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  1. Is habit a powerful policy instrument to induce prosocial behavioral change?
    Autor*in: Caro-Burnett, Johann; Chevalier, Judith A.; Mobarak, Ahmed Mushfiq
    Erschienen: 2021
    Verlag:  Cowles Foundation for Research in Economics, Yale University, New Haven, Connecticut

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 29
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Cowles Foundation discussion paper ; no. 2275 (February 2021)
    Schlagworte: Behavioral Economics; Habit Formation; Kenya; Sanitation
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  2. Serial sovereign default
    the role of shocks and fiscal habits
    Autor*in: Faria, João Ricardo; McAdam, Peter; Orrillo, Jaime
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We confront five stylized facts related to sovereign default: 1) the presence of serial defaulters; 2) the prevalence of partial over complete default; 3) the counter-cyclicality of default; 4) non-linearity of sovereign spreads; and 5) heterogeneous... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 534
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    We confront five stylized facts related to sovereign default: 1) the presence of serial defaulters; 2) the prevalence of partial over complete default; 3) the counter-cyclicality of default; 4) non-linearity of sovereign spreads; and 5) heterogeneous outcomes among serial defaulters. In a model that integrates fiscal uncertainty and habit formation in policy, assuming incomplete financial markets, we demonstrate that default is habit and shock driven as well as non-strategic and involuntary. Moreover, there is no need for sanctions to sustain trading. Importantly, in spite of dealing with serial defaulters, partial default is a robust equilibrium. We characterize good and bad fiscal habits and, that with the latter, expected default increases with habit persistence. The impact of habits on the expected default rate is the opposite of its effect on both the interest rate on public debt and base interest of the economy. The presence of habits also has implications for the cost of debt, default risk premium and the cost of default, and can shed light on country heterogeneities.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289949163
    Weitere Identifier:
    hdl: 10419/249902
    Schriftenreihe: Working paper series / European Central Bank ; no 2629 (December 2021)
    Schlagworte: Default Probability; Habit Formation; Fiscal shocks; Topological Robustness
    Umfang: 1 Online-Ressource (circa 79 Seiten), Illustrationen
  3. Play it Again, Sam?
    Product Differentiation and Success in the Music Industry
    Autor*in: Deshmane, Abhishek; Martínez-de-Albéniz, Victor
    Erschienen: 2022
    Verlag:  SSRN, [S.l.]

    Newly released music by a certain artist is never assessed in isolation by the audiences, who tend to compare it with the previous musical catalogue of the corresponding artist. Through a repeated interaction with the artist's music, the audiences... mehr

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    Newly released music by a certain artist is never assessed in isolation by the audiences, who tend to compare it with the previous musical catalogue of the corresponding artist. Through a repeated interaction with the artist's music, the audiences build their own expectations about the future releases which affect the overall market reception. In this paper, we provide a general framework that incorporates the dynamics of these references towards addressing the classical dilemma of incremental versus radical innovation. We develop a theory rooted in classical behavioral economics of reference-building, and consider preference structures of habit formation and satiation. We then empirically measure the response of audiences to different degrees of innovation in successive musical album releases, by using a multi-attribute musical description of songs, together with their corresponding radio plays and critics' reviews. We find that a median deviation of the musical attributes of the newly released album from the reference levels of the audiences reduces the plays of the newly released albums by 23.1%, while that of the past albums increase by 13.8%, supporting the evidence for the existence of habit formation over radio stations. On the other hand, critics display the effect of satiation with a median deviation from the reference levels resulting in an average increase of 14.9% in their ratings. Our counterfactual analyses demonstrate how these findings can be utilized to adopt appropriate innovation rates to tailor-make products that cater to the preference structures of target consumers

     
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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: IESE Business School Working Paper
    Schlagworte: New Product Development; Incremental Vs. Radical Innovation; Reference Effects; Habit Formation; Satiation; Music; Cultural Operations
    Weitere Schlagworte: Array
    Umfang: 1 Online-Ressource (49 p)
    Bemerkung(en):

    Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 17, 2021 erstellt