Archivio per agosto 2014

31
Ago
14

ADMA Unplugged: Paul Zak, Center for Neuroeconomics Studies – YouTube

See on Scoop.itBounded Rationality and Beyond

Paul Zak and Brian Frost explore the neurochemistry of brand love in this ADMA Unplugged online interview. Paul J. Zak is the founding Director of the Center for Neuroeconomics Studies and Professor of Economics, Psychology and Management at Claremont Graduate University. Brian Frost is a creative at Innocean USA.

See on youtube.com

31
Ago
14

CFA level III – Behavioral Finance Perspective (Curriculum reading #7) – YouTube

See on Scoop.itBounded Rationality and Beyond

Overview :
Traditional v/s Behavioral Finance
Risk aversion
Challenges to traditional finance
Utility theory and decision theory
Bounded rationality
Prospect theory
– Editing
– Evalution
Capital markets and portfolio construction
– Traditional finance perspective
– Behavioral finance perspective
CFA Level III Behavioral Finance Perspective Part 1CFA level III – Behavioral Finance Perspective (Curriculumn reading #7)

See on youtube.com

31
Ago
14

People are not “rational”: An empirical study of th deviation between actual and shortest travel time path

See on Scoop.itBounded Rationality and Beyond

Abstract

Few empirical studies of revealed route characteristics have been reported in the literature. This study challenges the widely applied shortest path assumption by evaluating routes followed by residents of the Minneapolis – St. Paul metropolitan area, as

measured by the GPS Component of the 2011 Twin Cities Travel Behavior Inventory. It nds that most travelers used paths longer than the shortest path. Some reasons for this are conjectured.

See on nexus.umn.edu

31
Ago
14

Understanding Fear of Failure in Entrepreneurship: A Cognitive Process Framework

See on Scoop.itBounded Rationality and Beyond

Abstract: There is a broadly held assumption within the entrepreneurship literature that fear of failure is always and only an inhibitor of entrepreneurial behavior. However, anecdotal evidence and psychological theory suggest that this assumption is flawed. If fear stimulates greater striving in some cases or situations, then perhaps it can be a friend as much as a foe. The motivating value of fear may have consequences for the reactions, decisions, health and well-being of the entrepreneur. Unfortunately, a lack of rigorous conceptualization of the construct is a barrier to understanding such consequences. We present a grounded theoretic framework of the antecedents, moderators and consequences of fear of failure with significant implications for theory and future research.

 
See on enterpriseresearch.ac.uk

30
Ago
14

Ecological Rationalit

See on Scoop.itBounded Rationality and Beyond
 Which city has more inhabitants: Detroit or Milwaukee? If you don’t know the correct answer, you are not alone. In a study, we asked this question to German and US students and students from neither country knew that the answer was Detroit. However, German students intuitively gave the correct answer much more often than students in the US did. Why? German students were able to rely on a simple, intuitive rule of thumb, the so-called recognition heuristic:If you only recognize one of two objects, then infer that the recognized object has a higher value (in this case more inhabitants).This rule of thumb works well as long as we don’t know too much about a topic. Having heard about both cities many times before, the U.S. students could not apply the recognition heuristic and selected the right answer less often.© Max-Planck-Institut für Bildungsforschung 

Note: Impact of quality: High-quality objects are mentioned more frequently in the media than low-quality objects. Impact of publicity: Objects more frequently mentioned in the media are more likely to be recognized. Recognition validity: Objects that are recognized more often are thus more often of higher quality (cf.Goldstein & Gigerenzer, 2002).

Ecological rationality studies humans in real-world domains and explores which heuristics are promising in which environment. For example, the recognition heuristic works only if there is a correlation between recognition of an object (name of a city) and quality of the object (size of the city) – for instance, that bigger cities appear more often in the media than smaller ones – and if only one of the two objects is recognized (as did the German students but not the U.S. students).

See on mpib-berlin.mpg.de

29
Ago
14

Neuroscientists watch imagination happening in the brain | neuroscientistnews.com

See on Scoop.itBounded Rationality and Beyond

“You may say I’m a dreamer, but I’m not the only one,” sang John Lennon in his 1971 song Imagine. And thanks to the dreams of a Brigham Young University (BYU) student, we now know more about where and how imagination happens in our brains. Stefania Ashby and her faculty mentor devised experiments using MRI technology that would help them distinguish pure imagination from related processes like remembering. “I was thinking a lot about planning for my own future and imagining myself in the future, and I started wondering how memory and imagination work together,” Ashby said. “I wondered if they were separate or if imagination is just taking past memories and combining them in different ways to form something I’ve never experienced before.” There’s a bit of scientific debate over whether memory and imagination truly are distinct processes. So Ashby and her faculty mentor devised MRI experiments to put it to the test. – See more at: http://www.neuroscientistnews.com/research-news/neuroscientists-watch-imagination-happening-brain#sthash.Bv6SlA1Y.dpuf

See on neuroscientistnews.com

29
Ago
14

The psychology and economics of reverse mortgage attitudes: evidence from the Netherlands

See on Scoop.itBounded Rationality and Beyond

Il centro è il primo centro di ricerca in Italia specificatamente dedicato allo studio dell’economia delle pensioni e dell’invecchiamento.

Abstract

This paper presents the results from a survey on the attitudes toward reverse mortgages of homeowners aged 45 and over in the Netherlands. We find that there is substantial potential interest in reverse mortgages, especially for the purpose of being able to live more comfortably and not worry about money until death, or to be able to spend a large sum of money upon retirement on hobbies, home improvements or traveling. A similar study has been done for Italy, where results differ from those related to the Netherland. For Italian households a reverse mortgage is primarily seen as a last resort. We use two different frames for suggestions on the use of the loan – own consumption versus bequest – and find that the latter significantly raises interest in reverse mortgages of people with a bequest wish. We interpret this as evidence that people are unaware of the potential of reverse mortgages to optimize the timing of bequests. Women are less interested, while demand is highest among those around retirement age, depends positively on the ratio of housing wealth over income and on the perceived riskiness of future pensions, and negatively on the expected replacement ratio. We find a counterintuitive result for bequest timing, as people are more interested if the age difference with the oldest child is larger.

See on cerp.carloalberto.org

28
Ago
14

Investor Behavior By the Book

See on Scoop.itBounded Rationality and Beyond

As you might imagine, people send me more books to review than I can possibly read.

And, truthfully, despite their hype, many don’t offer much in the way of useful information for advisors. Occasionally, though, I’ll get an email from a publisher about a new book that looks interesting. This was the case with “Investor Behavior: The Psychology of Financial Planning and Investing,” a collection of articles compiled by H. Kent Baker, professor of finance at American University’s Kogod School of Business, and Victor Ricciardi, assistant professor of financial management at Goucher College.

My interest was piqued by my long fascination with the relatively new discipline of behavioral finance and its even newer cousin, behavioral economics. For those who have been in a coma for the past 20 years, back in the late 1980s, some economists became uncomfortable with the general economic assumption that people tend to act rationally when it comes to their finances. (I know, financial planners have been aware of this fallacy since the early ‘70s; academics tend to catch on more slowly.) Some of them thought it might be interesting to study what investors actually do in given situations; when it turned out that most of us are far less rational than previously thought, a new area of study was born.

See on thinkadvisor.com

27
Ago
14

Solar Flares and Risk Management for Investors

See on Scoop.itBounded Rationality and Beyond

On 1 September 1859, the sun emitted a large solar flare releasing approximately 6 × 1025 joules of energy (i.e., a massive amount). Telegraph systems all over the world — which were connected by copper wires — failed, in some cases giving telegraph operators electric shocks; in other cases, cascades of sparks spontaneously erupted from telegraph lines. Amazingly, some telegraph equipment that wasn’t plugged in continued to receive messages. In the days that followed the solar storm, which came to be known as the Carrington Event, auroras were seen around the world — including as far south as the Caribbean and Ecuador. Fireballs were spotted in the sky. Equipment connected to this “Victorian internet” caught fire. What might happen to today’s internet if the sun were to emit another solar flare? What does this mean for risk management?

On 23 July 2012, there was a similar coronal mass ejection (CME) released by the sun, only this time the CME narrowly missed Earth. Had the CME occurred just seven days earlier, it would have directly hit planet Earth. According the the US Geological Survey, such an event has a 6%–7% chance of happening in the next 10 years. NASA scientist Daniel Baker calculates that there is a 12% chance that the earth will encounter another Carrington Event within the next 10 years.

See on blogs.cfainstitute.org

27
Ago
14

Daniel McFadden: Understanding better how people really make choices

See on Scoop.itBounded Rationality and Beyond

The way our brains work is key to understanding how consumers really make choices, argues Nobel Laureate Daniel McFadden.

Some consumers suffer from “agoraphobia” or a fear of markets according to new research presented by Nobel laureate Daniel McFadden that throws doubt on the classical idea that people are driven by relentless and consistent pursuit of self-interest to maximise their well-being.
Professor McFadden entitled his paper The New Science of Pleasure, to purposefully play on a phrase coined by Anglo-Irish political economist Francis Edgeworth some 130 years ago.

He told the audience of young economists and fellow laureates at the 5th Lindau Meeting on Economic Sciences on 22 August that new studies of consumer behaviour that drew on psychology, sociology, biology and neurology gave economists a deeper understanding of how consumers made choices.
Rational analysis says that we should relish choice and the opportunities offered by markets. “Yet we are in fact challenged by choice and we use all kinds of ways such as procrastination to avoid having to make choices. One of the reasons is that there are risks associated with making choices,” he said.

See on blog.lindau-nobel.org




Time is real? I think not

agosto: 2014
L M M G V S D
 123
45678910
11121314151617
18192021222324
25262728293031

Commenti recenti

Inserisci il tuo indirizzo e-mail per iscriverti a questo blog e ricevere notifiche di nuovi messaggi per e-mail.

Unisciti ad altri 1.147 follower

Latest Tweets


%d blogger hanno fatto clic su Mi Piace per questo: