Donald Duck: a narrative that embeds behavioral finance?

Jens Kleine, Thomas Peschke and Anna Wuschick

Studies in Economics and Finance, 2022, vol. 39, issue 5, 737-753

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: Psychological biases; Investment decisions; Behavioral finance; Narrative; Comic books; Content analysis; Financial literacy; Donald Duck; Scrooge McDuck; G4; G40; G41 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:sefpps:sef-12-2021-0521

DOI: 10.1108/SEF-12-2021-0521

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