Archivio per 17 febbraio 2014

17
Feb
14

Conspiracy Theories

See on Scoop.itBounded Rationality and Beyond

Cass Sunstein gets a lot of flack from certain groups in the States for the philosophy of Libertarian Paternalism he and Richard Thaler outlined in ‘Nudge’.

See on economicspsychologypolicy.blogspot.com

17
Feb
14

Conspiracy Theories

See on Scoop.itBounded Rationality and Beyond

Cass Sunstein gets a lot of flack from certain groups in the States for the philosophy of Libertarian Paternalism he and Richard Thaler outlined in ‘Nudge’.

See on economicspsychologypolicy.blogspot.com

17
Feb
14

Loss Aversion, Audit Risk Judgments, and Auditor Liability by Jochen Bigus :: SSRN

See on Scoop.itBounded Rationality and Beyond

Abstract:      
I investigate how different legal regimes affect auditor’s effort and investors’ investment decisions when the auditor is subject to probability weighting and loss aversion, which are two important characteristics of Prospect Theory. Probability weighting encourages an auditor to overrate the audit risk and the likelihood of damages leading to inflated audit fees which could help to explain the BigN audit fee premium. With loss aversion, an auditor is sensitive to the risk of damage compensation and, thus, tends to exert excessive caution which also generates excessive audit fees. Consequently, investors may choose not to hire an auditor and, as a result, may forego an otherwise profitable investment. These effects are more intense with a strict liability regime than with a negligence rule because with the latter, the auditor is not held liable when due care has been exerted. This removes the risk of incurring losses. The paper highlights the robustness of the negligence regime when preferences are unobservable.

See on papers.ssrn.com

17
Feb
14

Loss Aversion, Audit Risk Judgments, and Auditor Liability by Jochen Bigus :: SSRN

See on Scoop.itBounded Rationality and Beyond

Abstract:      
I investigate how different legal regimes affect auditor’s effort and investors’ investment decisions when the auditor is subject to probability weighting and loss aversion, which are two important characteristics of Prospect Theory. Probability weighting encourages an auditor to overrate the audit risk and the likelihood of damages leading to inflated audit fees which could help to explain the BigN audit fee premium. With loss aversion, an auditor is sensitive to the risk of damage compensation and, thus, tends to exert excessive caution which also generates excessive audit fees. Consequently, investors may choose not to hire an auditor and, as a result, may forego an otherwise profitable investment. These effects are more intense with a strict liability regime than with a negligence rule because with the latter, the auditor is not held liable when due care has been exerted. This removes the risk of incurring losses. The paper highlights the robustness of the negligence regime when preferences are unobservable.

See on papers.ssrn.com

17
Feb
14

5 Reasons to Calm Down Your Analytical Mind

See on Scoop.itBounded Rationality and Beyond

Our “analytical mind” is the thinking part of our brains. It mostly takes place in the prefrontal cortex, which is associated with complex decision-making, problem solving, critical thinking, and self-monitoring.

Basically, it’s the part of our brains that makes us step back and think, “What should I think here?” or “What should I do here?”

It’s a very important function of a healthy mind, but it’s also not the only function. In certain situations, it can actually be useful to calm down your analytical mind.

See on theemotionmachine.com

17
Feb
14

5 Reasons to Calm Down Your Analytical Mind

See on Scoop.itBounded Rationality and Beyond

Our “analytical mind” is the thinking part of our brains. It mostly takes place in the prefrontal cortex, which is associated with complex decision-making, problem solving, critical thinking, and self-monitoring.

Basically, it’s the part of our brains that makes us step back and think, “What should I think here?” or “What should I do here?”

It’s a very important function of a healthy mind, but it’s also not the only function. In certain situations, it can actually be useful to calm down your analytical mind.

See on www.theemotionmachine.com

17
Feb
14

NECSI Executive Education: Antifragility | NECSI

See on Scoop.itBounded Rationality and Beyond

When strong winds blow, don’t build walls, but rather windmills: there is a way to turn every bit of adversity into fuel for improvement.

This course introduces the principles of antifragility and complex systems science to explain how organizations and markets respond to volatility. Participants will learn which organizations can be considered fragile or antifragile, why certain patterns and trends matter while others are just noise, and how to create organizations that use volatility, variability, stress and disorder as information for making better decisions. This program does not require a math background.

See on necsi.edu




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