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Wookjae Heo

Photo of Wookjae Heo
Title Assistant Professor
Office Building Wagner Hall
Room Number 149
Mailing Address South Dakota State University
Consumer Sciences
SWG 149, Box 2275A
Brookings, SD 57007

Wookjae Heo is an assistant professor of Consumer Affairs in the Department of Consumer Sciences, at the South Dakota State University. Prior to earning Ph.D. degree from the University of Georgia, he had worked for a marketing consulting firm as a Strategic Marketing Planner and Consumer Research Specialist in Korea. Before working at the consulting firm, he received a Masters of Arts Degree in Consumer Sciences from Seoul National University, South Korea. His main research interest is broadly about consumer welfare including consumer behavioral intervention, financial stress on consumer behavior, demand of life insurance, and data mining/data analysis in consumer research.

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Applications of Research

[Peer Reviewed Publications]
-Heo, W., Park, N., Henager, R., & Grable, J. E. (2018). What do financial Planning organizations communicate to stakeholders and consumers? An empirical narrative analysis. Financial Services Review. (Issues and Pages are under proceeding).
-Heo, W., & Kim, J. E. (2018) Association between financial stress and consumer behavior by utilizing electroencephalography signal. Journal of Financial Consumers, (Issues and Pages are under proceeding).
-Heo, W., Grable, E. J., & Rabbani, A. (2018). A Test of the relevant association between utility theory and subjective risk tolerance: Introducing the Profit-to-Willingness ratio. Journal of Behavioral and Experimental Finance, (Issues and Pages are under proceeding)
-Park, N., Heo, W., Jorge, R., & Grable, J. E. (2017). Financial hardship, social support, and stress: The consumer perspective. Journal of Financial Counseling and Planning. 28. 1-11.
-Rabbani, A., Grable, J. E., Heo, W., Nobre, L., & Kuzniak, S. (2017). Stock market volatility and changes in financial risk tolerance during the great recession. Journal of Financial Counseling and Planning, 28. 140-154.
-Hudson, C., Heo, W., Park, H., & Palmer, L. (2017). Employees’ financial behaviors following the 2007-2009 financial crisis. Financial Services Review. 26(1), 19-36.
-Heo, W., Grable, J. E., Nobre, L., & Ruiz-Menjivar (2016). An estimate of mediation effect of risk tolerance among marital status, gender, and investing behavior. International Journal of Home Ecology, 17(1), 1-14.
-Grable, J. E., Heo, W., & Kruger, M. (2016). The intertemporal persistence of risk-tolerance scores. Journal of Financial Planning, 29(8), 38-47.
-Heo, W., Grable, J. E., Nobre, L., & Ruiz-Menjivar, J. (2016). What Role Does Financial Risk Tolerance Play in Mediating Investing Behavior? Journal of Financial Service Professionals, 70(5), 42-51.
-Heo, W., Grable, J. E., & O’Neill, B. (2016). Wealth Accumulation Inequality: Do Investment Risk Tolerance and Equity Ownership Make a Difference? Social Indicators Research, 133, 209-225.
-Kuzniak, S., Rabbini, A., Heo, W., Ruiz-Menjivar, J., & Grable, J. (2015). The Grable and Lytton Risk-Tolerance Scale: A 15-Year Retrospective. Financial Services Review, 24(2), 177-192.
-Grable, J. E., Heo, W., & Rabbini, A. (2014). Financial Anxiety, Physiological Arousal, and Planning Intention. Journal of Financial Therapy, 5(2), 1-18.
-Heo, W., Grable, J. E., & Chartterjee, S., (2013). Life Insurance Consumption as a Function of Wealth Change. Financial Services Review, 22(4), 389-404.
-Heo, W., & Kim, R. (2006). A Study on the Concept of Consumer Alienation. Study of Consumer Policy and Education [Korean Journal], 2(2), 21-43.

[Professional Journal Column ]
-Heo, W., & Grable, J. E. (2017). Demand for life insurance: A consumer perspective. Journal of Financial Service Professionals, 71(3), 19-22.
-Grable, J. E., & Heo, W. (2017). Insights into the Relationship Between Risk Tolerance and Market Volatility. Journal of Financial Service Professional, 71(1), 17-20.
-Grable, J. E., & Heo, W. (2016). Risk Tolerance and Changes in Equity Ownership. Journal of Financial Service Professional, 70(3), 20-22.

[Researcher Profile on Journal]
-Heo, W. (2017). Researcher Profile: Wookjae Heo. Journal of Financial Therapy, 8(2), 87-91. https://doi.org/10.4148/1944-9771.1168

[Conference Papers]
-Heo, W., Junker, A., & Lee, Y. (October, 2018, Upcoming). Variance in Client’s EEG Responses When Using Different Communication Methods: Ways to Ask Questions to Obtain More Accurate Answers. Presentation at Academy of Financial Services, Chicaco, IL.
-Heo, W., & Kim, J. E. (August, 2018). Association between financial stress and consumer behavior by utilizing electroencephalography signal. Presentation at Korean Academy of Financial Consumers Summer Conference, Sungsil University at Korea.
-Heo, W. (July, 2018). Importance of Financial Consumers’ Financial Stress. Presentation at 2018 Global Forum of Financial Consumers by International Academy of Financial Consumers, Waseda University at Japan.
-Heo, W., Saboe-Wounded Head, L., Cho, S., & Lee, P. (May, 2018). Association Between Personality and Financial Well-being: Strategies for More Effective Financial Education, Counseling and Advising. Presentation at American Council of Consumer Interest Annual Conference, Clearwater Beach, FL..
-Heo, W. (April, 2018). Financial Stress and Consumer Well-Beings, Presentation at South Dakota Association of Family and Consumer Sciences, Pierre, SD.
-Park, H., Park, N., Song., I., & Heo, W. (November, 2017). Death as Experience Economy on Consumer Purchase Behavior. Presentation at Society Marketing Advance, Louisville, KY.
-Heo, W., Cho, S., & Lee, P. (October, 2017). Multidimensional Financial Stress: Scale Development and Relationship with Personality Traits. Presentation at Academy of Financial Services, Nashville, TN.
-Heo, W., Grable, J., & Rabbini, A. (October, 2017). A Test of the Relevance between Utility Theory and Measured Risk Tolerance: An Empirical Utilization of the G&L Risk-Tolerance Scale. Presentation at Academy of Financial Services, Nashville, TN.
-Heo, W., & Saboe-Wounded Head, L. (April, 2017). Mediation Effect of Mindset on Coping Strategies Used by Consumers Experiencing Financial Hardship during the Economic Recession in 2008. Presentation at American Council of Consumer Interest Annual Conference, Albuquerque, NM..
-Heo, W., & Grable, J. E. (February, 2017). Prediction of the Demand for Life Insurance Using Artificial Neural Network Estimation Procedure. Presentation at 2017 Academic Researcher Colloquium for Financial Planning and Related Disciplines, Arlington, VA.
-Heo, W., Park, N., & Henager, R. (October, 2016). Are We Depressed because of Our Jobs? Depression and Coping among Finance Workers and non-Finance Workers. Presentation at Academy of Financial Services, Las Vegas, NV.
-Heo, W., Henager, R., & Park, N. (October, 2016). What do Financial Planning Associations communicate to Consumers? Different Dialogue among Financial Planning Associations and News Articles. Presentation at Academy of Financial Services, Las Vegas, NV.
-Heo, W., Park, N., & Grable, J. E. (June, 2016). Prediction of the Household Saving-to-Income Ratio Using a Nonlinear Estimation Technique. Presentation at American Council of Consumer Interest Annual Conference, Arlington, VA.
-Heo, W., Park, N., & Park, H. (April, 2016). Lottery Ticket Purchasing in 159 Georgia Counties. Presentation at Georgia Association of Economics and Finance, Pine Mountain, GA.
-Heo, W., Nobre, L., Grable, J. E., & Jorge, R. (September, 2015). Risk Tolerance as a Mediation factor on Investing Behavior. Presentation at the Academy of Behavioral Finance & Economics; Seventh Annual Meeting, Philadelphia, PA, USA.
-Heo, W., Nobre, L., Jorge, R., & Grable J.E. (August, 2015). Risk Tolerance as a Mediation Factor on Investing Behavior. Poster Presentation at CFP Board Registered Programs Conference in Washington, D.C.
-Rabbini., A., Kuzniak, S., Heo, W., & Grable J.E. (August, 2015). Stock Market Volatility and the Stability of Risk Tolerance Score. Poster Presentation at CFP Board Registered Programs Conference in Washington, D.C.
-Heo, W., Nobre, L., Grable, J. E., & Jorge, R. (July, 2015). Risk Tolerance as Mediator Among Gender, Marital Status, and Investing Behavior. Presentation at Financial Therapy Association Annual Conference 2015 at San Jose del Cabo, Mexico
-Park, N., Heo, W., Jorge, R., & Grable, J. E. (May, 2015). Financial Hardship, Social Support, and Stress: The Consumer Perspective. Presentation at 2015 American Council of Consumer Interests Annual Conference, Clearwater Beach City, FL.
-Heo, W., & Grable, J. E. (October, 2014). Life Insurance and Wealth Change: Are These Financial Complements Among Different SES Groups? Presentation at 2014 Academy of Financial Services Conference, Nashville, TN.
-Heo, W., & Grable, J. E. (October, 2014). Taxonomies of Equity Ownership. Presentation at 2014 Academy of Financial Services Conference, Nashville, TN.
-Kuzniak, S., Rabbini, A., Heo, W., Ruiz-Menjivar, J., & Grable, J. E. (October, 2014). The Grable and Lytton Risk-Tolerance Scale: A 15-Year Retrospective. Presentation at 2014 Academy of Financial Services Conference, Nashville, TN.
-Grable, J. E., Heo, W., & Rabbani, A. (October, 2014) Financial Anxiety, Physiological Arousal, and Planning Intention. Presentation at 2014 Financial Therapy Association Conference at Nashville, TN.
-Grable, J. E., & Heo, W. (2014, August). Teaching Financial Planning Case Studies Using a Smart Student Response System, Presentation at 2014 CFP Board Registered Program Conference, Washington D.C.
-Ruiz-Menjivar, J., Heo, W., & Grable, J. E. (2014, April). The Effect of Situational and Dispositional Factors on Risk Aversion: An Attribution Theory Perspective, Poster Presentation at American Council of Consumer Interest Annual Conference, Milwaukee, WI.
-Heo, W., Rabbani, A., & Grable, J. E. (2014, March). Testing the Association between Client Stress and Financial Help-Seeking Behavior, Poster Presentation at Association for Applied Psychophysiology and Biofeedback Annual Scientific Meeting, Savannah, GA.
-Heo, W., (2013, June). Impact of Determinant Factors of Assimilation on Professional Help-Seeking Behavior Among Asian-American Immigrants. Award presentation at the American Association of Family and Consumer Science, Houston, TX.
-Cude, J. B., Chatterjee, S., & Heo, W. (2013, April). Effects of Actual and Perceived Financial Knowledge on Young Adults’ Financial Behaviors. Presentation at the American Council of Consumer Interests Annual Conference, Portland, OR.
-Heo, W., & Grable, J., (2013, April). Life Insurance Demand as a Function of Wealth Change. Poster presented at the American Council of Consumer Interests Annual Conference, Portland, OR.
-Heo, W., & Kim, R., (2006, June), A Study on the Concept of Consumer Alienation. Paper presented at the Korean Society of Consumer Policy and Education Semiannual Conference, Kyungsung University, Daegu, Korea.

Professional Memberships

Southern Economic Association (SEA) 2017-Present
Financial Planning Association (FPA) 2016-Present
American Risk and Insurance Association (ARIA) 2016-Present
Korea Home Economics Association (KHEA) 2016-Present
Academy of Behavioral Finance & Economics (ABFE) 2015-Present
Financial Therapy Association (FTA) 2015-Present
Association for Financial Counseling, Planning, and Education (AFCPE) 2014-Present
Association for Applied Psychophysiology and Biofeedback (AAPB) 2014-Present
Academy of Financial Services (AFS) 2014-Present
American Association of Family & Consumer Sciences (AAFCS) 2013-Present
American Council on Consumer Interest (ACCI) 2011-Present
Korean Association of STATA 2012-Present

Academic Interests/Expertise

Expertise:
- Data mining/data analysis in consumer research
- Consumer Policy Analysis
- Financial Behavior / Behavioral Economics
- Consumer behavior
- Financial Stress
- Financial Risk Tolerance

Area(s) of Research

Research Interests: Consumer welfare including consumer behavioral intervention, financial stress on consumer behavior, demand of life insurance, and data mining/data analysis in consumer research, financial risk tolerance and financial behavior, and economic utility with estimating risk tolerance.

Academic Responsibilities

- Instructor: CA289/CA412/CA430/CA412/CA680
- Consumer Affair Program Leading Faculty: Undergraduate Coordinator of CA program & Graduate Coordinator of FFP program

Work Experience

- Assistant Professor, South Dakota State University (2016-Present), Department of Consumer Science, Brookings, SD
- Instructor, University of Georgia (2016), Department of Housing and Consumer Economics, Athens, GA
- Graduate Teaching Assistant, University of Georgia (2013-2015), Department of Housing and Consumer Economics, Athens, GA
- Graduate Research Assistant, University of Georgia (2011-2013), Department of Housing and Consumer Economics, Athens, GA
- Account Executive, Marketing Consultant, & Consumer Researcher, Plansahead (2006-2008), Brand Communication Division & Strategic Marketing Planning Division, Seoul, Korea
- Assistant Researcher, Rural Development Administration (2006), Suwon, Korea
- Graduate Computing Assistant, Seoul National University (2004-2006), College of Human Ecology, Seoul, Korea
- Operating Manager, Sergeant, Republic of Korean Army (1999-2001), Transportation & Motor Division, Yang-gu, Korea
- Computing Assistant, City of Chungju, South Korea (1999), Township Office, Chungju, Korea

Awards & Honors

- Outstanding Paper Award (August, 2018), Korean Academy of Financial Consumers & Journal of Financial Consumers
- Awards from Academic Associations, Outstanding Paper Award (October, 2014), Financial Therapy Association & Journal of Financial Therapy
- Emerging Researcher Award (June, 2013), Family Economics and Resource Management of the AAFCS
(American Association of Family and Consumer Science)
- Korean Life Insurance Association Scholarship Award (2012-2016), 4+ Years Scholarly Fund for Doctoral Degree.
- Hazel and Gene Franklin Scholarship (2014-2015), College of Family and Consumer Science, UGA
- Endsley-Peifer Student Research Award (April, 2014), College of Family and Consumer Science, UGA
- Family and Consumer Sciences Fund for Excellence Scholarship (2013-2014), College of Family and Consumer Science, UGA
- Graduate Assistantship Award (2013-2014), Housing and Consumer Economics, University of Georgia
- Graduate Assistantship Award (2011-2013), Graduate School, University of Georgia

Education

Ph.D. University of Georgia: Athens, Georgia, 2011-2016, Department of Financial Planning, Housing, and Consumer Economics.
M.A. Seoul National University: Seoul, Korea, 2004-2006, Department of Consumer Studies and Resource Management
B.A. Seoul National University: Seoul, Korea, 1997-2004, Department of Consumer and Child Studies