scholarly journals Behavioral Patterns of Economic Decision-Making at the Local Level: The Theoretical Principles

2021 ◽  
Vol 1 (516) ◽  
pp. 6-13
Author(s):  
K. O. Patytska ◽  
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Local Level ◽  
Behavioral Patterns ◽  
Individual Decision ◽  
Individual Decision Making ◽  
Economic Decision ◽  
Economic Decision Making ◽  
The Impact ◽  
Stability Of Preferences

The article is aimed at defining the behavioral patterns of economic decision-making at the level of territorial hromadas. The main difference between traditional economic science and behavioral economics is substantiated. The traditional economic model is formed around the behavior of the «economic man», which is characterized by rationality in decision-making, completeness of self-control, limitless cognitive skills, restricted self-interest and stability of preferences; behavioral economics – around the behavior of Humans, which is characterized by numerous behavioral biases, changing preferences, acquiring new skills and further learning, social impact, altruism, etc. Two levels of behavioral economics are highlighted: micro- and macro-levels. The first level involves the study of the peculiarities of individual decision-making, the second involves the study of the impact of the behavior of economic agents on the development of the financial market together with economic growth of territories. It is substantiated that the study of behavioral patterns at the local level in the State requires, first of all, an analysis of the peculiarities of individual decision-making in the context of the developments in the micro-behavioral economics. The principles of behavioral economics, which have a significant impact on the behavioral characteristics of economic entities in the process of economic decision-making, are systematized. Cognitive biases and heuristic methods, features of choice architecture that influence decision-making are defined. Prospects for further research in this direction are the introduction of the principles of behavioral economics in the context of the development of territorial hromadas, in particular, taking into account tendencies in decentralization and the increasing impact of the behavior of certain subjects or groups of such entities on the development of the territory with a decrease in the size of the administrative-territorial unit.

scholarly journals Activists as “alternative” science communicators — Exploring the facets of science communication in societal contexts

2020 ◽  
Vol 19 (06) ◽  
pp. C01
Author(s):  
Birte Faehnrich ◽  
Michelle Riedlinger ◽  
Emma Weitkamp
Keyword(s):  
Decision Making ◽  
Social Movements ◽  
Science Communication ◽  
Democratic Legitimacy ◽  
Economic Decision ◽  
Economic Decision Making ◽  
Starting Point ◽  
Critical Attention ◽  
Understanding Of Science ◽  
The Impact

For many decades, NGOs and social movements have acted as “alternative” science communicators. They have made strategic use of science to promote their ideological stances, to influence political and/or economic decision-making and to motivate civic action. To date, however, our understanding of science communication in activism has received little critical attention. This set of commentaries acts as a starting point for further research and reflection. The different cases and perspectives urge readers to consider the impact, democratic legitimacy, and relevance of alternative science communication, and the challenges that alternative science communicators pose for science communication and society.

Implications of Economic Decision Making to the Project Manager

2021 ◽  
Vol 4 (1) ◽  
pp. 19-32
Author(s):  
Brian J. Galli
Keyword(s):  
Decision Making ◽  
Literature Review ◽  
Project Manager ◽  
Financial Return ◽  
Economic Decision ◽  
Economic Decisions ◽  
Project Outcome ◽  
Economic Decision Making ◽  
Internal Stakeholders ◽  
The Impact

This paper aims to identify and assess the impact of the project manager's economic decision on a project's outcome. Therefore, this paper focuses on whether a project will be economically and financially viable and will meet the interests of both external and internal stakeholders, especially the project manager's attention. Thus, the objective is to find in the decision-making process how economic decisions can provide and ensure an appropriate level of financial return rate to external and internal stakeholders, such as the project manager. The literature review approach was used to identify this economic decision-making implications on the project's outcomes. Studies show how projects' future is associated with decision making. However, a literature review has shown a shortage of research on the impact of only economic decisions on the project manager and project outcome. This study aims to fill that gap.

scholarly journals Behavioral Economics: A Primer and Applications to the UN Sustainable Development Goal of Good Health and Well-Being

Reports ◽  
2021 ◽  
Vol 4 (2) ◽  
pp. 16
Author(s):  
Robert Siegel ◽  
Katelyn Gordon ◽  
Linda Dynan
Keyword(s):  
Decision Making ◽  
Sustainable Development ◽  
Behavioral Economics ◽  
Well Being ◽  
Good Health ◽  
Individual Choice ◽  
Economic Decision ◽  
Economic Decision Making ◽  
Health Related ◽  
Health And Well Being

Behavioral economics (BE) is a relatively new field within economics that incorporates insights from psychology that can be harnessed to improve economic decision making with the potential to enhance good health and well-being of individuals and societies, the third of the United Nations Sustainable Development Goals. While some of the psychological principles of economic decision making were described as far back as the 1700s by Adam Smith, BE emerged as a discipline in the 1970s with the groundbreaking work of psychologists Daniel Kahneman and Amos Tversky. We describe the basic concepts of BE, heuristics (decision-making shortcuts) and their associated biases, and the BE strategies framing, incentives, and economic nudging to overcome these biases. We survey the literature to identify how BE techniques have been employed to improve individual choice (focusing on childhood obesity), health policy, and patient and healthcare provider decision making. Additionally, we discuss how these BE-based efforts to improve health-related decision making can lead to sustaining good health and well-being and identify additional health-related areas that may benefit from including principles of BE in decision making.

Behavioral Contract Theory

2014 ◽  
Vol 52 (4) ◽  
pp. 1075-1118 ◽  
Author(s):  
Botond Kőszegi
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Mechanism Design ◽  
Contract Theory ◽  
Incomplete Contracts ◽  
Critical Survey ◽  
Individual Decision ◽  
Individual Decision Making ◽  
Psychology And Economics ◽  
Economics Research

This review provides a critical survey of psychology-and-economics (“behavioral-economics”) research in contract theory. First, I introduce the theories of individual decision making most frequently used in behavioral contract theory, and formally illustrate some of their implications in contracting settings. Second, I provide a more comprehensive (but informal) survey of the psychology-and-economics work on classical contract-theoretic topics: moral hazard, screening, mechanism design, and incomplete contracts. I also summarize research on a new topic spawned by psychology and economics, exploitative contracting, that studies contracts designed primarily to take advantage of agent mistakes. (JEL A12, D03, D82, D86)

Assumptions of Rationality and Non-Rationality in Models of the International System

1961 ◽  
Vol 14 (1) ◽  
pp. 93-117 ◽  
Author(s):  
Sidney Verba
Keyword(s):  
Decision Making ◽  
International Relations ◽  
International System ◽  
Individual Decision ◽  
Individual Decision Making ◽  
Nation States ◽  
Simplifying Assumptions ◽  
Explicit Consideration ◽  
The Individual ◽  
The Impact

It is a truism that all action within the international system can be reduced to the action of individuals. It is also true, however, that international relations cannot be adequately understood in terms of individual attitudes and behaviors. Models of the international system usually deal with larger units, nation-states, as prime actors. To what extent can such models give us adequate explanations of international relations without some built-in variables to deal with individual decision-making?It may be that some processes in international relations can be adequately explained on the level of social structure without explicit consideration of the personality, predispositions, attitudes, and behavior of the individual decision-maker. In that case, the introduction of variables dealing with individual behavior would complicate the model without commensurate payoff in terms of increased understanding and prediction. This would be true if the impact of individual decision-making on the behavior of nations in their relations with other nations were slight, or if the impact varied randomly (because, for instance, of idiosyncratic factors) among the population of international events that one was trying to explain. If, on the other hand, models of the international system that either ignore or make grossly simplifying assumptions about individual decision-making can explain international relations only very imperfectly, it may well be worth the additional effort to build variables about individual decision-making into them.

scholarly journals RELATIVE CAPITALIST SYSTEMS AND FAIRNESS IN THE BALTICS: THE CASE OF LITHUANIA

Ekonomika ◽  
2013 ◽  
Vol 92 (4) ◽  
pp. 82-99 ◽  
Author(s):  
Maik Huettinger ◽  
Aras Zirgulis
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Loss Aversion ◽  
Price Change ◽  
Framing Effects ◽  
Unique Form ◽  
Economic Decision ◽  
Economic Decision Making ◽  
The Baltic ◽  
Different Cultures

Abstract. This paper deals with the concept of fairness as it is applied to economic decision making in different cultures. The objective of the research is to determine whether the concept of fairness can be applied universally throughout all cultures by doing a study in Lithuania and comparing it to similar studies done in other countries. Lithuania was chosen because it belongs to the group of the Baltic advanced transition countries with their own unique form of capitalism. We find that Lithuanians are more apt to consider price or wage changes as fair as long as there is an underlying macroeconomic reasoning for the price change. These effects were found to hold true in spite of the framing effects of loss aversion found in previous studies.Key words: behavioral economics, fairness, capitalism, Baltics, Lithuania

Economic Decision-Making and the Impact of Risk Management

2019 ◽  
Vol 10 (3) ◽  
pp. 1-13
Author(s):  
Brian J. Galli ◽  
Gabrielle Battiloro
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Literature Review ◽  
Research Study ◽  
Critical Element ◽  
Review Of The Literature ◽  
Economic Decision ◽  
It Impacts ◽  
Economic Decision Making ◽  
The Impact

The purpose of this article is to adequately identify and assess economic risk in decision-making within project environments. A systematic literature review approach is used to recognize the key relationships between risk and economic decision-making. The study shows that the most critical element associated with economic decision-making is the risk. The article highlights the implications of this relationship and how it impacts a project-based environment. Review of the literature has shown limited research in this area. This study seeks to fill a gap within the existing research. The results of this research study contribute to economic decision-making and risk management.

scholarly journals Big Tech and the Right to Freedom of Thought

2020 ◽  
Vol 5 (1) ◽  
pp. 35-40
Author(s):  
Brittany Morison
Keyword(s):  
Decision Making ◽  
Critical Analysis ◽  
Individual Decision ◽  
Individual Decision Making ◽  
The Past ◽  
Freedom Of Thought ◽  
Independent Decision ◽  
The Right ◽  
The Impact ◽  
Insight Into

Over the past few decades technology has become ubiquitous, with technology companies gaining increasing insight into the lives of individuals. This paper explores how technology companies use these insights to influence the ability to exercise free and independent decision-making. Through a critical analysis of social nudging, I establish the subtle but significant ways in which individuals can be susceptible to manipulation. Through this lens, I highlight some notable examples of how big tech companies have manipulated individual decision-making and the impact this may have on our democracy. 

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