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Individual Behaviour and Economic Performance: Methodological Challenges and Institutional Context

Periodic Reporting for period 1 - IBEP (Individual Behaviour and Economic Performance: Methodological Challenges and Institutional Context)

Reporting period: 2020-09-01 to 2021-11-30

The project aims at generating a better understanding of linkages between individual behaviour and economic performance. Behavioural economics has deepened our understanding of various deviations from rationality in economic performance. Economic outcomes of prevalent individual differences in cognitive capacity and health characteristics as well as in beliefs and preferences warrant further investigation. Moreover, better designed economic policy and institutions, which take into account that people are different and their wellbeing responds differently to any given policy measures, leads to better utilisation of human capital and enhanced economic performance. The project is a joint effort of economics, finance, practical philosophy and neuroscience scholars, where several internationally highly renowned professors work under a comprehensive set of networking and capacity building activities together with established and early stage researchers in a stimulating multidisciplinary setting.
The first reporting period of project IBEP has been productive and successful despite the obstacles that the COVID-19 pandemic has set on some of the initially planned onsite visits and other plans. The networking and capacity building agenda during the first reporting period has comprised a comprehensive set of interrelated activities: joint grant applications; several short term staff exchange and expert visits; mentoring of six TalTech scholars by leading researchers of the partners; their advising or acting as opponent for nine doctoral researchers from TalTech; the conference "Evolving Challenges in European Economies" (ECEE); summer school on Behavioural Household Finance; research seminars at TalTech and other partners; intra-consortium workshops on methodological aspects and grant writing; consultations with partners towards strengthening research management and administration skills and practices at TalTech; and intersectoral communication and interaction with national and regional authorities. The first reporting period has delivered five published papers by the TalTech IBEP team that have benefited from the IBEP activities.
As the project is a joint effort of economics, finance, practical philosophy and medical sciences researchers, the cohesive consortium provides a unique platform for achieving novelty and excellence in research results. While the project is of largely exploratory nature in terms of seeking for the research collaboration areas between the partners, joint grant applications in interdisciplinary cooperation of TalTech and the internationally leading universities in the consortium has already clearly demonstrated during the first reporting period the strengths of the IBEP collaboration to set novel research agenda beyond the state of the art. The project will continue to enhance the research abilities of the individuals involved through networking and other collaborative activities to plan, undertake, manage and disseminate leading edge research in international and interdisciplinary consortiums on the topic areas of the project, and influence policy makers and other stakeholders.
Summer school on Behavioural Household Finance by Aalto Professor Markku Kaustia
13th ECEE conference with Aalto Professor Juuso Välimäki as keynote speaker
University of Helsinki Professor Tiina Paunio speaking at the intra-consortium methodology workshop
First IBEP doctoral seminar at TalTech with Aalto Professor Matti Keloharju
Dr Yair Antler from Tel Aviv University presenting at the IBEP research seminar series
Lecture by University of Helsinki Professor Michiru Nagatsu on Behavioural Economics at TalTech
Series of guest lectures to TalTech Master students by David Disatnik from Tel Aviv University