetical information shocks, which generate exogenous shifts in household inflation expectations, and mechanism-elicitation questions designed to examine the underlying mechanisms. Our findings reveal that heightened future price expectations lead to a decrease in average intended spending for both durable and nondurable goods. Additionally, our survey exposes significant heterogeneity among respondents' underlying channels.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798379705473Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Behavioral economicsIndex Terms--Genre/Form:

554714
Electronic books.

Essays on Behavioral Macroeconomics.
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502 $a Thesis (Ph.D.)--Indiana University, 2023.
504 $a Includes bibliographical references
520 $a In this dissertation, three experimental methods are employed to investigate various questions in macroeconomics.In the first chapter, a traditional laboratory experiment examines the influence of non-financial factors, such as intrinsic moral values and extrinsic image considerations, on investors' valuation of stocks in asset markets. The findings reveal that intrinsic morals alone do not exert any impact, supporting the hypothesis that markets erode social responsibility. Specifically, stocks with positive externalities do not command a price premium, and individuals with strong prosocial preferences do not direct their portfolios toward environmentally friendly investments. Conversely, social image considerations significantly affect stock prices in asset markets, as investors assign higher valuations to ethical stocks.The second chapter investigates the response of saving decisions to two alternative forms of capital taxation: wealth tax and capital income tax. Initially, a lifecycle experiment conducted using Amazon Mechanical Turk demonstrates that subjects overreact to wealth taxes but not to capital income taxes when making dynamic saving decisions. Subsequently, a parsimonious behavioral model of individual optimization is developed to characterize this overreaction and elucidate its welfare implications. Finally, additional treatments aim to identify the root cause of this overreaction bias. The results exclude the possibility that intrinsic aversion to paying wealth taxes drives overreaction; instead, it appears to stem from subjects' misconceptions regarding the effects of wealth taxes on their savings.In the third chapter, we undertake an online survey of a nationally representative sample to investigate the diverse channels by which inflation expectations affect present consumption. To accomplish this, a novel survey instrument is developed, featuring two crucial innovations: hypothetical information shocks, which generate exogenous shifts in household inflation expectations, and mechanism-elicitation questions designed to examine the underlying mechanisms. Our findings reveal that heightened future price expectations lead to a decrease in average intended spending for both durable and nondurable goods. Additionally, our survey exposes significant heterogeneity among respondents' underlying channels.
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653 $a Behavioral economics
653 $a Experimental economics
653 $a Macroeconomics
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