EXPRESS: Do Nudges Reduce Disparities? Choice Architecture Compensates for Low Consumer Knowledge

2021 ◽  
pp. 002224292199318
Author(s):  
Kellen Mrkva ◽  
Nathaniel A. Posner ◽  
Crystal Reeck ◽  
Eric J. Johnson
Keyword(s):  
Socioeconomic Status ◽  
Financial Literacy ◽  
Domain Knowledge ◽  
Field Data ◽  
Choice Architecture ◽  
Consumer Knowledge ◽  
Numerical Ability ◽  
Retirement Decisions ◽  
Marketing Firms ◽  
Selection Of

Choice architecture tools, commonly known as nudges, powerfully impact decisions and can improve welfare. Yet it is unclear who is most impacted by nudges. If nudge effects are moderated by socioeconomic status (SES), these differential effects could increase or decrease disparities across consumers. Using field data and several pre-registered studies, we demonstrate that consumers with lower SES, domain knowledge, and numerical ability are impacted more by a wide variety of nudges. As a result, “good nudges” designed to increase selection of superior options reduced choice disparities, improving choices more among consumers with lower SES, financial literacy, and numeracy than among those with higher levels of these variables. Compared to “good nudges”, “bad nudges” designed to facilitate selection of inferior options exacerbated choice disparities. These results generalized across real retirement decisions, different nudges, and different decision domains. Across studies, we tested different explanations of why SES, domain knowledge, and numeracy moderate nudges. Our results suggest that nudges are a useful tool for those who wish to reduce disparities. We discuss implications for marketing firms and segmentation.

Does knowing overcome wanting? The impact of consumer knowledge and materialism upon credit card selection with young consumers

2015 ◽  
Vol 16 (1) ◽  
pp. 50-70 ◽  
Author(s):  
Jakob Cakarnis ◽  
Steve Peter D'Alessandro
Keyword(s):  
Comparative Study ◽  
Survey Research ◽  
Credit Card ◽  
Design Methodology ◽  
Credit Cards ◽  
Consumer Knowledge ◽  
Content Type ◽  
Young Professionals ◽  
The Impact ◽  
Selection Of

Purpose – This paper investigates the determinants of credit card use and misuse by student and young professionals. Critical to the research is the impact of materialism and knowledge on selection of the appropriate credit card. Design/methodology/approach – This study uses survey research and partial least squares to investigate credit card behaviors of students versus young professionals. Findings – In a comparative study of young professionals and students, it was found that consumer knowledge, as expected, leads to better consumer selection of credit cards. Materialism was also found to increase the motivation for more optimal consumer outcomes. For more experienced consumers, such as young professionals, it was found that despite them being more knowledgeable, they were more likely to select a credit card based on impulse. Originality/value – This paper examines how materialism may in fact encourage some consumers to make better decisions because they are more motivated to develop better knowledge. It also shows how better credit card selection may inhibit impulse purchasing.

scholarly journals ASSET: A new measure of Economic and Financial Literacy (Accepted at the European Journal of Psychological Assesment)

2019 ◽  
Author(s):  
Tomas Folke ◽  
Jovana Gjorgjiovska ◽  
Alessandro Paul ◽  
Lea Jakob ◽  
Kai Ruggeri
Keyword(s):  
Socioeconomic Status ◽  
Young Adults ◽  
Young People ◽  
Psychometric Properties ◽  
Financial Literacy ◽  
Predictive Power ◽  
Mathematical Ability ◽  
Financial Decisions ◽  
High Level ◽  
Literacy Research

Young adults increasingly require good financial literacy to make the most of the opportunities provided to them. Unfortunately, existing financial literacy measures that may assist with targeting interventions show low reliability, ceiling effects, and a high level of abstraction. To address this, we designed and assessed the psychometric properties of a new measure specifically targeting young people, the Assessment of Economic and Financial Literacy (ASSET). We find it has better overall validity, reliability, and predictive power than existing measures. Using ASSET, we find that mathematical ability, calculator use (an example of deliberative thinking), gender, and socioeconomic status are key predictors of financial literacy. We recommend this more robust tool for use in financial literacy research to assess implications for guiding major financial decisions amongst young people.

Improvement of oil recovery factor from geological perspectives

2021 ◽  
pp. 17-25
Author(s):  
D.Yu. Chudinova ◽  
◽  
D.S. Urakov ◽  
Sh.Kh. Sultanov ◽  
Yu.A. Kotenev ◽  
...  
Keyword(s):  
Oil Recovery ◽  
Late Stage ◽  
Field Data ◽  
Recovery Factor ◽  
Wettability Alteration ◽  
Stage Of Development ◽  
Number Of Factors ◽  
Enhance Oil Recovery ◽  
The Given ◽  
Selection Of

At a late stage of development of any oilfield, there are big number of factors that affect recovery factor. One of them is related to presence of isolated zones, that were caused by combination of poor reservoir and oil properties of a rock. To solve the given problem variety of workover operations and enhance oil recovery (EOR) methods can be appled for the complex reservoirs such as Tevlinsko-Russinskoe oilfield. The number of particular studies were presented by reviewing of field data, construction of heterogeneity zones, revision of workover operations and selection of EOR methods. It has obtained that the reservoir has the lenticular structure, consists from 9 different facies and presented by 4 classes of heterogeneity. The immiscible gas injections of Nitrogen were selected as the most suitable EOR method for the given oilfield. Application of different composition of brine water was reccomended for wettability alteration.

Development of Temperature and Magnetic Field Monitoring System of ITER HTS Magnet

2015 ◽  
Vol 1083 ◽  
pp. 127-130
Author(s):  
Meng Song ◽  
Bing Yu ◽  
Nan Nan Hu ◽  
Kun Nan Cao ◽  
Li Ren
Keyword(s):  
Magnetic Field ◽  
Data Collection ◽  
Data Acquisition ◽  
Field Data ◽  
Data Acquisition System ◽  
Working Environment ◽  
Magnetic Field Data ◽  
Complete Set ◽  
Hts Magnet ◽  
Selection Of

The temperature and magnetic field data acquisition system is developed for HTS Magnet of ITER. According to its working environment, the type of probes used for detection and the corresponding supporting equipment are chosen. Based on the requirements of data acquisition precision, the selection of the data acquisition instruments is completed. Optimize the number and configuration of probes and keep key monitoring on its Conduction-cooled structure. A complete set of complete data collection and human-computer interaction system is designed by using LabVIEW.

The Complexity Behind the Hispanic Identity

2005 ◽  
Vol 36 (2) ◽  
pp. 20-24 ◽  
Author(s):  
Julissa Senices
Keyword(s):  
Socioeconomic Status ◽  
Cultural Identity ◽  
Human Service ◽  
Rehabilitation Counseling ◽  
Multiple Identities ◽  
National Origin ◽  
Rehabilitation Counselors ◽  
Hispanic Population ◽  
Human Service Professionals ◽  
Selection Of

This paper will review the complexity behind the various Hispanic identities and its implication for the field of rehabilitation counseling and other human service professions. Variables such as privilege, colorism, national origin, socioeconomic status, and experiences with discrimination interact and make-up the multiple identities of Hispanics. Yet, the use of the label Hispanic label has homogenized this population. It is recommended that rehabilitation counselors and other human service professionals be aware of the heterogeneity within the Hispanic population since it gives Hispanics tremendous latitude in the selection of a cultural identity.

Dynamic Performance of Single-Axle Freight Trucks

1983 ◽  
Vol 105 (2) ◽  
pp. 71-74
Author(s):  
D. N. Wormley ◽  
P. A. Tombers
Keyword(s):  
Field Data ◽  
Critical Speed ◽  
Dynamic Performance ◽  
Design Parameters ◽  
Stability Field ◽  
Suspension Stiffness ◽  
The Stability ◽  
Freight Trucks ◽  
Selection Of ◽  
Wheel Track

An analysis has been developed to evaluate the stability of freight cars employing single-axle freight trucks. The analysis has been used to evaluate the influence of wheel/track contact geometry, suspension stiffness, and loading on truck stability. Field data resulting from measurement of a prototype car lateral axle accelerations have been used to identify car critical speeds as a function of suspension stiffness and loading. These data have agreed closely with the analytical calculations and provided a basis for selection of car design parameters to achieve desired values of critical speed.

scholarly journals Selection of Online Network Traffic Discriminators for on-the-Fly Traffic Classification

2021 ◽  
Vol 20 (38) ◽  
pp. 65-85
Author(s):  
Angela María Vargas Arcila ◽  
Juan Carlos Corrales Muñoz ◽  
Alvaro Rendon Gallon ◽  
Araceli Sanchis
Keyword(s):  
Network Traffic ◽  
Domain Knowledge ◽  
Selection Process ◽  
Quality Analysis ◽  
Traffic Classification ◽  
Knowledge Based ◽  
Online Analysis Processing ◽  
Manual Selection ◽  
Online Traffic ◽  
Selection Of

There are several techniques to select a set of traffic features for traffic classification. However, most studies ignore the domain knowledge where traffic analysis or classification is performed and do not consider the always moving information carried in the networks. This paper describes a selection process of online network-traffic discriminators. We obtained 24 traffic features that can be processed on the fly and propose them as a base attribute set for future domain-aware online analysis, processing, or classification. For the selection of a set of traffic discriminators, and to avoid the inconveniences mentioned, we carried out three steps. The first step is a context knowledge-based manual selection of traffic features that meet the condition of being obtained on the fly from the flow. The second step is focused on the quality analysis of previously selected attributes to ensure the relevance of each one when performing a traffic classification. In the third step, the implementation of several incremental learning algorithms verified the usefulness of such attributes in online traffic classification processes. 

scholarly journals Financial products used by South African households at different life stages

2017 ◽  
Vol 9 (1) ◽  
pp. 310-325
Author(s):  
Cinzia Stedall ◽  
Jan M.P. Venter
Keyword(s):  
South African ◽  
Financial Literacy ◽  
Household Head ◽  
Life Stages ◽  
Product Usage ◽  
Single Parent Families ◽  
Financial Products ◽  
The Family ◽  
Notable Increase ◽  
Selection Of

South African households don’t save enough to ensure financial freedom after retirement. This article poses the following question: do life stages have a significant impact on the financial products used by households? The question is asked in order to identify possible interventions that could increase financial freedom. This study found that life stages have a significant impact on South African households’ selection of financial products. The use of financial products for each of the levels of the financial product usage hierarchy increases as the age of the household head increases and when the size of the family increases, the only exception being single-parent families. The study indicated that financial literacy programmes should focus on young couples and young families, as there is a notable increase in their financial product usage. The study also found a very low usage of wealth management products by South African households and suggests that policymakers consider the introduction of an incentive to increase household’s usage of these products.

scholarly journals Integration of Healthcare domain Ontologies using Bayesian Networks

2019 ◽  
Vol 9 (2S) ◽  
pp. 46-52
Keyword(s):  
Bayesian Networks ◽  
Knowledge Sharing ◽  
Domain Knowledge ◽  
Bayesian Belief Networks ◽  
Integration Algorithm ◽  
Algorithmic Approach ◽  
Medical Practitioners ◽  
Automated Knowledge ◽  
The Individual ◽  
Selection Of

Semantic Web (SW) was created with the vision of knowledge sharing. Knowledge from the past and present help predict the future with the use of Machine Learning (ML) algorithms. SW powered with ontologies help in realizing machine interactions supporting automated knowledge extraction. Healthcare as a field of medical domain gives lot of importance for timely accurate decisions with the available features. Representing existing information in terms of ontologies, retrieving the decisions upon establishing interaction between the relevant ontologies within the same domain, knowledge sharing & reusing the existing facts are of great benefit to the medical practitioners and researchers which has lot of open challenges to be resolved in order to realize the same. To address the stated issues, an algorithmic approach – Ontologies Integration algorithm using Bayesian Networks (OIBN) based on Bayesian Belief Networks (BBN) working on Naïve beliefs has been proposed which works on symptoms through the attributes of related ontologies within the same domain exploring the symptom dependencies and their probability of occurrences in combination. Selection of features for integration will follow the steps proposed in Sequential Forward Feature Selection algorithm (SFFS). The observation on the correctness of the presented method over diabetic datasets represented in ontological form with integration of relevant features reveals that the knowledge graphs have been efficiently explored discovering the facts based on the probability theory. The experimental results conclude that the proposed technique is showing enhanced prediction accuracy of 80.95% which is better compared to accuracies of the individual ontologies prior to integration and existing state-of-art technique.

scholarly journals Optimization of Damage Equivalent Accelerated Test Spectrum Derivation Using Multiple Non-Gaussian Vibration Data

2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
Fei Xu ◽  
Kjell Ahlin ◽  
Binyi Wang
Keyword(s):  
Field Data ◽  
Response Spectrum ◽  
Model Parameters ◽  
Modal Parameter ◽  
Accelerated Test ◽  
Dynamic Selection ◽  
Extreme Response ◽  
Non Gaussian ◽  
Selection Of ◽  
Test Spectrum

The response spectra are widely used in the damage assessment of non-Gaussian random vibration environments and the derivation of damage equivalent accelerated test spectrum. The effectiveness of the latter is strongly affected by modal parameter uncertainties, multiple field data processing, and the nonsmooth shape of the derived power spectral density (PSD). Optimization of accelerated test spectrum derivation based on dynamic parameter selection and iterative update of spectrum envelope is presented in this paper. The extreme response spectrum (ERS) envelope of the field data is firstly taken as the limiting spectrum, and the corresponding relationship between damping coefficient, fatigue exponent, and damage equivalent PSD under different test times is constructed to achieve the dynamic selection of uncertain parameters in the response spectrum model. Then, an iterative update model based on the weighted sum of fatigue damage spectrum (FDS) error is presented to reduce the error introduced by the nonsmooth shape of the derived PSD. The case study shows that undertest can be effectively avoided by the dynamic selection of model parameters. The weighted error is reduced from 80.1% to 7.5% after 7 iterations. Particularly, the error is close to 0 within the peak and valley frequency band.

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