Decentralized behavioral finance
A behavioral–technological framework for urban freedom and participatory governance
Bibliographic Data
| ID | 7514137 |
|---|---|
| Authors | Óscar De los Reyes-Marín (0009-0007-5505-5753, Universidad Rey Juan Carlos, corresponding author), Iria Paz Gil (0000-0003-3696-5253, Universidad Rey Juan Carlos), Jose Torres-Pruñonosa (0000-0003-2276-1655, Universidad de La Rioja), Rodrigo Gómez-Martínez (0000-0003-3575-7970, Universidad Rey Juan Carlos), Raúl Gómez-Martínez |
| Year | 2026 |
| Volume | 173 |
| Pages | 106936 |
| Publication date | 2026-06-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Cities (JOURNAL) |
| Journal identifiers | ISSN: 0264-2751 • E-ISSN: 1873-6084 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.cities.2026.106936 |
| OpenAlex | W7134831018 |
| Language | EN |
| References cited | 4 |
Urban inequality and the financialization of housing call for a reconsideration of centralized municipal finance. This study introduces Decentralized Behavioral Finance (DBF), a framework integrating behavioral economics, blockchain infrastructures, and participatory governance to realign individual incentives with collective urban outcomes. Grounded in Sen's capability approach, Nash equilibrium theory, and libertarian paternalism, DBF links tokenization and behavioral design to accessibility, capital efficiency, and cooperative stability. Using longitudinal data for Spain (2000–2024) and evidence from tokenized housing initiatives, the analysis shows that citizen participation and technological adoption are positively associated with governance stability and social housing outcomes, while capital concentration exhibits a negative relationship with stability. The paper advances a formal Cooperative Stability Condition, expressed as a structural inequality, under which decentralized governance remains stable when participation amplified by technological enforcement outweighs concentration pressures. By introducing a testable equilibrium condition rather than a descriptive governance model, the study offers an internationally transferable framework for participatory urban finance focused on transparency, inclusion, and institutional resilience. • Introduces a formal Cooperative Stability Condition for urban governance • Integrates behavioral economics and blockchain in municipal finance • Shows participation × technology offsets capital concentration • Provides longitudinal evidence (Spain, 2000–2024) • Proposes a transferable equilibrium framework for cities
Citizen journalism · Corporate governance · Participatory action research · Perspective (graphical · Urban planning · Community Development and Social Impact · FinTech, Crowdfunding, Digital Finance · Housing, Finance, and Neoliberalism
| Highly cited | No |
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