Adam Hayes

Adam Hayes
Hebrew University of Jerusalem | HUJI · Department of Sociology and Anthropology

CFA, MA in Economics, PhD in Sociology

About

20
Publications
53,831
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581
Citations
Introduction
I am an economic sociologist in the department of sociology & anthropology at the Hebrew University in Jerusalem 🇮🇱 My research investigates sociological factors that influence financial decision-making and that structure economic behavior—which have previously gone unnoticed. This work reveals novel effects that social relations, culture, institutions, and technology have on economic action such as investing, borrowing & lending, and financial risk-taking. I also work on crypto & blockchain.
Additional affiliations
June 2021 - present
Hebrew University of Jerusalem
Position
  • Senior Lecturer
Description
  • Economic sociologist
September 2016 - May 2021
University of Wisconsin–Madison
Position
  • Lecturer
September 2015 - January 2021
University of Nicosia
Position
  • Instructor
Description
  • Instructor in the MSc in Digital Currencies program (online) DFIN 535 (Digital Currencies in the Developing World)
Education
September 2016 - May 2021
University of Wisconsin–Madison
Field of study
  • Economic Sociology
August 2013 - May 2015
The New School
Field of study
  • Economics
August 1997 - May 2001
Cornell University
Field of study
  • Biological Science

Publications

Publications (20)
Article
This paper aims to identify the likely determinants for cryptocurrency value formation, including for that of bitcoin. Due to Bitcoin’s growing popular appeal and merchant acceptance, it has become increasingly important to try to understand the factors that influence its value formation. Presently, the value of all Bitcoins in existence represent...
Article
Full-text available
Weber famously invoked ‘ideal types’ as an analytic device with which to measure empirical reality against some hyper-rational fabrication. Case in point: non-professional (lay) investors appear to be the antithesis of rational economic man. They have been cast as less-informed, less-skilled, and less-knowledgeable than professional market practiti...
Article
Ordinary individuals are increasingly charged with making investment decisions not only for themselves but also for close others. A child’s college savings account and a spouse’s retirement savings are instances where investing has become unmistakably relational. In this paper, we posit a theory of relational investing that extends Zelizer’s relati...
Article
This article builds the argument that Bourdieu’s dispositional theory of practice can help integrate the sociological tradition with three prominent strands of behavioral economics: bounded rationality, prospect theory, and time inconsistency. I make the case that the habitus provides an alternative framework to show how social and mental structure...
Article
How does algorithmic finance operate in society as it crosses the threshold into the hands of lay investors? This article builds on original ethnographic research into a new class of algorithmic trading programs known as ‘roboadvisors’—inexpensive, automated, digital financial platforms that enable ordinary people to invest very small minimum amoun...
Article
Behavioral economics has become a dominant set of theories in explaining economic behavior, yet such behavior remains under the limited purview of psychological, cognitive, or neural approaches. This article draws on and extends Viviana Zelizer’s social meaning of money framework in conjunction with new work in ‘relational accounting’ to suggest a...
Article
Bitcoin, cryptocurrencies, and blockchains have become buzzwords in the media and are attracting increasing academic interest, mainly from the fields of computer science and financial economics. In this essay, I argue that cryptocurrencies and blockchains are important objects of general social science research and thought, but not for their ‘money...
Article
Full-text available
This study back-tests a marginal cost of production model proposed to value the digital currency Bitcoin. Results from both conventional regression and vector autoregression (VAR) models show that the marginal cost of production plays an important role in explaining Bitcoin prices, challenging recent allegations that Bitcoins are essentially worthl...
Article
Full-text available
This study back-tests a marginal cost of production model proposed to value the digital currency bitcoin. Results from both conventional regression and vector autoregression (VAR) models show that the marginal cost of production plays an important role in explaining bitcoin prices, challenging recent allegations that bitcoins are essentially worthl...
Preprint
This study seeks to extend the social meaning of money to account for the valorization of distinct forms of household wealth, using the 401(k) retirement account as an exemplar. In doing so, particular economic shocks are framed within the disasters literature for the first time. The institutional shift from corporate pensions to individual retirem...
Article
Full-text available
Purpose In this paper, we gather together the minimum units of users' identity in the Bitcoin network (i.e., the individual Bitcoin addresses), and group them into representations of business entities, what we call “super clusters”. While these clusters can remain largely anonymous, we are able to ascribe many of them to particular business catego...
Conference Paper
Full-text available
Bitcoin has ushered in the age of blockchain-based digital currency systems. Secured by cryptography and computing power, and distributed across a decentralized network of anonymous nodes, these novel systems could potentially disrupt the way that monetary policy is administered – moving away from today's human-fallible central bankers and towards...
Working Paper
Full-text available
Chapter
Full-text available
The notion of an entirely digital form of money has captured the curiosity of economists, computer scientists, and philosophers alike from the time the computer was still young. Both technologies had existed independently: cryptography, useful in encoding email messages, sensitive information and digital files; decentralized, distributed networks w...
Article
As bitcoin becomes more important as a worldwide financial phenomenon, it also becomes important to understand its sources of value formation. There are three ways to obtain bitcoins: buy them outright, accept them in exchange, or else produce them by 'mining'. Mining employs computational effort which requires electrical consumption for operation....
Article
Full-text available
Though well-intentioned, the current system of tax deferral for retirement contributions undermines public policy aimed at strengthening retirement security for all Americans. In fact, it has become a regressive policy that contributes to wealth inequality. Two employees who are identical savers and investors in every way except for income, receive...
Article
Bitcoin has become the de facto 'gold' standard among cryptocurrencies as it is the most widely accepted in commerce, has the largest mining network, and greatest volume of transactions. Because of this, miners of other SHA-256 cryptocurrencies will tend to convert those altcoins into bitcoin in order to transact in a meaningful way with the real e...
Article
This paper aims to identify the likely source(s) of value that cryptocurrencies exhibit in the marketplace using cross sectional empirical data examining 66 of the most used such 'coins'. A regression model was estimated that points to three main drivers of cryptocurrency value: the aggregate computational power employed in mining for units of the...

Questions

Questions (3)
Question
If I am standardizing β coefficients to present in my regression output, how do I report standard errors (which are based on the unstandardized betas) -- or you don't?
Question
Pardon my naivete, but as a student of economic sociology, I feel like I am missing out on some crucial overlap in economic anthropology and economic psychology.
Can somebody please articulate the boundaries of each of these subfields, both in terms of scope, methodology, and theoretical foundation? Where do they overlap? 
Question
I am interested in reading up on what is considered "acceptable" levels of risk taking. For example, excessive household borrowing to live above one's means is socially unacceptable. Wall Street risk taking and moral hazard that led to subprime crisis was deemed likewise (after the fact). Frequent visits to the casino, not saving enough for retirement, too many credit cards are also related to this question..bbb

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Projects

Projects (2)
Project
How does economic inequality impact decision making, such as changes in risk tolerance, investment decisions, use of financial products, use of debt, cost of borrowing, etc.