Seminario de Negocios 2017

Seminario de Negocios 2017

El propósito del seminario es convertirse en el lugar donde presentar nuevas investigaciones así como también ser un foro para aumentar el conocimiento mutuo entre los miembros del profesorado. Planeamos 1 hora de exposición, seguido por 30 minutos de preguntas y de una discusión más informal.

                  Tel.: 5169 7301


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Jueves 20 de abril, 13h | Sala Principal
Joaquín Navajas


The role of confidence and social interactions on collective decision-making

Abstract

A group of individuals (e.g. a panel or a jury) needs to make a collective decision under uncertainty. What is the best strategy to harness their collective knowledge? Should they discuss their decision and try to identify the most reliable sources of information? Or should they remain as independent as possible and aggregate their uninfluenced opinions? A vast and diverse literature (from behavioural ecology to social psychology and economics) would argue that social influence could cause informational cascades, which may in turn reduce the diversity of beliefs and impair the so-called “wisdom of the crowd”. According to this prevailing view, the key to collective accuracy is to preserve the independence of opinions within a group. Contrary to this intuitive idea, I will discuss conditions wherein face-to-face communication can bring large benefits to a group. First, I will focus on the important role played by the feeling of confidence in our choices. I will show evidence that humans communicate uncertainty in idiosyncratic ways, giving different weights to normative and heuristic probabilistic quantities. Then, I will discuss the findings of a massive behavioural experiment were we found that deliberation in small interacting groups can bring large benefits to collective decision-making. For example, in our data, averaging 4 consensus decisions made in groups of 5 people outperformed the wisdom of thousands of independent individuals. This novel insight could be applied to develop new structured communication techniques (e.g., Delphi methods). Finally, I will discuss possible directions to expand these lines of research in the near future.

Joaquín Navajas

Joaquín Navajas es Licenciado en Física por la Universidad de Buenos Aires y PhD en Neurociencias por la Universidad de Leicester (UK). Desde 2014, es investigador postdoctoral en el Crowd Cognition Group de University College London (UK), donde estudia la confianza en toma de decisiones tanto a nivel individual como colectivo. Joaquín ha publicado y revisado artículos en varios journals de psicología, neurociencia y ciencias del comportamiento. Obtuvo el premio ICT Pioneers, un reconocimiento a los candidatos doctorales más destacados en el Reino Unido y fue reconocido por La Nación como uno de los 35 jóvenes argentinos referentes sub-35.


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Jueves 30 de marzo, 13h | Sala Principal
María Fabiana Penas


Debtor protection, credit redistribution, and income inequality

Abstract

A debtor-friendly personal bankruptcy regime reallocates credit by reducing its availability, particularly for low-asset individuals. We show that increasing the amount of asset protection in bankruptcy leads to higher income inequality. The rise in inequality is amplified in industries with high credit needs and is triggered by an increased income gap among self-employed individuals. We also find an increase in income inequality among salaried workers, which is explained by a drop in the wages and working hours of unskilled workers. Debtor protection thus creates an imbalance in economic opportunities among business owners that reduces the aggregate demand for unskilled labor.

 María Fabiana Penas

María Fabiana Penas is an Associate Professor of Finance at Universidad Torcuato Di Tella. Her research interests include small business finance, financial intermediation, and corporate finance. She has published in the Journal of Financial Economics, Management Science, Review of Financial Studies, and the Review of Finance among other journals. Before moving back to Buenos Aires, she was an Associate Professor of Finance at Tilburg University. She also held positions as Economist at the Central Bank of Argentina and at the Field Office of the World Bank in Buenos Aires. She earned a Bachelor´s degree from the University of Buenos Aires, and a doctorate in Economics from the University of Maryland.