Archivio per 16 giugno 2014

16
Giu
14

Behavioural Sciences in Practice: Lessons for EU Policymakers by Fabiana Di Porto, Nicoletta Rangone

Abstract:      This chapter establishes how the regulatory process should change in order to bring out and use evidence from cognitive sciences. It further discusses the impact of cognitive sciences on the regulatory toolkit, positing that, on the one hand, traditional tools should be rethought about; and, on the other, that the regulatory toolkit should be enriched by two more strategies: empowerment and nudging (where the first eases the overcoming of cognitive and behavioural limitations, while the second exploits them).

Source: papers.ssrn.com

Annunci
16
Giu
14

Behavioural Sciences in Practice: Lessons for EU Policymakers by Fabiana Di Porto, Nicoletta Rangone

See on Scoop.itBounded Rationality and Beyond

Abstract:      

This chapter establishes how the regulatory process should change in order to bring out and use evidence from cognitive sciences. It further discusses the impact of cognitive sciences on the regulatory toolkit, positing that, on the one hand, traditional tools should be rethought about; and, on the other, that the regulatory toolkit should be enriched by two more strategies: empowerment and nudging (where the first eases the overcoming of cognitive and behavioural limitations, while the second exploits them).
See on papers.ssrn.com

16
Giu
14

Can Spatial Analytics Combined with Behavioral Economics Ease Congestion?

A company called Urban Engines works with city transit authorities to figure out better ways to use existing infrastructure and to craft incentives to change people’s commuting habits and reduce congestion.

Source: www.govtech.com

16
Giu
14

Can Spatial Analytics Combined with Behavioral Economics Ease Congestion?

See on Scoop.itBounded Rationality and Beyond

A company called Urban Engines works with city transit authorities to figure out better ways to use existing infrastructure and to craft incentives to change people’s commuting habits and reduce congestion.

See on govtech.com

16
Giu
14

Goldstein, Mcafee, Suri (2014), The Wisdom of Smaller, Smarter Crowds

Abstract: The “wisdom of crowds” refers to the phenomenon that aggregated predictions from a large group of people can rival or even beat the accuracy of experts. In domains with substantial stochastic elements, such as stock picking, crowd strategies (e.g. indexing) are difficult to beat. However, in domains in which some crowd members have demonstrably more skill than others, smart sub-crowds could possibly outperform the whole. The central question this work addresses is whether such smart subsets of a crowd can be identified a priori in a large-scale prediction contest that has substantial skill and luck components. We study this question with data obtained from fantasy soccer, a game in which millions of people choose professional players from the English Premier League to be on their fantasy soccer teams. The better the professional players do in real life games, the more points fantasy teams earn. Fantasy soccer is ideally suited to this investigation because it comprises millions of individual-level, within-subject predictions, past performance indicators, and the ability to test the effectiveness of arbitrary player-selection strategies. We find that smaller, smarter crowds can be identified in advance and that they beat the wisdom of the larger crowd. We also show that many players would do better by simply imitating the strategy of a player who has done well in the past. Finally, we provide a theoretical model that explains the results we see from our empirical analyses

Source: sidsuri.com

16
Giu
14

Goldstein, Mcafee, Suri (2014), The Wisdom of Smaller, Smarter Crowds

See on Scoop.itBounded Rationality and Beyond

Abstract: The “wisdom of crowds” refers to the phenomenon that aggregated predictions from a large group of people can rival or even beat the accuracy of experts. In domains with substantial stochastic elements, such as stock picking, crowd strategies (e.g. indexing) are difficult to beat. However, in domains in which some crowd members have demonstrably more skill than others, smart sub-crowds could possibly outperform the whole. The central question this work addresses is whether such smart subsets of a crowd can be identified a priori in a large-scale prediction contest that has substantial skill and luck components. We study this question with data obtained from fantasy soccer, a game in which millions of people choose professional players from the English Premier League to be on their fantasy soccer teams. The better the professional players do in real life games, the more points fantasy teams earn. Fantasy soccer is ideally suited to this investigation because it comprises millions of individual-level, within-subject predictions, past performance indicators, and the ability to test the effectiveness of arbitrary player-selection strategies. We find that smaller, smarter crowds can be identified in advance and that they beat the wisdom of the larger crowd. We also show that many players would do better by simply imitating the strategy of a player who has done well in the past. Finally, we provide a theoretical model that explains the results we see from our empirical analyses

See on sidsuri.com




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