Archivio per 19 giugno 2015

19
Giu
15

How Do Consumers Choose Health Insurance? – An Experiment on Heterogeneity in Attribute Tastes and Risk Preferences

See on Scoop.itBounded Rationality and Beyond
Abstract: Recent health policy reforms try to increase consumer choice. We use a laboratory experiment to analyze consumers’ tastes in typical contract attributes of health insurances and to investigate their relationship with individual risk preferences. First, subjects make consecutive insurance choices varying in the number and types of contracts offered. Then, we elicit individual risk preferences according to Cumulative Prospect Theory. Applying a latent class model to the choice data, reveals five classes of consumers with considerable heterogeneity in tastes for contract attributes. From this, we infer distinct behavioral strategies for each class. The majority of subjects use minimax strategies focusing on contract attributes rather than evaluating probabilities in order to maximize expected payoffs. Moreover, we show that using these strategies helps consumers to choose contracts, which are in line with their individual risk preferences. Our results reveal valuable insights for policy makers of how to achieve efficient consumer choice.

#neuroeconomy

http://econstor.eu/bitstream/10419/106203/1/815300425.pdf

See on econstor.eu

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19
Giu
15

Is it a Fallacy to Believe in the Hot Hand in the NBA Three-Point Contest?

See on Scoop.itBounded Rationality and Beyond
Abstract: The hot hand fallacy refers to a belief in the atypical clustering of successes in sequential outcomes when there is none. It has long been considered a massive and widespread cognitive illusion with important implications in economics and Finance. The strongest evidence in support of the fallacy remains that from the canonical domain of basketball, where the widespread belief in the existence of hot hand shooting, among expert players and coaches, has been found to have no evidential basis (Gilovich, Vallone, and Tversky 1985). A prominent exhibit of the fallacy is Koehler and Conley (2003)’s study of the NBA Three-Point Contest (1994-1997), a setting which is viewed as ideal for a test of the hot hand (Thaler and Sunstein 2008). In this setting, despite the well-known beliefs of players, coaches, and fans alike, Koehler and Conley and no evidence of hot hand shooting. In the present study, we collect 29 years of shooting data from television broadcasts of the NBA Three-Point Contest (1986-2015), and apply a statistical approach developed in Miller and Sanjurjo (2014), which is more powered, contains an improved set of statistical measures, and corrects for a substantial downward bias in previous estimates of the hot hand effect. In contrast with previous studies, but consistent with Miller and Sanjurjo (2014)’s recent Finding of substantial hot hand shooting in all previous controlled shooting studies (including that from the original study of Gilovich, Vallone, and Tversky), we and substantial evidence of hot hand shooting in the NBA Three-Point Contest. This leaves little doubt that the hot hand not only exists, but actually occurs regularly. Thus, belief in the hot hand, in principle, is not a fallacy. 

#neuroeconomy

ftp://ftp.igier.unibocconi.it/wp/2015/548.pdf 

See on ftp

19
Giu
15

Behavioral Consumers in Industrial Organizatio

See on Scoop.itBounded Rationality and Beyond
Abstract: This paper succinctly overviews three primary branches of the industrial organization literature with behavioral consumers. The literature is organized according to whether consumers: (1) have non-standard preferences, (2) are overconfident or otherwise biased such that they systematically misweight different dimensions of price and other product attributes, or (3) fail to choose the best price due to suboptimal search, confusion comparing prices, or excessive inertia. The importance of consumer heterogeneity and equilibrium effects are also highlighted along with recent empirical work.

http://fmwww.bc.edu/EC-P/wp879.pdf

See on fmwww.bc.edu

19
Giu
15

Data Mining Reveals How Human Health Varies with City Size

See on Scoop.itSocial Foraging

The science of allometry, the study of the relationship between body size and shape, is more than 100 years old. It dates to the late 19th century, when anatomists became fascinated by the link between the size and strength of appendages such as arms and legs in creatures of varying size.

In recent years, various researchers have begun to think of cities as “living” entities in which activity patterns change over regular 24-hour periods and which also vary dramatically depending on city size. That’s lead to a new science of city-related allometry—how various aspects of life vary with the size of the conurbation they take place in.

Today, we get a new insight into this emerging science thanks to the work of Luis Rocha at the University of Namur in Belgium and a couple of pals who have studied the way health varies with city size. These guys have made some surprising discoveries.

It’s easy to imagine that a city is simply the sum of its parts. But economists, sociologists, and city planners have long known that many aspects of city life do not scale linearly with the size of a city.

See on technologyreview.com

19
Giu
15

Emotional brains ‘physically different’ to rational ones

See on Scoop.itWith My Right Brain

The work, led by Robert Eres from the University’s School of Psychological Sciences, pinpointed correlations between grey matter density and cognitive and affective empathy.


The study looked at whether people who have more brain cells in certain areas of the brain are better at different types of empathy.

“People who are high on affective empathy are often those who get quite fearful when watching a scary movie, or start crying during a sad scene. Those who have high cognitive empathy are those who are more rational, for example a clinical psychologist counselling a client,”  

See on medicalxpress.com

19
Giu
15

Neuroscientists pinpoint 3 irresistible impulses that influence everything we buy

See on Scoop.itBounded Rationality and Beyond

This doesn’t mean you’re off the hook. 

You might think that you’re completely in control of your buying decisions.

Neuroscientists disagree.

In “Cool: How the Brain’s Hidden Quest for Cool Drives Our Economy and Shapes Our World,” Steven Quartz and Anette Asp explain that there are three “pleasure machines" which drive every purchase you make.

See on uk.businessinsider.com

19
Giu
15

Exclusive: Oliver Sacks, Antonio Damasio and Others Debate Christof Koch on the Nature of Consciousness

See on Scoop.itCognitive Neuroscience

A few neurologists and brain scientists are proposing that the secret underlying all conscious activity must lie with the way cells respond to stimuli they receive from their environment. In a response to this suggestion, Christof Koch asserts that much more is required for a full theory of consciousness

Sandeep Gautam’s insight:

I am on Koch’s side!

See on blogs.scientificamerican.com




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