Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/337218 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Derivatives and Quantitative Studies: Seonmul yeon'gu (JDQS) [ISSN:] 2713-6647 [Volume:] 28 [Issue:] 3 [Year:] 2020 [Pages:] 141-148
Publisher: 
Emerald, Leeds
Abstract: 
The purpose of this study is to hypothesize that cognitive biases such as nostalgia, rosy retrospection, overconfidence, fading-affect bias and prospect theory affect how to serve in the military. The behaviors of those expecting military service and those who have completed the service differ significantly in evaluating the self and social value of the human capital during the military service. This difference corresponds to the predictions of the cognitive-bias literature. The authors test propositions in option framework. This study's experimental design proposes a novel military system, a hybrid of conscription and voluntary systems. This study's results are consistent with the hypothesis, option theory and behavioral economics literature.
Subjects: 
Cognitive bias
Option
Military service
Conscription
Irrational behavior
JEL: 
G13
G41
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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