Donald Duck: a narrative that embeds behavioral finance?

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.