Economic Behavior Research Articles

Animal spirits at play? Firm sentiments and labour demand during the COVID‐19 pandemic

Economists have long theorized that sentiments, or spontaneous beliefs that are unjustified by economic fundamentals, are a driver of economic behaviours. In this study, I explore whether such sentiments influenced firms’ behaviours following the outbreak of COVID‐19. Using a sample of Italian firms, I observe that in the immediate aftermath of the outbreak, firms’ expectations about post‐COVID economic recovery largely reflected beliefs unexplained by their COVID‐related experiences. I then show that these beliefs were associated with firms’ labour market behaviours. Firms that displayed more pessimistic beliefs were more likely to implement cost‐cutting labour market measures, such as dismissing employees and reducing work hours.

Abstract 4137770: Development of a User-Friendly Self-Screening Tool for Assessing Metabolic Syndrome Risk in young adults from economically challenged regions

Background: Metabolic syndrome is a cluster of conditions that increase the risk of heart disease and diabetes. Early identification and management are crucial, particularly in economically challenged regions where access to healthcare may be limited. Research Questions/Hypothesis: User-friendly self-report data accurately predict metabolic outcomes. Aims: To develop and validate nomograms for individualized estimation of metabolic syndrome risk. Methods: Data from 521 college students (60.1% aged 17-20 years; 68.7% female; 28.0% white) were collected in 2022/2023 from two Brazilian cities. These cities are located in the country's poorest states, with Gini indices of 0.56 and 0.43. The potential predictors include demographic and economic variables, school-related factors, behaviors, and body weight. Based on predictors for abdominal obesity identified through multilevel logistic regression, we created a nomogram model. We performed the Hosmer-Lemeshow test to assess model calibration and used a bootstrapping approach (B = 150) for internal validation. To evaluate external validity, we assessed metabolic syndrome in a subset of 375 students. The area under the receiver operating characteristic curve (AUROC), with a threshold of 0.70, was used to evaluate the model's discrimination accuracy. Results: We identified 114 (23.0%) college students who were abdominally obese. We found ten variables associated with the primary outcome: age, biological sex, physical education facilities, enrollment in sports competition (during elementary school); grade retention, preferred subject, physical education classes per week; enrollment in sports training (during secondary school); adherence of 24-hour movement behaviors and body weight. The proposed nomogram showed acceptable performance in the AUROC (0.94 [95% CI: 0.92-0.96). The calibration assessment indicated reasonable consistency of our model (p > 0.05). In the internal validation, we observed a decreased predictive capability (AUROC = 0.86). Conclusion: The 24h-MESYN risk score offers an effective self-screening tool for college students from diverse racial and ethnic backgrounds in economically challenged regions to assess their risk of developing metabolic syndrome.

Home Economics at Middle Pre-Pottery Neolithic B al-Khayran in West-Central Jordan: Reconstructing Residential Unit Economic and Mobility Behavior through Lithic Analysis

ABSTRACT The shift from foraging to farming economies was deeply intertwined with increasing sedentism and the emergence of house-based corporate units in southwestern Asia, with a number of researchers arguing that in the early Neolithic, households become primary economic units within communities for the first time. In order to understand how this role for households articulated with new subsistence systems, this paper analyzes the knapped stone assemblage from the Middle Pre-Pottery Neolithic B agricultural field house of al-Khayran in the west-central Jordanian Highlands. Results demonstrate that al-Khayran’s residential unit enacted household maintenance activities, intensive cereal production, bidirectional blade reduction, and caching of stone tools in anticipation of repeated temporary occupations at the site. These findings show that the corporate household which occupied al-Khayran enacted novel mobility practices in order to accommodate emergent risks in agricultural economies.

Corrupted Votes and Rule Compliance

Allegations of voter fraud accompany many real-world elections. How does electoral malpractice affect the acceptance of elected institutions? Using an online experiment in which participants distribute income according to majority-elected rules, we show that those who experience vote buying or voter disenfranchisement during the election are subsequently less likely to voluntarily comply with a rule. On average, the detrimental impact of electoral malpractice on compliance is of the same magnitude as removing the election altogether and imposing a rule exogenously. Our experiment shows how corrupting democratic processes impacts economic behavior and sheds light on factors that may underlie “rule legitimacy.” (JEL C90, D63, D72, D73, D83)

Factors influencing economic behavior among university students

Factors influencing economic behavior among university students

Information-constrained coordination of economic behavior

We analyze a coordination game with information-constrained players. The players' actions are based on a noisy compressed representation of the game's payoffs in a particular case, where the compressed representation is a latent state learned by a variational autoencoder (VAE). Our generalized VAE is optimized to trade off the average payoff obtained over a distribution of possible games against a measure of the congruence between the agent's internal model and the statistics of its environment. We apply our model to the coordination game in the experiment of Frydman and Nunnari (2023), and show that it offers an explanation for two salient features of the experimental evidence: both the relatively continuous variation in the players' action probabilities with changes in the game payoffs, and the dependence of the degree of stochasticity of players' choices on the range of game payoffs encountered on different trials. Our approach also provides an account of the way in which play should gradually adjust to a change in the distribution of game payoffs that are encountered, offering an explanation for the history-dependent play documented by Arifovic et al. (2013).

The Economic Impact of Successful Businesspeople: The Dual Effect of Wealth Creation and Spending

This article explores the complex impact of successful businesspeople on others and society through wealth creation and spending in their economic lives. The article begins by defining the concept of a “successful businesspeople” and points out its diversity in different historical and political contexts. Then, from an economic perspective, this paper analyzes how successful businesspeople can positively impact society by promoting economic growth, improving production efficiency, creating jobs, and donating to philanthropy in their different roles as investors, producers, consumers, donors, and employers. However, the article also points out the negative externalities that can be brought about by successful businesspeople, such as environmental damage, labor problems, data privacy violations, and public health risks. By citing historical and modern examples, such as Andrew · Carnegie, Henry · Ford, Jeff · Bezos, and Elon · Musk, this article further elaborates on how the economic behavior of successful businessmen has both positive and negative effects, and emphasizes the importance of understanding these complex relationships.

Rethinking economic socialization: the intersection of culture, gender and economic life in a religious enclave

Abstract This article explores how economic socialization serves as a bridge between individual economic behaviors and the broader social and cultural contexts that shape them. Drawing on a post-functionalist approach to socialization, the study examines the ultra-Orthodox Jewish (Haredi) community in Israel, where distinct gender roles, cultural norms and patterns of economic participation create a unique context for investigating divergent economic socialization pathways. Comparing four groups within the Haredi community—average/below-average and high-income women, men with work experience, and men who study at religious seminaries (Yeshiva/Kollel)—analysis of an original survey study reveals how differential exposure to economic life leads to significant variations in financial risk-taking, loss-aversion, financial literacy and competitiveness. The findings problematize explanations attributing economic gender gaps to innate differences, instead highlighting the profound impact of the cultural framing of gender roles vis-à-vis economic integration. By foregrounding economic socialization as a sociological phenomenon, the study contributes to discourses on culture’s role in economic behavior and opens new avenues for examining how individuals acquire economic dispositions through socialization pathways shaped by structural constraints and power relations.

Evaluation of the Ecosystem Services Value of Agricultural Industrial Parks under the Background of Tianfu Granary Construction - A Case Study of the Daoming and Longxing Districts in Chongzhou City

In the new era, China faces two major challenges of food security and ecological protection. The agricultural industrial parks constructed in the process of developing the Tianfu Granary play a significant role in China's food supply and ecological security as a special type of farmland ecosystem. Accurately calculating the value of ecosystem services in agricultural industrial parks is of great importance for achieving sustainable agricultural development and comprehensively realizing rural revitalization. This paper takes the Daoming and Longxing Agricultural Industrial Parks in Chongzhou City as the research subjects, constructs an evaluation index system for ecosystem service value, and assesses and calculates the supply, support, regulation, and cultural services of the agricultural industrial parks. The research findings show that the total value of ecosystem services reaches 260.64 million yuan, which is 4.65 times the value of the agricultural products supplied, and its significant ecosystem service value cannot be ignored. Among the ecosystem service values of the park, the cultural service value is the highest, followed by the social security service value. Based on the above conclusions, this paper discusses how to achieve high-standard construction of agricultural industrial parks, providing a scientific basis for the government and policymakers to make correct decisions in the rational use of resources, reduce and avoid short-term economic behaviors that damage ecosystem service functions, and promote sustainable agricultural development.

Self-Control and Emotional Maturity Reduce Consumptive Behavior in Women

Abstract: This research investigates the relationship between self-control and emotional maturity with consumptive behavior among women in Sumorame Village, Indonesia. General Background: Globalization has increased consumptive behavior, particularly among women reliant on branded goods and online shopping. Specific Background: Previous studies show significant levels of consumptive behavior among women, but few focus on rural communities like Sumorame. Knowledge Gap: This study addresses this gap by analyzing the impact of self-control and emotional maturity on consumptive behavior. Aims: The objective is to determine how these psychological factors influence purchasing tendencies. Results: A sample of 301 women revealed a significant negative correlation (rx1y = -0.368, p < 0.05; rx2y = -0.527, p < 0.05), indicating that higher self-control and emotional maturity lead to reduced consumptive behavior. Novelty: This research enhances understanding of economic behavior in rural contexts. Implications: Findings highlight the need for educational programs to improve self-control and emotional maturity, promoting better financial practices among women in Sumorame Village. Highlights: Higher self-control correlates with lower consumptive behavior in women. Emotional maturity significantly influences purchasing tendencies among women. Educational programs can enhance self-control and emotional maturity to improve financial practices. Keywords: Self-Control, Emotional Maturity, Consumptive Behavior, Women

Rational Individual and Managerial Decision Model: A Critical Review of the Standard Rationality Hypothesis

Classical economic analysis is based on the hypothesis of perfect rationality attributed to economic agents. Their behavior is considered, according to this analysis, in a narrow sense represented by Homo-oeconomicus. The latter is a calculating agent in the true meaning of the term, who calculates to optimize his choice and maximize a utility function. However, in a decision-making process, the economic agent finds himself interacting with a complex and uncertain environment. To decide, he adapts his choice behavior to an end, considering the constraints of this environment. He does not always seek the optimal solution, but he can be satisfied with the solution that he considers satisfactory. This solution highlights the role of deliberation, which considers the norms and customs of society, as well as environmental constraints. This work revisits rationality by examining the assumptions underlying decision-making behaviors. This analysis considers the real motivations of the decision-maker and their implications in his decision-making process, both in the individual context and in that of the organization. It studies the sources of the limitation of rationality and seeks to know why the decision-maker abandons optimization and is interested in satisfactory solutions in his choice. The results of this analysis recommend that bounded rational behavior can still be considered when motivations are considered. They advocate that their understanding is fundamental to refound the economic behavior of choice on hypotheses, which correspond well to the social and economic context of the decision.

Analysis of the Impact of Technological Disruption on the Economic Behavior of Homo Islamicus Consumers in Generation Z

Generation Z, the largest consumer group in the world including Indonesia, will play an active role in consumption trends over the next thirty years. This study aims to analyze how economic technological disruption affects the consumption behavior of Homoislamicus among Gen Z. The research employed a quantitative approach with an online questionnaire distributed to 267 Gen Z respondents at the Al-Ikhlas Dairi Islamic College. Data analysis utilized simple linear regression to test the relationship between technological disruption and Homoislamicus behavior. The findings indicate that economic technological disruption significantly influences the consumption behavior of Gen Z individuals identifying as Homoislamicus at Al-Ikhlas Dairi Islamic College. Regression analysis shows that increased economic technological disruption positively contributes to Gen Z consumption behavior, with a coefficient of 0.357. However, only approximately 11.7% of the variation in Homoislamicus behavior can be explained by this variable, underscoring the importance of further research to understand other factors influencing Gen Z consumption patterns.

Artificial neural networks in economics: mathematical tool, model or methodology?

The purpose of this article is to assess the current interaction between artificial intelligence (AI) and economic science and to identify promising interdisciplinary areas of research that can significantly influence the methodology of understanding economic phenomena. To achieve this goal, the vague and partly even mystical term AI was replaced with а more scientific term «artificial neural networks» (ANN). The article uses methods of scientometric, epistemological and comparative analysis of the processes of ANN penetration into economics and other academic disciplines. The authors reveal the epistemological commonality and difference between AI and ANN and justify the shift in epistemological focus in research from general AI to ANN. The paper systematizes the use of ANN in economics: 1) ANN as a mathematical tool for solving economic problems; 2) ANN as a model of economic phenomena; 3) ANN as a methodology for understanding economic patterns. It shows the interaction of economics with neurosciences which occurs in two significantly different directions: from neurobiology, i.e. real nerve networks in living organisms, and, on the other hand, from ANN theory. The first direction is associated with neuroeconomics, the second has not yet been articulated, but shows an exponential growth in publications and is associated primarily with forming a new economic paradigm. The ANN paradigm in economics (and not only in economics) changes both the subject of cognition, introducing radically new forms/types of evidence and new research methods, and the object of cognition, changing the focus of study from individual economic behavior to the collective economic behavior of mega-subjects.

ECONOMIC ACTIVITY OF THE UKRAINIAN PEOPLE AS A CONTINUOUS PROCESS OF DEVELOPMENT OF ENTREPRENEURIAL COMPETENCE IN THE HISTORICAL AND PEDAGOGICAL CONTEXT

In the scientific research the analysis of the economic activity of Ukrainians and their motivation for entrepreneurial activity in the historical and pedagogical contexts has been conducted. The authors have identified the factors influencing the formation of entrepreneurial initiative of modern Ukrainians, determined the reasons for their demotivation in engaging in entrepreneurship, highlighted the historical factor, which has a significant impact on the economic behavior, motivation, and self-motivation of Ukrainians. The article emphasizes the importance of incorporating an economic component into the training programs of future professional (vocational) education teachers, the necessity of developing their entrepreneurial competence, the need to enhance motivation and self-motivation for entrepreneurship.The study concludes that the entrepreneurial activity of the Ukrainians represents a continuous process of developing entrepreneurial competence. The authors propose considering the historical factor when designing national strategic programs, both during the current wartime period and in the post-war recovery phase for maintaining business activity within small and medium-sized enterprises. They substantiate the need to include an economic component and implement a motivation system in the training programs for future professional education teachers, who initially serve as recipients and later as providers of educational services. The necessity of integrating a motivation system and entrepreneurial practice into these programs has also been demonstrated for fostering the development of entrepreneurial competence, increasing motivation and self-motivation for entrepreneurship, enabling these future teachers to implement entrepreneurial competence in their subsequent work.

Stoic Economics: A Theoretical Examination of a Shift in Consumer Philosophy towards Stoicism

Since the advent of modern economic thought, particularly within Behavioral Economics, consumer behavior has primarily been driven by psychological and utilitarian beliefs that prioritize self-interest and material accumulation. Now, as consumer mindfulness becomes a prevalent issue, we look to philosophy — rather than psychology — as a framework for consumer behavior. Stoicism, originating in Ancient Greece and Rome, has always been applied to individual well-being but has never been considered in the context of collective economic behavior, despite its basis aligning well with the basic economic problem of scarcity. We examine whether and to what extent virtue-based principles of Stoicism can shift economic activity, both for consumers and the economy at large. Through understanding of key tenets of stoicism, and translating these philosophical ideals to economic assumptions, we find that the stoic focus on long-term stability, rational decision-making, and the use of wealth for public good leads to deviations from the status quo of market activity.

Wealth, Consumption, and Savings Patterns in Retirement: A Challenge to the Life-Cycle Hypothesis

This paper investigates the wealth, consumption, and savings behavior of elderly individuals through the lens of the life-cycle hypothesis. Using data from Survey of Health, Ageing and Retirement, we employ Student's t-test to test differences between pre-retirement and retirement age groups. The findings shed light on the extent to which elderly individuals adhere to the life-cycle hypothesis and provide insights into the economic behavior of this demographic group. Our findings align with previous studies indicating that the life-cycle theory inadequately captures the dynamics of wealth, consumption, and savings during retirement age. According to our results, there is a consistent decrease in all examined variables with advancing age, with the lowest yet non-zero values observed among the oldest individuals.

Феномен релокации (Модели экономического поведения российских мигрантов после февраля 2022 г.)

The events of February 2022 became the starting point of a new wave of Russian emigration. On the one hand, this phenomenon can be considered within a series of previous migration waves, on the other hand, the modern context leaves its imprint on the current migration process, making it very special from the economic and sociocultural perspectives. The article presents an attempt to analyze this specificity with an emphasis on the characteristics of the economic behavior of emigrants. Empirically, the study is based on a series of in-depth interviews with people who left Russia after February 2022. On the basis of these interviews, the authors built idealized cognitive models of possible options for the economic behavior of migrants. The authors considered a total of four models: relocation, which involves searching for a job in the host country; relocation, which involves remote work for a Russian company; relocation, which involves creating or moving one’s own business; relocation to a branch of a Russian company. Since the economic strategies of migrants are influenced by signals broadcast by the Russian government structures, the article analyzed the statements of representatives of these structures using the method of network cognitive mapping, which made it possible to reveal two types of official discourse in relation to those who left Russia, which differed in the extent of their criticism towards them. In general, the study showed that migrants of the latest wave are internally heterogeneous and fall into several groups that differ markedly in their motivation and patterns of economic behavior. At the same time, a significant part of them continues to cooperate with Russia in one way or another and, in principle, is ready to return to Russia. For them, migration is driven largely by security and/or economic reasons. Only a minority of emigrants left the country due to their disagreement with the current political course and consider the possibility of coming back only if the political course changes radically.

Optimizing trigeneration energy systems: Biogas-centric methanol production via direct CO2 hydrogenation with advanced integration of PEM electrolyzer and LNG cold technology

Biogas, a sustainable alternative to fossil fuels, addresses issues of non-renewability and accessibility. Its structural similarity to fossil fuels makes it a potent option for energy systems. With this in mind, this paper discusses a novel trigeneration system that utilizes biogas and Liquefied natural gas cooling to produce methanol, electricity, cold water, hot water, oxygen, and natural gas. The system integrates various components such as a biogas burner, Kalina cycle, organic Rankine cycle, liquefied natural gas liquid gasification cycle, proton exchange membrane electrolyzer, and methanol synthesis unit. Simulation via Aspen HYSYS software includes an analysis of energy, exergy, economic, and environmental aspects. Efficiency assessment in single generation, cogeneration, trigeneration, and chemical trigeneration modes concludes chemical trigeneration as most efficient, with the proton exchange membrane electrolyzer being the most efficient subsystem. Key variables like Kalina cycle evaporator temperature, gas flow rate to the methanol reactor, and organic Rankine cycle working fluid pressure are assessed. Predictions on thermodynamic, environmental, and economic behaviors, along with their fluctuations, are made. Using a thermoeconomic approach, the economic analysis determines an exergy unit cost of 59.79 $/GJ and a total cost rate of 2764 $/h. Overall, this work presents a novel and efficient chemical trigeneration system that utilizes biogas and LNG cooling to produce multiple products.

THE INFLUENCE OF THE SOCIAL ENVIRONMENT ON ATTITUDE RATIONAL ECONOMY THROUGH LIFESTYLE FOR STUDENTS OF VOCATIONAL SCHOOL 2 BLITAR

This study explores the influence of social environment on the consumption behavior of vocational school students, which is also influenced by their lifestyle. This study uses a quantitative approach with correlational techniques and path analysis, assisted by SPSS 19.0 and Smart PLS programs. The findings show that the social environment has a significant influence on lifestyle, which then affects students' rational economic attitudes. Lifestyle acts as a mediator between the social environment and economic attitudes, indicating the importance of a holistic approach in understanding and improving students' economic well-being. The results of this study provide guidance for educational institutions and policy makers to develop more targeted strategies in improving students' financial literacy and economic behavior, by considering non-academic factors and encouraging healthy living habits and a strong understanding of financial management.

How Economic Theories Shape Chemical Technology Profile

The chemical industry, a cornerstone of the global economy essential for modern life, has raised significant concerns due to its unique nature. Chemical technologies often require high energy inputs, involving ecotoxic reagents thus assessing risks from an economic standpoint becomes complex. While the economic aspects of chemical technologies have been discussed and economic tools have been used to inform investment decisions in this field, many fundamental issues remain unexplored, such as the clear definition of chemical technology economics and the reasons for its importance. The primary contribution of this article is to synthesize insights into these fundamental issues and propose pathways for future research in chemical technology economics. This review is divided into two sections: the first provides an overview of the significance of economic factors in chemical technologies, and the second explores the fundamentals of economics and their application to chemical technology considerations. Our research underscores that economic theories significantly influence the profile of chemical technologies, viewing the chemical sector as a dual asset. First, the sector has a unique opportunity to lead the way in promoting sustainable economic development, and second, it can adopt economic behaviors that align with environmental and societal needs.