Several Empirical Essays on Behavioral Science and Human Economic Behavior

Abstract

In the intricate and rapidly evolving socio-economic landscape of contemporary society, a profound understanding of human behavior assumes paramount significance. Behavioral science has emerged as indispensable tools for the research and elucidation of individual and collective decision-making, choices, and societal interactions. This doctoral thesis is dedicated to exploring the intricate interplay between behavioral science and human economic behavior, delving deeply into the psychological, sociological, and economic determinants of individual and collective decision-making and buying behavior. By scrutinizing these determinants, we can enhance our ability to comprehend, predict, and ultimately influence individuals’ behaviors across a multitude of contexts. This holds profound relevance for policymakers, business leaders, and social science researchers, as it equips them with powerful instruments to address the ever-growing complexities of contemporary social and economic challenges.

The thesis comprises five distinct parts. The first chapter introduces relevant business management theories concerning individual behavior and pertinent psychological and sociological theories on decision-making and economic behavior. This article not only explores economic behavior in the real world but also delves into the realm of virtual reality, examining economic behaviors manifested within this simulated environment. Investigating economic interactions within virtual reality introduces a distinctive dimension to the study of human economic behavior, offering insights into how individuals navigate economic decisionsin digital spaces.

Subsequently, the thesis conducts three experiments to investigate emerging management issues in areas spanning public economics, human-machine interactions, and information management. The second chapter concentrates on the determinants of human crisis response behavior in the context of the COVID-19 pandemic. The third chapter delves into the relationship between personality traits and addiction to Otome games. The fourth chapter focuses on the purchase of virtual items in games and its association with individual differences. The fifth chapter summarizes the paper and outlines directions for future work.

By employing diverse research methods, including empirical studies, experimental surveys, and hypothesis testing, this thesis provides an insightful exploration to elucidate the diversity in individuals’ economic behavior and how this diversity is shaped by factors such as cognitive disparities, emotional influences, social dynamics, and personality traits. This study significantly enriches economic theory related to virtual reality consumer behavior. In practical terms, the results of heterogeneity research hold crucial implications for formulating more effective economic policies, optimizing market designs, and enhancing societal well-being. The comprehension of individual differences contributes to the improved predictions and explanations of economic phenomena.

Date of Award	6 Jun 2024
Original language	English
Awarding Institution	City University of Hong Kong
Supervisor	Chuangyin DANG (Supervisor)