Experimental and Quantitative Methods in Contemporary Economics (eBook)

Preface 6
Contents 8
Theoretical Aspects of Contemporary Economics 11
1 Some Remarks on Methodological Foundations of Unified Growth Theory 12
1.1 Introduction 12
1.2 Economic Growth and Development in the Theory of Economy 13
1.3 Studies on Development and Growth in Economic History 16
1.4 General Characteristics of the Unified Economic Growth Theory by Oded Galor 20
1.5 Conclusion 22
References 23
2 Innovative Technologies in the Process of Development of the Silver Economy 26
2.1 Introduction 27
2.2 The Essence of the Silver Economy 28
2.3 Innovative Technology as a Challenge for Science 30
2.4 Barriers to the Development of the Senior Economy 34
2.5 Conclusion 36
References 36
3 Possibilities of Measuring Sustainable Development—Selected Aspects 38
3.1 Introduction 38
3.2 Measurement of Sustainable Development—Introductory Issues 40
3.3 International Systems of Sustainable Development Indicators 42
3.4 Synthetic Indicators of Sustainable Development 44
3.5 Difficulties in Measuring Sustainable Development 47
3.6 Quantitative and Qualitative Methods Used in the Analysis and Forecasting of Sustainable Development 48
3.7 Summary/Conclusions 51
References 52
4 Designing Public Policy According to Achievements of Behavioural Economics 55
4.1 Introduction 55
4.2 Libertarian Paternalism and Nudging 56
4.3 Principles of Creating Behavioural Public Policy 59
4.4 Conclusion 62
References 63
5 Application of Behavioral Economics Insights to Increase Effectiveness of Public Awareness Campaigns 66
5.1 Introduction 66
5.2 Behavioral Economics and Its Foundations 67
5.3 Public Awareness Campaigns and Measurement of its Effectiveness 68
5.4 Use of Methods of Behavioral Economics in Public Awareness Campaigns 70
5.5 Conclusion 71
References 74
6 Experimental Methods in Behavioural Economic Sciences 77
6.1 Introduction 77
6.2 New Research Methods in Social Sciences 78
6.3 The Essence of Behavioural Economics, Finance and Accounting 79
6.4 The Effect of Marriage Between Neuroscience and Behavioural Economics 80
6.5 Types of Experimental Methods Used in Behavioural Economic Sciences 81
6.6 Laboratory Experiments 82
6.7 Simulation Experiments 84
6.8 Field Experiments 84
6.9 Neuromeasurement Methods 86
6.10 Conclusions 88
References 89
7 An Attempt of Knowledge Handling for Experimental Economics Domain 91
7.1 Introduction 91
7.2 Literature Review 92
7.2.1 Knowledge Management Mechanisms 92
7.2.2 Ontologies in Experimental Economics (Economy and Finance) 93
7.3 Formal Foundations for Ontology for Experimental Economics Domain 94
7.4 Ontological Representation for Experimental Economics Domain 99
7.5 Conclusions 101
References 102
Application of Quantitative and Experimental Methods and Tools in Contemporary Economics 104
8 Quantitative Methods in Real Estate Mass Appraisal 105
8.1 Introduction 106
8.2 Literature Review 106
8.3 Methods 107
8.4 Empirical Results 111
8.5 Conclusions 117
References 117
9 Application of the Survival Analysis Methods in Contemporary Economics on the Example of Unemployment 119
9.1 Introduction 119
9.2 Data Used in the Research 120
9.3 Research Methodology 122
9.4 Analysis of Probability and Intensity of Exit from Unemployment 126
9.5 Conclusions 133
References 134
10 Could the Volatility Be a Measure of Investors’ Optimism? 136
10.1 Introduction 137
10.2 Behavioural Background of the Research 138
10.3 Methodology of the Research 139
10.4 Empirical Results 141
10.5 Conclusions 143
Reference 144
11 Factor Analysis of the Green Management in the Context of Poland Regions Sustainable Development 146
11.1 Introduction 146
11.2 Green Management as an Element of the Green Economy 147
11.3 Research Methods 149
11.4 Results 150
11.5 Conclusions 157
References 158
12 ESG Risk Perception in Sustainable Financial Decisions. Quantitative Methods Perspective 160
12.1 Introduction 161
12.2 ESG Factors Incorporated in Risk Assessment Toward Sustainable Financial Decisions 162
12.3 Quantitative Methods Used in ESG Risk Assessment 163
12.4 Conclusions 171
References 172
13 Purchase Decision Support with Internet of Things-Based Systems 176
13.1 Introduction 176
13.2 Purchase Decision Support 178
13.3 Implementation of IoT in Purchase Decision Support 179
13.3.1 Purchase Decision Support System 180
13.3.2 Employing Data from the IoT-Based System to Stimulate Desired Shopping Decisions 182
13.3.3 The Functions of Customer Assistance Systems and Automatic Identification Technologies in Customer Support Solutions 183
13.4 Conclusions 187
References 187
14 Application of EEG Metrics in the Decision-Making Process 189
14.1 Introduction 189
14.2 Limitations in the Applicability of Selected Multi-Criteria Methods 191
14.3 EEG as a Measuring Technique 193
14.4 The Metrics Used in Decisions Making 194
14.4.1 Frontal Asymmetry 194
14.4.2 Engagement 195
14.4.3 Distraction 196
14.4.4 Workload 196
14.5 Conclusions 197
References 198
15 Examining the Degree of Engagement of a Participant in Economic Games Using Cognitive Neuroscience Techniques 202
15.1 Introduction 202
15.2 Proposal for a Test Procedure 204
15.3 Questionnaire Survey 206
15.4 The Conception of the Economic Game 208
15.5 Study of EEG 214
15.6 Examining Procedure 216
15.7 Conclusions 216
References 217
16 Simulation Modeling to Verify the Efficiency of Information Transfer 218
16.1 Introduction 218
16.2 Communication and Networks 220
16.3 ATENA Communication Model 221
16.4 Measures for Communication Processes 223
16.5 Graph Model—Theoretical Assumptions 223
16.6 Results 226
16.7 Conclusions 227
References 229
17 Hybrid System Dynamics—Agent-Based Simulation for Research in Economics and Business 230
17.1 Introduction 231
17.2 System Dynamics Versus Agent-Based Simulation 231
17.3 Linking SD and ABS 233
17.4 Hybrid Simulation for Research in Economics and Business—A Literature Review 239
17.5 Conclusion 241
References 244
Practical Issues—Case Studies 250
18 Measuring Neurophysiological Signals, Fixations and Self-report Data for Product Placement Effectiveness Assessment in Music Videos 251
18.1 Introduction 252
18.2 Methodology and Sample 253
18.2.1 EEG Recording and Signal Processing 254
18.2.2 The Autonomic Data Recordings and Signal Processing 255
18.2.3 Eye Tracker Recordings and Signal Processing 255
18.2.4 Data Analysis 256
18.3 Results 256
18.3.1 Eye Fixations and Recall of Products 256
18.3.2 Spontaneous Recall of Videos: Product Placement Videos Versus Non-product Placement Videos 258
18.3.3 Mental Effort: Product Placement Videos Versus Non-product Placement Videos 258
18.3.4 Emotion Engagement: Product Placement Videos Versus Non-product Placement Videos 260
18.4 Discussion 260
18.5 Conclusion 261
References 261
19 Objective and Subjective Perception of Real Estate Features in the Light of an Experimental Study 264
19.1 Introduction 264
19.2 Literature Review 265
19.3 Scope of Data and Organization of the Study 267
19.4 Test Results 269
19.5 Conclusions 272
References 273
20 Optimization of Location Attractiveness Zones for the Purpose of Property Mass Appraisal 275
20.1 Introduction 276
20.2 Location Attractiveness Zones 277
20.3 Source Data and Research Assumptions 279
20.4 Research and Results 280
20.5 Conclusions 285
References 285
21 Market Timing Models for Equity Funds Operating on the Polish Market in the Years 2003–2017 288
21.1 Introduction 289
21.2 Literature Review 290
21.3 Models of Portfolio Investment Management Skills 291
21.4 Methodical Assumptions 292
21.4.1 Research Results in 2003–2017 293
21.4.2 Research Results in Five-Year Periods 295
21.4.3 Research Results in Two-Year Periods 298
21.5 Conclusion 303
References 305
22 Identification of EU Countries Due to the Quality of Data on Intra-Community Supplies of Goods Shipped from Poland in the Years 2005–2017 307
22.1 Introduction 308
22.2 The Need and Ways of Identifying Irregularities in Mirror Data—Literature Review 309
22.3 Analysis Framework 310
22.4 Data and Methodology 313
22.5 Quality of Data on Poland’s Intra-Community Supplies by EU Member States—Research Results 314
22.6 Conclusions 317
References 318
23 Measuring the Provision of Access to Sustainable Energy in the EU as a New Task of Modern Economics in Line with Agenda 2030 319
23.1 Introduction 320
23.2 Outline of the Issues 321
23.3 Research Methods 322
23.4 Results 324
23.5 Conclusions 327
References 329
24 Pilot Study as a Case of Applying an Experimental Approach to the Implementation of Tasks in the Public Sector 331
24.1 Introduction 331
24.2 Development of the Concept of Implementation of Public Tasks in Public Sector Units 333
24.3 Piloting as an Expression of Practical Application of the Expected Utility Theory in PSU Decisions 334
24.4 Example of Practical Application 338
24.4.1 Scientific Approach 338
24.4.2 Findings and Discussion 339
24.5 Conclusions 344
References 345
25 What Really Helps Us Make a Choice? An Experimental Evaluation of AHP 348
25.1 Introduction 349
25.2 Literature Review 350
25.3 Experimental Procedure 351
25.4 Results 353
25.5 Discussion and Conclusions 356
References 357
26 Declared Preference Method—Research Experiment Concerning Air Quality 359
26.1 Introduction 359
26.2 Public Goods and Issues of Demand and Supply: Literature Review 361
26.3 Methodology and Data 362
26.4 Results of the Survey 365
26.4.1 Declared Preference Ranking (Including Social Circumstances) 365
26.4.2 Analysis of the Willingness to Pay for a Public Good and Socio-economic Aspects 368
26.4.3 Assessment of Decisions Efficiency Understood as an Ability to Achieve the Goal 369
26.5 Discussion 371
26.6 Conclusions 372
References 372