scholarly journals How Basic Cognition Influences Experience-Based Economic Valuation

2019 ◽  
Author(s):  
Sebastian Olschewski ◽  
Ben R Newell ◽  
Benjamin Scheibehenne
Keyword(s):  
Cognitive Biases ◽  
Cognitive Task ◽  
Economic Valuation ◽  
Experimental Studies ◽  
Number Line ◽  
Economic Behavior ◽  
Arithmetic Means ◽  
Economic Preference ◽  
Number Sequences ◽  
Sample Weighting

The perception and integration of sequential numerical information is a common cognitive task. It is a prerequisite for experience-based economic choices, but it is usually not part of economic decision theory. To better understand the process of symbolic number integration and its influence on economic behavior, we performed three experimental studies that examined mean estimates and economic valuations of continuous number distributions. The results indicate that participants valued random number distributions below their respective arithmetic means and valued distributions as lower when their variance increased, indicating risk aversion. A similar though less pronounced pattern also occurred in the matched mean estimation task where accuracy was incentivized and preferences played no role. These patterns suggest that seemingly risk-averse preferences are partly due to cognitive biases when perceiving and estimating numbers. In addition, participants' apparent economic preference for right-skewed outcome distributions could be attributed mainly to estimation biases. We discuss the extent to which the results can be explained based on a compressed mental number line and different sample weighting models. Finally, a new model that can account for the qualitative data pattern and has stronger overweighting of lower than higher numbers as its core feature is developed. Together, our results indicate that basic cognitive processes in perceiving and integrating number sequences play a key role in understanding experience-based economic behavior.

scholarly journals Human Cognitive and Motor Abilities in the Aging Workforce: An Information-Based Model

2020 ◽  
Vol 10 (17) ◽  
pp. 5958
Author(s):  
Salvatore Digiesi ◽  
Daniela Cavallo ◽  
Andrea Lucchese ◽  
Carlotta Mummolo
Keyword(s):  
Information Content ◽  
Cognitive Abilities ◽  
Cognitive Task ◽  
Experimental Studies ◽  
Motor Task ◽  
Aging Workforce ◽  
Motor Abilities ◽  
Workforce Aging ◽  
And Performance

In the digital society, individuals are in charge of performing tasks based on the information gathered by huge amount of data and effectively use them to manifest their cognitive and motor abilities. In this paper, on the basis of experimental studies available in literature concerning lab tests on motor or cognitive abilities of differently aged subjects, an information-based theoretical model is proposed. The model allows to quantify the information content of a motor or a cognitive task and provides estimates of information processing time of individuals of different age and sex in accomplishing tasks with prevalent motor or cognitive nature, in spite of the fact that a “pure” cognitive or a “pure” motor task are rarely observed in practical cases. The model is then applied to a case study from automotive industry in which workforce aging phenomenon is experienced. Potential applications of the model go beyond the case study developed. Quantifying the information content of a general motor-cognitive task paves the way to new understanding and modelling of movements and performance time of both natural and artificial systems with applications in industrial robotics (e.g., human-robot cooperation), biomechanics, and neurorehabilitation.

Option framing for upselling tourism services: Does cognitive availability prevent irrational choices?

2020 ◽  
pp. 135481662094972
Author(s):  
Verônica Feder Mayer ◽  
Glauber Eduardo de Oliveira Santos ◽  
Osiris Ricardo Bezerra Marques
Keyword(s):  
Behavioral Economics ◽  
Cognitive Biases ◽  
Experimental Studies ◽  
Contextual Influences ◽  
Leisure Travel ◽  
Irrational Behavior ◽  
Basic Set ◽  
Complete Set ◽  
Tourism Services ◽  
Robust Evidence

This article examines the effect of option framing and cognitive load on consumer choices of tourism services. Previous literature has shown that consumers tend to choose more options and spend more money when they begin the choice process from a complete set of options (downgrade/delete framing) than when they start choosing from a more basic set of options (upgrade/add framing). To exam this irrational behavior, we conducted two experimental studies with 561 consumers of leisure travel. The results of the two experiments provided robust evidence on the effect of the downgrade framing strategy on upselling tourism services and revealed that cognitive availability did not prevent consumers from making irrational choices. These findings indicate that decisions involving leisure trips may be even more susceptible than previously thought to cognitive biases and contextual influences due to their emotional and hedonic aspects, extending the existing literature on behavioral economics in tourism.

Heterogeneous Effects of Informational Nudges on Pro-social Behavior

2015 ◽  
Vol 15 (4) ◽  
pp. 1619-1655 ◽  
Author(s):  
Jiayi Bao ◽  
Benjamin Ho
Keyword(s):  
Behavioral Interventions ◽  
Social Preferences ◽  
Experimental Studies ◽  
Economic Incentives ◽  
Economic Behavior ◽  
Moral Licensing ◽  
Heterogeneous Effects ◽  
Impure Altruism ◽  
Effective Policy ◽  
Pro Social Behavior

Abstract Numerous experimental studies of informational nudges both in the lab and the field have demonstrated not just that informational nudges are effective policy tools for influencing behavior, but also that nudges have heterogeneous impacts that differ depending on the characteristics of the person involved and the situation. We adapt Andreoni’s theory of warm-glow impure altruism to account for how altruism motives respond differently depending on the disposition of the person and the situation. The model explains both positive spillovers (moral cleansing) and negative spillovers (moral licensing) for behavioral interventions, showing that targeting of informational campaigns depends on the complementarity between people’s traits and the intervention’s content. More importantly, the design of economic incentives (like Pigouvian taxes) to shift economic behavior should depend on both the distribution of social preferences in the population and the use of behavioral interventions.

scholarly journals Efficacy of a novel topical combination of esafoxolaner, eprinomectin and praziquantel against Ixodes ricinus and Ixodes scapularis in cats

Parasite ◽  
2021 ◽  
Vol 28 ◽  
pp. 23 ◽  
Author(s):  
Joe Prullage ◽  
Anthony Pfefferkorn ◽  
Martin Knaus ◽  
Justin Frost ◽  
Elizabeth Mitchell ◽  
...  
Keyword(s):  
Ixodes Ricinus ◽  
Ixodes Scapularis ◽  
Experimental Studies ◽  
Control Group ◽  
Placebo Control ◽  
The Novel ◽  
Topical Formulation ◽  
Arithmetic Means ◽  
Pre Treatment ◽  
Robust Evidence

Esafoxolaner is a purified enantiomer of afoxolaner with insecticidal and acaricidal properties. It is combined with eprinomectin and praziquantel in a novel topical endectoparasiticide formulation for cats. The efficacy of this novel formulation was evaluated in three Ixodes ricinus and two Ixodes scapularis experimental studies, with comparable designs. In each study, cats were randomly allocated, based on a pre-treatment tick infestation and count, to a placebo control group or a group treated with the minimum recommended dose of the novel formulation. Cats were infested two days before treatment and weekly thereafter. Immediate efficacy was evaluated 48 h after treatment; persistent efficacy was evaluated 48 h after new weekly infestations for at least one month after the treatment (in one of the studies, the first two weeks of persistent efficacy against I. ricinus were not tested). Efficacy was calculated at each timepoint by comparison of arithmetic means of live ticks found in the control and the treated groups. In the three studies targeting I. ricinus, immediate and persistent efficacies ranged between 91% and 100% for five weeks. In the two studies targeting I. scapularis, immediate and persistent efficacies ranged between 95% and 100%, and 98% and 100% for one month, respectively. These studies provide robust evidence of efficacy of the novel topical formulation of esafoxolaner, eprinomectin and praziquantel against experimental I. ricinus and I. scapularis infestations for at least one month in cats.

scholarly journals Behavioral influences on strategic interactions outcomes in game theory models

2020 ◽  
pp. 23-23
Author(s):  
Marija Kuzmanovic
Keyword(s):  
Game Theory ◽  
Decision Making ◽  
Cognitive Biases ◽  
Social Preferences ◽  
Experimental Studies ◽  
Relevant Information ◽  
Strategic Decision ◽  
Strategic Interactions ◽  
Behavioral Models ◽  
Full Rationality

Traditional decision-making models assume the full rationality of all actors. Nevertheless, the practice has shown that the behavior and choices of actors are influenced by many factors such as motives, beliefs, opinions, personal and social preferences, as well as cognitive biases. Moreover, it has already been proven that people have limitations in their ability to collect relevant information and respond to them, i.e. they are bounded rational. All this has contributed to the development of behavioral models in many disciplines including game theory. This paper provides a detailed review of the literature regarding behavioral models of strategic decision making. Bounded rationality and other cognitive biases in the strategic interactions are illustrated through the findings of numerous experimental studies.

scholarly journals Predictors of Social Distancing and Mask-Wearing Behavior: Panel Survey in Seven U.S. States

2021 ◽  
Author(s):  
Plamen Nikolov ◽  
Andreas Pape ◽  
Ozlem Tonguc ◽  
Charlotte Williams
Keyword(s):  
Risk Perception ◽  
Cognitive Biases ◽  
Social Preferences ◽  
Critical Role ◽  
Individual Risk ◽  
Social Distancing ◽  
Demographic Groups ◽  
Policy Interventions ◽  
Economic Preference ◽  
Transmission Speed

This paper presents preliminary summary results from a longitudinal study of participants in seven U.S. states during the COVID-19 pandemic. In addition to standard socio-economic characteristics, we collect data on various economic preference parameters: time, risk, and social preferences, and risk perception biases. We pay special attention to predictors that are both important drivers of social distancing and are potentially malleable and susceptible to policy levers. We note three important findings: (1) demographic characteristics exert the largest influence on social distancing measures and mask-wearing, (2) we show that individual risk perception and cognitive biases exert a critical role in influencing the decision to adopt social distancing measures, (3) we identify important demographic groups that are most susceptible to changing their social distancing behaviors. These findings can help inform the design of policy interventions regarding targeting specific demographic groups, which can help reduce the transmission speed of the COVID-19 virus.

scholarly journals The Role of Personality, Authoritarianism and Cognition in the United Kingdom’s 2016 Referendum on European Union Membership

2018 ◽  
Author(s):  
Chris Sumner ◽  
John E. Scofield ◽  
Erin Michelle Buchanan ◽  
Mimi-Rose Evans ◽  
Matthew Shearing
Keyword(s):  
European Union ◽  
Personality Traits ◽  
Cognitive Biases ◽  
Experimental Studies ◽  
Numerical Data ◽  
Impulsive System ◽  
Thinking Styles ◽  
Public Consumption ◽  
The Eu

The results of the United Kingdom’s 2016 referendum on European Union (EU) membership have highlighted deep societal divides. In six studies, we examined the role of personality traits, cognition and cognitive biases in relation to referendum voters' choices. A total of 11,225 participants completed questionnaires and controlled experiments, which assessed differences in personality traits, levels of authoritarianism, numeracy, thinking styles, and susceptibility to cognitive biases including ideologically motivated numeracy and reasoning, framing, and the Dunning-Kruger effect. Participants expressing an intent to vote to leave the EU reported significantly higher levels of authoritarianism and conscientiousness, and lower levels of openness and neuroticism than voters expressing an intent to vote to remain in the EU. When compared with Remain voters, Leave voters displayed significantly lower levels of numeracy and appeared more reliant on impulsive System 1 thinking. In the experimental studies, voters on both sides were found to be susceptible to the cognitive biases tested, but often, unexpectedly, to different degrees. These results raise important questions regarding the use and framing of numerical and non-numerical data for public consumption.

scholarly journals PROSPECTS THEORY AND INDIVIDUAL STYLE OF ECONOMIC DECISION-MAKING

2020 ◽  
Vol 14 (1) ◽  
pp. 54-63
Author(s):  
Tetiana Kononovych ◽  
Petro Myasoid
Keyword(s):  
Decision Making ◽  
Cognitive Biases ◽  
Single Case ◽  
Research Participant ◽  
Economic Behavior ◽  
Cognitive Systems ◽  
Decision Making Process ◽  
Economic Decision ◽  
Economic Decision Making

The purpose of the research was to test the prospects theory of Nobel Prize winner in economics D. Kahneman and A. Tversky, which describes the heuristics of economic decision-making, to the adoption of a decision by a concrete person. The method of the study is the Single Case Study, which is the most basic form of case-oriented research. The empirical material was obtained using the Melbourne decision-making questionnaire. The presence of cognitive biases in the decision-making process was determined based on the framing effect. Many methods were used to test the decision-making style of the research participant N and the components of intellectual-personal potential determined. It shows that there are deviations in the process of concrete economic decision making, which are not the result of heuristics, characterized by D. Kahneman and A. Tversky. The decision of the research participant is based on the rational style of this process and the analytical system of reasoning. There is an interaction between cognitive systems 1 and 2 with the evident dominance of the latter. This system blocks cognitive biases and ensures the achievement of results. At the same time, there is an influence from the properties of the intellectual-personal potential of the research participant, such as rationality, intolerance to un-certainty, emotional intelligence. In conclusion, the prospects theory explains the decision-making process in the case study, but the "systematic errors" which D. Kahneman and A. Tversky speak about are not observed. Therefore, there is an opportunity to continue studying the role of individuality in economic behavior. Keywords: behavioral economics, cognitive systems, decision-making style, prospects theory, sin-gle case study.

Mathematical Literacy and Young Children

2020 ◽  
pp. 313-344
Author(s):  
Ann H. Wallace ◽  
D. Reece Wilson
Keyword(s):  
Developmentally Appropriate ◽  
Number Line ◽  
Daily Routine ◽  
Mathematical Literacy ◽  
Math Learning ◽  
Web Based ◽  
Number Sequences ◽  
Addition And Subtraction ◽  
Number Talks ◽  
The Web

This chapter focuses on three web-based applications and describes how each may be used to promote mathematical literacy in developmentally appropriate ways. The web-based applications described in this chapter are a selection of those provided at no cost by The Math Learning Center. The Number Rack Application is a calculating frame composed of 2 rows of 10 beads each. The rows of movable, colored beads encourage learners to think in groups of fives and tens, helping them to explore and discover a variety of addition and subtraction strategies. The Number Line Application helps students visualize number sequences and illustrate strategies for counting, comparing, adding, subtracting, multiplying, and dividing. The Money Pieces Application helps students visualize and understand money values and relationships. The strategy of Number Talks is used to promote mathematical literacy using these applications. A Number Talk is a short, ongoing daily routine with a focus on mental math strategies that provides students with meaningful practice with computation.

scholarly journals Automatic vs. Human Recognition of Pain Intensity from Facial Expression on the X-ITE Pain Database

Sensors ◽  
2021 ◽  
Vol 21 (9) ◽  
pp. 3273
Author(s):  
Ehsan Othman ◽  
Philipp Werner ◽  
Frerk Saxen ◽  
Ayoub Al-Hamadi ◽  
Sascha Gruss ◽  
...  
Keyword(s):  
Random Forest ◽  
Pain Intensity ◽  
Human Performance ◽  
Experimental Studies ◽  
Human Observer ◽  
Weighting Method ◽  
Face Images ◽  
Proposed Model ◽  
Sample Weighting ◽  
Better Than

Prior work on automated methods demonstrated that it is possible to recognize pain intensity from frontal faces in videos, while there is an assumption that humans are very adept at this task compared to machines. In this paper, we investigate whether such an assumption is correct by comparing the results achieved by two human observers with the results achieved by a Random Forest classifier (RFc) baseline model (called RFc-BL) and by three proposed automated models. The first proposed model is a Random Forest classifying descriptors of Action Unit (AU) time series; the second is a modified MobileNetV2 CNN classifying face images that combine three points in time; and the third is a custom deep network combining two CNN branches using the same input as for MobileNetV2 plus knowledge of the RFc. We conduct experiments with X-ITE phasic pain database, which comprises videotaped responses to heat and electrical pain stimuli, each of three intensities. Distinguishing these six stimulation types plus no stimulation was the main 7-class classification task for the human observers and automated approaches. Further, we conducted reduced 5-class and 3-class classification experiments, applied Multi-task learning, and a newly suggested sample weighting method. Experimental results show that the pain assessments of the human observers are significantly better than guessing and perform better than the automatic baseline approach (RFc-BL) by about 1%; however, the human performance is quite poor due to the challenge that pain that is ethically allowed to be induced in experimental studies often does not show up in facial reaction. We discovered that downweighting those samples during training improves the performance for all samples. The proposed RFc and two-CNNs models (using the proposed sample weighting) significantly outperformed the human observer by about 6% and 7%, respectively.

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