Theory Of Economic Behavior Research Articles

Behavioral Economics and Stock Market Decision-Making: Investor Biases and Investment Strategies

This study examines the application of behavioral economics to stock market decision-making, focusing on common cognitive biases of investors and their impact on investment decisions. Unlike the complete rationality assumed in traditional economics, behavioral economics reveals the irrational behaviors that investors exhibit when facing risks and uncertainties, such as overconfidence, loss aversion, and herd effect. By examining classical theories such as prospect theory, loss aversion, and the anchoring effect, as well as specific case studies such as the 2008 global financial crisis, this study aims to reveal how these psychological biases affect investors’ decision-making process. Further, this study examines how behavioral economics theories can be used to improve investment strategies by recommending methods such as low volatility investment strategies to help investors make more rational and effective investment choices in a complex market environment. Through in-depth analysis of the core theories and cases of behavioral economics, investors are better able to identify biases in the decision-making process, thereby optimizing their investment decisions and improving long-term investment returns.

Excessive consumption behavior of young people under the wave of digital payment: an analysis from the perspective of behavioral economics

With the popularization of digital payment, the excessive consumption of young people is increasingly serious, which harms personal finance and social and economic stability. This paper employs behavioral economics theory to analyze the internal mechanism of excessive consumption among young people within the background of digital payment. It considers individual-level reference dependence, payment isolation, hyperbolic discounting psychology, and external framing effects and decoy effects. Moreover, suggestions are given based on these analyses to help young people form rational consumption attitudes through educational initiatives, guidance from family and social networks, the dissemination of information, policy encouragement, regulatory enhancement, and legal safeguards. This initiative aims to promote the well-being of the consumer market and the economic growth of the nation by fostering a healthy consumer environment and the development of healthy and sustainable consumer habits among young people.

On the limited damp-proofing of residential buildings: do social norms matter?

PurposeThis study draws on neoclassical and behavioural economics theories to provide an empirical insight into the effect of knowledge, costs, and social norms on damp-proofing residential buildings in Ghana.Design/methodology/approachThis study used the quantitative approach involving survey data. A sample size of 242 participants was involved in the study. Applying principal component analysis on the responses from the participants, an index for damp-proofing, cost, knowledge, and social norms was derived. After generating the indexes, the ordinary least squares (OLS) regression was applied to estimate the impact of knowledge, costs, and social norms on damp-proofing.FindingsThe results from the OLS regression revealed that knowledge has a significant positive effect on damp-proofing while costs and social norms have significant negative effect on damp-proofing in Ghana. This study, therefore, concludes that although neoclassical economic factors such as knowledge and cost affect behaviour (damp-proofing), behavioural factors such as social norms also matter.Practical implicationsThe outcome of this study calls for policymakers to consider putting in place measures that increase knowledge and promote the use of damp-proofing techniques during the construction of buildings. In addition, the study calls for scholars to partake in collaborative research amongst disciplines such as economics, psychology, and the construction industry in order to provide more innovative solutions, the key of which is finding innovative ways to damp proof buildings.Originality/valueThis study is original in its context as it draws on neoclassical and behavioural economics theories to provide an empirical insight into the effect of knowledge, costs, and social norms on damp-proofing of residential buildings in Ghana. This is an area that has received less attention in the areas of building biology and building pathology globally.

ECONOMIC REFORMS IN UKRAINE FROM THE STANDPOINT OF BEHAVIORAL ECONOMY

The article shows that when developing and implementing economic reforms, irrational behavior of economic entities is not sufficiently taken into account. For its more complete consideration, it is proposed to make wider use of the theory and principles of behavioral economics – a special direction of institutional economics, within which the influence of psychological factors on the behavior of the economic subjects is investigated. It is noted that behavioral economics originated against the background of criticism of the theory of rational choice, which in its constructions traditionally relied on the concept of «economic man». It is noted that the «sprouts» of the theory of behavioral economics appeared in the works of the representatives of classical political economy, Keynesianism and neo-institutionalism, its beginnings – in the works of M. Alle, D. Ellsberg, L. Savage, G. Simon and J. Katons, and the basics – in the works of D. Kahneman, A. Tversky and their followers. It is shown that the work of D. Kahneman and A. Tversky stimulated the process of differentiation of behavioral economics and contributed to the emergence within its framework of several theories, namely: the choice of decisions in conditions of uncertainty and risk (prospects and cognitive heuristics), intertemporal choice (anomalies and behavioral finances), behavioral games (social preferences and equitable distribution, as well as the theory of nudging. For the practical use of theories of behavioral economics on their basis the basic principles of behavior of economic subjects are allocated: painful attitude to risks and losses; permanent improvement; compliance with a certain style of the behavior; problems of self-control; imitating crowd behavior; incorporating equity into the utility function; paternalism; nudging (najing). It is emphasized that the theories and principles of behavioral economics should be used when carrying out economic reforms. The experience of their use in foreign countries is summarized. The possibilities of their use in Ukraine during the implementation of the following reforms are revealed: institutional (state administration, national security and defense system, deoligarization, decentralization and regional policy) – to improve public management of the socio-economic development of the country, regions and territorial communities, to protect the country from russian military aggression; financial sector of the economy (monetary policy, tax and budget policy) – to encourage business and citizens to save, lend to the economy and pay taxes, improve control over budget expenditures; real sector of the economy (land, agriculture, industry and infrastructure) – to eliminate the monopoly on state property, in particular land, restoration of the effective owner, innovative development of the economy; social sphere (education, labor market, medical, pension and social protection system of the population) – to improve the quality of education and the level of employment, improve the system of providing social services, etc.; spheres of nature use (subsoil use and systems of state supervision in the field of environmental protection) – to ensure sustainable development of the country.

Role of relative-reinforcement value of alcohol-free activities during recovery from alcohol use disorder in an adult clinical sample.

Behavioral economic theory has been extensively applied to understand alcohol use disorder (AUD). Applications of behavioral economic theory conceptualize AUD as a pattern of harmful alcohol use over extended periods of time in which choices between drinking or engaging in alcohol-free activities favor drinking. Recovery, in contrast, entails a sustained shift toward a pattern of selecting rewarding alcohol-free activities. The present study examined whether alcohol-free activity engagement and the relative-reinforcement value (RRV) of engaging in those activities predicted AUD treatment outcomes via secondary analysis of data from Project MATCH, a multisite randomized clinical trial examining behavioral treatments for AUD (N = 1,279, 75.8% male, 81.0% non-Hispanic White, 9.5% Black, 7.7% Hispanic/Latino, 1.5% American Indian/Alaska Native, < 1% Asian American, and other race/ethnicity). Regression analyses indicated that every additional alcohol-free activity reported at 6 months posttreatment was associated with 7% fewer drinking days, 5% fewer heavy drinking days, and approximately one less drink per drinking day, as well as with significant improvements in depression, purpose in life, and psychosocial functioning at 12 months following treatment. Consistent with behavioral economic theory, higher RRV of alcohol-free activities also predicted significant reductions in drinking and improvements in functioning, and these associations were stronger compared to results for alcohol-free activity frequency only. The findings highlight the importance of understanding environmental contexts conducive to recovery and support the value of increasing alcohol-free activity engagement and the RRV of engaging in such activities to facilitate reductions in drinking and improved functioning among individuals with AUD. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Determinants of the Behaviour of Entities on the Insurance Market in the Light of Changes Introduced by the IDD Directive

AbstractOne of the most significant legal acts concerning the sale and management of insurance risk was issued on January 20, 2016, based on Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (IDD Directive). The adoption of European IDD principles aims to enhance transparency in the operations of insurance distributors and improve the standards of their business practices. Its protective scope encompasses all individuals and entities involved in the sale of insurance products. The aim of the article is to ascertain the regulatory authorities’ impact on the insurance market, consideration of consumer protection, in light of the changes introduced by the IDD directive. The primary entities under examination, in the mentioned context of consumer protection, are distributors and supervisory authorities. The discussion includes an overview of the scale of the insurance market and its fundamental applications, as well as compliance within the framework of behavioural economics theory. Additionally, the paper addresses the aspect of threats posed to consumers by the analyzed changes in the European insurance distribution market. In this segment, the authors concentrate on the economic and social ramifications of IDD implementation for entities operating within the insurance market. The concluding section outlines the potential for development and the future prospects of financial intermediation concerning IDD utilization.

Deep learning for economic transformation: a parametric review

Deep learning (DL) is increasingly recognized for its effectiveness in analyzing and forecasting complex economic systems, particularly in the context of Pakistan's evolving economy. This paper investigates DL's transformative role in managing and interpreting increasing volumes of intricate economic data, leading to more nuanced insights. DL models show a marked improvement in predictive accuracy and depth over traditional methods across various economic domains and policymaking scenarios. Applications include demand forecasting, risk evaluation, market trend analysis, and resource allocation optimization. These processes utilize extensive datasets and advanced algorithms to identify patterns that traditional methods cannot detect. Nonetheless, DL's broader application in economic research faces challenges like limited data availability, complexity of economic interactions, interpretability of model outputs, and significant computational power requirements. The paper outlines strategies to overcome these barriers, such as enhancing model interpretability, employing federated learning for better data privacy, and integrating behavioral and social economic theories. It concludes by stressing the importance of targeted research and ethical considerations in maximizing DL's impact on economic insights and innovation, particularly in Pakistan and globally.

Influence of Artificial Intelligence on Credit Risk Assessment in Banking Sector

Purpose: The aim of the study was to examine the influence of artificial intelligence on credit risk assessment in banking sector. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: The study found that AI-driven models demonstrate superior performance in identifying risky borrowers and capturing complex credit risk patterns compared to traditional methods. Additionally, the integration of explainable AI (XAI) techniques has enhanced transparency and interpretability in credit risk assessment processes, facilitating better understanding among stakeholders and improving decision-making transparency. Unique Contribution to Theory, Practice and Policy: Decision theory &amp; technology acceptance model (TAM) may be used to anchor future studies on influence of artificial intelligence on credit risk assessment in banking sector. Continuously invest in research and development to advance the theoretical understanding of AI-driven credit risk assessment models. This includes exploring the integration of machine learning with behavioral economics theories to better predict borrower behavior and default probabilities. Encourage banks to adopt a hybrid approach that combines the strengths of AI-driven models with human expertise. Develop comprehensive regulatory guidelines and standards to govern the use of AI in credit risk assessment and ensure ethical and responsible practices. This includes establishing transparent model validation and governance frameworks to mitigate the risks of algorithmic bias, data privacy violations, and discriminatory lending practices. Regulatory authorities should also promote industry-wide collaboration and knowledge sharing to foster innovation while safeguarding consumer interests and financial stability.

Correspondence between the alcohol-P3 event-related potential and alcohol reward phenotypes among young adults.

Behavioral economic theory suggests that the value of alcohol depends upon elements of the choice context, such that increasing constraints on alternatives (e.g., price) or increasing the benefits of alcohol (e.g., social context) may result in greater likelihood of heavy drinking. The P3 event-related potential elicited by alcohol-related cues, a proposed marker of incentive salience, may be an electrophysiological parallel for behavioral economic alcohol demand. However, these indices have not been connected in prior research, and studies typically do not disaggregate social influences in the context of alcohol cue reactivity. The current study recruited heavy drinking young adults (N = 81) who completed measures of alcohol use and alcohol demand, in addition to a 2 (social/nonsocial) × 2 (alcohol/nonalcohol) visual oddball task to elicit the P3. In multilevel models controlling for demographic characteristics, P3 reactivity was greater to alcohol (p < 0.001) and social (p < 0.001) cues than to nonalcohol and nonsocial cues, but without a significant interaction. Higher alcohol consumption (p = 0.02) and lower elasticity of demand (p = 0.01) were associated with greater P3 response to alcohol than nonalcohol cues. The results highlight a brain-behavior connection that may be an important marker for alcohol reward across units of analysis and may be sensitive to changes in the economic choice contexts that influence the likelihood of alcohol use.

Attention-deficit/hyperactivity disorder is associated with more alcohol problems and less substance-free reinforcement: A behavioral economics daily diary study of college student drinkers.

Behavioral economic theory suggests that alcohol risk is related to elevated alcohol reinforcing efficacy (demand) combined with diminished availability of reinforcing substance-free activities, but little research has examined these reward-related processes at the daily level in association with comorbid conditions that might influence behavioral patterns and reward. Young people with attention-deficit/hyperactivity disorder (ADHD) report high levels of risky drinking, and this risk may be due in part to elevated demand for alcohol and diminished engagement in enjoyable and valued substance-free activities. College student drinkers (N = 101; 48.5% female; 68.3% White; 18-22 years old) with (n = 51) and without (n = 50) ADHD completed 14 consecutive daily diaries (diary entry n = 1,414). We conducted a series of multilevel path models to examine (a) the associations among ADHD and average daily alcohol demand, substance-free enjoyment, and response contingent positive reinforcement (RCPR) for goal-directed behaviors; (b) the associations among concurrent daily alcohol demand, substance-free reinforcement, and RCPR for goal-directed behaviors and daily alcohol use and alcohol-related negative consequences; and (c) the moderating effect of ADHD on these within-day associations. ADHD was significantly associated with more daily alcohol-related negative consequences and less daily substance-free enjoyment and RCPR. Regardless of ADHD status, there were significant associations among behavioral economic risk factors and alcohol use and negative consequences, though effects differed within and between persons. There were no moderating effects of ADHD on within-person associations. Results expose areas of impairment specific to drinkers with ADHD and advance theory on ADHD and hazardous drinking. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

A pilot trial of a brief intervention for cannabis use supplemented with a substance-free activity session or relaxation training.

Cannabis use is increasing among college students and commonly co-occurs with anxiety symptoms in this age group. Interventions that reduce anxiety may also reduce cannabis use. Behavioral economic theory suggests that substance use reductions are most likely when there is an increase in substance-free reinforcement. This randomized pilot trial evaluated the efficacy of a brief motivational intervention (BMI) for cannabis supplemented by either a substance-free activity session (SFAS) or a relaxation training (RT) session for reducing cannabis use, problems, craving, and anxiety symptoms. One hundred thirty-two college students (Mage = 19.9; 54% female; 67% White, 31% Black) who reported five or more past-month cannabis use days were randomized to: (a) assessment-only (AO); (b) BMI plus SFAS; or (c) BMI plus RT. Participants in the BMI conditions received two individual counselor-administered sessions plus a brief phone booster session. Outcomes were evaluated 1- and 6-months postintervention. Relative to assessment, both BMI + SFAS and BMI + RT were associated with significant reductions in cannabis problems and craving at 1-month follow-up, and significant reductions in anxiety at 6-month follow-up. Relative to AO, BMI + RT was associated with significant reductions in cannabis use at 1-month follow-up. There were no differences between BMI conditions. This pilot trial was not adequately powered to conclusively evaluate relative efficacy but provides preliminary support for the short-term efficacy of both two-session interventions for reducing anxiety and cannabis-related risk among nontreatment seeking emerging adults. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

Институциональная среда и институционализация поведенческого регулирования: теоретические основы экономического развития

The relevance of the study is due to the fact that the intensification of the use of appropriate Nudge technologies and their combination with classical technologies of behavioral economics have led in many countries of the world to the institutionalization of behavioral regulation in centralized or decentralized models. The purpose of the article is to reveal the features of the models of institutionalization of «behavioral» regulation at the macroeconomic level in the countries of the world. At the same time, the tasks set are solved: the theoretical essence of institutions and the institutional environment is generalized, as well as the features and problems of its formation are considered. Behavioral nudging is considered as a potentially promising approach to improving government regulation both in academic discussion and in practice. Methods. The theoretical and methodological basis of the research was the fundamental works of Russian and foreign authors. Along with traditional methods of scientific research, systemic and institutional-evolutionary approaches, dialectical methods of cognition and interdisciplinary methods of analysis are used. Results. Increasing the effectiveness of the practice of using the behavioral motives of economic entities in the process of developing state economic policy is due to the application and introduction of techniques of influence of the theory of nudging, which determines the choice of a more rational solution that meets the interests of the individual and society. The institutionalization of behavioral regulation in a centralized model is represented by specific government agencies or departments specializing in the development of solutions using the theory of behavioral economics. Institutions of the decentralized model are independent commercial organizations that are not part of the structure of government agencies. Conclusion. It was found out that the process of formation and functioning of institutions of behavioral regulation in different countries of the world has its own specifics, and the bodies themselves are constantly changing. However, all options for institutionalizing behavioral regulation at the macro level leave the risk of using «dark nudging», which requires the creation of special institutions to mitigate or eliminate its negative consequences. The most important principle in the development of behavioral tools is compliance with universal and personal interests at the same time

The Impact of Universal Basic Income on Labor Market Participation

Purpose: This study sought to investigate the impact of Universal Basic Income on labour market participation.&#x0D; Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.&#x0D; Findings: The findings reveal that there exists a contextual and methodological gap relating to the impact of Universal Basic Income on labour market participation. Preliminary empirical review revealed the importance of considering both the short-term and long-term effects of Universal Basic Income (UBI) on labor market participation. While some evidence suggested that UBI may have led to modest reductions in employment rates, particularly among certain demographic groups or in specific contexts, the study recognized the broader societal benefits and trade-offs associated with implementing UBI policies. Additionally, the conclusion highlighted the need for nuanced policy design and implementation, considering UBI as a tool for promoting inclusive growth and addressing income inequality. Policymakers were urged to carefully consider the distributional effects of UBI and implement complementary social policies and institutional arrangements that support labor market participation. Overall, the conclusion underscored the complexity of the relationship between UBI and labor market participation, emphasizing the need for further research and experimentation to fully understand its potential effects and ensure its successful implementation.&#x0D; Unique Contribution to Theory, Practice and Policy: The Behavioural Economics theory, Human Capital theory and the Economic Sociology theory may be used to anchor future studies on the impact of Universal Basic Income on labor market participation. The study provided comprehensive recommendations for policymakers, contributed to theoretical advancements in understanding labor market dynamics, and offered practical insights for the implementation of UBI programs. Policymakers were advised to carefully design UBI policies to balance promoting labor market participation and providing financial security, considering the diverse impacts on different demographic groups. The study highlighted the importance of addressing disincentives to work, promoting inclusive growth, and continuously monitoring and evaluating UBI programs to assess their long-term impact. Additionally, the study emphasized leveraging UBI as a tool for social equity and economic empowerment. Through these recommendations, policymakers were able to make informed decisions to enhance labor market outcomes and socio-economic well-being.&#x0D; Keywords: Universal Basic Income (UBI), Labor Market Participation, Societal Benefits, Distributional Effects, Policy Design, Inclusive Growth

Gender Differences in Risk Preferences and Insurance Choices

Purpose: The general purpose of the study was to examine gender differences in risk preferences and insurance choices.&#x0D; Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.&#x0D; Findings: The findings reveal that there exists a contextual and methodological gap relating to gender differences in risk preferences and insurance choices. The study provided valuable insights into the complex dynamics shaping individuals' attitudes towards risk and insurance decisions. Through comprehensive analysis, it confirmed significant gender disparities in risk preferences, with men generally exhibiting higher levels of risk tolerance compared to women. Additionally, it revealed that women demonstrated a greater propensity to purchase insurance coverage, contrary to traditional stereotypes. The study emphasized the importance of considering intersectionality in understanding gender disparities in insurance access and highlighted the role of behavioral economics in influencing decision-making processes. Overall, the findings underscored the need for targeted interventions and policy initiatives to address gender-based disparities in insurance access and promote financial well-being across diverse populations.&#x0D; Unique Contribution to Theory, Practice and Policy: Social Role theory, Behavioural Economics and Feminist theory may be used to anchor future studies on risk preferences and insurance choices. The study made several recommendations to address gender disparities in risk management and insurance access. It suggested the development of targeted financial education programs, gender-sensitive insurance products, and regulatory measures to promote gender equality in insurance coverage. Additionally, the study emphasized the importance of fostering diversity and inclusion within the insurance industry and continuing research to monitor progress over time. By implementing these recommendations, stakeholders aimed to create more inclusive and equitable insurance markets, enhancing financial security and well-being for all individuals.&#x0D; Keywords: Gender Differences, Risk Preferences, Insurance Choices, Financial Education, Gender-Sensitive, Regulatory Measures, Diversity, Inclusion, Equity

Are Individual Care Investments Affected by Past Accident Experiences?

Abstract In this paper, we analyze the impact of past accident experiences on individual care choices. By relying on standard economic theory and evidence of behavioral economics and psychology, we posit that individuals’ care investments should be affected by their past accidents as injurers or victims (accident-history effect hypothesis), or by their prior exposure to accident risks in the opposite role (role-reversal effect hypothesis). We test these two hypotheses using experimental data. We find that individuals’ accident history has no statistically significant effect on their care investments, but that care decisions vary with changes in the parties’ roles. Specifically, injurers with prior experience as victims invest statistically more in care than injurers without prior victim experience. By contrast, care investments are not sensitive to victims’ prior experience as injurers. Our research can be regarded as a preliminary study toward the understanding of the role of past accident experiences on individuals’ care behavior, and calls for both replication efforts and reconsideration of traditional economic models of torts.

Analysis of Undergraduate Decision-making for Further Education Based on Behavioral Economics Theory

With the economic development and improvement of education in China, the scale of China's postgraduate education has become larger and larger. The choice of further education or direct employment is increasingly a major concern for most undergraduates. Therefore, this paper analyzes the different effects of irrational factors in the decision-making process of college students for further education at various stages under the framework of behavioral economics such as Prospect Theory, Psychological Account Theory, Procrastination Theory, and Herd Effect. Based on the analysis results, this paper puts forward corresponding suggestions from the school, society and the students themselves, all parties working together to guide college students to find their own career planning.

Establishing Motivational Profiles to Drink among College Students: Converging Patterns Using Multiple Theories of Alcohol use.

Objective: While college student drinking has been studied utilizing many different theories and approaches, it is unclear how these theories may overlap in their explanation of problematic drinking. Rather than relying on one theory, examining overlap between multiple theories of alcohol use may lead to a better understanding of the motivational process underlying drinking behavior. The current study proposes that the Ambivalence Model of Craving, Behavioral Economics, and Alcohol Outcome Expectancy Theory account for the same underlying anticipatory process and sought to demonstrate this by establishing motivational profiles utilizing constructs within each theory. Methods: A total of 318 college student drinkers completed a series of surveys assessing their drinking behavior and the measures pertaining to each theory (i.e., Approach and Avoidance of Alcohol Questionnaire, Alcohol Purchase Task, Alcohol Expectancy Questionnaire). A latent profile analysis was used to establish profiles of motivational tendencies. Results: Results from the latent profile analysis indicated four profiles emerged, three of which were consistent with our hypotheses: approach, avoidance, and indifferent. The fourth motivational profile appeared to represent drinkers with an emerging approach tendency but relatively newer to drinking. The lack of ambivalent profile suggests that avoidant tendencies may develop later in response to an accumulation of experience with drinking. Lastly, these profiles demonstrated expected relationships with drinking behavior. Conclusion: This study is unique in its attempt to highlight similarities between theories. Results provide a useful integration of theories to allow for a more generalized understanding of motivational tendencies that develop in response to drinking experiences.

Fish feed formulation: Does Nigerian farmers' risk and time preference play a part in choosing feed protein sources for intensively farmed fish?

Fish meal is commonly used in the diets of fish, but its high cost and sustainability as a feed ingredient raise concerns. In order to reduce dependence on fish meal, proteins from plant sources are increasingly being recommended as an alternative ingredient in fish diets. The paper aims to examine whether risk attitudes and time preferences influence the decision to choose feed protein sources for intensively farmed fish. Using measures based on behavioural economics theories, we elicit risk attitudes and time preferences of 100 Nigerian fish farmers and estimate a double hurdle regression by assuming that fish farmers make their feed protein substitution decisions in two steps. The results indicate that risk-seeking farmers are less likely to substitute (risk-increasing) fish meal for plant-based proteins in fish feed. There is no statistically significant effect of time preference on the decision to substitute fish meal for plant-based proteins. Other results show that a higher level of education and income and a larger farm size positively influenced the decision to substitute fish meal for plant-based proteins, while male farmers were less likely to substitute fish meal for plant-based proteins. These findings suggest that farmers' risk attitudes, education, income, farm size, and gender are critical factors that policymakers and stakeholders should consider in interventions to encourage farmers to transition to more sustainable feed input.

Longitudinal examination of alcohol demand and alcohol-related reinforcement as predictors of heavy drinking and adverse alcohol consequences in emerging adults.

Behavioral economic theory predicts that high alcohol demand and high proportionate alcohol-related reinforcement are important determinants of risky alcohol use in emerging adults, but the majority of research to date has been cross-sectional in nature. The present study investigated prospective and dynamic relationships between alcohol demand and proportionate alcohol-related reinforcement in relation to heavy drinking days and alcohol problems. Longitudinal cohort with assessments every 4 months for 20 months. Ontario, Canada. Emerging adults reporting regular heavy episodic drinking (n = 636, Mage = 21.44; 55.8% female). Heavy drinking days (HDD; Daily Drinking Questionnaire), alcohol problems (Brief Young Adult Alcohol Consequences Questionnaire), alcohol demand (Alcohol Purchase Task) and proportionate alcohol-related reinforcement (Activity Level Questionnaire). Linear mixed effects models revealed that behavioral economic indicators and alcohol-related outcomes significantly decreased over the study, consistent with 'aging out' of risky alcohol use. Random intercept cross-lagged panel models revealed significant between-person relationships, such that higher alcohol demand and alcohol-related reinforcement were positively associated with HDD and alcohol problems (random intercepts = 0.187-0.534, Ps < 0.01). Moreover, alcohol demand indicators (particularly the rate of change in elasticity of the demand curve, as measured by α, and the maximum expenditure, Omax) and proportionate alcohol-related reinforcement significantly forecasted changes in HDD at all time points (|βs| = 0.063-0.103, Ps < 0.05) in cross-lagged relationships, with bidirectional associations noted for the rate of change in elasticity (βs = -0.085 to -0.104, Ps < 0.01). Proportionate alcohol-related reinforcement also significantly forecasted changes in alcohol problems at all time points (βs = 0.072-0.112, Ps < 0.01). Multiple behavioral economic indicators (demand elasticity, maximum expenditure and reinforcement ratio) forecast changes in heavy episodic drinking and alcohol problems over the course of emerging adulthood. These results further implicate alcohol demand and proportionate alcohol-related reinforcement as etiologically and developmentally important mechanisms in alcohol use trajectories.

Effect of emerging digital technologies and methodologies combined with incentives on HbA1c in patients with type 2 diabetes mellitus: study protocol for a parallel, open randomized controlled trial

BackgroundType 2 diabetes mellitus (T2DM) is a common metabolic disease that requires long-term management and treatment. Digital intervention, as an emerging medical model, has been widely used in the treatment of T2DM patients. Behavioral economics theory provides a favorable perspective for studying the effect of digital intervention because it can reveal the decision-making mechanisms behind human behavior and provide more effective interventions for digital intervention. The purpose of this trial is to evaluate the impact of behaviorally based digital intervention on T2DM patients’ HbA1c, self-monitoring of blood glucose (SMBG) testing rate, diabetes self-efficacy, and other indicators compared to conventional treatment.MethodsThis trial is a prospective randomized controlled trial conducted at the First People’s Hospital of Kunshan City from April 1, 2023, to December 31, 2024, with a follow-up period of 3 months. The specific randomization method was established and implemented through the EDC clinical trial center’s randomization system. We will measure and collect baseline data from three groups, including Group A: digital intervention + virtual incentives + conventional treatment, Group B: digital intervention + physical incentives + conventional treatment, and Group C: conventional treatment. HbA1c, weight, SMBG testing rate, diabetes self-efficacy, and diabetes-related medical expenses will be recorded at baseline, 1 month, 2 months, and 3 months for all three groups. The Shapiro-Wilk test will be used to test for normality, and Pearson correlation analysis will be used for correlation analysis. Dropouts will be analyzed separately. Analysis of variance or exact probability calculation will be used to compare demographic data and other baseline indicators.DiscussionThis study is a novel clinical trial that integrates multiple disciplines (economics and medicine) and uses digital technology to deliver the intervention. Most published studies were offline interventions based on behavioral economics theory, but very few were on online interventions for T2DM patients. This study has both novelty and social value.Trial registrationChinese Clinical Trial Registry ChiCTR2300070753. Registered on 2023/04/22.