On the collective soul of booms and busts

 

 

Globalization led to an intricate set of interactive relationships between individuals, organizations and states. Unprecedented global interaction possibilities have made communication more complex than ever before in history as the whole has different properties than the sum of its increasingly diversified parts.  With growing globalization and quickening of transfer speed, Information may impose unknown systemic economic risks on a global scale.  Collective interaction effects lead to hard-to-foreseeable fallacy of composition downfalls.  Emergent risks imbued in interaction appear to be inherent of global economic systems. In the age of instant and constant information flow, an in-debt understanding of how information echoes in socio-economic correlates has gained unprecedented momentum.  In seeking to shed light on implicit system failures’ socio-economic consequences down the road and potentially-disastrous outcomes of cumulative actions triggering mass movements; the project will outline unexpected dangers and insufficiently-described shadows of the invisible hand of the world economy.  Overall, the project innovatively paints a novel picture of mass psychological underpinnings of business cycles based on information transfers and processing in order to recommend how certain communication strategies could counterweight and alleviate the building of unfavorable financial market mass movements.  Acknowledging that human beings are connected to and interact with each other in new networks allows studying the role of information in building socially-constructed economic correlates in order to explain how market outcomes are developed in the social compound and can be shaped by media strategies.  Addressing limitations of neoclassical assumptions of perfect information markets, the project specifically unravels how contemporary media communication produces certain types of price expectations that form consumption patterns leading to economic fluctuations.  An introduction to the history of economic cycles will lead to the analysis of the role of information in the creating of economic booms and busts in the age of information globalization.  Applying emergent risk theory onto economic fluctuations will serve as innovative way to explain how and what information represented in the media creates economic ups and downs.  Empirically, linguistic analyses of newspaper articles about socio-political and economic facts are aimed at shedding light on how media representations and temporal foci echo in economic correlates and therefore shape market outcomes.  As business cycles are collective phenomena, group interactions’ potential contribution to create business cycles will innovatively be outlined and the role of information flows between and among groups in creating price expectations unraveled.  Business cycles will also be shown to obey some kind of natural complexity, as for being whimsically influenced by socio-historic and political trends.  Recommendations how to create more stable and sustainable economic systems by avoiding emergent risks and communicating market prospects cautiously will be aimed for.   

 

 

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Work in progress running time 2017-2018

Contact: Julia M. Puaschunder

US:  T 001 212 229 5700 4905

M 001 7188778871

F 001 212 229 5724

EU:  M 0043-69917250979

Julia.Puaschunder@newschool.edu

Julia.Puaschunder@columbia.edu

columbia_winter

Financial and in-kind support of the Association for the Eugene Lang Liberal Arts College of The New School, Fritz Thyssen Foundation,  George Washington University Center for International Business Education and Research, Georgia State University, Huebner Foundation for Insurance Education, Janeway Center Fellowship, The New School for Social Research New York (Dean’s List, Fee Board Scholarship, President’s Scholarship), Prize Fellowship of the Inter-University Consortium of New York, University of Vienna, and Vernon Art and Science is gratefully acknowledged.

Output:

Publications:

Books:

Puaschunder, J.M. (forthcoming). Corporate Social Responsibility and Opportunities for Sustainable Financial Success. Hershey, Pennsylvania: IGI Publishing.

Chapters:

Puaschunder, J. M. (2018). Nachhaltigkeit und Investment. In C.T. Schmitt & E. Bamberg, Psychologie und Nachhaltigkeit: Konzeptionelle Grundlagen, Anwendungsbeispiele und Zukunftsperspektiven, pp. 127-134. Springer.

 

Articles:

Puaschunder, J. M. (work in progress). Value at looking back: Towards an empirical validation of the role of reflexivity in econo-historic backtesting: Economic market prediction corrections correlate with future market performance.

Puaschunder, J. M. (under contract). Eyes wide shut: The role of Information for real competition. Information Technology Risk Management and Compliance in Modern Organizations, IGI Publishing.

Puaschunder, J. M. (under contract). Time≠Time≠Time. Handbook of Research on Industrial and Organizational Psychology in the Modern Marketplace.

Puaschunder, J. M. (forthcoming). The nudging divide in the digital big data era. International Robotics & Automation Journal.

Puaschunder, J. M. (under contract). Intergenerational governance in the corporate world. In J. M. Puaschunder (Ed.), Intergenerational Governance and Leadership in the Corporate World. Hershey, PA: Idea Group.

Puaschunder, J. M. (under contract).  Towards a utility theory of privacy and information sharing and the introduction of hyper-hyperbolic discounting in the digital big data age. Encyclopedia of Information Science and Technology.

Puaschunder, J.M. (2019). Mapping Climate Justice: Future Climate Wealth of Nations. In J. M. Puaschunder (Ed.), Intergenerational Governance and Leadership in the Corporate World, pp. 178-190, Hershey, PA: Idea Group.

Puaschunder, J.M. (2019). Intergenerational governance and leadership around the world. In J.M. Puaschunder (Ed.), Intergenerational Governance and Leadership in the Corporate World, pp. 153-177, Hershey, PA: Idea Group.

Beerbaum, D. & Puaschunder, J.M. (2019). A behavioral economics approach to digitalization: The case of a principles-based taxonomy. In J.M. Puaschunder (Ed.), Intergenerational Governance and Leadership in the Corporate World, pp. 107-122, Hershey, PA: Idea Group.

Puaschunder, J.M. (2019). Lessons from Divesting South Africa during Apartheid for a Green Economy. Progress in Economics Research. Hauppauge, NY: Nova.

Puaschunder, J.M. (2018). Nudgital: Critique of Behavioral Political Economy. Proceedings of the 9th International RAIS Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at The Erdman Center at Princeton University, Princeton, New Jersey, United States. Cambridge, MA: The Scientific Press.

Editor of the Proceedings of the 9th International RAIS Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at The Erdman Center at Princeton University, Princeton, New Jersey, United States. Cambridge, MA: The Scientific Press.

Puaschunder, J. M. (2018). Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases. International Journal of Management Excellence, 10, 2, 1241-1256.

Puaschunder, J. M. (2017). Nudging in the digital big data era. European Journal of Economics, Law and Politics, 4, 4, 18-23.

Puaschunder, J.M. (2017). The Austrian way: Sozialpartnerschaft as means to curb the falling rate of profit. Oxford Journal of Finance and Risk Perspectives, 6, 3, 11-27.

Puaschunder, J. M. (2017). The nudging divide in the digital big data era. International Journal of Research in Business, Economics and Management, 4, 11-12, 49-53.

Puaschunder, J. M. (2017). Ethical, environmental, social and governance-oriented investments. Archives of Business Research, 5, 8, 151-159.

Puaschunder, J. M. (2017). Krisenrobuste Alternativen. Global Investor, 3, 5, 69.

 

Conference presentations:

Puaschunder, J.M. (2019). ‘Value at looking back: Towards an empirical validation of the role of reflexivity in econo-historic backtesting: Economic market prediction corrections correlate with future market performance,’ 17th Finance, Risk and Accounting Perspectives Conference, Hanken School of Economics, Helsinki, Finland, European Union, September 23-35.

Beerbaum, D. & Puaschunder, J.M. (2019). ‘A behavioral economics approach to sustainability: Digital nudging,World Academy of Science, Engineering and Technology, Singapore, Asia, July 4-5.

Puaschunder, J.M. (2019). ‘When investors care about causes: Learning from political divestiture during Apartheid and the Sudan crises for the transition to renewable energy via green bonds,’ 26th Annual Conference of the Multinational Finance Society, Jerusalem School of Business Administration, Jerusalem, Israel, June 30 – July 3, 2019.

Puaschunder, J.M. (2019). ‘Value at looking back: Towards an Empirical validation of the role of reflexivity in econo-historic backtesting: Economic market prediction corrections correlate with future market performance,’ Finance and Society panel, Conference of the Society for the Advancement of Socio-Economics (SASE),The New School, New York City, United States, 27-29 June.

Beerbaum, D. & Puaschunder, J.M. (2019). A behavioral economics approach to sustainable finance architecture, Behavioural Finance Working Group (BFWG) conference, Queen Mary University of London, London, United Kingdom, June 6-7.  

Puaschunder, J.M. (2019). ‘Value at looking back: Towards an empiricial validation of the role of reflexivity in econo-historic backtesting: Market prediction corrections correlate with future market performance.’ 7th Spring Conference of the Multinational Finance Society, Chania, Crete, Greece, European Union, April 19-21.

Puaschunder, J.M. (2019). ‘Value at looking back: Towards an empirical validation of the role of reflexivity in econo-historic backtesting: Economic market prediction corrections correlate with future market performance,’ 45th Annual Eastern Economic Association Conference, New York Sheraton, New York, New York, United States, February 28-March 3.

Puaschunder, J.M. (2019). ‘Socio-Econo-Engineering: What Is the right dose of capitalism regarding fertility? Recommendations how to use capitalism for population control and how to avert the falling rate of fertility in capitalist territories,’ 45th Annual Eastern Economic Association Conference, New York Sheraton, New York, New York, United States, March 1.

Puaschunder, J.M. (2019). Future Climate Wealth of Nations. Columbia University, Department of Economics, International Affairs Building, New York, New York, USA, February 20.

Puaschunder, J.M. (2019). Future Climate Wealth of NationsHarvard University, Department of Chemistry, 12 Oxford Street, Cabot Division Room, Cambridge, MA, USA, February 11.

Puaschunder, J.M. (2018). ‘Climate Wealth of Nations.’ Macroeconomics of Uncertain Times: Financial Crashes, Climate Disasters, and More, The New School, New York, New York, United States, October 20.

Puaschunder, J. M. (2018). 10th International RAIS Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at The Erdman Center at Princeton University, Princeton, New Jersey, United States, August 22-23.

Puaschunder, J. M. (2018). Nudgital: Critique of a Behavioral Political Economy. European Operational Researchers Conference EURO 2018, Valencia, Spain, European Union, July 8-11.

Puaschunder, J. M. (2018). Young Behavioral Organizational Research Colloquium, Madrid, Spain, European Union, July 7.

Puaschunder, J. M. (2018). ‘Nudgital: Critique of a behavioral political economy and towards a utility theory of privacy and information sharing.’ Research and Management Learning Unconference 2018, University of St. Andrews, St. Andrews, Scotland, European Union, July 2-3.

Puaschunder, J. M. (2018). 15th International Conference Developments in Economic Theory and Policy: Developments in Economic Theory and Policy, Bilbao, Spain, European Union, June 28-29.

Puaschunder, J.M. (2018). ‘Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases,’ 5th International CSR Conference, Casablanca, Morocco, Africa, June 27-29.

Puaschunder, J.M. (2018). ‘Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases.’ 2018 International Council for Small Business World Congress, Reshaping the world through innovative SMEs, Taipei, Taiwan, Asia, June 26-29.

Puaschunder, J.M. (2018). ‘Towards a utility theory of privacy and information sharing and the introduction of hyper-hyperbolic discounting in the digital big data age,’ 2018 Western Economic Association International (WEAI) Annual Conference, Sheraton Vancouver Wall Centre, Canada, June 26-30.

Puaschunder, J. M. (2018). Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases.’ 2018 New York International Academic Conference on Business, Economics, Finance and Accounting. Promoting Global Progress and Excellence in Academia, Hyatt Place Long Island City, New York, New York, United States, April 28.

Puaschunder, J. M. (2018). Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases.’ Fourth American Academic Research Conference on Global Business, Economics, Finance and Social Sciences, Wagner College, New York, New York, United States, April 14.

Puaschunder, J. M. (2018). ‘Research for a Sustainable Future.’ Invited Keynote Address, Fourth American Academic Research Conference on Global Business, Economics, Finance and Social Sciences, Wagner College, New York, New York, United States, April 13.

Puaschunder, J. M. (2018). ‘Towards a utility theory of privacy and information sharing and the introduction of hyper-hyperbolic discounting in the digital big data age.’  9th International RAIS Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at The Erdman Center at Princeton University, Princeton, New Jersey, April 4.

Puaschunder, J. M. (2018). ‘Towards a utility theory of privacy and information sharing and the introduction of hyper-hyperbolic discounting in the digital big data age.8th International RAIS Conference on Social Sciences and Humanities organized by the Research Association for Interdisciplinary Studies (RAIS), Georgetown University, Washington D.C., March 26.

Puaschunder, J. M. (2018). ‘The nudging divide in the digital big data era,’ 7th LAEMOS Colloquium, Organizing for Resilience: Scholarship in Unsettled Times, Buenos Aires, Argentina, South America, March 22-24.

Puaschunder, J. M. (2018). ‘Nudgital: Critique of Behavioral Political Economy,‘ Economics and Behavior Panel, Eastern Economic Association Annual Conference, Boston Sheraton, Boston, MA, United States, March 4.

Puaschunder, J. M. (2017). Nudgitize me! A behavioral finance approach to minimize losses and maximize profits from heuristics and biases. Academy of Behavioral Finance & Economics, 2017 Annual Meeting, University of California Los Angeles, Los Angeles, California, USA, October 18-20, 2017.

Puaschunder, J. M. (2017). The Austrian Way: Sozialpartnerschaft as means to curb the falling rate of profit. 16th Finance, Risk and Accountability Perspectives Conference:  Sustainability and Risk: Environmental, Social and Governance Perspectives, University of Cambridge, Cambridge UK, Great Britain, September 26.

Puaschunder, J. M. (2017). On the collective soul of booms and busts. 21st Conference of the International Federation of Operational Research Societies: Operational Research and Analytics for a Better World, Quebec City, Quebec, Canada, July 17-21.

Puaschunder, J. M. (2017). Nudgital: Critique of Behavioral Political Economy. Behavioral Economics, The New School for Social Research, March 30.

 

Invited events:

46th Economics Conference 2019 of the Austrian National / Central Bank: European Economic and Monetary Union: The First and the Next 20 Years,’ Hotel Marriott Vienna, Vienna, Austria, European Union, May 2-3, 2019.

Fifth Annual Conference on Sustainable Development: The World in 2050: Looking Ahead for Sustainable Development,’ Lerner Hall, Columbia University, New York, New York, September 18-19, 2017.

4th Annual Center for the Economic Analysis of Risk-Huebner Summer Risk Institute 2017,’ Georgia State University, July 25-26, 2017.

‘Disrupted: Speech and Democracy in the Digital Age,’ Italian Academy of Columbia University, Columbia University, New York, New York, USA, May 1, 2017.

Invited events Fictitious Capital: Is Finance Appropriating Our Future? French General Consulate New York, New York, USA, June 27, 2017.

Community Service:

Advisor for Business Insider on Environmental, Social and Governance (ESG) options in Saudi Arabia

Scientific Advisory Board, Finance, Risk and Accounting Perspectives (FRAP) Conference on ‘The Fintech Revolution – Sustainability meets Technology in Finance, Risk and Accounting’ of the Oxford Academic Research Network (ACRN), Hanken School of Economics, Helsinki, Finland, European Union, September 23-29, 2019.

General Conference Chair, Puaschunder, J.M. (2019). International RAIS Conference on Social Sciences and Humanities organized by Research Association for Interdisciplinary Studies (RAIS) at The Erdman Center at Princeton University, Princeton, New Jersey, United States, April 3-4.

Session Chair, Forecasting Economic Growth and Volatility, 45th Annual Eastern Economic Association Conference, New York Sheraton, New York, New York, United States, March 1.

Member of the International Program Committee, Associate Editor, Conference Minisymposium on ‘Sustainable Development and Climate Stabilization Modelling’ Chair, 9th Vienna Conference on Mathematical Modelling, Vienna University of Technology, Vienna, Austria, European Union, February 21-23, 2018.

Chair, Risk panel, 16th Finance, Risk and Accountability Perspectives Conference:  Sustainability and Risk: Environmental, Social and Governance Perspectives, University of Cambridge, Cambridge UK, Great Britain, September 26, 2017.