Departmental Bulletin Paper Effectiveness of Behavioral Economics : Through Proof Experiments of Kahneman's Theory
Effectiveness of Behavioral Economics : Through Proof Experiments of Kahneman's Theory

小泉, 修平

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Daniel Kahneman established a new discipline called behavioral economics and was awarded the Nobel Prize in economics in 2002. It was "Prospect theory" and "Heuristics" that he proposed with Amos Tversky, a coworker, and they attempted a proof using the "only one question method", a psychological experimental technique. This report analyzes the results of the confirmatory study that I carried out for students of the Osaka Sangyo University business administration department on May 27, 2014 (158 subjects), June 3(121 subjects), and September 30(168 subjects), using the same experimental technique as Kahneman and others. There were 26 questions, 11genres, and a total of 447 students. Regarding this confirmatory study of Prospect theory, which applies also to the field of Finance, the results conformed to the theory for the most part, but they were not as remarkable as those of Kahneman's experiment, probably because students' senses of values regarding money were not uniform. On the other hand, regarding Heuristics theory, which applies also to the field of marketing, as for me, there was concern that a difference in economic knowledge, such as Bayesian estimate and statistical cause and effect rates, might appear, but those were ground less fears. At the point of intuition, results showed that differences in knowledge and academic ability were irrelevant. Furthermore, regarding the issue of concern over influence from difference in ethnic culture I compared Chinese foreign students with Japanese students, and the results were as follows: regarding the basic problems. both Japanese and Chinese students showed roughly the same tendency as European and American students, but regarding the correction problems, improvement in correct answer rate for the Chinese foreign students was more remarkable than the rise in correct answer rate of European and American students.
Daniel Kahneman established a new discipline called behavioral economics and was awarded the Nobel Prize in economics in 2002. It was "Prospect theory" and "Heuristics" that he proposed with Amos Tversky, a coworker, and they attempted a proof using the "only one question method", a psychological experimental technique. This report analyzes the results of the confirmatory study that I carried out for students of the Osaka Sangyo University business administration department on May 27, 2014 (158 subjects), June 3(121 subjects), and September 30(168 subjects), using the same experimental technique as Kahneman and others. There were 26 questions, 11genres, and a total of 447 students. Regarding this confirmatory study of Prospect theory, which applies also to the field of Finance, the results conformed to the theory for the most part, but they were not as remarkable as those of Kahneman's experiment, probably because students' senses of values regarding money were not uniform. On the other hand, regarding Heuristics theory, which applies also to the field of marketing, as for me, there was concern that a difference in economic knowledge, such as Bayesian estimate and statistical cause and effect rates, might appear, but those were ground less fears. At the point of intuition, results showed that differences in knowledge and academic ability were irrelevant. Furthermore, regarding the issue of concern over influence from difference in ethnic culture I compared Chinese foreign students with Japanese students, and the results were as follows: regarding the basic problems. both Japanese and Chinese students showed roughly the same tendency as European and American students, but regarding the correction problems, improvement in correct answer rate for the Chinese foreign students was more remarkable than the rise in correct answer rate of European and American students.
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