Articles tagged with Economic Decision Making
Lirong Xia receives $524,989 grant to investigate computational mechanisms that improve individual contributions to collective decision making processes, including crowd-sourcing and online 'noise answers'. His research focuses on improving social choice mechanisms to handle large numbers of alternatives.
Researchers at the University of Bonn found that traffic light labels are more effective in helping consumers resist high-calorie foods than traditional nutrition labels. The study participants were willing to pay significantly more for healthy products with green labels and less for unhealthy products with red labels.
Research reveals that cities in Spain have a 15-year memory, while those in the US have a 25-year memory, influenced by historical events. The study also shows that city growth is linked to neighboring cities and their surrounding areas.
A new study published in PNAS found that people who focus on the success of their peers are more likely to act selfishly in group decisions. This is because success-oriented individuals prioritize information about which behavior pays off best, leading to a greater likelihood of selfish actions.
A study published in Psychological Science found that when resources are scarce, people evaluate goods in a more stable and consistent way. High-income participants were willing to pay more for luxury items if it meant making trade-offs, whereas lower-income participants were less sensitive to price differences.
Researchers found that dividing options into smaller piles and choosing the best option from each pile produced the best outcomes. In contrast, considering all options together led to poor decisions due to choice overload. The sequential tournament approach was the most effective but also the least liked by study subjects.
A new study has found that oil interests are a primary motivator for third-party countries to intervene in civil wars, challenging common conspiracy theory explanations. The research analyzed data from over 69 countries and revealed that countries with significant oil reserves were more likely to be targeted by foreign intervention.
A new study by Dr. Danny Ben-Shahar and Roni Golan found a correlation between personality traits and individual real estate choices, with neurotic individuals opting for homeownership over renting. The research also showed that local 'personality types' in America are associated with statewide real estate trends.
The Federal Resource Management and Ecosystem Services Guidebook provides a consistent approach to accounting for ecosystem services. It enables resource managers to balance human health, wealth, and well-being with natural resource management decisions.
A new Duke University study finds that older adults recruit an additional brain area to remember competing consumer products and choose the better one. The study suggests that this brain activity, involving the ventromedial prefrontal cortex, allows them to perform at a higher level.
Researchers found significant differences between two commercially available datasets used to analyze the relationship between neighborhood socioeconomic characteristics and food and alcohol establishments. The study highlights the need for accurate data to support policy decisions on issues like incentives for grocery stores in econom...
New research from Princeton University shows that recessions have a profound impact on fertility, leading to lower birth rates in the short and long term. Women who experience high unemployment during their 20s are more likely to remain childless by age 40, with the effects increasing exponentially over time.
Researchers found that when the economy is strong, customers focus more on past experiences with service firms and pay attention to aspects like satisfaction and effort made by the firm. The study recommends service managers to prioritize improving customer experience during good economic times to maximize revenue gains.
A study published in Population Health Management found that an Emergency Room Decision-Support (ERDS) program can significantly reduce ER visits and hospital admissions among older adults on Medicare. By improving care coordination, the program saved $1.24 in healthcare costs for every dollar invested.
A new INFORMS study finds that customer experience plays a crucial role in influencing purchase decisions during good economic times. The researchers discovered that customers focus on past experiences and satisfaction levels when the economy is strong, leading to increased revenue gains for firms that improve customer experience.
A new study presents a formal model to predict how countries will regulate hydraulic fracturing, helping companies assess risks and benefits. The model uses multi-criteria decision analysis to aggregate various inputs into a ranked list of policy alternatives.
A study found that brain activity in two regions correlates with opposing emotional reactions during win-win choices. This suggests that these circuits evolved for different reasons, one for evaluating the outcome and the other for guiding actions.
Economists at the University of Michigan have developed a new data infrastructure that uses aggregated and de-identified data from a mobile payments app to measure consumers' spending and income on a daily basis. The research finds that spending jumps on the day payments arrive and remains high for several subsequent days, reflecting c...
Researchers say restoring tropical forests can lead to biodiversity loss and soil erosion if not done thoughtfully. The study emphasizes the importance of considering ecosystem dynamics and defining what constitutes a forest to minimize environmental impacts.
A four-step compromise is proposed to share the burden of carbon reductions, reducing actors involved in initial efforts, switching to consumption-based carbon accounting, redistributing the burden based on responsibility and capability, and bringing changes back to the larger U.N. group for inclusive emissions management
A neurofinance study confirms that financial decisions are influenced by emotions and previous experiences, leading to increased risk-taking behavior after losses. The study used operational magnetic resonance imaging to analyze brain activity during risk-taking choices, revealing a link between emotional reactions and risk acceptance.
A recent survey by an international research team found that Liberia's chimpanee population is one of the most viable in West Africa, with over 70% living outside protected areas. The results provide crucial information for site prioritization and conservation efforts.
A new University of Illinois study found that nearly three in four low-income families have cut back on food to afford essential non-food items. Food pantry clients often make difficult choices between feeding their children and accessing basic household products.
A study by researchers at Ben-Gurion University of the Negev found that oxytocin causes participants to lie more to benefit their groups and do so quickly without expectation of reciprocal dishonesty. This raises questions about the morality of lying, even when it benefits those close to us.
A novel approach to managing model structural uncertainty is introduced, which can help prioritize improvements for better decision-making. The method analyzes internal discrepancies within the model and expresses beliefs about error sizes, providing an indication of relative importance.
A study by Northeastern University and colleagues found that feelings of gratitude automatically reduce financial impatience. Participants who wrote about an event making them feel grateful showed more patience, particularly when considering larger future rewards.
Researchers identified distinct brain activity profiles when making cost-benefit decisions about drinking alcohol. The study used fMRI to examine how the brain weighs pros and cons of drinking, revealing a neural signature associated with ambivalence between cost and benefits.
A computer system called SIMULFIS was developed to simulate the behavior of tax evaders, incorporating conditions such as fairness and social influence. The study found that improving tax inspections is a more effective measure against tax evasion than increasing fines.
Druckman and co-authors theorize that politicization generates anxiety, leading to a status quo bias among citizens. This results in obstacles for new scientific innovations entering the marketplace. The findings will be presented at an AAAS symposium titled 'Using Social Science to Change Decisions and Improve Health Outcomes'.
The Commission on Global Governance for Health calls for urgent reform of global decision-making to address socioeconomic inequality and health inequity. The report identifies seven areas where political and economic injustices affect population health, including food security and transnational corporations.
The global economic crisis has led to a decrease in routine medical care usage in both Europe and North America. Economic conditions have constrained financial resources, causing individuals to reduce their use of healthcare services.
A five-year research initiative aims to understand the impact of hunger, emotions, stress, and economic factors on food choices. The Nudge-it programme will examine how eating habits develop and provide better evidence for public health policies promoting healthy diets.
A £7.4 million Nudge-it initiative will investigate the physical and psychological factors controlling eating behavior to promote healthier food choices.
A new study published in the Proceedings of the National Academy of Sciences found that colorful or noticeable food packages predispose people to look and choose certain options. Visual attractiveness influences where people look, with a ratio of 1:3 compared to consumer preferences, and plays a significant role in decision-making.
The Lens, a public web facility, now contains comprehensive patent information from almost 100 million documents in 90 countries, linked to millions of scientific articles. This initiative aims to save innovators and companies millions in lawyers' fees and make the world of patents more accessible.
A recent study found that random fluctuations in brain cell activity may influence our choices when faced with equal options. The research suggests that the orbitofrontal cortex plays a key role in decision-making and that neuronal signals can be biased by random noise, leading to close calls.
Cyber resilience requires metrics reflecting relationships among system components in physical, information, cognitive and social domains. A new framework proposes combining network-centric operations and resilience response stages to quantify and manage cyber system resilience.
Researchers from University of Pennsylvania found no evidence of the endowment effect in Hadza people, a hunter-gatherer society in Tanzania. The study suggests that this bias may not be universal and could have been shaped by cultural factors rather than evolutionary history.
A University of Illinois study found that when groups eat together at a restaurant and must state their food choice aloud, they tend to select items from the same menu categories. This phenomenon suggests that people want to fit in with their peers rather than exhibit variety-seeking behavior.
Consumers enjoy discounts more immediately than later, according to a new study. Discounts make consumers happier but also reduce the need to justify expenditure, leading to decreased enjoyment. The study found that waiting to consume after payment can dampen pleasure-related consumption experiences.
Michel Balinski has made significant contributions to linear and nonlinear optimization, as well as electoral decisions and voting systems. His work has had direct practical application in several countries and is recognized as having the highest scientific excellence.
A study by University of California, Riverside researchers found that older adults' experience and knowledge compensate for declining fluid intelligence. They performed better than younger participants in temporal discounting, financial literacy, and debt literacy.
A new study by CU-Boulder researchers suggests that people's ability to delay gratification may be influenced by their perception of others' trustworthiness. The findings have implications for understanding why certain populations struggle with self-control, and could inform strategies for improving social trust in children and adults.
Researchers from North Carolina State University have developed a new open-source energy economy optimization (EEO) model called Temoa. The model provides transparency into its workings, allowing anyone to check its accuracy and replicate findings. With this advancement, policymakers can make more informed decisions about energy policy...
A new avatar-based decision technology called eSMARTT aims to ease the process of making healthcare decisions for loved ones who are unable to make their own choices. The system provides interactive simulations, decision coaching, and personalized resources to help caregivers navigate this difficult decision-making process.
A new study by Emily Ryo found that perceptions of certainty of arrest and severity of punishment are not significant determinants of intentions to migrate illegally. Non-economic factors such as community norms and moral justifications play a stronger role in Mexicans' decisions to enter the US illegally.
Dr. Daniel Kahneman, a Nobel laureate and CASBS Fellow, receives the award for his work integrating insights about decision-making from psychological research into economics. The SAGE-CASBS award recognizes outstanding achievement in advancing the understanding of behavioral sciences as they are applied to pressing social issues.
A study found that policies with higher premiums for overweight individuals are perceived as stigmatizing, while 'carrot' plans with premium reductions for healthy-weight people are seen as more effective. Participants also evaluated plans on moral grounds, deciding that punishing someone for being overweight was wrong regardless of po...
Researchers found that entrepreneurial personality structure is more prevalent in Western US states, Germany's Berlin-Hamburg axis, and Great Britain's East of England region. This correlation suggests a link between regional personality traits and entrepreneurial activity.
A new study found that one night of sleep deprivation increases men's perceptions of both women's interest in and intent to have sex. Sleep-deprived men rated women as having higher sexual intent and interest than well-rested men, reversing the initial perception gap.
A study by Technische Universität München found that entrepreneurs who prioritize their business goals over environmental concerns do so unconsciously, despite having strong values. Entrepreneurs with high self-efficacy and a challenging business climate were more likely to disengage from pro-environmental values.
A new UC Berkeley study suggests that morality plays a significant role in shaping our perception of money, with those who perceive money as 'tainted' viewing it as having less purchasing power. The research findings also shed light on why people avoid ill-gotten gains and the psychology behind socially responsible investing.
A new study by the USC Schaeffer Center and RAND Corporation found that patients with high deductibles pay roughly the same amount as traditionally insured patients for most outpatient services. The study suggests that lack of transparency about medical costs and patient loyalty to primary care physicians hinder price comparison, leadi...
Kevin Zollman, an associate professor at Carnegie Mellon University, has received a $400,000 NSF CAREER Award to investigate the economic factors influencing scientific problem choice and funding incentives. He aims to develop tools for policymakers to evaluate the effectiveness of different incentive systems.
Decision makers who feel powerful are more likely to make decisions that benefit their future selves. Researchers found that power can embolden decision makers and lead to better long-term choices. Power appears to foster saving behavior by putting people in touch with their future selves.
Children aged 5 and over demonstrate rational decision-making skills when making choices to maximize profits, considering odds of winning and loss. Younger children struggle with similar tasks, exhibiting a 'better safe than sorry' approach that can lead to judgment errors.
A new online resource called PREPARE has been developed to help people make complex medical decisions through user-friendly content, videos, and a step-by-step process. The website addresses key aspects of advance care planning and decision making, providing concrete examples and tools for patients and their families.
Elsevier has acquired the Journal of Choice Modelling, a leading publication in choice modelling, which covers topics such as transport and marketing. The journal will continue to publish four issues in 2013 and maintain access for a wide range of readers through ScienceDirect.
A new framework developed by researchers at the University of Minnesota provides a tool for assessing and valuing the services clean water provides, including recreation, beauty, navigation, and hydropower. The framework can be applied to on-the-ground decisions around water issues, yielding a more accurate picture of costs and benefits.
A study by Georgia State University and Emory University School of Medicine identified three primary causes of hospital readmissions: pre-existing conditions, complications developed in the hospital, and complications post-discharge. The study found that 11.3% of patients were readmitted within 30 days.