scholarly journals Nudgitize me! A behavioral Finance Approach to minimize losses and maximize profits from Heuristics and Biases

2018 ◽  
Vol 10 (2) ◽  
pp. 1241-1256 ◽  
Author(s):  
Julia Puaschunder
Keyword(s):  
Decision Making ◽  
Behavioral Finance ◽  
Field Experiments ◽  
Information Overload ◽  
Profit Maximization ◽  
Complex World ◽  
Heuristics And Biases ◽  
Human Beings ◽  
Wide Range ◽  
Rational Choices

Behavioral Finance is one of the most novel developments in Behavioral Economics. Since the end of the 1970ies a wide range of psychological, economic and sociological laboratory and field experiments proved human beings deviating from rational choices. Standard neoclassical profit maximization axioms were outlined to fail to explain how human actually behave. Human beings were rather found to use heuristics in the day-to-day decision making. These mental short cuts enable to cope with information overload in a complex world. Behavioral economists proposed to nudge and wink citizens to make better choices for themwith many different applications in very many different domains. This paper reviews and proposes how to use mental heuristics, biases and nudges in the finance domain to profit from markets.

Social Network, Information Flow and Decision-Making Efficiency

2011 ◽  
pp. 164-177 ◽  
Author(s):  
Cédric Sueur
Keyword(s):  
Decision Making ◽  
Social Network ◽  
Animal Species ◽  
Field Experiments ◽  
Traditional Approach ◽  
Human Beings ◽  
Network Information ◽  
Collective Decisions ◽  
Group Members ◽  
Decision Speed

Every day, millions of humans make decisions about issues of interest for the group they represent. Equivalent processes have already been well described for animal societies. Many animal species live in groups and have to take collective decisions to synchronize their activities. However, group members not only have to take decisions satisfying the majority of individuals (i.e. decision accuracy) but also have a relatively short period to do so (i.e. decision speed). In decision-making, speed and accuracy are often opposed. The decision efficiency will vary according to the way individuals are inter-connected, namely according to the social network. However, the traditional approach used in management and decision sciences has been revealed to be insufficient to fully explain decision-making efficiency. This chapter addresses the question of how social network may enhance collective decision-making by increasing both the accuracy and the speed of decisions. Studies within different animal species are discussed. These studies include human beings, and combine field experiments, social network analysis, and modelling to illustrate how the study of animals may contribute to our understanding of decision-making in humans.

scholarly journals Do we need a second engine for Entrepreneurship? How well defined is intrapreneurship to handle challenges during COVID-19?

2021 ◽  
Vol 120 ◽  
pp. 02022
Author(s):  
Mehmet Kiziloglu ◽  
Samrat Ray
Keyword(s):  
Decision Making ◽  
Field Experiments ◽  
Cognitive Biases ◽  
National Level ◽  
Subsequent Development ◽  
Extensive Literature ◽  
Human Beings ◽  
Economics Of Scale ◽  
Economic Decision Making ◽  
Innovative Thinking

Changing domains of economic mobility has brought in perspectives of innovation which are quite different from the earlier traditions in the so-called readings of Schumpeterian ways of innovative thinking. The new pandemic has taught us lessons that multidisciplinary innovation is not constrained to some mystical black box of innovation but should be elastic and accessible based on necessity and choices. Human beings are not always rational. Cognitive biases and nudges arising out of crisis globally has shown behavioral functionalities which changes the way human beings react and succumb to decision-making. This particular paper is based on extensive literature reviews and global cases arising out of extregencies and the subsequent development of field experiments which study the effects of various factors on innovation within the company. The filed experiments conducted were at national level in cooperation with national chamber of commerce wherein both intrinsic and extrinsic values of economics of scale was studied statistically using advanced techniques to not only analyze the results but infer on earlier research gaps in factors influencing the innovation blackbox of intrapreneurship which takes into account the psychology of economic decision making inside the corporate bandwagon. The rational choice behind measuring intrapreneurship in this study is impactful for learning the trends of human actions and behavior in a firm, which can be a yardstick for future academicians and policymakers to implement directly for aggravating the incubation indices.

scholarly journals An Exercise on Data-Based Decision Making

2020 ◽  
Vol 82 (8) ◽  
pp. 522-528
Author(s):  
Florian Fiebelkorn ◽  
Nils Puchert ◽  
Aaron T. Dossey
Keyword(s):  
Climate Change ◽  
Decision Making ◽  
Sustainable Development ◽  
Everyday Life ◽  
Socioscientific Issues ◽  
Human Consumption ◽  
Complex World ◽  
Wide Range ◽  
Data Based Decision Making

The ability to make criteria-based and thought-out decisions in everyday life as well as to answer questions pertaining to society at large, such as those regarding climate change and the loss of biodiversity, is becoming more and more important against the backdrop of an increasingly complex world with a wide range of options for action or inaction. Using the method of “data-based decision making,” this article presents a decision-making strategy for improving the evaluation competence of students that is particularly suitable for teaching socioscientific issues in the context of sustainable development. Using the example of human consumption of insects (sometimes termed “entomophagy,” although this term is defined as the consumption of insects by any organism), the students will evaluate the potential for insects as an alternative, sustainable source of protein as compared with conventional meat.

Role Theory in Politics and International Relations

2019 ◽  
Author(s):  
Marijke Breuning
Keyword(s):  
Decision Making ◽  
Foreign Policy ◽  
International Relations ◽  
Role Theory ◽  
Policy Decision ◽  
Theoretical Models ◽  
Decision Makers ◽  
Human Beings ◽  
Cognitive Limitations ◽  
Wide Range

Role theory scholarship in politics and international relations (IR) seeks to understand decision-making from the perspective of the decision maker. That said, role theory scholarship has evolved over time. It has moved from an initial emphasis on the structural and institutional constraints that affect human behavior to a greater emphasis on the agency of human beings. In the past decade, role theory has re-emerged as an approach to the study of politics and IR. This new generation of scholarship places its emphasis on decision makers (or agents) while acknowledging that they are embedded in institutions (or structures). As such, role theory accepts the foundational characteristics of behavioral IR—which demands attention for the cognitive limitations of human decision makers, as well as their limited capacity to process information, and the various biases and heuristics that affect their reasoning. Role theory posits that theoretical models must simultaneously take into account the state’s material capabilities and the perceptions of decision makers, who bring their own biases and ideas (or maybe ideals) to the task of shaping foreign policy. Role theory enables scholars to model ideational factors alongside material ones and, in doing so, to improve understanding of the foreign policy decision-making of a wide range of states, including small(er) states, new states, and emerging powers.

scholarly journals Lebanese Investors’ Decision Making Analysis from Conventional and Behavioral Perspectives Simultaneously

2021 ◽  
Vol 13 (4(J)) ◽  
pp. 50-59
Author(s):  
Latifa Ghalayini ◽  
Sally Ziad Alkees
Keyword(s):  
Decision Making ◽  
Behavioral Finance ◽  
Regression Models ◽  
Investment Decision ◽  
Profit Maximization ◽  
Individual Investors ◽  
Factor Analyses ◽  
Main Factors ◽  
Investment Process ◽  
And Control

The investment decision Process varies from one individual to another and from one country to another respectively. These decisions are usually taken based on either a Conventional basis or linked to the sentimental side of investors and reflected through behavioral finance gateway, where biases and psychological side of investors control their way of thinking and affect their investment decisions endlessly. Furthermore, based on previous literature the majority of investors tend to incorporate both gateways during their investment process as they don’t depend solely on Conventional gate, but their psychological part appears to play a big role while deciding and similarly for Lebanon. However, the main aim of this paper lies in investigating the main factors from both gates triggering Lebanese individual investors’ decision-making during their investment process. Moreover, the empirical part lies on focusing on a bunch of samples from individual Lebanese investors distributed along with most Lebanese districts; where 211 complete responses are interpreted within the SPSS program, undergoing factor analyses and Regression models. Results obtained indicates that Lebanese individual investors tend to incorporate both gateways in their investments decision, where the main goal stays utility and profit maximization; that to say tending to seek profits regardless of the investment field and approach. Nevertheless, during seeking profits Lebanese investor is being exposed to certain behavioral errors and biases that appear to impact and control his decisions significantly during investment making the process so far, and theses biases are affecting the Lebanese individual investors clearly more than that of conventional ones.

scholarly journals Computational modelling for decision-making: where, why, what, who and how

2018 ◽  
Vol 5 (6) ◽  
pp. 172096 ◽  
Author(s):  
Muffy Calder ◽  
Claire Craig ◽  
Dave Culley ◽  
Richard de Cani ◽  
Christl A. Donnelly ◽  
...  
Keyword(s):  
Decision Making ◽  
Computational Models ◽  
Computational Modelling ◽  
Technical Skills ◽  
Complex World ◽  
Close Collaboration ◽  
Science And Engineering ◽  
Whole Process ◽  
Wide Range ◽  
Significant Factors

In order to deal with an increasingly complex world, we need ever more sophisticated computational models that can help us make decisions wisely and understand the potential consequences of choices. But creating a model requires far more than just raw data and technical skills: it requires a close collaboration between model commissioners, developers, users and reviewers. Good modelling requires its users and commissioners to understand more about the whole process, including the different kinds of purpose a model can have and the different technical bases. This paper offers a guide to the process of commissioning, developing and deploying models across a wide range of domains from public policy to science and engineering. It provides two checklists to help potential modellers, commissioners and users ensure they have considered the most significant factors that will determine success. We conclude there is a need to reinforce modelling as a discipline, so that misconstruction is less likely; to increase understanding of modelling in all domains, so that the misuse of models is reduced; and to bring commissioners closer to modelling, so that the results are more useful.

Impact of Environmental Degradation on Human Health

2016 ◽  
Vol 3 (1) ◽  
pp. 1 ◽  
Author(s):  
_______ Archana ◽  
Charu Datta ◽  
Pratibha Tiwari
Keyword(s):  
Environmental Degradation ◽  
Human Population ◽  
Environmental Problems ◽  
Population Increase ◽  
Human Beings ◽  
The People ◽  
Wide Range ◽  
Different Types ◽  
Economic Institute ◽  
Day By Day

Degradation of environment is one of the most serious challenges before the mankind in today’s world. Mankind has been facing a wide range of problem arising out of the degradation of environment. Not only the areas under human inhabitation, but the areas of the planet without human population have also been suffering from these problems. As the population increase day by day, the amenities are not improved simultaneously. With the advancement of science and technologies the needs of human beings has been changing rapidly. As a result different types of environmental problems have been rising. Environmental degradation is a wide- reaching problem and it is likely to influence the health of human population is great. It may be defined the deterioration of the environment through depletion of resources such as air, water, and soil. The destruction of ecosystem and extinction of wildlife. Environmental degradation has occurred due to the recent activities in the field of socio-economic, institute and technology. Poverty still remains a problem as the root of several environmental problems to create awareness among the people about the ill effect of environmental pollution. In the whole research it is clear that all factors of environmental degradation may be reduced through- Framing the new laws on environmental degradation, Environment friend policy, Controlling all the ways and means of noise, air, soil and water pollution, Through growing more and more trees and by adapting the proper sanitation policy.  

Control of Winged Waterprimrose (Jussiaea decurrens) and Northern Jointvetch (Aeschynomene virginica) with Fungal Pathogens

Weed Science ◽  
1979 ◽  
Vol 27 (5) ◽  
pp. 497-501 ◽  
Author(s):  
C. D. Boyette ◽  
G. E. Templeton ◽  
R. J. Smith
Keyword(s):  
Oryza Sativa ◽  
Glycine Max ◽  
Fungal Pathogens ◽  
Liquid Culture ◽  
Field Experiments ◽  
Colletotrichum Gloeosporioides ◽  
Pathogenic Fungus ◽  
Field Tests ◽  
Wide Range ◽  
Growing Region

An indigenous, host-specific, pathogenic fungus that parasitizes winged waterprimrose [Jussiaea decurrens(Walt.) DC.] is endemic in the rice growing region of Arkansas. The fungus was isolated and identified asColletotrichum gloeosporioides(Penz.) Sacc. f.sp. jussiaeae(CGJ). It is highly specific for parasitism of winged waterprimrose and not parasitic on creeping waterprimrose (J. repensL. var.glabrescensKtze.), rice (Oryza sativaL.), soybeans [Glycine max(L.) Merr.], cotton (Gossypium hirsutumL.), or 4 other crops and 13 other weeds. The fungus was physiologically distinct from C.gloeosporioides(Penz.) Sacc. f. sp.aeschynomene(CGA), an endemic anthracnose pathogen of northern jointvetch[Aeschynomene virginica(L.) B.S.P.], as indicated by cross inoculations of both weeds. Culture in the laboratory and inoculation of winged waterprimrose in greenhouse, growth chamber and field experiments indicated that the pathogen was stable, specific, and virulent in a wide range of environments. The pathogen yielded large quantities of spores in liquid culture. It is suitable for control of winged waterprimrose. Winged waterprimrose and northern jointvetch were controlled in greenhouse and field tests by application of spore mixtures of CGJ and CGA at concentrations of 1 to 2 million spores/ml of each fungus in 94 L/ha of water; the fungi did not damage rice or nontarget crops.

scholarly journals A survey of methods for evaluating mini-publics

2021 ◽  
Author(s):  
Takeuchi Ayano
Keyword(s):  
Decision Making ◽  
Academic Research ◽  
Future Research ◽  
The Political ◽  
Decision Making Process ◽  
Sufficient Information ◽  
Practical Case ◽  
Political Decision ◽  
Wide Range ◽  
Political Decision Making

AbstractPublic participation has become increasingly necessary to connect a wide range of knowledge and various values to agenda setting, decision-making and policymaking. In this context, deliberative democratic concepts, especially “mini-publics,” are gaining attention. Generally, mini-publics are conducted with randomly selected lay citizens who provide sufficient information to deliberate on issues and form final recommendations. Evaluations are conducted by practitioner researchers and independent researchers, but the results are not standardized. In this study, a systematic review of existing research regarding practices and outcomes of mini-publics was conducted. To analyze 29 papers, the evaluation methodologies were divided into 4 categories of a matrix between the evaluator and evaluated data. The evaluated cases mainly focused on the following two points: (1) how to maintain deliberation quality, and (2) the feasibility of mini-publics. To create a new path to the political decision-making process through mini-publics, it must be demonstrated that mini-publics can contribute to the decision-making process and good-quality deliberations are of concern to policy-makers and experts. Mini-publics are feasible if they can contribute to the political decision-making process and practitioners can evaluate and understand the advantages of mini-publics for each case. For future research, it is important to combine practical case studies and academic research, because few studies have been evaluated by independent researchers.

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