Why do Low-Income, High-Achieving Students not Apply to Top Universities?

In this study, the behavior of low-income, high-achieving students when applying to prestigious universities is analyzed. It was postulated that this behavior is due to a lack of information provided to these students and the effect of several behavioral heuristics that influence these students’ application decisions — namely, availability, simulation, and the status quo bias. This paper focuses on the behavior of low-income, high-achieving students who do not apply to prestigious students and therefore behave in a manner typical to their income level rather than their ability. These students, who are less likely to attend magnet schools or live in major metropolitan areas, are often left out of initiatives and college resources available to high-income students. To address this disparity, two solutions are proposed to encourage income-typical students to apply to prestigious universities: the continuation of test-optional policies and virtual college tours.

Natural Hazards: from Plinius’ time to the Anthropocene

<p>Plinius (23-79 AD) is known worldwide as the author of the encyclopedic Naturalis Historia. He died in Stabiae while trying to rescue his family from the eruption of Mount Vesuvius, one of the deadliest volcanic eruptions in European history that also destroyed the cities of Herculaneum and Pompeii. At that time, natural hazards were mostly seen as “acts of God(s)”. Instead, in today’s Anthropocene, extreme events coexist with two dichotomic (and rather simplistic) views: “disasters are natural” vs. “humans are to blame since they live in risky areas”. In this lecture, I present scientific and societal challenges associated with the increasing impact (from Plinius’ time to the Anthropocene) of humans on the spatial and temporal distribution of natural hazards. I also problematize and challenge myths, preconceptions and conventional wisdoms related with uncertainty, behavioral heuristics, expert vs. local knowledge, social power and inequalities. To this end, I review recent studies in various socioeconomic contexts, and across multiple hazards, with a focus on five events that have significantly influenced my research work: the 1963 Vajont Dam landslide, the 2004 flooding in Haiti and the Dominican Republic, the 2009 L’Aquila earthquake, the water crisis (Day Zero) during the 2015-2017 drought in Cape Town and the ongoing COVID-19 pandemic.</p>

Institutional investor behavioral biases: syntheses of theory and evidence

Purpose This paper aims to review the theory and empirical evidence of institutional investor behavioral biases in the lenses of behavioral finance paradigm. It surveys the research specifically focusing on behavioral biases among institutional investors in investment management activities worldwide. Design/methodology/approach A literature survey is done to gather and synthesize evidence on behavioral biases of institutional investors. Findings The survey and analysis reveal the following findings. First, the theoretical underpinning of investors’ irrational behavior has been neglected in behavioral finance research. Second, the behavioral heuristics and biases are dynamic and complex. Third, understanding behavioral biases’ origin, causes and effects requires interdisciplinary perspectives from the fields of psychology, sociology and biology. Originality/value The analysis and alternative perspectives drawn in this paper provide new insights into the field of behavioral finance and aims to suggest researchers, practitioners and regulators on the next course of actions.