Donald Duck: a narrative that embeds behavioral finance?
Studies in Economics and Finance
ISSN: 1086-7376
Article publication date: 1 April 2022
Issue publication date: 26 September 2022
Abstract
Purpose
The purpose of this study is to prove that narratives can be a adequate foundation for human behavior in general and economic behavior in particular using the Donald Duck universe as an example.
Design/methodology/approach
By using a content analysis, the authors examine 208 stories of the Donald Duck universe to prove that economic behavior is already embedded in modern narratives of the 20th century.
Findings
This analysis shows that behavioral finance effects are identified in a total of 52.4% of the analyzed comics. This study furthermore distinguishes the main comic characters Donald Duck and Scrooge McDuck and finds that eight of the nine considered behavioral finance biases can be detected in both. The most striking effect for Donald Duck is overconfidence and for Uncle Scrooge loss aversion.
Social implications
Collectively, these comics provide potential exemplars for behavioral finance. Regardless of whether these comics depict human nature or merely reflect human behavior during that time, they inevitably contribute to the understanding that psychological and sociological influences determine behavior in addition to economic factors that can be used for academic teaching.
Originality/value
In summary, comics, such as the Donald Duck universe, are suitable narratives for behavioral finance.
Keywords
Acknowledgements
The authors would like to thank Niklas Wagner and an anonymous reviewer for helpful comments and suggestions on earlier drafts of the paper. All remaining errors are our own.
Citation
Kleine, J., Peschke, T. and Wuschick, A. (2022), "Donald Duck: a narrative that embeds behavioral finance?", Studies in Economics and Finance, Vol. 39 No. 5, pp. 737-753. https://doi.org/10.1108/SEF-12-2021-0521
Publisher
:Emerald Publishing Limited
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