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Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert 2018 University of Pennsylvania Law School

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Wharton Pension Research Council Working Papers

This chapter examines the regulatory and market structure concerns raised by automated financial advisors, and arrives at two conclusions. First, the principles-based regulatory approach of the 1940 Investment Advisors Act in the U.S. appears adequate and sufficiently flexible to address the new issues raised by automation, at least for now. Second, there is a pressing need to develop new mechanisms for encouraging investment robo-advisors (and financial advisors generally) to provide high quality decumulation services to their customers, because neither of the two prevailing compensation approaches – assets under management and commissions – provides sufficient incentive at present, and consumers are poorly ...


The Fintech Opportunity, Thomas Philippon 2018 New York University

The Fintech Opportunity, Thomas Philippon

Wharton Pension Research Council Working Papers

This chapter assesses potential impacts of FinTech on the finance industry. First we show that financial services remain surprisingly expensive in the U.S., which helps explain the emergence of new entrants. We then argue that the current regulatory approach is subject to significant political economy and coordination costs, and therefore it is unlikely to deliver much structural change. FinTech can improve both financial stability and access to services, but this will require important changes in the focus of regulations.


Matching Fintech Advice To Participant Needs: Lessons And Challenges, Stephen L. Deschenes, P Brett Hammond 2018 Capital Group

Matching Fintech Advice To Participant Needs: Lessons And Challenges, Stephen L. Deschenes, P Brett Hammond

Wharton Pension Research Council Working Papers

The financial services industry is changing rapidly with the arrival of new economies of scale and networking effects attributable to FinTech, particularly via online or ‘robo’ advice. This chapter reviews the ‘robo-experience:’ how does it differ, if at all, from more traditional advice, and what is likely to happen next? After reviewing the goals and objectives of robo-advice, evolving advice models, who uses robo-advice, and investor behavior, we conclude that first adopters tend to be more affluent Millennial investors, as well as others seeking fast, mobile, and easy access to their finances. Nevertheless, though robo-advice has promised much, evidence is ...


How Gender Norms Impact Women's Access To Financial Inclusion, Caitlyn Goodman 2018 University of Arkansas, Fayetteville

How Gender Norms Impact Women's Access To Financial Inclusion, Caitlyn Goodman

Economics Undergraduate Honors Theses

The purpose of this paper is to determine if there is a relationship between gender norms and women's access to financial resources. Using data from the World Bank and the World Values Survey, I use a linear regression model to assess how attitudes toward education, jobs, and over-all equal rights impact women's account ownership.


Three Essays On Corruption And Collusion, Arlo Redwine 2018 University of Arkansas, Fayetteville

Three Essays On Corruption And Collusion, Arlo Redwine

Theses and Dissertations

This dissertation studies corruption and collusion with data derived from a laboratory experiment and household data. In Chapter 1 I study experimental procurement auctions with bribery and a public reserve to test for the tacitly collusive equilibrium described by Compte et al. (2005). Three sellers compete for 40 periods to sell a single item to a computerized buyer who accepts bribes and determines ties in bids and bribes randomly. In the closing periods, only 13.5% of auctions display the collusive equilibrium, but 58.7% of selling prices are noncompetitive. In comparison with simulated predictions for auctions that are corrupt ...


Assessing Rice Consumers’ Preferences And Willingness To Pay In Haiti, Cleeford Pavilus 2018 University of Arkansas, Fayetteville

Assessing Rice Consumers’ Preferences And Willingness To Pay In Haiti, Cleeford Pavilus

Theses and Dissertations

In the last 30 years, rice has become the number one food staple in Haiti, and rice imports have outpaced domestic production to supply the country’s increasing rice demand. Policy makers support the claim that increasing local rice supply will not only reduce the dependency on imported rice but also upheave the national economy. However, there is a lack of information on Haitian consumers’ preferences for rice to aid the development of the local rice supply chain. This research aims to bridge that gap by assessing Haitian consumer preferences and willingness to pay for selected rice quality characteristics. The ...


Uncertainty Undermines Area-Wide Pest Management For Citrus Greening In Florida, Ariel Singerman, Sergio H. Lence, Pilar Useche 2018 University of Florida

Uncertainty Undermines Area-Wide Pest Management For Citrus Greening In Florida, Ariel Singerman, Sergio H. Lence, Pilar Useche

Sergio H. Lence

Area-wide pest management targets the pest population of an entire area rather than a single farm. Such collective efforts are more efficient in the use of pest-control inputs and therefore have more lasting effects relative to individual (uncoordinated) farm sprays when pest populations are highly mobile. Coordinated sprays may also help reduce pesticide resistance (Vreysen, Robinson, and Hendrichs, 2007). From an economic standpoint, growers are expected to join an area-wide management group and coordinate pest management practices whenever the benefits outweigh the costs.

Remarkably, Florida citrus growers’ participation in area-wide pest management has not been commensurate with evidence regarding its ...


Determinants Of Parking Fees On College Campuses, Hannah Huckeby 2018 Murray State University

Determinants Of Parking Fees On College Campuses, Hannah Huckeby

Posters-at-the-Capitol

The price of parking has recently been a hot topic around the Murray area, especially among the college students. Due to the drastic increase in parking pass prices there has been an abundant amount of discussion surrounding this idea of parking being a public good. Many individuals have been outraged which has brought up the questions of why there is a price tag on something that many people consider a public good. With that being said, this paper is going to take a deeper look into parking specifically pertaining to college campuses but also in the cities surrounding these institutions ...


Is Public Transit's 'Green' Reputation Deserved?, Justin Beaudoin 2018 University of Washington Tacoma

Is Public Transit's 'Green' Reputation Deserved?, Justin Beaudoin

TREC Friday Seminar Series

While public transit has a reputation as a potential means to ameliorate the adverse environmental effects of automobile travel, there have been very few empirical studies of the marginal effect of transit supply on air quality. We explore whether any of the substantial improvement in air quality observed in the U.S. from 1991 to 2011 can be attributed to increased public transit supply by developing an equilibrium model of transit and automobile travel volumes as a function of the level of transit supplied. We then empirically analyze the effects of the level of transit supply on observed ambient pollution ...


Pareto-Improving Transition To Fully Funded Pensions Under Myopia, Torben M. Andersen, Joydeep Bhattacharya, Marias H. Gestsson 2018 University of Aarhus

Pareto-Improving Transition To Fully Funded Pensions Under Myopia, Torben M. Andersen, Joydeep Bhattacharya, Marias H. Gestsson

Economics Working Papers

Under dynamic efficiency, a pay-as-you-go (PAYG) pension scheme is often described as an “original sin”: It helps the current generation of retirees but hurts future generations because they are forced to save via a return-dominated scheme. Abandoning it is deemed welfare-improving but typically not for all generations. But what if agents are present-biased (hence, undersave for retirement) and the “paternalistically motivated forced savings” component of a PAYG scheme motivated its existence in the first place? This paper shows it is possible to transition from such a PAYG scheme on to a higher return, mandated fully-funded scheme; yet, no generation is ...


Potential Crime Risk And Housing Market Responses, KIM, Kwan Ok LEE 2018 Singapore Management University

Potential Crime Risk And Housing Market Responses, Kim, Kwan Ok Lee

Research Collection School Of Economics

We study how information on local (dis)amenities is transmitted and manifested in housing markets. Using nationwide data on multifamily homes in South Korea, we analyze heterogeneity in the effect of a sex offender's presence on sale prices and rents of nearby homes. Our results demonstrate that the price effect of the offender's move-in varies significantly by spatial context. People react more strongly and persistently to the move-in of the offender in places wherein indicators of social connectedness are stronger, such as places with relatively low population density. We also find that, unlike housing prices, rents do not ...


How Will Persistent Low Expected Returns Shape Household Economic Behavior?, Vanya Horneff, Raimond Maurer, Olivia S. Mitchell 2018 Goethe Unviersity

How Will Persistent Low Expected Returns Shape Household Economic Behavior?, Vanya Horneff, Raimond Maurer, Olivia S. Mitchell

Wharton Pension Research Council Working Papers

Many believe that global capital markets will generate lower returns in the future versus the past. We examine how persistently lower real returns will reshape work, retirement, saving, and investment behavior of older persons using a calibrated dynamic life cycle model. In a low return regime, workers build up less wealth in their tax-qualified 401(k) accounts versus the past, claim social security benefits later, and work more. Moreover, the better-educated are more sensitive to real interest rate changes, and the least-educated alter their behavior less. Interestingly, wealth inequality is lower in periods of persistent low expected returns.


Green Behaviors In The Laboratory, Environmental Donations In The Field, Taberah Michelle D Couto 2018 University of Windsor

Green Behaviors In The Laboratory, Environmental Donations In The Field, Taberah Michelle D Couto

Major Papers

Behavior within an experiment is generally explained by either a pure profit motive or a response to the context of the experiment which is likely driven by different factors such as individuals' environmental friendliness. Are participants in laboratory experiments responding to the context of the experimental setting and not merely to a profit motive? Using a preliminary analysis, I draw evidence from data collected in a two-stage laboratory experiment designed and conducted by Palm-Forster et al. (In Press) at the University of Delaware. In the first stage of the experiment, participants performed a series of tasks concerning their tradeoffs between ...


Environmental Policies In The Transportation Sector: Taxes, Subsidies, Mandates, Restrictions, And Investment, Justin Beaudoin, Yuan Chen, David R. Heres, Khaled H. Kheiravar, Gabriel E. Lade, Fujin Yi, Wei Zhang, C.-Y. Cynthia Lin Lawell 2018 University of Washington, Tacoma

Environmental Policies In The Transportation Sector: Taxes, Subsidies, Mandates, Restrictions, And Investment, Justin Beaudoin, Yuan Chen, David R. Heres, Khaled H. Kheiravar, Gabriel E. Lade, Fujin Yi, Wei Zhang, C.-Y. Cynthia Lin Lawell

Economics Working Papers

The transportation sector is associated with many negative externalities, including air pollution, global climate change, and traffic congestion. In this paper we discuss several possible policies for addressing the emissions and other environmental externalities from the transportation sector, including taxes, subsidies, mandates, restrictions, and investment. Most economists generally recommend that policy-makers use incentive- (or market-) based instruments as opposed to command and control policies whenever possible. However, various economic and political constraints can preclude policy instruments that would in theory achieve a first-best outcome from being employed, and policy-makers have often implemented alternative policies such as subsidies, mandates, restrictions, and ...


How Financial Literacy And Impatience Shape Retirement Wealth And Investment Behaviors, Justine S. Hastings, Olivia S. Mitchell 2018 Brown University and NBER

How Financial Literacy And Impatience Shape Retirement Wealth And Investment Behaviors, Justine S. Hastings, Olivia S. Mitchell

Wharton Pension Research Council Working Papers

Two competing explanations for why consumers have trouble with financial decisions are gaining momentum. One is that people are financially illiterate since they lack understanding of simple economic concepts and cannot carry out computations such as computing compound interest, which could cause them to make suboptimal financial decisions. A second is that impatience or present-bias might explain suboptimal financial decisions. That is, some people persistently choose immediate gratification instead of taking advantage of larger long-term payoffs. We use experimental evidence from Chile to explore how these factors appear related to poor financial decisions. Our results show that our measure of ...


Three Essays On Consumer Demand In Online And Offline Markets, Xingyue Zhang 2018 Lehigh University

Three Essays On Consumer Demand In Online And Offline Markets, Xingyue Zhang

Theses and Dissertations

Consumers face various costs when investigating and purchasing products in either online or offline markets: the travel cost to visit a store and the search cost to examine the product attributes once they are at a store. The relative magnitude of the costs may lead to different store pricing and consumer search behavior. This dissertation builds game-theoretic search models and examines the interaction between store pricing and consumer search behavior under travel and search costs, and positive stockout probabilities in Chapter 1. To quantify the difference in consumer demand under different costs, a structural demand model has been developed to ...


Abandoning The Dream Of Omnipotence: On Autonomy And Self-Binding, Charlie Coil 2018 University of Arkansas, Fayetteville

Abandoning The Dream Of Omnipotence: On Autonomy And Self-Binding, Charlie Coil

Theses and Dissertations

I offer a prolegomenon to the philosophical study of a uniquely human activity—the self-binding act. This philosophical interest directly connects with the Enlightenment project of centralizing personal autonomy and individual freedom as primary values of personhood. Self-binding represents an easily referenced action that introduces a possible clash between autonomy and freedom on the one hand seen as in conflict with other ancient basic human values like self-control and avoiding akrasia. This dissertation investigates the inverted manner whereby an act of self-binding, which voluntarily and effectively limits a person’s options, can end up augmenting rather than interfering with personal ...


Has The Development Gap Between The Ethnic Minority And Majority Groups Narrow In Vietnam?: Evidence From Household Surveys, Tomoki FUJII 2018 Singapore Management University

Has The Development Gap Between The Ethnic Minority And Majority Groups Narrow In Vietnam?: Evidence From Household Surveys, Tomoki Fujii

Research Collection School Of Economics

Using household data for rural northern Vietnam between 1993 and 2014, we find that the ethnic minority group continued to lag behind the majority group in various development indicators despite the overall improvement in living standards. Our regression and decomposition analyses show that the structural differences between the two groups are an important cause of persistent development gap. However, the nature of structural differences changed over time and no single source of structural difference explains the persistent gap. We argue that more minority‐appropriate policies are needed to lift poor minority households out of poverty further and reduce the development ...


Pretrial Release And Failure-To-Appear In Mclean County, Il, Jonathan Monsma 2018 Illinois State University

Pretrial Release And Failure-To-Appear In Mclean County, Il, Jonathan Monsma

Stevenson Center for Community and Economic Development to Stevenson Center for Community and Economic Development—Student Research

Actuarial risk assessment tools increasingly have been employed in jurisdictions across the U.S. to assist courts in the decision of whether someone charged with a crime should be detained or released prior to their trial. These tools should be continually monitored and researched by independent 3rd parties to ensure that these powerful tools are being administered properly and used in the most proficient way as to provide socially optimal results. McLean County, Illinois began using the Public Safety Assessment-CourtTM (PSA-Court or simply PSA) risk assessment tool beginning in 2016. This study culls data from the McLean County ...


Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert 2018 University of Pennsylvania Law School

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Faculty Scholarship at Penn Law

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties involved in identifying optimal decumulation strategies and sketching a few of the ‘rules of thumb’ that financial advisors have developed in this area in the face of this uncertainty. Next we describe behavioral effects that could inhibit consumers from following an optimal decumulation strategy, concluding that, left to their own devices, consumers are likely to make sub-optimal decumulation decisions ...


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