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  • 251.
    Johannesson, Maja
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Stejmar, Sofie
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Gröna obligationer - Vägen till en mer hållbar kreditmarknad: En studie om aktörers motiv och ekonomiska drivkrafter på den svenska marknaden för gröna obligationer2015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: In 2007 the World Bank issued the first green bond in the world in co-operation with SEB. Vasakronan issued the first green corporate bond in 2013 and since then the market has expanded. Green bonds have the same financial characteristics as traditional bonds, the difference being that the proceeds from green bonds have to finance environmental or climate friendly projects. Green bonds give incentives to investors and issuers to implement sustainable investments and projects.

    Aim: The purpose of the thesis is to examine and analyze motives and economic incentives behind the participation of players in the Swedish green bond market. In addition, the thesis maps out the institutional conditions that enabled the emergence of green bonds and highlight the future challenges and prospects.

    Completion: This thesis is a qualitative study of 13 interviews conducted by the authors. The interviewees represent the following groups: issuers, investors, banks and certifiers. A literature review about green bonds is provided to illustrate the characteristics of green bonds and the market. The empiric material is analyzed using institutional theory, game theory, financial theory and CSR theories, as well as previous research about CSR and SRI.

    Conclusion: A number of institutional conditions and individual actions have contributed to the rise and development of the Swedish green bond market. The motives and economic incentives that apply to all the players in the market are the opportunity to enhance a green and sustainable profile, the fact that green bonds have the same financial characteristics as traditional bonds and that they include a green feature. Future challenges for the growth of the green bond market include the development of standards and to increase the supply of green bonds.

  • 252.
    Johansson, Camilla
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Pettersson, Lisa
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Microcredit Impact on Business Performance: A Minor Field Study in El Salvador2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Microcredits have become a popular way to include poor people in the financial market. Former research on the impact on business performance has provided divergent findings and its impact on the Salvadoran market is not yet investigated. This thesis takes on this problem by analysing and evaluating how the microenterprises in Usulután, El Salvador are affected by the participation in a microcredit program. By using a quantitative method the business performance of a treatment group is compared to that of a control group. The results show that participation in a microcredit program enlarged the enterprise size in terms of sales, total assets and equity, but did not have any significant impact on business profit, marginal return to capital or fixed asset. Regressions are conducted to describe what individual characteristics of the clients are the most important for the business performance. Clients with higher education and male clients over performed other clients.

  • 253.
    Johansson, Oliver
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Lindström, Victor
    Linköping University, Department of Management and Engineering, Economics.
    Bilverkstäder, en marknad med lika spelregler?: En studie om konkurrensen på marknaden för bilverkstäder i Sverige2018Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    On the 1st of January 2003, a block exemption regulation for motor vehicles was adopted inSweden as a measure intended to promote the conditions of competition in the automobilemarket in Sweden. Part of the block exemption was focused on the aftermarket, and this is alsowhat our study focus on, specifically the market for auto repair shops. The block exemption isintended to make it more of a level playing field for repair shops on the market by giving allrepair shops the right to the information and training required to perform repair and service ona car regardless of model or brand. The purpose of our study has been to investigate whetherthe market, after the block exemption was adopted, has a level playing field for marketparticipants, what the effects have become and what the competition looks like today after theregulation. This has been investigated and analyzed with the help of previous research and aprice survey, which has been analysed by means of economic theories.The results of our investigation shows that there has been an improvement in competitionbetween market players, but the authorised repair shops still have advantages over theunauthorised repair shops. Mainly when it comes to service and repair on new cars because thecar brand's dealers are often co-located with their authorized workshop which can then create arelationship with the customer directly at the time of the car purchase and tie the customer totheir repair shop through warranty agreements. The block exemption has also had a positiveeffect for both repair shops and consumers since the availability of original spare parts hasincreased, which has added more choices and improved the quality of service and repair. Thestudy also shows that the various repair shops compete with different means depending onwhether they are an authorised- or independent repair shop. The independent repair shopscompete mainly with price while the authorised workshops mainly use quality as a means ofcompetition. It also shows that the independent repair shops more often are located in ruralareas than the authorised repair shops, as they do not require an equally expensive repair shopas the authorised does.

  • 254.
    Josephson, Camilla Maria Kyllikki
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Productivity Variations in the Swedish Manufacturing Industry 1950-19942004In: Technology and human capital in historical perspective / [ed] Jonas Ljungberg and Jan-Pieter Smits, Basingstoke: Palgrave Macmillan, 2004, 1, p. 145-181Chapter in book (Other academic)
    Abstract [en]

    One theme of this volume is whether the complementarity between technology and human capital is a recent phenomenon, or whether it can be traced through history. Different approaches to human capital as well as technology are applied, and besides historical surveys are total factor productivity and patent data employed. The studies deal with the Iberian peninsula, Scandinavia, and Canada, countries displaying different patterns in the international development.

  • 255.
    Josephson, Camilla Maria Kyllikki
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, The Institute of Technology.
    Carreras, Albert
    History and Economic Institutions the Universitat Pompeu Fabra (Barcelona, Spain).
    Aggregate Growth 1870-19142010In: The Cambridge Economic History of Modern Europe: Volume 2, 1870 to the Present / [ed] Stephen Broadberry and Kevin O'Rourke, Cambridge University Press , 2010, 1, p. 30-58Chapter in book (Other academic)
    Abstract [en]

    Unlike most existing textbooks on the economic history of modern Europe, which offer a country-by-country approach, The Cambridge Economic History of Modern Europe rethinks Europe's economic history since 1700 as unified and pan-European, with the material organized by topic rather than by country. This second volume tracks Europe's economic history through three major phases since 1870. The first phase was an age of globalization and of European economic and political dominance that lasted until the First World War. The second, from 1914 to 1945, was one of war, deglobalization, and depression and the third was one of growing integration not only within Europe but also between Europe and the global economy. Leading authors offer comprehensive and accessible introductions to these patterns of globalization and deglobalization as well as to key themes in modern economic history such as economic growth, business cycles, sectoral developments, and population and living standards.

  • 256.
    Josephson, Camilla Maria Kyllikki
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Westerlund, Joakim
    School of Accounting, Economics and Finance, Deakin University Australia at Melbourne.
    How Can State of the Art Econometrics Help Time Series Modeling in Neural Connectivity MappingManuscript (preprint) (Other academic)
    Abstract [en]

    Understanding the human brain is one of the great scientific challenges of the 21st century. This project aims to contribute to a key aspect of this challenge: revealing the neural interconnection underlying decision making processes. In order to do so we will take advantage of the latest developments in econometric time series analysis

    New studies have shown that, besides the formation of multiple networks, the human brain forms one integrated complex network, linking all brain regions and sub-networks together into one complex system. Exploiting new methods for examining the overall organization of this network can provide new valuable insights into how the human brain operates: How the functional connections between brain-regions are organized. What determines the brain’s capability of integrating information between different sub-systems? And how does it affect human decision-making? Decoding this amazingly complex wiring diagram of neural network, referred to as the Connectome, has the potential to uncover more about what makes us uniquely human and what makes every person different from all others.

    In modern Neuroscience there is a major conceptual belief that the computational properties of the brain are a direct consequence of its circuitry (Freund 2002). This insight has received unparalleled attention in the past decades as technological advances transformed the acquisition of neural connectivity data from a slow paced, tentative groping, into a high throughput process of massive multimodal data acquisition including morphological, neurochemical and functional variables. There is no further advanced, nor better established method for the detection and delineation of regions of the brain that change their level of activation in response to experimental external incentives than functional magnetic resonance imaging fMRI. Based on changes in the blood oxygenation level dependent (BOLD) signal reflecting neuronal activation, although indirectly, fMRI produces activation maps which typically depict the average level of engagement during a specific task or in response to a specific stimulus, of different regions in the brain. Although fMRI has a temporal resolution less than the true speed of neural interactions, it provides whole-brain coverage at spatial resolutions of millimeters, and is an ideal tool for measuring intrinsic, steady-state hemodynamic fluctuations. Evidence continues to accumulate that connectivity measures by fMRI reflect meaningful aspects of cognitive processing in terms of task, load, behavior and decision making. As such, the aims within this proposal are focused on:

     

    (i)             Designing innovative decision-making experiments able to capture how context- or condition-specific changes in connectivity modify underlying cognitive decision-making processes.

     

    (ii)           Devising novel methodologies useful in identifying neural connectivity data elucidating decision making operations recorded in the fMRI scanner

  • 257.
    Jovanovic, Srdjan
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Magnusson, Erik
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Underkastad eller överraskad: Investering som alternativ till amorteringskrav2014Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    De svenska hushållen har idag en rekordstor skuldsättning, där bolån ofta utgör den största delen av hushållens skuld. Värdet på bostäder har ökat kraftigt sedan början på 1980--‐talet, vilket är en starkt bidragande anledning till den ökade skuldsättningen. I ett försök att kyla ner prisutvecklingen på bo--‐ städer införde finansinspektionen ett bolånetak under år 2010. Dock fick detta inte den önskade effekten utan ledde istället till att andelen blancolån ökade, medan storleken på bolån minskade. Detta har lett till att ett eventuellt amorteringskrav börjat diskuteras.

    Amorteringskravet skulle leda till att skuldsättningen minskar, men frågan är om det är det bästa sättet för hushållen att få ner sin skuldsättning. Skuldsättningsgraden kan påverkas på två sätt: antingen genom att minska hushållet skulder eller genom att öka hushållets egna kapital. Att tvinga hushållen att amortera innebär att de måsta använda sitt begränsade kapital till att betala av på sitt lån när de istället skulle kunna använda kapitalet till investeringar. Hushållen skulle på så sätt kunna skapa sig en högre nettoförmögenhet, genom till exempel investeringar på aktiemarknaden. Om man väljer att kliva ifrån amorteringskravet blir frågan för hushållen hur de ska välja att fördela sitt kapital på amortering och alternativinvestering. Hushållen står alltså inför ett portföljval där portföljen består av amortering och alternativinvestering.

    Syftet med studien är att undersöka om en investering på aktiemarknaden, historiskt sett, gett en överavkastning och högre nettoförmögenhet än amortering av ett bostadslån. Syftet är även att komma med en rekommendation på fördelning av eget kapital mellan amortering av bostadslån och investering på aktiemarknaden.

    Ett antal avgränsningar görs i studien. Dels ses inte bostaden som en tillgång i sig, detta i sin tur leder till att ingen hänsyn tas till hävstångseffekten på den del av kapitalet som är investerat i fastigheten och därigenom incitamentet att inte amortera. Dessutom görs en avgränsning i delen med risk av portföljen, då den endast kan innehålla amortering och aktier.

    Resultatet visar att en investering på aktiemarknaden gett en kraftig överavkastning och högre nettoförmögenhet än vid amortering. Vidare visar resultatet att aktiemarknaden varit väldigt mycket mer volatil än avkastningen från att amortera. Detta syns på exempelvis värdeackumulering som har gått upp och ned, medan den för amorteringen varit helt linjär. När det gäller den optimala portföljen visar resultatet att om bolåneräntan är låg och man förväntar sig en låg avkastning på aktiemarknaden så ska den absoluta majoriteten av kapitalet allokeras till amortering, men allt eftersom en av variablerna ökar bör mer och mer kapital tillföras aktiemarknaden. Dessutom visar resultatet att på grund av ränteavdraget som hushållen får genomföra i Sverige uppstår situationer när inget kapital ska fördelas till amortering. Dessa situationer uppstår när differensen mellan den riskfria räntan och bolåneräntan är mindre än 30 procent av bolåneräntan.

    Slutsatsen som dras från resultatet är att amortering bör ske när räntan är låg och förväntningarna på aktiemarknaden är låga. Detta eftersom ränteavdraget gör att avkastningen på att amortera hamnar under den riskfria räntan vid höga bolåneräntor. Hushållen bör dock ha i åtanke att amorteringen inte innebär någon tillgångsspecifik risk för värdeackumulationen, men det gör alternativinvesteringen. Hushållen bör således fundera kring sin riskaptit i sitt val av amortering eller alternativinvestering.

  • 258.
    Kahvedzic, Nedim
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Losic, Samir
    Linköping University, Department of Management and Engineering, Economics.
    Corruption in Bosnia and Herzegovina: Causes, Consequences and Cures2010Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    The state of Bosnia and Herzegovina (BiH), a developing country that once was a part of thecommunist Yugoslavia, is struggling to move from wartime to peacetime, to shift from acentrally controlled economy to a free market economy, and to stir from a socialist stylegovernment to a democracy. All of these processes lend themselves to great corruption. Theaim with this paper, thus, is to provide a frame of reference that can be used when writing andimplementing policies against corruption in BiH. This paper tries to identify the sectors inBiH that are most affected by corruption and to discuss possible causes of corruption in thecountry. The paper also discusses possible effects that corruption in BiH has on the country’seconomic growth, how corruption can be fought in the country and how a successfulreduction in corruption affects BiH’s economic growth.This work finds several flaws and weaknesses in the society of BiH. BiH faces today weakpolicies, weak institutions and weak penalty systems. There are strong regulations and noinstitutional controls. The economy is weak and leads to poverty. This paper argues that it isthrough these weaknesses in the society that corruption in BiH has arisen, and hasconsequently affected all major sectors and institutions in the country; it can be seen in thepolitical parties, the Police and other Enforcement Structures, the Judiciary, public utilities,the Health System and the Education System. Corruption has furthermore slowed down theprivatization process and is used by employers during recruitment processes to exploitcitizens in need of a job.This paper also finds that corruption in BiH brings with it its own distortions as it underminessocial capital by creating mistrust between various actors in the country, hinders bothdomestic and foreign investment, increases poverty and encourages growth of the blackmarket. All of these distortions lead to a slowdown in the economic growth.Furthermore, this paper asserts that BiH needs help from the European Union, the Office ofhigh Representative and possibly other international actors in the fight against corruption.They must help BiH to implement strategies that will give the leading politicians incentives tofight corruption. The paper stresses the lack of politicians’ will to fight corruption in BiHtoday as the biggest and most central problem in the fight against corruption. The anticorruptionprogram in this paper therefore emphasizes the importance of anti-corruptionmeasures that first and foremost deal with this problem. Only when this issue is resolved canBiH move to anti-corruption strategies on national level. The anti-corruption strategies onnational level themselves should contain effective government anti-corruption strategies.They should also promote anti-corruption education and secure free access to information.Finally, this work identifies probable positive effects on BiH’s economic growth if corruptionis successfully fought; the country will experience higher domestic and foreign investment,the mistrust will decrease and result in higher social capital, and both poverty and the blackmarketactivity will be reduced.

  • 259.
    Kang, Sang Hoon
    et al.
    Pusan Natl Univ, South Korea.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Ahmed, Ali
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Yoon, Seong-Min
    Pusan Natl Univ, South Korea.
    Multi-scale causality and extreme tail inter-dependence among housing prices2018In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 70, p. 301-309Article in journal (Refereed)
    Abstract [en]

    This study explores multi-scale causality and extreme tail dependence structures among housing prices in four cities: Seoul, Hong Kong, Tokyo, and New York. We apply two different and unique approaches in our analysis of monthly housing price data: (i) the frequency domain Granger casualty test and (ii) the non-parametric copula test. Employing the frequency domain casualty test, we find both bi-directional and uni-directional causalities at different frequency bands. Additionally, the nonlinear copula estimates indicate asymmetric tail dependence for housing price pairs in all four cities. Finally, the Hong Kong housing market has a greater effect on the Seoul and Tokyo housing markets than does the New York housing market.

  • 260.
    Kang, Sang Hoon
    et al.
    Pusan Natl Univ, South Korea.
    Yoon, Seong-Min
    Pusan Natl Univ, South Korea.
    Bekiros, Stelios
    Athens Univ Econ and Business, Greece.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bitcoin as Hedge or Safe Haven: Evidence from Stock, Currency, Bond and Derivatives Markets2019In: Computational Economics, ISSN 0927-7099, E-ISSN 1572-9974Article in journal (Refereed)
    Abstract [en]

    It is crucial for investors to manage their investment risk. This paper examines the dynamic equicorrelation relationship between Bitcoin and four major investment assets, namely, US stock (Samp;P 500), US dollar, Treasury bonds and gold futures. Our empirical analysis reveals an asymmetric causality between Bitcoin and other asset classes. The results indicate that Bitcoin may be employed as an effective safe haven for investors by providing invaluable information to reduce downside risk, hence strengthening diversification benefits in optimal asset allocation and portfolio risk management.

  • 261.
    Karlsson, Annacarin
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Talp, Lovisa
    Linköping University, Department of Management and Engineering, Economics.
    Ethnic Tension and Economic Development: An Econometric Panel Data Study of Ethnic Tensions Impact on Economic Development in African Countries2017Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    A high level of ethnic diversity characterizes the African continent and several countries have struggled with tensions between ethnic groups. Research has explained Africa’s history of slow economic growth as a result of ethnic diversity but few have investigated the impact of ethnic tensions on economic development. In this thesis we analyse whether tensions between ethnic groups have a negative impact on economic development in African countries. By using panel data analysis, we examine the relationship between ethnic tension and GDP per capita for 35 African countries over the time period 1985 to 2014. Our results confirm that ethnic tension has a negative impact on economic development in Africa. Tensions are likely to arise as a result of discrimination and exclusion of one or a several groups in a society. If individuals are denied consumption of equal shares of economic resources, there is a risk that they take actions that cause tensions between groups. The negative relationship between ethnic tension and economic development is a result of decreased capital accumulation, which restrains long-term economic development. In countries with low-income levels the impact on capital accumulation is more severe. Competition of limited resources decreases incentives for capital accumulation. Further, tensions between groups inhibit development of human capital since all individuals do not have the possibility to contribute with their knowledge and experience. That implies weakened economic development because possible innovation is lost. This thesis emphasizes the importance for African countries to implement policies that encourage the rights for minorities and other marginalized groups in the society. Ethnic representation in governmental positions is suggested in order to ensure equal distribution of aggregated resources.

  • 262.
    Karlsson Linnér, Richard
    et al.
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics.
    Berglund, Axel
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics.
    Avveckling på den svenska aktiefondmarknaden: Påverkas avvecklingen av Premiepensionssystemet?2014Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: Research from Dahlquist & Martinez (2013) suggest that pension savers in the Swedish Premium Pension system are inattentive to bad investment outcomes compared to investors in the retail market. The authors draw the conclusion that funds of low quality therefore may be able to stay in the market longer than if they would have been disciplined by retail investors.

    Aim of the study: The aim of the study is to analyze the rate of attrition in the Swedish mutual equity fund market to study if the Swedish Premium Pension System has an effect on the market’s competetive conditions.

    Methodology: The thesis carry out a quantitative study of a stratified and randomized sample of 175 Swedish mutual equity funds that form a panel in the period of 2010 up until and including 2013. Mutual fund attrition is tested through a longitudinal probit model where the differences between the Premium Pension market and the retail market are compared. The attrited mutual equity funds in the sample are examined qualitatively to see how the fee changes after mergers and what official reasons of attrition are stated by the investment companies to their customers. The results of the study are analyzed with a Game Theoretic approach called Trust Games and with theories of Institutional Economics.

    Results and Conclusions: The results of the thesis are that the main explanatory variables that explain survival of mutual equity funds in a given year are a fund's age and assets under management. There is no statistically significant effect on the market's attrition rate caused by the Premium Pension System for the whole period of study, although an arguable effect for the year 2012 is observed through an interaction term, . The study analyzes how the Premium Pension System can cause opportunistic behavior which slows down the rate of attrition through the Trust Game and other possible explanations for the observed difference in the year 2012.

  • 263.
    Karlsson Linnér, Richard
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Wästlund, David
    Linköping University, Department of Management and Engineering, Economics.
    Andrahandsmarknaden för livförsäkringar: En nationalekonomisk analys av marknadens möjligheter och risker i Sverige2012Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Uppsatsen behandlar begagnade livförsäkringar och de implikationer som dessa kan komma att innebära för den svenska livförsäkringsmarknaden i framtiden. Syftet med uppsatsen är att analysera vinsterna och riskerna med marknaden för begagnade livförsäkringar i Sverige och utifrån detta resultat utvärdera vad reglerare av marknaden måste betänka. I uppsatsen avses med livförsäkringar enbart livförsäkringar med dödsfallsbelopp.

    Vi visar på hur livförsäkringar traditionellt är uppbyggda och hur livförsäkringspremiernas storlek bestäms. En bakgrund ges till den svenska försäkringsmarknaden och dess grundläggande principer samt den förändring som branschen genomgår och hur denna kan tänkas resultera i att ett större intresse för handel med livförsäkringar uppstår för både försäkrade och investerare.

    En jämförelse görs med den amerikanska livförsäkringsmarknaden för att få en uppfattning om riktningen som marknadskrafter kan tänkas föra en oreglerad marknad mot. Handeln med begagnade livförsäkringar är där väl utbredd och debatten kring dess konsekvenser för individer och livförsäkringsbranschen är omfattande. Uppsatsen finner att andrahandsmarknaden gör att livförsäkringar som redan tecknats blir en ren finansiell tillgång och att klassiska marknadsinslag som värdepapperisering är en tänkbar utveckling. Situationen i USA visar också att tillåtande av en andrahandsmarknad riskerar att leda till att livförsäkringar tecknas även för individer som inte utnyttjar dessa ur trygghetssynpunkt. Studien utnyttjar amerikansk forskning på området som underlag för vidare diskussion för andrahandsmarknadens konsekvenser.

    Hälsoförändringars påverkan på det förväntade värdet av ett livförsäkringskontrakt analyseras och de situationer där en försäljning av livförsäkringskontrakt är lönsam för den försäkrade och investerare diskuteras. Uppsatsen tar upp anledningar till att information kan fördelas asymmetriskt mellan aktörer och analyserar vilka konsekvenser detta kan få. Vi finner att bättre kännedom om individens hälsotillstånd leder till större vinster genom andrahandsmarknaden men att aktörer av olika anledningar kan vara förhindrade att utnyttja denna information.

    Uppsatsen analyserar hur olika aktörer påverkas av andrahandsmarknaden för livförsäkringar. Vi finner att vinnarna är investerare, mellanhänder och de individer som förlorat anledningen att behålla sina livförsäkringskontrakt. Livförsäkringsföretagen förlorar alltid på marknaden. Huruvida försäkringstagarkollektivet som helhet vinner eller förlorar genom andrahandsmarknaden beror på de antaganden som ligger till grund för livförsäkringspremiernas storlek.

    Marknadens storlek och dess betydelse för transaktionskostnader diskuteras, liksom olika moraliska aspekter av handel med begagnade livförsäkringar. Uppsatsen diskuterar också de samhällsrisker som är förenade med att aktörer kan vinna på individers död.

    Uppsatsen finner att begagnade livförsäkringar i vissa fall är önskvärt för samhället men att marknaden måste regleras hårt för att förhindra orättvisor och svaga positioner för de försäkrade. Höga kostnader kan uppstå både för reglering och för inhämtande av information för marknadens aktörer. Slutligen lyfter uppsatsen fram ett antal aspekter som reglerare av andrahandsmarknaden för livförsäkringar måste betänka.

  • 264.
    Karlsson, Marcus
    et al.
    Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
    Martinsson, Jacob
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Intäktsdiversifiering i europeiska bankverksamheter: En studie om provisionsintäkternas effekt på aktiemarknadens värdering och variationen i aktiepriserna2014Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This study examines how revenue diversification in European banks affects the market valuation and the total, systematic and idiosyncratic risk. Since the mid-1980s, European banks have expanded towards non-interest income generating activities. The historical perception has been that revenue diversification can reduce overall earnings volatility, potentially contributing to an increased market valuation.

    The effects of revenue diversification are examined by using OLS regressions on panel data containing 103 banks from 24 European countries over the period of 2005 to 2012. Stock market data and the data from banks’ financial statements are used to calculate market valuations and total, systematic and idiosyncratic risk. Additionally, this study examines the economic significance of the results in order to evaluate the implications of revenue diversification.

    The study finds a positive effect of revenue diversification on a bank’s market value. Specifically, the findings suggest that the stock market anticipates that ‘fee income’ can improve future profits. However, a higher degree of revenue diversification increases all types of risks. The economic significance reveals that revenue diversification has a considerable effect on the market valuation and the systematic risk. At last, the effects of revenue diversification appear to have varied over time and were greater during the recent financial crisis.

  • 265.
    Karlsson Schedvin, Clara
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Ebadian, Mona
    Linköping University, Department of Management and Engineering, Economics.
    Bestämningsfaktorer till kriminalitet med fokus på effekten av ekonomisk ojämlikhet: En panelstudie över Sveriges län under perioden 2000-20142019Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Sverige nådde 2018 den högsta nivån av ekonomisk ojämlikhet och det finns svenska studier som har undersökt sambandet mellan kriminalitet och ekonomisk ojämlikhet på individnivå och därför har vi i vår studie studerat svenska län. Syftet med studien har varit att undersöka och analysera bestämningsfaktorer till kriminalitet med fokus på effekten av ekonomisk ojämlikhet under perioden 2000–2014. Har ekonomisk ojämlikhet och våra övriga bestämningsfaktorer en signifikant effekt på antalet brott som begås i Sverige? För att besvara våra frågeställningar gjordes en ekonometrisk modell och med hjälp av paneldata undersökte vi hur ekonomisk ojämlikhet, invandring, inkomst, sysselsättning, utbildning, ålder, kön och befolkningstäthet påverkar olika typer av brott. De brottskategorier som har undersökts är stöld, rån, försökt till mord och dråp, misshandel och narkotikabrott.

    Vi har dragit slutsatsen att minskad ekonomisk ojämlikhet leder till en minskning av antalet förmögenhetsbrott, i form av rån och stöld, och att det finns en svag negativ effekt på grövre våldsbrott. Däremot tycks effekten på narkotikabrott vara positiv men med en justering för tidseffekt blir dessa estimat ej längre signifikanta. De övriga bestämningsfaktorerna hade en varierande effekt på antalet brott. Ökad invandring ledde till färre misshandelsfall och narkotikabrott men till en ökning av antalet stölder, rån samt mord och dråp. Inkomst hade en negativ effekt på stöld och rån samt men effekten var positiv för misshandel och narkotikabrott. En ökad nivå av sysselsättning ledde till färre rån, narkotikabrott och misshandelsfall men för stöld fick vi en signifikant positiv effekt.

    Effekten av en ökad andel av befolkningen med eftergymnasial utbildning var oklar och vi hittade inget tydligt samband till förmögenhetsbrotten. Befolkningstäthet hade störst effekt på förmögenhetsbrotten och vi konstaterade att det blir fler rån, stölder och narkotikabrott om befolkningstätheten ökar. Effekterna från ålder och könlyckades vi inte representera väl i vår studie och vi har dragit slutsatsen att den effekten bättre fångas upp i en studie på individnivå.

  • 266.
    Katinic, Goran
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Petersson, Dennis
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Utvärdering av Riksbankens krisarbete: Teori kontra praktik2011Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    När den amerikanska investmentbanken Lehman Brothers ansökte om konkurs den 15 september 2008 ökade oron på den globala finansiella marknaden. Detta ledde till svårigheter för finansiella aktörer i Sverige att finansiera sin verksamhet eftersom det blev dyrare att ta upp lån internationellt samtidigt som misstänksamheten gentemot andra aktörer pressade upp riskpremierna. Vid denna tidpunkt var inflationsnivån i Sverige den högsta på 15 år vilket fick Riksbanken att höja styrräntan dagarna innan konkursansökan.

    När den amerikanska investmentbanken Lehman Brothers ansökte om konkurs den 15 september 2008 ökade oron på den globala finansiella marknaden. Detta ledde till svårigheter för finansiella aktörer i Sverige att finansiera sin verksamhet eftersom det blev dyrare att ta upp lån internationellt samtidigt som misstänksamheten gentemot andra aktörer pressade upp riskpremierna. Vid denna tidpunkt var inflationsnivån i Sverige den högsta på 15 år vilket fick Riksbanken att höja styrräntan dagarna innan konkursansökan.

    Uppsatsens undersökning har till stor del bestått av en litteraturstudie. Utöver detta har även en intervju genomförts med riksbankschefen Stefan Ingves. Materialet som har använts har främst tagits från Riksbanken.

    Riksbanken vidtog ett flertal åtgärder för att stärka den svenska finansmarknadens motståndskraft. Åtgärderna var under krisens gång en kombination av penningpolitik och finansiella stabiliseringsåtgärder. Utöver räntejusteringar erbjöds bland annat obegränsade lånemöjligheter till Riksbankens motparter, vilket enligt Stefan Ingves även var den viktigaste åtgärden. Detta syftade främst till att sänka den allmänna räntenivån och återskapa förtroendet på den svenska finansiella marknaden. Till följd av Riksbankens åtgärder föll den allmänna räntenivån. Vilka effekter Riksbankens åtgärder hade på inflations och BNP utvecklingen är dock svårt att fastställa då utvecklingen av dessa berodde på flera olika faktorer.

    Riksbankens agerande under finanskrisen stämmer väl överens med vad teorierna förespråkar. Problemet med de penningpolitiska teorierna är att handlingsutrymmet begränsas när styrräntan närmar sig nollgränsen samtidigt som konjunkturnedgången är ihållande. Trots att Riksbanken agerade i enlighet med de penningpolitiska teorierna kan händelseförloppet inte enbart förklaras av dessa. Riksbanken agerande som en Lender of Last Resort är teorienlig förutom att en alldeles för låg straffränta togs ut.

  • 267.
    Khan, Ellen
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Steen, Denise
    Linköping University, Department of Management and Engineering, Economics.
    Sjukvårdskostnader i samband medvägtrafikolyckor för individer med och utansömnapné2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Previous research indicates that individuals with the condition obstructive sleep apnoea(OSA) get more severe injuries after road traffic accidents, in comparison with individualswithout OSA. It has also, in previous studies, been shown that more severe injuries generatehigher costs. There is although a knowledge gap concerning whether the more severe injuriesthat involve individuals with OSA result in higher medical expenses. Furthermore, earlierresearch also implies that for patients to receive maximum healthcare from the tax moneyreimbursing the healthcare in Sweden, there should be socio-effective cost analysisconducted. An important part of socio-effective cost analysis is the identification,quantification and valuation of relevant costs associated with a specific causality.The aim of the study is to produce, compare and analyse the healthcare costs associated withroad traffic accidents in Sweden caused by individuals with and without OSA, during afollow-up period of one, two and three years. The healthcare costs include the costs that occurin the inpatient and outpatient care as well as pharmaceutical costs. The aim has been fulfilledthrough identification, quantification and valuation of the healthcare costs associated withroad traffic accidents, for individuals with and without OSA. In order to examine therelationship between the describing variables age, sex and patient group and the dependentvariable healthcare cost, we constructed an econometric model. The econometric model hasbeen assembled by data from the accident register Swedish Traffic Accident Data Acquisition(STRADA) and the organisation European Sleep Apnoea Database (ESADA).The result of the study presents and analyse the healthcare costs through socio-economictheory to decide whether there does exist a difference in healthcare costs and to investigate ifthe eventual difference in costs is distributed according to the Pareto- and Kaldor-Hickscriteria.The study’s result demonstrates a significant difference of the healthcare costs in thetwo patient groups. The marginal costs for the patient group with OSA is considerably higherthan the marginal cost for the patient group without OSA. The incremental costs also showrelatively large cost differences during the three follow-up years.

  • 268.
    Khuong Nguyen, Duc
    et al.
    IPAG Business School, Paris, France.
    Sousa, Ricardo M.
    University of Minho, Portugal; London School of Economics and Political Science, United Kingdom.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Testing for asymmetric causality between US equity returns and commodity futures returns2015In: Finance Research Letters, ISSN 1544-6123, E-ISSN 1544-6131, Vol. 12, p. 38-47Article in journal (Refereed)
    Abstract [en]

    This paper examines the causal relationships between the U.S. equity returns and the returns of energy, metal and agricultural commodity futures. Using an analytical framework that accounts for seasonal effects on commodity returns, we find that asymmetry plays an important role in these two-way around relationships. This asymmetry seems to be more relevant since 2000 than in the nineties, and the asymmetric linkages are observed both when returns are measured in nominal and real terms.

  • 269.
    Kirchler, Michael
    et al.
    University of Innsbruck, Austria; University of Gothenburg, Sweden.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bonn, Caroline
    University of Innsbruck, Austria.
    Johannesson, Magnus
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Stockholm School Econ, Sweden.
    Sorensen, Erik O.
    NHH Norwegian School Econ, Norway.
    Stefan, Matthias
    University of Innsbruck, Austria.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decis Research, OR 97401 USA.
    The effect of fast and slow decisions on risk taking2017In: Journal of Risk and Uncertainty, ISSN 0895-5646, E-ISSN 1573-0476, Vol. 54, no 1, p. 37-59Article in journal (Refereed)
    Abstract [en]

    We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1700 subjects. To manipulate fast and slow decisions, subjects were randomly allocated to responding within 7 seconds (time pressure) or waiting for at least 7 or 20 seconds (time delay) before responding. To control for different effects of time pressure and time delay on measurement noise, we estimate separate parameters for noise and risk preferences within a random utility framework. We find that time pressure increases risk aversion for gains and risk taking for losses compared to time delay, implying that time pressure increases the reflection effect of Prospect Theory. The results for gains are weaker and less robust than the results for losses. We find no significant difference between time pressure and time delay for loss aversion (tested in only one of the experiments). Time delay also leads to less measurement noise than time pressure and unconstrained decisions, and appears to be an effective way of decreasing noise in experiments.

  • 270.
    Klasson, Kent
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Lind, Nicoline
    Linköping University, Department of Management and Engineering, Economics.
    Hur kan blockkedjeteknik hantera transaktionskostnader i avtalsprocesser exponerade mot opportunism, jämfört med traditionella avtalslösningar?: En fallstudie om korruption i biståndsprocesser2019Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Purpose: The purpose of this study is to analyze whether corruption in aid processes better can be managed through the blockchain-based solutions cryptocurrencies, smart contracts and tokens, in comparison to traditional donation of aid. The study also aims to apply the results from the case study to general contractual processes exposed to opportunistic behavior, to analyze whether the blockchain-based solutions better can manage the transaction costs in comparison to traditional contractual solutions.

    Background: Asymmetric information, bounded rationality and strategic behavior result in trust issues in contractual processes, which increases transaction costs (Williamson, 1974). Aid processes are particularly exposed to opportunistic behavior in form of corruption, which leads to aid disappearing on the way (Transparency International, 2017). Blockchain-based technology enables contractual relationships without trusting the counterpart, but is not an optimal solution for all types of contracts. This provides incentives for a further analysis whether the technology can manage transaction costs in aid processes better than traditional donation of aid.

    Completion: The study´s primary data was obtained through semi-structed interviews with two Swedish aid organizations and two experts in blockchain technology. A literature review was made and the empirical data was analyzed from a transaction cost perspective.

    Conclusion: Blockchain-based solutions can manage transaction costs better than the traditional donation of aid when Greenspan´s (2015) five criteria is met. The context, the characteristics of the contract and the preferences of the contracting parties are the decisive factors whether the criteria are met in the aid donation process and in general contractual processes. Increased transparency, openness and censor resistance must be valued higher when implementing the technology than the following security risks.

  • 271.
    Kling, Daniel
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Olofsson, Ivar
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Det sovande folket. Konsumentens information på bankmarknaden för fonderoch sparkonton2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Uppsatsen analyserar bankmarknaden för de finansiella tjänsterna sparkontooch fondsparande från ett konsumentperspektiv, med fokus på informationsasymmetrioch inlåsningeffekter. Speciellt undersöktes skillnader mellanunga och äldre, och vilka möjligheter som fanns till förbättring. Uppsatsenbaserades på en enkätundersökning riktad mot främst unga ekonomstuderande,andra studerande och högutbildade. Skillnader och trender isvaren kopplades till tidigare forskning på området och förklarades utifrånStructure-Conduct-Performance-modellen och teori kring byteskostnader, intressekonflikteroch asymmetrisk information. Enkätundersökningen visadeatt konsumenter hade lite kunskap och att deras främsta informationskällavar banken. Vidare användes jämförelsetjänster i liten utsträckning, vilketsammantaget skapade ett starkt beroende till bankens rådgivning. Dennakunskapsbrist och beroendeställning är en av flera förklaringar till den bristanderörligheten på marknaden. Marknadsföringen för fonder kunde visasupplevas svagt vilseledande utan skillnader mellan ekonomstuderande ochövriga, vilket tyder på att upplevelsen inte främst beror på konsumentenskunskap men på marknadsföringens innehåll. Undersökningen kunde intepåvisa några skillnader mellan äldre och yngre i hur ofta jämförelsetjänsteranvändes. Ett problem var att antalet svarande som själva valt sparkontooch fonder var för lågt för att statistiska tester skulle vara tillämpligt. Ettproblem var att antalet svarande som själva valt fonder eller flyttat tillgångarmellan fonder var för lågt för att statistiska tester skulle vara tillämpligt.Möjligheten att förbättra situationen anses som god genom bland annatinförande av striktare regler kring marknadsföring av fonder och ökad informationtill konsumenterna för att öka deras makt.

  • 272.
    Knutsson, Mikael
    et al.
    NTNU Trondheim Business Sch, Norway.
    Martinsson, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Univ Gothenburg, Sweden.
    Persson, Emil
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Wollbrant, Conny
    Univ Stirling, Scotland.
    Gender differences in altruism: Evidence from a natural field experiment on matched donations2019In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 176, p. 47-50Article in journal (Refereed)
    Abstract [en]

    This paper reports new findings on gender differences in altruism. Conducting a natural field experiment (N = 2,164) we study donation behavior in a naturally occurring environment using a matched donation design. Contrary to previous research, we find that reducing the "price of altruism" by increasing matching efficiency has a significantly stronger effect on females than on males. (C) 2018 Elsevier B.V. All rights reserved.

  • 273.
    Kocher, Martin G.
    et al.
    University of Munich, Germany; University of Gothenburg, Sweden; Queensland University of Technology, Australia.
    Martinsson, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. University of Gothenburg, Sweden.
    Persson, Emil
    University of Gothenburg, Sweden.
    Wang, Xianghong
    Renmin University of China, Peoples R China.
    Is there a hidden cost of imposing a minimum contribution level for public good contributions?2016In: Journal of Economic Psychology, ISSN 0167-4870, E-ISSN 1872-7719, Vol. 56, p. 74-84Article in journal (Refereed)
    Abstract [en]

    We examine the effects of either exogenously imposing or endogenously letting subjects choose whether to impose minimum contribution levels (MCLs) in a linear public goods experiment using the strategy method. Our results on contribution levels to the public goods are fairly independent of how MCLs are imposed. We find that the main effect of an MCL on unconditional contributions is that it increases low contribution levels to the MCL imposed, while the effect of those contributing more than the MCL before its introduction depends on the size of the MCL. Unexpectedly, there is much more crowding out for a low MCL than for a relatively high MCL. However, the distribution of contribution types is stable across different MCLs. (C) 2016 Elsevier B.V. All rights reserved.

  • 274.
    Kocher, Martin G.
    et al.
    Institute Adv Studies, Austria; Ludwig Maximilians University of Munchen, Germany; University of Gothenburg, Sweden.
    Martinsson, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. University of Gothenburg, Sweden.
    Schindler, David
    Ludwig Maximilians University of Munchen, Germany.
    Overpricing and stake size: On the robustness of results from experimental asset markets2017In: Economics Letters, ISSN 0165-1765, E-ISSN 1873-7374, Vol. 154, p. 101-104Article in journal (Refereed)
    Abstract [en]

    We assess the effects of a stake size variation on experimental asset markets. Our results show that a fivefold increase in stake size leads to higher trading frequencies. Mispricing and overpricing, however, are not fundamentally different for different stake sizes. (C) 2017 Elsevier B.V. All rights reserved.

  • 275.
    Konradsson, Richard
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Porss, Theodor
    Linköping University, Department of Management and Engineering, Economics.
    Stock market integration between the BRICS countries: Long-term investment opportunities2019Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    This paper investigates the long-term diversification opportunities that exists for global investors among the BRICS nations. It analyzes how risk-averse investors can allocate funds between the countries in order to maximize the expected return in relation to the overall risk. It utilizes an empirical cointegration approach in tandem with modern portfolio theory during the time period 1999-2019. The empirical results of cointegration that is found supports the suggestion that the BRICS markets have a stable risk-premium between each other and that they all share similar systematic risk factors. The results further support the construction of a portfolio solely compromising of stocks from four out of the five BRICS markets, since then they do not share any long-run co-movements with each other. Moreover, the markets of Brazil, India, China and South Africa are strong candidates for reducing portfolio risk without sacrificing the adjusted portfolio return. The results also indicate several causal relationships between the nations, with China as the main driving force. This suggest that shocks in the Chinese market will spread and effect the rest of the BRICS markets, either directly or through one of the other markets. This is important knowledge for global policy-makers since China could be affected by markets outside the co-operation and subsequently transfer it to the rest of the BRICS markets. Since the countries accounts approximately 25 % of the global GDP, policy-makers must act with great care before implementing economic policies against China, since the consequences can have a much larger and wider effect than they anticipate.

  • 276.
    Koppel, Lina
    et al.
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Andersson, David
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Morrison, India
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Posadzy, Kinga
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Linköping University, Department of Management and Engineering, Economics. Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene, OR, USA.
    Tinghög, Gustav
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Medical and Health Sciences.
    The effect of acute pain on risky and intertemporal choice2017In: Experimental Economics, ISSN 1386-4157, E-ISSN 1573-6938, Vol. 20, no 4, p. 878-893Article in journal (Refereed)
    Abstract [en]

    Pain is a highly salient and attention-demanding experience that motivates people to act. We investigated the effect of pain on decision making by delivering acute thermal pain to participants’ forearm while they made risky and intertemporal choices involving money. Participants (n = 107) were more risk seeking under pain than in a no-pain control condition when decisions involved gains but not when they involved equivalent losses. Pain also resulted in greater preference for immediate (smaller) over future (larger) monetary rewards. We interpret these results as a motivation to offset the aversive, pain-induced state, where monetary rewards become more appealing under pain than under no pain and when delivered sooner rather than later. Our findings add to the long-standing debate regarding the role of intuition and reflection in decision making.

  • 277.
    Koppel, Lina
    et al.
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Morrison, India
    Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Linköping University, Department of Management and Engineering, Economics. Decis Research, OR USA.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Medicine and Health Sciences.
    The (Null) Effect of Affective Touch on Betrayal Aversion, Altruism, and Risk Taking2017In: Frontiers in Behavioral Neuroscience, ISSN 1662-5153, E-ISSN 1662-5153, Vol. 11, article id 251Article in journal (Refereed)
    Abstract [en]

    Pleasant touch is thought to increase the release of oxytocin. Oxytocin, in turn, has been extensively studied with regards to its effects on trust and prosocial behavior, but results remain inconsistent. The purpose of this study was to investigate the effect of touch on economic decision making. Participants (n = 120) were stroked on their left arm using a soft brush (touch condition) or not at all (control condition; varied within subjects), while they performed a series of decision tasks assessing betrayal aversion (the Betrayal Aversion Elicitation Task), altruism (donating money to a charitable organization), and risk taking (the Balloon Analog Risk Task). We found no significant effect of touch on any of the outcome measures, neither within nor between subjects. Furthermore, effects were not moderated by gender or attachment. However, attachment avoidance had a significant effect on altruism in that those who were high in avoidance donated less money. Our findings contribute to the understanding of affective touch-and, by extension, oxytocin-in social behavior, and decision making by showing that touch does not directly influence performance in tasks involving risk and prosocial decisions. Specifically, our work casts further doubt on the validity of oxytocin research in humans.

  • 278.
    Koppel, Lina
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Andersson, David
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences. Decis Res, OR USA.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Clinical and Experimental Medicine, Center for Social and Affective Neuroscience. Linköping University, Faculty of Medicine and Health Sciences.
    No Effect of Ego Depletion on Risk Taking2019In: Scientific Reports, ISSN 2045-2322, E-ISSN 2045-2322, Vol. 9, article id 9724Article in journal (Refereed)
    Abstract [en]

    We investigated the effect of ego depletion on risk taking. Specifically, we conducted three studies (total n= 1,716) to test the prediction that ego depletion results in decisions that are more strongly in line with prospect theory, i.e., that ego depletion reduces risk taking for gains, increases risk taking for losses, and increases loss aversion. Ego depletion was induced using two of the most common manipulations from previous literature: the letter e task (Studies 1 and 3) and the Stroop task (Study 2). Risk taking was measured using a series of standard, incentivized economic decision-making tasks assessing risk preferences in the gain domain, risk preferences in the loss domain, and loss aversion. None of the studies revealed a significant effect of ego depletion on risk taking. Our findings cast further doubts about the ability of ego-depletion manipulations to affect actual behavior in experimental settings.

  • 279.
    Kurz, Verena
    et al.
    University of Gothenburg, Department of Economics, Sweden.
    Orland, Andreas
    University of Potsdam, Department of Economics, Germany.
    Posadzy, Kinga
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Fairness Versus Efficiency: How Procedural Fairness Concerns Affect Coordination2016Report (Other academic)
    Abstract [en]

    What happens if a mechanism that aims at improving coordination treats some individuals unfairly? We investigate in a laboratory experiment whether procedural fairness concerns affect how well individuals are able to solve a coordination problem in a two-player Volunteer’s Dilemma. Subjects receive external action recommendations that can help them avoid miscoordination if followed by both players. One of the players receives a disadvantageous recommendation to volunteer while the other player receives a recommendation not to volunteer that gives her a payoff advantage if both players follow the recommendations they have received. We manipulate the fairness of the recommendation procedure by varying the probabilities of receiving a disadvantageous recommendation between players. We find that the recommendations improve overall efficiency regardless of their consequences for pay-off division. However, there are behavioral asymmetries depending on the recommendation received by a player: advantageous recommendations are followed less frequently than disadvantageous recommendations in case of actions that guarantee a low payoff. While there is no difference in acceptance of different recommendation procedures, beliefs about others’ actions are more pessimistic in the treatment with a procedure inducing unequal expected payoffs. Our data shows that beliefs about others’ behavior are correlated with one’s own behavior, however this is the case only when following recommendations is a strategy that involves payoff-uncertainty.

  • 280.
    Kurz, Verena
    et al.
    University of Gothenburg, Sweden.
    Orland, Andreas
    University of Potsdam, Germany.
    Posadzy, Kinga
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Fairness versus efficiency: how procedural fairness concerns affect coordination2018In: Experimental Economics, ISSN 1386-4157, E-ISSN 1573-6938, Vol. 21, no 3, p. 601-626Article in journal (Refereed)
    Abstract [en]

    We investigate in a laboratory experiment whether procedural fairness concerns affect how well individuals are able to solve a coordination problem in a two-player Volunteer’s Dilemma. Subjects receive external action recommendations, either to volunteer or to abstain from it, in order to facilitate coordination and improve efficiency. We manipulate the fairness of the recommendation procedure by varying the probabilities of receiving the disadvantageous recommendation to volunteer between players. We find evidence that while recommendations improve overall efficiency regardless of their implications for expected payoffs, there are behavioural asymmetries depending on the recommendation: advantageous recommendations are followed less frequently than disadvantageous ones and beliefs about others’ actions are more pessimistic in the treatment with recommendations inducing unequal expected payoffs.

  • 281.
    Kvamme, Oscar
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Stegö Chilò, Maximilian
    Linköping University, Department of Management and Engineering, Economics.
    Regulating European defence procurements: implications and challenges: A case study of the Swedish A&D industry on the international fighter market and the role of offset agreements2016Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: When governments procure fighter jets from international suppliers, offsets frequently occur. In 2009, the European Commission issued Defence and Security Directive 2009/81/EC – a first step to incorporate the defence sector into the European single-market model. The regulation has changed the circumstances on the fighter market by limiting the use of offsets. Whether the fighter market, or the defence sector, is able to adjust to these changes remain unanswered.Purpose: The purpose of this study is to investigate and analyse the role of offsets in procurements of fighter jets, to get a better understanding of the present situation at the fighter market where the EU attempts to ban offset agreements.Research method: This study uses a qualitative method. Seven interviews with employees at Saab Aeronautics were carried through. In addition to the interviews, a literature study was conducted on defence markets, offsets and the European context. The gathered material was thereafter analysed with selected theories of institutional and transaction cost economics, as well as previous research in order to fulfil the purpose of the study.Conclusion: The study concludes that offsets can be seen as a by-product of the existing market imperfections and political transactions, and therefore a natural component in procurements of fighter jets. Certain forms of offset can be used by purchasing governments to neutralize existing market imperfections and lower the transaction costs. However, this is only one dimension to offsets since they may appear in several forms with different purposes and risks attached to them. The institutional change on the European fighter market will produce both winners and losers in the years to come. Whether eliminating offsets will lead to a more open and transparent fighter market remains ambiguous

  • 282.
    Kvarven, Amanda
    et al.
    University of Bergen.
    Strömland, Eirik
    Bergen University.
    Wollbrant, Conny
    Stirling University.
    David, Andersson
    Linköping University, Department of Management and Engineering, Economics.
    Magnus, Johannesson
    Linköping University, Department of Management and Engineering, Economics. Stockholm School of economics .
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Department of Management and Engineering, Economics. Decision Research .
    Myrseth, Kristian
    Trinity College Dublin .
    The Intuitive Cooperation Hypothesis Revisited: A Meta-analytic Examination of Effect-size and Between-study HeterogeneityManuscript (preprint) (Other academic)
    Abstract [en]

    The hypothesis that intuition promotes cooperation has attracted considerable attention. We address the question with a meta-analysis of 82 cooperation experiments, spanning four different types of intuition manipulations—time pressure, cognitive load, depletion, and induction—including 29,087 participants in total. To our knowledge, this is the largest and most comprehensive data set to date. We obtain a positive overall effect of intuition on cooperation, though substantially weaker than that reported in prior meta-analyses, and between studies the effect exhibits a substantial degree of systematic variation. We find that this overall effect depends exclusively on the inclusion of six experiments featuring emotion-induction manipulations, which prompt participants to rely on emotion over reason when making allocation decisions. Upon excluding from the total data set experiments featuring this class of manipulations, between-study variation in the meta-analysis is reduced substantially—and we observed no statistically discernable effect of intuition on cooperation.

  • 283.
    Kyophilavong, Phouphet
    et al.
    National University of Laos, Laos .
    Shahbaz, Muhammad
    COMSATS Institute Informat Technology, Pakistan .
    Salah Uddin, Gazi
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Does J-curve phenomenon exist in case of Laos? An ARDL approach2013In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 35, p. 833-839Article in journal (Refereed)
    Abstract [en]

    This study aims to test the existence of J-curve phenomenon in Laos economy using quarterly data over the period of 1993-2010. The ARDL bounds testing approach to cointegration is used to examine short run as well as long run impact of real depreciation of Lao kip on Lao trade balance. The empirical results suggest that there is J-curve effect in case of Laos. The impact of real depreciation of the Lao kip on Lao trade balance is insignificant in long run. In short-run, real depreciation has inverse impact on Laos trade balance. The long-run trade balance is determined by domestic income.

  • 284.
    Kyophilavong, Phouphet
    et al.
    Natl Univ Laos, Laos.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Shahbaz, Muhammad
    Montpellier Business Sch, France.
    Harvie, Charles
    Univ Wollongong, Australia.
    Charoenrat, Teerawat
    Khon Kaen Univ, Thailand.
    Money Demand in a Dollarized Economy: Evidence from Laos PDR2019In: Asian Economic Papers, ISSN 1535-3516, E-ISSN 1536-0083, Vol. 18, no 1, p. 99-115Article in journal (Refereed)
    Abstract [en]

    This paper uses a time series perspective to examine the determinants and stability of the money demand function in the case of Laos PDR. An autoregressive distributed lag bounds testing approach to cointegration in the presence of structural breaks and Granger causality in a vector error correction method framework are applied to data covering the period 1992:Q1 to 2013:Q4. The results indicate that the money demand function is stable when exchange rate fluctuations are incorporated, and the causality analysis reveals that there is a feedback effect between money demand and the exchange rate in the long run. This implies that the exchange rate plays an important role in influencing money demand in the case of a dollarized economy such as that of Laos.

  • 285.
    Kyophilavong, Phouphet
    et al.
    Faculty of Economics and Business Management, National University of Laos, Vientiane, Laos.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Sjö, Bo
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    An examination of the remittance, financial development, and economic growth in developing countries2013In: Journal of Economic and Financial Modelling, ISSN 2322-0503, Vol. 1, no 1, p. 47-55Article in journal (Refereed)
  • 286.
    Labidi, Chiaz
    et al.
    United Arab Emirates Univ, U Arab Emirates.
    Rahman, Md Lutfur
    Univ Newcastle, Australia.
    Hedstroem, Axel
    Euromonitor Int Eastern Europe, Lithuania.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bekiros, Stelios
    European Univ Inst, Italy.
    Quantile dependence between developed and emerging stock markets aftermath of the global financial crisis2018In: International Review of Financial Analysis, ISSN 1057-5219, E-ISSN 1873-8079, Vol. 59, p. 179-211Article in journal (Refereed)
    Abstract [en]

    This paper examines the cross-quantile dependence between developed and emerging market stock returns and investigates its time-varying characteristics, using recursive sample estimations. The results based on cross-quantilogram approach reveal a heterogeneous quantile relation for the USA, UK, German, and Japanese stock returns to those of the emerging markets. Systematic risk generally does not explain the cross-country dependence structure, since it remains essentially unchanged when controlling for financial, geopolitical, and economic uncertainties. Moreover, the cross-quantile correlation changes over time, especially in the low and high quantiles, indicating that it is prone to jumps and discontinuities, even in a seemingly stable dependence structure. These results are important for institutional investors and market observers.

  • 287.
    Lahmiri, Salim
    et al.
    ESCA School Management, Morocco.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bekiros, Stelios
    EUI, Italy.
    Clustering of short and long-term co-movements in international financial and commodity markets in wavelet domain2017In: Physica A: Statistical Mechanics and its Applications, ISSN 0378-4371, E-ISSN 1873-2119, Vol. 486, p. 947-955Article in journal (Refereed)
    Abstract [en]

    We propose a general framework for measuring short and long term dynamics in asset classes based on the wavelet presentation of clustering analysis. The empirical results show strong evidence of instability of the financial system aftermath of the global financial crisis. Indeed, both short and long-term dynamics have significantly changed after the global financial crisis. This study provides an interesting insights complex structure of global financial and economic system. (C) 2017 Elsevier B.V. All rights reserved.

  • 288.
    Lahmiri, Salim
    et al.
    ESCA School Management, Morocco.
    Uddin, Gazi Salah
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Bekiros, Stelios
    European University of Institute, Italy.
    Nonlinear dynamics of equity, currency and commodity markets in the aftermath of the global financial crisis2017In: Chaos, Solitons & Fractals, ISSN 0960-0779, E-ISSN 1873-2887, Vol. 103, p. 342-346Article in journal (Refereed)
    Abstract [en]

    We attempt to quantify the intrinsic nonlinear dynamics of thirty international financial markets. Fractality, chaoticity and randomness are explored during and after the recent global financial crisis. We find that most markets exhibited persistent long-range correlations during the crisis, whilst anti-persistent patterns are identified after the crisis. Moreover, the nonlinear dynamics in all markets do not exhibit chaotic features. Importantly, the degree of randomness has increased in most of markets in the aftermath of the crisis. Overall, the nonlinear characteristics of the temporal dynamics of the major financial markets have been notably modified in the post-crisis period. (C) 2017 Elsevier Ltd. All rights reserved.

  • 289.
    Larsson, Josefine
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Torsténi, Denise
    Linköping University, Department of Management and Engineering, Economics.
    Är storbankernas starka ställning hotad?: en studie om kundkonkurrensen mellan storoch nischbanker2016Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    Aktuella rapporter och statistik rörande de svenska stor- och nischbankerna redovisar ett missnöje hos dagens bankkunder. Det finns en noterbar skillnad mellan kundnöjdheten hos storbankernas respektive nischbankernas kunder, då nischbankerna har fler nöjda kunder. Eftersom bankerna har en betydande roll för individen och samhället ansåg vi att det var värt att undersöka problematiken kring det ökade missnöjet. Detta gjordes genom att granska huruvida nischbankernas beteende skiljer sig från storbankernas och om nischbankernas framväxt kan påverka storbankernas ställning på marknaden.

    Granskning och analys av nationalekonomisk litteratur, rapporter och statistik rörande bankmarknaden har varit det tillvägagångssätt som använts. Uppsatsen följer genomgående SCP-modellen, men övervägande fokus ligger på teorier kring konsumentbeteende.

    De slutsatser som dras visar att stor- och nischbankerna lockar olika typer av bankkunder, som till största del präglas av generationsskillnader. På grund av de olika kundtyperna har nischbankernas etablering en ännu omärkbar påverkan på storbankernas ställning.

  • 290.
    Lemoine, Ida
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Fredin, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    How Does Ego Depletion Affect Moral Judgments and Pro-social Decisions?2013Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    BACKGROUND: Today’s societal changes, including high rate of change and increasing information flows, are increasing the demand on the individual mental capacity. It becomes increasingly difficult to analytically process all the different dilemmas and everyday decisions as individuals have a limited mental capacity available to make these decisions. Thus, it has been suggested that ego-depleted relies more heavily on intuition, which is less burdensome, when making decision. However little is known about to what extent intuitive decisions differ from analytic. Are ego-depleted individuals more or less likely to maximize outcome in moral dilemmas involving conflicting values? Do ego depleted individuals become more or less willing to cooperate? Do ego depleted individuals become more or less altruistic? Is our intuition more or less in accordance with Homo Economicus?AIM: Starting from a Dual Process perspective on decision-making the aim of this study is to examine how ego depletion affects moral judgment and pro-social decisions.METHOD: A laboratory experiment involving 115 subjects, using real monetary incentives, was conducted among students at Linköping University. Subjects were randomized into one of two treatments. Everything was identical across treatments except for the initial ego-depletion manipulation. Using a standard paradigm for ego-depletion subjects in treatment 1 were put under high cognitive load while subjects in treatment two were put under low cognitive load. Subjects faced 16 questions divided into four different decision tasks: Moral dilemmas, Public Goods game, two types of Dictator Game where the type of sacrifice subjects could make in order to contribute money to charity was varied.RESULTS: Subjects in the high cognitive load treatment made fewer consequentialists moral judgments compared to other subjects (p = 0.075). The effect is especially strong when looking only at high-conflict dilemmas such as Crying Baby. No difference between treatments was found for the public goods games. In the dictator game involving monetary sacrifice subjects donated less money to charity when put under high cognitive load. However the finding was not significant (p = 0.292). No difference was found in the dictator game involving effort as personal sacrifice since almost everyone chooses to donate to charity.CONCLUSION: According to The Dual Process perspective this essay shows that intuitive thinking does not evidently lead to that they makes decision that more or less is in accordance with Homo Economicus. The connection between ego depletion and pro-social decisions is more complex. Further research needs to investigate which different mental shortcuts that individuals uses in various types of pro-social decisions and why intuitive and analytical decision-making differ between different decisions. Further research within the area can identify potential mechanisms and policies that can support individuals’ capacity to make decisions in accordance with their own and society’s preferences.

  • 291.
    Lenntorp, Erik
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    An Economic Analysis of Regulation by Conditional Permits2006Doctoral thesis, monograph (Other academic)
    Abstract [en]

    Syftet med denna avhandling är att öka kunskapen om varför villkorade tillstånd inte leder till att en lag fullt ut implementeras.

    Den lagstiftning som reglerar industriella verksamheter innehåller ofta generella principer. Dessa ska vägleda myndigheten i att

    balansera verksamhetens nytta mot eventuella negativa effekter. Tillstånd att bedriva en viss verksamhet är en värdefull rättighet för verksamhetsutövaren, men samtidigt är tillstånd villkorade och förenade med kostnader för denne, t.ex. för att begränsa utsläpp. Studier av exempelvis miljölagstiftning visar att villkorade tillstånd har bidragit till att uppfylla lagstiftningens huvudsakliga intention, men att genomförandet ofta kännetecknas av att lagstiftningens krav modifieras. I praktiken är villkorade tillstånd ett resultat av förhandlingar mellan myndigheten och verksamheten. Ett skäl till att myndigheten inleder förhandlingar är att tillämpning av lagen kräver kompletterande information om verksamheten. Ett annat skäl är att det är kostsamt för myndigheten att kontrollera tillstånds efterlevnad samt att beivra deras överträdelser.

    Den analytiska ansatsen är analogin mellan ett villkorat tillstånd och ett kontrakt i principal-agent teorin. Ett huvudresultat är att denna teori är lämplig för att studera villkorade tillstånd. I avhandlingen studeras olika svårigheter för myndigheten att genomföra lagstiftningen. Fokus riktas mot asymmetrisk information, men dessutom behandlas förhandlingsstyrka, politiska påtryckningar samt möjligheten att överträda tillståndsvillkor. Studierna visar att dessa förhållanden kan förklara brister vid lagstiftningens genomförande. Myndigheten kan dock begränsa konsekvenserna av dessa genom att jämka på tillståndet, dvs. att inte helt följa lagens bokstav. Anpassning till asymmetrisk information gör att myndigheten får tillgång till verksamhetsspecifik information. Anpassning till villkorsöverträdelser gör att nyttan med regleringar kan vägas mot kostnader för kontrollåtgärder. Villkorade tillstånd har även andra fördelar. Utvägen att neka ett tillstånd ger myndigheten en viss förhandlingsstyrka. Möjligheten att bestraffa verksamheten genom att dra in dess tillstånd medför att myndigheten kan spara kontrollresurser alternativt skärpa villkoren.

  • 292.
    Lenntorp, Erik
    Linköping University, Faculty of Arts and Sciences. Linköping University, Department of Management and Engineering, Economics .
    Hell or high water? An economic analysis of the Swedish institutions for flood risk management2008In: Geneva papers on risk and insurance. Issues and practice, ISSN 1018-5895, E-ISSN 1468-0440, Vol. 33, no 2, p. 323-336Article in journal (Refereed)
    Abstract [en]

    Regulation of waters to generate electricity contributes to two different, but related flood risks. A dam may break resulting in a catastrophic accident. High flow floods are less costly and occur when there are large amounts of rain falls in combination with filled reservoirs. Here, the Swedish approach to flood risk management is studied from a social welfare perspective. Risk of dam owner insolvency implies that strict liability should be combined with regulation to prevent dam breaks. Negligence is argued to be the appropriate liability rule for high flow floods. Negligence assures that dam owners do not avoid liability by raising water levels in their reservoirs, and thereby increasing the risk of dam breaks. High flow floods are inevitable. The best strategy is to reduce the ensuing costs by appropriately incorporating flood risks in land use regulation, and by pricing flood risk in available property insurance. © 2008 The International Association for the Study of Insurance Economics.

  • 293.
    Lenntorp, Erik
    Linköping University, Department of Management and Engineering, Economics . Linköping University, Faculty of Arts and Sciences.
    On the joint use of licensing and liability2009In: INTERNATIONAL REVIEW OF LAW AND ECONOMICS, ISSN 0144-8188, Vol. 29, no 3, p. 244-251Article in journal (Refereed)
    Abstract [en]

    Licensing is a widely used technique applied to impose regulations. Firms inducing harm must hold a license issued by a regulatory agency on a case-by-case basis. A firm may also be subject to liability. This paper studies the implications on social welfare of combining licensing with strict liability. Contributions include the study of a joint use and related administrative costs. The latter include costs pertaining to litigation and the issuing and enforcing of licenses. It is established when a joint use is motivated. Regulatory compliance should protect from liability in order to decrease litigation and enforcement costs and associated distortions.

  • 294.
    lHaridon, Olivier
    et al.
    Univ Rennes, France.
    Vieider, Ferdinand M.
    Univ Reading, England.
    Aycinena, Diego
    Univ Rosario, Argentina.
    Bandur, Agustinus
    Bina Nusantara Univ, Indonesia.
    Belianin, Alexis
    Higher Sch Econ, Russia.
    Cingl, Lubomir
    Univ Econ, Czech Republic.
    Kothiyal, Amit
    Max Planck Inst Human Dev, Germany.
    Martinsson, Peter
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. Univ Gothenburg, Sweden.
    Off the Charts: Massive Unexplained Heterogeneity in a Global Study of Ambiguity Attitudes2018In: Review of Economics and Statistics, ISSN 0034-6535, E-ISSN 1530-9142, Vol. 100, no 4, p. 664-677Article in journal (Refereed)
    Abstract [en]

    Ambiguity attitudes have been prominently used in economic models, but we still know little about their demographic correlates or their generalizability beyond the West. We analyze the ambiguity attitudes of almost 3,000 students across thirty countries. For gains, we find ambiguity aversion everywhere, while ambiguity aversion is much weaker for losses. Ambiguity attitudes change systematically with probabilities for both gains and losses. Much of the between-country variation can be explained through a few macroeconomic characteristics. In contrast, we find massive unexplained variation at the individual level. We also find much unexplained heterogeneity in individual responses to different decision tasks.

  • 295.
    Lilja, Olivia
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Davidsson, Isabelle
    Linköping University, Department of Management and Engineering, Business Administration.
    Basel III och den lokala kreditgivningen till små- och medelstora företag: En institutionell analys av hur kreditrelationens transaktionskostnader förändras2016Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [sv]

    Efter den senaste globala finansiella krisen presenterades Basel III med syfte att begränsa finansiellt risktagande inom bankindustrin. Basel III innebär striktare kapitaltäckningskrav för banker vilket kan medföra att utlåningen påverkas. Små- och medelstora företag (SME) som vanligen är beroende av externt lånekapital kan i förlängningen påverkas negativt av en mer restriktiv utlåning. Historiskt sett har relationen mellan banken och företaget fungerat som en informationskälla i kreditbedömningen och relationen har karakteriserats av ett ömsesidigt beroendeförhållande där geografisk närhet har varit essentiellt.

    Syftet är att analysera hur implementeringen av Basel III påverkar utlåning lokalt till SME. Vidare analyseras Basel III’s påverkan på kreditrelationen mellan den lokala banken och SMEs. Analysen genomförs med utgångspunkt i institutionell teori med ett särskilt fokus på transaktionskostnadsteori. För att uppnå syftet tillämpas ett kvalitativt angreppssätt genom semi-strukturerade intervjuer, för att möjliggöra analys av hur kreditrelationens transaktionskostnader förändras.

    Studien visar att det ömsesidiga beroendeförhållandet mellan banken och företaget inte längre är av vikt då teknisk utveckling har möjliggjort finansiering utanför den lokala kontexten. Empirin indikerar att bankerna efter Basel III-implementeringen prisdifferentierar mellan SMEs i större utsträckning än tidigare. Studien visar att Basel III innebär negativa konsekvenser för utlåningen till SMEs och att kreditrelationen mellan banken och SME har förändrats.

  • 296.
    Liljeström, Stella
    et al.
    Linköping University, Department of Management and Engineering, Economics.
    Johansson, Sandra
    Linköping University, Department of Management and Engineering, Economics.
    Den Potentiella Risken med Riskkapital - En studie av riskkapitalbolagens intåg i djursjukvården och de potentiella effekterna detta får på djurförsäkringsmarknaden2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [en]

    Until 2011 the Swedish market of animal medical treatment was dominated by a few veterinary hospitals and a large number of small and medium-sized owner-managed clinics. However, a lot has changed in the past years. In 2011 and 2012 mergers of clinics and hospitals took place and as a result of the mergers two large animal health companies were formed, today these two have a combined market share of over 60 percent. The two companies, AniCura and Evidensia, are currently owned and operated by the Swedish private equity firms EQT and Nordic Capital.

    The focus of this study is to investigate the possible effects of the changed conditions on the market of animal medical treatment on the pet insurances, both at a product and market level. In order to do so the three markets were analyzed with help of relevant theories.

    The conclusion we have drawn is that the premiums on the pet insurances increased after the entry of the private equity firms, but the reason behind this increase cannot be established. Thus, there are no signs that the development of the market will take a new direction, but a continuing homogenized range of pet insurances will occur. The effect will be unchanged market shares for the insurance companies. It is reasonable to assume that the pet insurance companies’ future development will be strongly linked to the development of the major animal health companies.

  • 297.
    Lind, Therese
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Erlandsson, Arvid
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences.
    Västfjäll, Daniel
    Linköping University, Department of Behavioural Sciences and Learning, Psychology. Linköping University, Faculty of Arts and Sciences. Decision Research, Eugene, OR, USA.
    Tinghög, Gustav
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Department of Medical and Health Sciences, Division of Health Care Analysis. Linköping University, Faculty of Arts and Sciences. Linköping University, Faculty of Medicine and Health Sciences.
    Motivated reasoning when assessing the effects of refugee intake2018In: Behavioural Public Policy, ISSN 2398-063XArticle in journal (Refereed)
    Abstract [en]

    Do differences in worldview ideology hinder people from objectively interpreting the effect of immigration? In an experiment with Swedish adults (n = 1015), we investigate whether people display motivated reasoning when interpreting numerical information about the effects of refugee intake on crime rate. Our results show clear evidence of motivated reasoning along the lines of worldview ideology (i.e., whether people identify themselves primarily as nationally oriented or globally oriented). In scenarios where refugee intake was associated with higher crime rate, nationally oriented people were 18 percentage points more likely to make the correct assessment compared to globally oriented people. Likewise, in scenarios where refugee intake was associated with lower crime rate, nationally oriented people were 20 percentage points less likely to make the correct assessment compared to globally oriented people. Individuals with higher numeric ability were less likely to engage in motivated reasoning, suggesting that motivated reasoning more commonly is driven by feelings and emotional cues rather than deliberate analytical processes.

  • 298.
    Lind, Thérèse
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Financial literacy, motivated reasoning, and gender: essays in behavioral economics2019Doctoral thesis, comprehensive summary (Other academic)
    Abstract [en]

    I wrote this thesis to create a better understanding of how individual characteristics influence our feelings, our behavior and our way of interpreting information. My focus is on financial behavior and financial information, however I also consider a political context. I investigate the (usually) enabling abilities of financial literacy and numeracy. I also consider impediments such as stereotype threat and motivated reasoning, which can prevent people from engaging in certain behaviors or from interpreting information objectively. Both processes stem from valued beliefs and psychological foundations, consequently peoples’ efforts, decisions, and evaluations are based on them.

    The first essay, “Competence, confidence, and gender: The role of perceived and actual financial literacy in household finance,” broadens our understanding of the benefits of financial competence. I contrast perceived and actual levels of financial literacy, and consider the role of numeracy and cognitive reflective ability. I conclude that perceived and actual levels of financial literacy positively affect behavior and wellbeing; however, perceived financial literacy more so than actual financial literacy. No such effect is observed for numeric ability and cognitive reflection. Furthermore, women are more anxious about financial matters even though they tend to engage more frequently in the considered financial behaviors.

    The second essay, “Threatening finance? Examining the gender gap in financial literacy,” continues my exploration of the relationship between gender and financial literacy. In a series of studies, I investigate whether the observed gender gap in financial literacy can be identified in nonnumerical contexts, if it can be associated with confidence in financial matters, and if it can be attributed to stereotype threat, which posits that inbuilt prejudices about gender and finance undermine women’s performance of tasks that involve finance. The results show that the observed gender gap in financial literacy is robust even in nonnumerical financial contexts and suggest that a stereotype threat for women in the financial domain might be present. The gender gap in financial literacy could not be attributed to a difference in (displayed) confidence.

    In the third essay, “Preferences for lump-sum over divided payment structures,” I investigate whether or not people display systematic preferences for lump–sum or divided payment structures and how these preferences differ in gain (benefit) and loss (payment) situations. I investigate what happens when payments belong to a single underlying event, such as when people can choose to pay immediately or in installments. I also examine whether or not individual differences in time preferences, risk preferences, numeracy, and financial literacy are associated with preferences for one payment structure or the other. The aggregate results show a tendency for people to prefer obtaining and paying money in lump sums. I find no systematic indication that the considered individual differences play a role in this type of decision.

    The fourth essay, “Motivated reasoning when assessing the effect of refugee intake,” inquires into differences in worldview ideology, whether people identify as nationally or globally oriented, hinder them from objectively interpreting information. I use an experiment to find out if people display motivated reasoning when interpreting numerical information about the effects of refugees on the crime rate. Our results show evidence of motivated reasoning along the lines of worldview ideology. However, individuals with higher numeric ability were less likely to engage in motivated reasoning, leading to the conclusion that motivated reasoning is more likely to be driven by feelings and emotional cues than by deliberate analytical processes.

    List of papers
    1. Motivated reasoning when assessing the effects of refugee intake
    Open this publication in new window or tab >>Motivated reasoning when assessing the effects of refugee intake
    2018 (English)In: Behavioural Public Policy, ISSN 2398-063XArticle in journal (Refereed) Epub ahead of print
    Abstract [en]

    Do differences in worldview ideology hinder people from objectively interpreting the effect of immigration? In an experiment with Swedish adults (n = 1015), we investigate whether people display motivated reasoning when interpreting numerical information about the effects of refugee intake on crime rate. Our results show clear evidence of motivated reasoning along the lines of worldview ideology (i.e., whether people identify themselves primarily as nationally oriented or globally oriented). In scenarios where refugee intake was associated with higher crime rate, nationally oriented people were 18 percentage points more likely to make the correct assessment compared to globally oriented people. Likewise, in scenarios where refugee intake was associated with lower crime rate, nationally oriented people were 20 percentage points less likely to make the correct assessment compared to globally oriented people. Individuals with higher numeric ability were less likely to engage in motivated reasoning, suggesting that motivated reasoning more commonly is driven by feelings and emotional cues rather than deliberate analytical processes.

    Place, publisher, year, edition, pages
    Cambridge University Press, 2018
    Keywords
    Motivated reasoning; partisan bias; politics; immigration; experiment
    National Category
    Economics Psychology (excluding Applied Psychology) Political Science (excluding Public Administration Studies and Globalisation Studies)
    Identifiers
    urn:nbn:se:liu:diva-155088 (URN)10.1017/bpp.2018.41 (DOI)
    Available from: 2019-03-15 Created: 2019-03-15 Last updated: 2019-08-12Bibliographically approved
  • 299.
    Lindholm Pirttilä, Christopher
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Nordh, Oscar
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Relativvärderingsbaserade investeringar. Hur väl fungerar de i olika branscher?: En studie över samtliga företag noterade i Norden mellan åren 2005–20142015Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
    Abstract [en]

    Background: This thesis has been executed in order to bring clarity into the matter whether relative valuation works as an investment strategy in the Nordic region between the years 2005 and 2014. Whether the strategy performs differently if the markets are sorted by sector affiliation, as well as if previously commonly used key ratios can generate different returns in different sectors is an unexplored area. Previous studies have focused on examining entire markets or specific industries where the results partially have been interpreted with behavioral finance.Aim: The aim of the thesis is to analyze whether there are any differences in how well relative valuation works as an investment method in different sectors, in order to generate excess return; as well as if it is statistically possible to find a connection between sectors and key ratios.Completion: A quantitative approach is used where the stocks are sorted into quartile portfolios in accordance with their sector affiliation and based on their valuation relative to sector competitors. The portfolios are then rebalanced on a yearly basis and returns are calculated on monthly and cumulative basis. Furthermore the portfolios are evaluated using risk measures, a diversification process and behavioural finance.Results: Relative valuation can be used to generate excess return in all sectors except in the energy sector. A discrepancy in returns is shown, depending on which sector, quartile and key ratio that is used for the investment. Moreover, diversification effectively lowers the risk without lowering the return at the same pace. Behavioural finance can only partially explain the differences in return between the portfolios.

  • 300.
    Lindman, Sebastian
    et al.
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Johansson, Ludvig
    Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences.
    Konsten att utvärdera en politisk reform: En studie om jobbskatteavdraget2015Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesis
    Abstract [sv]

    För att minska utanförskapet på arbetsmarknaden och öka sysselsättningen införde regeringen Reinfeld 2007 en arbetsmarknadsreform vid namn jobbskatteavdraget. Reformen innebar en skattereduktion på samtliga förvärvsinkomster vilket ökade de ekonomiska incitamenten att förvärvsarbeta. Ett flertal studier har genomförts för att utvärdera jobbskatteavdraget och denna uppsats syftar till att genom en metastudie analysera reformens effekt på sysselsättningen samt försöka utveckla en metod för utvärdering av reformen.

    Uppsatsen visar på att jobbskatteavdraget tidigare har utvärderats med sex olika metoder där den vanligaste metoden är prognostisering med hjälp av mikrosimulering. Det har även genomförts utvärderingar på utfallsdata med bland annat metoden difference-in-difference.

    Resultaten från de tidigare utvärderingarna tyder på att sysselsättningen som en konsekvens av jobbskatteavdraget ökat med omkring 2,9 procent vilket ligger i linje med nationalekonomisk teori samt internationella erfarenheter av liknande reformer.

    Den metod vi väljer att utveckla är en regressionsmodell som består av de två beroende variablerna arbetskraftsutbud och medelarbetstid och de fem förklaringsvariablerna, konjunktur, inkomst, inflation, demografi, och dummyvariabeln jobbskatteavdraget. Vi väljer att använda oss av två beroende variabler då jobbskatteavdraget enligt teorin bör påverka både den extensiva- och den intensiva marginalen. 

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