How decision-makers’ sense and state of power induce propensity to take financial risks

Entrepreneurship is a process of creating realizing values for entrepreneurs. The entrepreneurial activities play quite important roles in promoting economic and social development. While the development of entrepreneurship in Malaysia and Nigeria is growing very fast, there have been few studies on entrepreneurship and the factors that influence intentions to become entrepreneurs. In the field of entrepreneurial research, the motivation factors which lead people to leave their comfort zone, take financial risks, abandon their high-income jobs to pursue their own business is always an interesting topic. For these reasons, in recent decades, the problems of entrepreneurship have become a focus for many scholars and policy makers. This paper examines the attributes that influences entrepreneurship intention in Malaysia and Nigeria. Data were collected from universities of the two countries. This study applies a quantitative approach with statistical techniques using descriptive statistics. The output of this study is expected to significantly contribute to business owners as well as decision makers.

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How Power Influences Decision-Makers’ Investment Behavior in the Domains of Loss and Gain

International Journal of Environmental Research and Public Health ◽

10.3390/ijerph182312834 ◽

2021 ◽

Vol 18 (23) ◽

pp. 12834

Author(s):

Katarzyna Sekścińska ◽

Joanna Rudzinska-Wojciechowska

Keyword(s):

Investment Decisions ◽

Decision Makers ◽

Control Group ◽

Investment Risk ◽

Investment Behavior ◽

Decision Context ◽

Risky Investment ◽

State Of Power ◽

Gains And Losses

We present a study (N = 645) investigating how power alters people’s propensity to take investment risks in a changing decision context of gains and losses and the intensity of their reactions to this experience. The results indicate that people in a state of power made more risky investment decisions than the control group regardless of prior gain or loss outcome, whereas people lacking power took less investment risk than the control group, regardless of previous outcomes. Moreover, people with power and those lacking power differed in their reactions to gains and losses, with the former reacting more to gains and the latter to losses.

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Modelling Uncertainty in Competitive Bidding

Volume 5: 6th International Conference on Micro- and Nanosystems; 17th Design for Manufacturing and the Life Cycle Conference ◽

10.1115/detc2012-70841 ◽

2012 ◽

Author(s):

Melanie E. Kreye ◽

Yee Mey Goh ◽

Linda B. Newnes

Keyword(s):

Data Gathering ◽

Decision Makers ◽

Competitive Bidding ◽

Financial Risks ◽

Manufacturing Companies ◽

Decision Matrix ◽

Modelling Uncertainty ◽

Service Contracts ◽

Provision Of Services

Due to the current market development of servitisation, manufacturing companies are required to compete through the provision of services as opposed to physical products. For such companies, the shift towards being a service provider often means they have to bid for service contracts, sometimes competitively. In the context of competitive bidding, the decision makers face various influencing uncertainties. Ignoring these uncertainties or their influences can result in problems such as the generation of too little profit or even a loss or the exposure to financial risks. Raising the decision maker’s awareness of the uncertainties can provide valuable information to assist in the decision-making process. The research presented in this paper presents an approach to modeling the uncertainties at the competitive bidding stage for long-life, high-value service contracts. The aim of this research is to provide decision makers with a decision matrix which illustrates the probability of winning the service contract and the probability of making a profit. The framework utilized for identifying the uncertainties and a layered approach for analyzing these uncertainties is described. These are then applied to a case study where the modeling approaches and data gathering methods are explained and the results are displayed via the decision matrix.

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EURRECAs Approach for Estimating Micronutrient Requirements

International Journal for Vitamin and Nutrition Research ◽

10.1024/0300-9831/a000071 ◽

2011 ◽

Vol 81 (4) ◽

pp. 256-263 ◽

Cited By ~ 22

Author(s):

Christophe Matthys ◽

Pieter van ‘t Veer ◽

Lisette de Groot ◽

Lee Hooper ◽

Adriënne E.J.M. Cavelaars ◽

...

Keyword(s):

Reference Values ◽

Policy Decision ◽

Individual Variability ◽

The Body ◽

Decision Makers ◽

Nutrient Requirements ◽

Factorial Approach ◽

Dietary Reference Values ◽

Health Policy Decision ◽

Quantitative Integration

In Europe, micronutrient dietary reference values have been established by (inter)national committees of experts and are used by public health policy decision-makers to monitor and assess the adequacy of diets within population groups. The approaches used to derive dietary reference values (including average requirements) vary considerably across countries, and so far no evidence-based reason has been identified for this variation. Nutrient requirements are traditionally based on the minimum amount of a nutrient needed by an individual to avoid deficiency, and is defined by the bodys physiological needs. Alternatively the requirement can be defined as the intake at which health is optimal, including the prevention of chronic diet-related diseases. Both approaches are confronted with many challenges (e. g., bioavailability, inter and intra-individual variability). EURRECA has derived a transparent approach for the quantitative integration of evidence on Intake-Status-Health associations and/or Factorial approach (including bioavailability) estimates. To facilitate the derivation of dietary reference values, EURopean micronutrient RECommendations Aligned (EURRECA) is developing a process flow chart to guide nutrient requirement-setting bodies through the process of setting dietary reference values, which aims to facilitate the scientific alignment of deriving these values.

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Haunted by a Doppelgänger

Experimental Psychology (formerly Zeitschrift für Experimentelle Psychologie) ◽

10.1027/1618-3169/a000221 ◽

2014 ◽

Vol 61 (1) ◽

pp. 12-22 ◽

Cited By ~ 11

Author(s):

Bettina von Helversen ◽

Stefan M. Herzog ◽

Jörg Rieskamp

Keyword(s):

Relevant Information ◽

Psychological Research ◽

Decision Makers ◽

Human Judgment ◽

Rule Based ◽

New Employees ◽

High Performing ◽

Facial Similarity ◽

Similarity Effect ◽

Judgment Strategy

Judging other people is a common and important task. Every day professionals make decisions that affect the lives of other people when they diagnose medical conditions, grant parole, or hire new employees. To prevent discrimination, professional standards require that decision makers render accurate and unbiased judgments solely based on relevant information. Facial similarity to previously encountered persons can be a potential source of bias. Psychological research suggests that people only rely on similarity-based judgment strategies if the provided information does not allow them to make accurate rule-based judgments. Our study shows, however, that facial similarity to previously encountered persons influences judgment even in situations in which relevant information is available for making accurate rule-based judgments and where similarity is irrelevant for the task and relying on similarity is detrimental. In two experiments in an employment context we show that applicants who looked similar to high-performing former employees were judged as more suitable than applicants who looked similar to low-performing former employees. This similarity effect was found despite the fact that the participants used the relevant résumé information about the applicants by following a rule-based judgment strategy. These findings suggest that similarity-based and rule-based processes simultaneously underlie human judgment.

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Recognizing Users of the Recognition Heuristic

Experimental Psychology (formerly Zeitschrift für Experimentelle Psychologie) ◽

10.1027/1618-3169.55.6.394 ◽

2008 ◽

Vol 55 (6) ◽

pp. 394-401 ◽

Cited By ~ 24

Author(s):

Benjamin E. Hilbig ◽

Rüdiger F. Pohl

Keyword(s):

Decision Makers ◽

Recognition Heuristic ◽

Inference Strategy

The recognition heuristic is hypothesized to be a frugal inference strategy assuming that inferences are based on the recognition cue alone. This assumption, however, has been questioned by existing research. At the same time most studies rely on the proportion of choices consistent with the heuristic as a measure of its use which may not be fully appropriate. In this study, we propose an index to identify true users of the heuristic contrasting them to decision makers who incorporate further knowledge beyond recognition. The properties and the applicability of the proposed index are investigated in the reanalyses of four published experiments and corroborated by a new study drawn up to rectify the shortcomings of the reanalyzed experiments. Applying the proposed index to explore the influence of knowledge we found that participants who were more knowledgeable made use of the information available to them and achieved the highest proportion of correct inferences.

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