Jacqueline M. Wise

• Bachelors: B.S.  Mathematics and Economics, Penn State University
• Masters: A.M.  Managerial Science and Applied Economics, The Wharton School, University of Pennsylvania
• PhD: Managerial Science and Applied Economics, The Wharton School, University of Pennsylvania;  Majors: Insurance & Risk Management and Finance

• Behavioral Finance
• Portfolio Choice
• Risk Management and Insurance
• Utility Theory
• Pension Economics

Please note that publications may be listed under "Jaqueline Volkman"

• “Regret, Procrastination and Defaults in Defined Contribution Pension Plans,”  March 2008. (Working Paper)
• “Regret, Pride and the Disposition Effect” (with Alexander Muermann), SSRN Working Paper, 2007. (Working Paper)
• “Regret, Portfolio Choice and Guarantees in Defined Contribution Schemes” (with Alexander Muermann and Olivia S. Mitchell), 2006.  Insurance:  Mathematics and Economics, 39 (2), 219-229.
• “Envy and Portfolio Allocation in Defined Contribution Pension Plans,”  Wharton Risk Management and Decision Processes Center Working Paper, July 2006. (Working Paper)
• “Pollution Abatement Costs:  Hurting or Helping Productivity,” 2002.  University Avenue Undergraduate Journal of Economics, 6 (1).

Professor Volkman, originally from Wilmington, DE, has an undergraduate degree in Mathematics and Economics from Penn State and received her Ph.D. in Managerial Science and Applied Economics with a major in Insurance and Risk Management and Finance from The Wharton School at the University of Pennsylvania.  Before receiving an S.S. Huebner Fellowship to attend Wharton, she worked at Boston University’s Hearing Research Center in the Biomedical Engineering Department completing research on the cochlear implant and then worked as an analyst at Lehman Brothers in New York.   

Now, as an academic, her research focuses on theoretical behavioral finance with an emphasis on retirement saving decisions.  Some of her work examines how psychological feelings, such as regret and envy, can potentially distort employees’ portfolio choice decisions within defined contribution pension plans.  Professor Volkman has also investigated how regret and pride can, in general, cause investors to hold losing stocks too long and sell winning stocks too early. This trading phenomenon, known in finance as the disposition effect, has been shown to lead to lower wealth for investors; therefore, it is important to determine what factors cause investors to follow such a strategy.

In addition to modeling behavioral attributes and their impact on financial decision-making, Professor Volkman also teaches Investments and Security Analysis and Honors Financial Management.

Outside of work, she enjoys running, going to the theater, and exploring the various museums and coffee shops in New York City.  Professor Volkman completed the Nittany Valley Half Marathon at Penn State, the Philadelphia Distance Run while at Wharton, and more recently the New York City Half Marathon.