Archivio per marzo 2014

31
Mar
14

10 Foolproof Tips for Overcoming Procrastination — PsyBlog

See on Scoop.itBounded Rationality and Beyond

Procrastination has been extensively studied by psychologists, probably because they have some world-class procrastinators close at hand: students.

Students don’t have a monopoly on wasting time, though, almost everyone procrastinates now and then.

The difference is that some people learn effective strategies for dealing with it and get some stuff done; others never do.

Here are ten tips for overcoming procrastination, based on science:

See on www.spring.org.uk

31
Mar
14

10 Foolproof Tips for Overcoming Procrastination — PsyBlog

See on Scoop.itBounded Rationality and Beyond

Procrastination has been extensively studied by psychologists, probably because they have some world-class procrastinators close at hand: students.

Students don’t have a monopoly on wasting time, though, almost everyone procrastinates now and then.

The difference is that some people learn effective strategies for dealing with it and get some stuff done; others never do.

Here are ten tips for overcoming procrastination, based on science:

See on spring.org.uk

31
Mar
14

Behavioral and Network Origins of Wealth Inequality: Insights from a Virtual World

See on Scoop.itBounded Rationality and Beyond

Almost universally, wealth is not distributed uniformly within societies or economies. Even though wealth data have been collected in various forms for centuries, the origins for the observed wealth-disparity and social inequality are not yet fully understood. Especially the impact and connections of human behavior on wealth could so far not be inferred from data. Here we study wealth data from the virtual economy of the massive multiplayer online game (MMOG) Pardus. This data not only contains every player’s wealth at every point in time, but also all actions of every player over a timespan of almost a decade. We find that wealth distributions in the virtual world are very similar to those in western countries. In particular we find an approximate exponential for low wealth and a power-law tail. The Gini index is found to be $g=0.65$, which is close to the indices of many Western countries. We find that wealth-increase rates depend on the time when players entered the game. Players that entered the game early on tend to have remarkably higher wealth-increase rates than those who joined later. Studying the players’ positions within their social networks, we find that the local position in the trade network is most relevant for wealth. Wealthy people have high in- and out-degree in the trade network, relatively low nearest-neighbor degree and a low clustering coefficient. Wealthy players have many mutual friendships and are socially well respected by others, but spend more time on business than on socializing. We find that players that are not organized within social groups with at least three members are significantly poorer on average. We observe that high `political’ status and high wealth go hand in hand. Wealthy players have few personal enemies, but show animosity towards players that behave as public enemies.

See on d.repec.org

31
Mar
14

Behavioral and Network Origins of Wealth Inequality: Insights from a Virtual World

See on Scoop.itBounded Rationality and Beyond

Almost universally, wealth is not distributed uniformly within societies or economies. Even though wealth data have been collected in various forms for centuries, the origins for the observed wealth-disparity and social inequality are not yet fully understood. Especially the impact and connections of human behavior on wealth could so far not be inferred from data. Here we study wealth data from the virtual economy of the massive multiplayer online game (MMOG) Pardus. This data not only contains every player’s wealth at every point in time, but also all actions of every player over a timespan of almost a decade. We find that wealth distributions in the virtual world are very similar to those in western countries. In particular we find an approximate exponential for low wealth and a power-law tail. The Gini index is found to be $g=0.65$, which is close to the indices of many Western countries. We find that wealth-increase rates depend on the time when players entered the game. Players that entered the game early on tend to have remarkably higher wealth-increase rates than those who joined later. Studying the players’ positions within their social networks, we find that the local position in the trade network is most relevant for wealth. Wealthy people have high in- and out-degree in the trade network, relatively low nearest-neighbor degree and a low clustering coefficient. Wealthy players have many mutual friendships and are socially well respected by others, but spend more time on business than on socializing. We find that players that are not organized within social groups with at least three members are significantly poorer on average. We observe that high `political’ status and high wealth go hand in hand. Wealthy players have few personal enemies, but show animosity towards players that behave as public enemies.

See on d.repec.org

31
Mar
14

PROSPECT THEORY AND TAX EVASION: A RECONSIDERATION OF THE YITZHAKI PUZZLE

See on Scoop.itBounded Rationality and Beyond

The standard expected utility model of tax evasion predicts that evasion is decreasing in the marginal tax rate (the Yitzhaki puzzle). The existing literature disagrees on whether prospect theory overturns the puzzle. We disentangle four distinct elements of prospect theory and find loss aversion and probability weighting to be redundant in respect of the puzzle. Prospect theory fails to reverse the puzzle for various classes of endogenous specification of the reference level. These classes include, as special cases, the most common specifications in the literature. New specifications of the reference level are needed, we conclude.

MAIN RESULT: The standard model of tax evasion predicts that evasion decreases in the marginal tax rate. The literature on prospect theory illustrates cases in which the opposite is true. We provide a deeper analysis of the conditions under which evasion increases in the tax
rate when agents behave according to prospect theory. We conclude that the reference income is crucial in determining the relationship between tax rate and evasion, while loss aversion and probability weighting play no role.

See on ieb.ub.edu

31
Mar
14

PROSPECT THEORY AND TAX EVASION: A RECONSIDERATION OF THE YITZHAKI PUZZLE

See on Scoop.itBounded Rationality and Beyond

The standard expected utility model of tax evasion predicts that evasion is decreasing in the marginal tax rate (the Yitzhaki puzzle). The existing literature disagrees on whether prospect theory overturns the puzzle. We disentangle four distinct elements of prospect theory and find loss aversion and probability weighting to be redundant in respect of the puzzle. Prospect theory fails to reverse the puzzle for various classes of endogenous specification of the reference level. These classes include, as special cases, the most common specifications in the literature. New specifications of the reference level are needed, we conclude.

MAIN RESULT: The standard model of tax evasion predicts that evasion decreases in the marginal tax rate. The literature on prospect theory illustrates cases in which the opposite is true. We provide a deeper analysis of the conditions under which evasion increases in the tax
rate when agents behave according to prospect theory. We conclude that the reference income is crucial in determining the relationship between tax rate and evasion, while loss aversion and probability weighting play no role.

See on www.ieb.ub.edu

31
Mar
14

On the economics of others

See on Scoop.itBounded Rationality and Beyond

We relate to others in two important ways: we care about others, and we care about how we fare in comparison to others. In some contexts, these two forms of relatedness interact. Caring about others can conveniently be labeled altruism. Caring about how we fare in comparison with others who fare better than ourselves can conveniently be labeled relative deprivation. I provide examples of domains in which the incorporation of altruism and relative deprivation can point to novel perspectives and suggest rethinking, and possibly revising, long-held views. And I show that there are domains in which consideration of relative deprivation can substitute for the prevalence of altruism, and vice versa. I conclude that this is a fascinating sphere for research on economics and social behavior.

See on ageconsearch.umn.edu




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