Would you Make the Right Decision? – Decision Making Biases in Economy - Related Dilemmas

2018 ◽  
Vol 9 (1) ◽  
pp. 59-66
Author(s):  
Zsuzsanna Gödör ◽  
Georgina Szabó
Keyword(s):  
Decision Making ◽  
Online Survey ◽  
Framing Effect ◽  
Economic Knowledge ◽  
Bank Account ◽  
Financial Decisions ◽  
Hungarian Population ◽  
The Moment ◽  
The Right ◽  
Decision Making Biases

Abstract As they say, money can’t buy happiness. However, the lack of it can make people’s lives much harder. From the moment we open our first bank account, we have to make lots of financial decisions in our life. Should I save some money or should I spend it? Is it a good idea to ask for a loan? How to invest my money? When we make such decisions, unfortunately we sometimes make mistakes, too. In this study, we selected seven common decision making biases - anchoring and adjustment, overconfidence, high optimism, the law of small numbers, framing effect, disposition effect and gambler’s fallacy – and tested them on the Hungarian population via an online survey. In the focus of our study was the question whether the presence of economic knowledge helps people make better decisions? The decision making biases found in literature mostly appeared in the sample as well. It proves that people do apply them when making decisions and in certain cases this could result in serious and costly errors. That’s why it would be absolutely important for people to learn about them, thus increasing their awareness and attention when making decisions. Furthermore, in our research we did find some connection between decisions and the knowledge of economics, people with some knowledge of economics opted for the better solution in bigger proportion

scholarly journals Lane Change Behavior on Freeways: An Online Survey Using Video Clips

2018 ◽  
Vol 2018 ◽  
pp. 1-11 ◽  
Author(s):  
V. L. Knoop ◽  
M. Keyvan-Ekbatani ◽  
M. de Baat ◽  
H. Taale ◽  
S. P. Hoogendoorn
Keyword(s):  
Online Survey ◽  
Simulation Models ◽  
Lane Changes ◽  
The Road ◽  
Video Clips ◽  
Road Capacity ◽  
Change Behavior ◽  
Instrumented Vehicle ◽  
The Moment ◽  
The Right

Freeways form an important part of the road network. Yet, driving behavior on freeways, in particular lane changes and the relation with the choice of speed, is not well understood. To overcome this, an online survey has been carried out. Drivers were shown video clips, and after each clip they had to indicate what they would do after the moment the video stopped. A total of 1258 Dutch respondents completed the survey. The results show that most people have a strategy to choose a speed first and stick to that, which is the first strategy. A second, less often chosen, strategy is to choose a desired lane and adapt the speed based on the chosen lane. A third strategy, slightly less frequently chosen, is that drivers have a desired speed, but contrary to the first strategy, they increase this speed when they are in a different lane overtaking another driver. A small fraction have neither a desired speed nor a desired lane. Of the respondents 80% use the right lane if possible, and 80% avoid overtaking at the right. Also 80% give way to merging traffic. The survey was validated by 25 survey respondents also driving an instrumented vehicle. The strategies in this drive were similar to those in the survey. The findings of this work can be implemented in traffic simulation models, e.g., to determine road capacity and constraints in geometric design.

scholarly journals Towards Designing Tools for Universities’ R&D Performance Measurement on Mobile Platform

2019 ◽  
Vol 13 (04) ◽  
pp. 178
Author(s):  
Mohd Faizal Omar ◽  
Siti Rasifah Ahmad Roshidi ◽  
Jastini Mohd. Jamil ◽  
Fazillah Mohmad Kamal ◽  
Mohd Nasrun Mohd Nawi ◽  
...  
Keyword(s):  
Decision Making ◽  
Performance Indicator ◽  
Decision Support Tool ◽  
Education Institution ◽  
Mobile Platform ◽  
Support Tool ◽  
Prototype Development ◽  
The Moment ◽  
The Right ◽  
The Impact

<p class="Abstract">At the moment, there is a great interest in most universities to achieve higher ranking for better international standings and visibility. With shrinking resources such as financial and infrastructures, there is also a huge demand for the university to move forward and perform better in Research and Development (R&amp;D) in each evaluation year. Key Performance Indicator (KPI) is an excellent tool to enculturate research in a Higher Education Institution (HEI). The culture must be built upon HEI’s strength and weaknesses. Hence, the right decision making tool must be develop to priorities different agendas such as QSWUR, THE, etc. Mobile platform provide an efficient way to engage with stakeholders particularly to measure HEI performance on R&amp;D. There are three main activities involves for developing a decision support tool for measuring R&amp;D impact in HEIs i.e. development of decision model using multi criteria decision making, dashboard prototype development including and UI/UX for mobile platform. This paper describe the importance of measuring the impact of R&amp;D, prioritization technique and the process of prototype development. It is anticipates that our work could mitigate the gaps and improve the research ecosystem in HEIs.</p>

scholarly journals The impact of threat of shock on the framing effect and temporal discounting: executive functions unperturbed by acute stress?

2015 ◽  
Author(s):  
Oliver J Robinson ◽  
Rebecca L Bond ◽  
Jonathan P Roiser
Keyword(s):  
Decision Making ◽  
Bayes Factor ◽  
Acute Stress ◽  
Subjective Effects ◽  
Temporal Discounting ◽  
Framing Effect ◽  
Within Subjects ◽  
Executive Decision Making ◽  
The Impact ◽  
Decision Making Biases

Anxiety and stress-related disorders constitute a large global health burden, but are still poorly understood. Prior work has demonstrated clear impacts of stress upon basic cognitive function: biasing attention towards unexpected and potentially threatening information and instantiating a negative affective bias. However, the impact that these changes have on higher-order, executive, decision-making processes is unclear. In this study we examined the impact of a translational within-subjects stress induction (threat of unpredictable shock) on two well-established executive decision-making biases: the framing effect (N=83), and temporal discounting (N=36). In both studies, we demonstrate a) clear subjective effects of stress, and b) clear executive decision-making biases but c) no impact of stress on these decision-making biases. Indeed, Bayes factor analyses confirmed substantial preference for decision-making models that did not include stress. We posit that while stress may induce subjective mood change and alter low-level perceptual and action processes (Robinson et al., 2013b) , some higher-level executive processes remain unperturbed by these impacts. As such, although stress can induce a transient affective biases and altered mood, these need not result in poor financial decision-making.

scholarly journals The Use of Evidence in Humanitarian Response Decision-Making

2019 ◽  
Vol 34 (s1) ◽  
pp. s33-s33
Author(s):  
Dell Saulnier ◽  
Claire Allen ◽  
Anneli Eriksson ◽  
Ben Heaven Taylor
Keyword(s):  
Decision Making ◽  
Online Survey ◽  
Field Experience ◽  
Good Practice ◽  
Poor Quality ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Humanitarian Response ◽  
The Right ◽  
Media Channels

Introduction:The need to use evidence in humanitarian settings is recognized, yet utilizing that evidence to make decisions about humanitarian response remains a challenge.Aim:To identify how, when, and why decision makers in humanitarian response use scientific, peer-reviewed evidence to make decisions.Methods:An online cross-sectional survey of fifteen open- and closed-ended questions on demographics, experience, and role in humanitarian response was developed by Evidence Aid (EA) and Karolinska Institutet (KI). The online survey was available on the EA website from August 2015 to October 2018. Participants were self-selected, recruited through social media channels and mailing lists of EA and KI. All respondents and responses were anonymized. Responses were analyzed with descriptive statistics and content analysis.Results:47 people responded, primarily working in Europe or North America with roles of humanitarian response director/manager, independent consultant, or policymaker. Personal assessment of the quality of information, trust in the source, and information that was contextually relevant or based on field experience were factors for deciding whether information should be considered evidence. Reasons for using evidence when making decisions included adhering to good practice to maximize impact and effectiveness of aid, reassurance that the right decisions were being made, personal or organizational values, and using evidence as a tool to protect beneficiaries and organizations from poor quality decisions and program content.Discussion:Using evidence for decision making was common practice during the process of designing implementing and evaluating humanitarian response content, yet reasons for use varied. The importance of evidence developed and validated from field experience and trust in the source reported by this sample suggests that strengthening collaborative efforts between decisionmakers and evidence generators could be one approach to improve evidence and evidence use in humanitarian response.

scholarly journals The impact of threat of shock on the framing effect and temporal discounting: executive functions unperturbed by acute stress?

2015 ◽  
Author(s):  
Oliver J Robinson ◽  
Rebecca L Bond ◽  
Jonathan P Roiser
Keyword(s):  
Decision Making ◽  
Bayes Factor ◽  
Acute Stress ◽  
Subjective Effects ◽  
Temporal Discounting ◽  
Framing Effect ◽  
Within Subjects ◽  
Executive Decision Making ◽  
The Impact ◽  
Decision Making Biases

Anxiety and stress-related disorders constitute a large global health burden, but are still poorly understood. Prior work has demonstrated clear impacts of stress upon basic cognitive function: biasing attention towards unexpected and potentially threatening information and instantiating a negative affective bias. However, the impact that these changes have on higher-order, executive, decision-making processes is unclear. In this study we examined the impact of a translational within-subjects stress induction (threat of unpredictable shock) on two well-established executive decision-making biases: the framing effect (N=83), and temporal discounting (N=36). In both studies, we demonstrate a) clear subjective effects of stress, and b) clear executive decision-making biases but c) no impact of stress on these decision-making biases. Indeed, Bayes factor analyses confirmed substantial preference for decision-making models that did not include stress. We posit that while stress may induce subjective mood change and alter low-level perceptual and action processes (Robinson et al., 2013b) , some higher-level executive processes remain unperturbed by these impacts. As such, although stress can induce a transient affective biases and altered mood, these need not result in poor financial decision-making.

scholarly journals Journals without Publishers: the landscape of scholar-published journals

2016 ◽  
Author(s):  
ElHassan ElSabry
Keyword(s):  
Open Access ◽  
Online Survey ◽  
Publishing House ◽  
Cash Flows ◽  
Legal Person ◽  
Bank Account ◽  
Open Access Journals ◽  
University Department ◽  
Publisher Association ◽  
The Moment

The global move towards an “Open Access” model for journal publishing brings a new set of challenges to all those involved in scholarly communication. Of concern here is the case of journals published by one or a group of scholars, independent of any legal person (i.e. publishing house, university department, association, etc.). The question of how those journals establish and manage their venture (e.g. handling cash-flows) in absence of a legal entity is indeed an interesting one. Whether it is for ISSN registration, establishing a bank account or applying for membership to a publisher association, a legal “parent” would indeed make things easier. This project aims to explore the different strategies used by scholars to overcome this obstacle (e.g. incorporating the journal itself). It is based on a set of over 320 journals indexed by the Directory of Open Access Journals (DOAJ), where the publisher is listed as an individual person or as the journal itself. At the moment, the landscape of these journals is described, identifying their disciplines, countries, publishing platforms/software and the extent of cash flows they handle. Future steps include preparing an online survey to editors of those journals to obtain a deeper insight on their experiences as “independent” entities.

Awareness and Decision Making in Professional Ethics

2000 ◽  
Vol 5 (1) ◽  
pp. 19-27 ◽  
Author(s):  
Ronny Swain
Keyword(s):  
Decision Making ◽  
Professional Ethics ◽  
Ethical Decision Making ◽  
Code Of Ethics ◽  
Professional Autonomy ◽  
Ethical Awareness ◽  
Ethical Decisions ◽  
The Right ◽  
Aid Decision

The paper describes the development of the 1998 revision of the Psychological Society of Ireland's Code of Professional Ethics. The Code incorporates the European Meta-Code of Ethics and an ethical decision-making procedure borrowed from the Canadian Psychological Association. An example using the procedure is presented. To aid decision making, a classification of different kinds of stakeholder (i.e., interested party) affected by ethical decisions is offered. The author contends (1) that psychologists should assert the right, which is an important aspect of professional autonomy, to make discretionary judgments, (2) that to be justified in doing so they need to educate themselves in sound and deliberative judgment, and (3) that the process is facilitated by a code such as the Irish one, which emphasizes ethical awareness and decision making. The need for awareness and judgment is underlined by the variability in the ethical codes of different organizations and different European states: in such a context, codes should be used as broad yardsticks, rather than precise templates.

Understanding Decision-Making Biases in Psychopathy: A Psychopharmacological Perspective

2011 ◽  
Author(s):  
Kimia Honarmand ◽  
Stephanie Bass ◽  
Martina-Christina Kalahani-Bargis ◽  
David S. Nussbaum
Keyword(s):  
Decision Making ◽  
Decision Making Biases

An alternative interpretation of framing effect in decision making

1991 ◽  
Author(s):  
Jerwen Jou ◽  
James Shanteau ◽  
Richard Jackson Harris
Keyword(s):  
Decision Making ◽  
Framing Effect ◽  
Alternative Interpretation

The transformation of the decision-making process on the part of economic agents influenced by social constraints

2020 ◽  
Vol 16 (7) ◽  
pp. 1202-1222
Author(s):  
M.V. Grechko ◽  
L.A. Kobina ◽  
S.A. Goncharenko
Keyword(s):  
Decision Making ◽  
Consumer Choice ◽  
Social Constraints ◽  
Decision Making Process ◽  
Economic Knowledge ◽  
Economic Agents ◽  
The Individual ◽  
Contextual Environment ◽  
Economic Constraints ◽  
External Signals

Subject. The article focuses on the decision-making mechanism used by economic agents given the existing social constraints. Objectives. We devise applied toolkit to study how socio-economic constraints transform the decision-making mechanism used by economic agents. Methods. The study involves means of the expert survey, the method that streamlines economic knowledge. Results. Social constraints are illustrated to influence the decision-making mechanism used by economic agents, assuming that the individual mind relies on specific mechanisms to make judgments and decisions. Generally, the mechanisms are very useful, however they may generate serious errors during the decision-making process. Given the social constraints, economic agents were found to follow four mental models to make their decisions in case of the full or partial uncertainty, i.e. the representative relevance, accessibility, relations, heuristics (modeling). Conclusions and Relevance. The scientific ideas herein show that the inner architecture of a choice an individual makes determines his or her decisions. The decisions often depend on the contextual environment that gives external signals perceived by the individual while evaluating alternative ways. The findings can possibly be used as a mechanism to manage the consumer choice.

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