Articles tagged with Economic Decision Making
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.
Researchers from the Indiana University Kelley School of Business found that companies should only separate CEO and chair roles when there is a performance problem. The 'demotion strategy', which keeps the CEO but brings in an independent chair, was found to be the most corrective approach, reversing prior year's performance by 150%.
The Modeling Good Research Practices Task Force provides comprehensive guidance on designing, implementing, and validating model-based studies. The seven reports offer recommendations for conceptualizing models, dealing with uncertainty, and validating models transparently.
A study published in Frontiers in Neuroscience found that people's performance worsened when they had to make sense of feedback while performing a main task. The research highlights the importance of considering task complexity when providing feedback to avoid hindering performance.
A study from University of Illinois economics professors demonstrates a new method to analyze relationships among voters' issue preferences, candidates' policy positions, and voter behavior. The researchers found that policy divergence has increased significantly since the 1970s, particularly on cultural issues.
Researchers developed a 'cost-sensitive' model to determine when importing a given plant is worth the risk, balancing economic benefits and environmental damage. The model uses statistical procedures to assess a plant's likelihood of becoming invasive.
A recent study published in Psychological Science suggests that when Americans think about choice, they become less concerned with reducing wealth inequalities. The researchers found that a choice-oriented mindset leads people to focus on individual agency and underestimate the role of societal structures in creating wealth disparities.
Experts discuss the science underlying ecosystem services markets, weighing benefits against potential unintended consequences for non-target ecosystem attributes. The symposium aims to address tough questions about how to measure and value nature's services.
The Kiel Cluster of Excellence 'The Future Ocean' has secured funding for its second phase, focusing on natural resources, biological diversity, and gas exchange. This will enable the team to provide a scientific basis for sustainable ocean management and engage in dialogue with decision makers.
A new study by Cornell University researchers found that genetic factors explain some variation in people's political attitudes and economic decisions. However, the effects of individual genetic variants are tiny and scattered across the genome, making it difficult to predict economic and political preferences.
Researchers found that thinking in a foreign language reduces loss aversion and asymmetry in decision-making. People are more likely to take attractive bets when considering options in a non-native tongue, as it provides a distancing mechanism that moves them from intuitive to deliberate thinking.
The Pacific Northwest Tsunami Evacuation Zones online portal and free apps provide an at-a-glance view of tsunami hazard zones along the coasts of Oregon and Washington. Planning tools like this are essential to safeguarding lives and property.
A University of Miami study shows that religious individuals are more likely to delay gratification and prefer larger rewards over time. This ability is positively correlated with their commitment to religious teachings and institutions.
The pecan weevil is a major pest of pecans in the southeastern US. Scientists from Oklahoma State University and Texas A&M University describe IPM strategies, including monitoring techniques and primary control methods. Biological control and livestock grazing are also considered for management.
A recent study examines ash tree removal and pesticide options to minimize urban forest loss due to Emerald Ash Borer infestations. The results show that insecticide treatments retain greater urban forest value, while preemptive removal without replacement is the least expensive option.
Researchers found that fishermen in wealthier countries are less likely to give up their trade due to subsidies and job satisfaction. In contrast, those in poorer countries with diversified livelihoods are more willing to leave the fishery. The study highlights the complexity of decision making and factors influencing willingness to ad...
A study from the University of Minnesota's Carlson School of Management found that when men perceive women as scarce, they become more impulsive, save less, and increase borrowing. This effect is seen in both laboratory experiments and archival data from over 120 US cities.
A recent health impact assessment (HIA) reveals the light rail line would bring increased access to transit, jobs, and affordable housing. However, it also identifies potential risks of displacing low-income residents and rising housing costs, which could lead to health problems.
A Princeton University research team found that uninformed individuals can act as a counterbalance to minority groups, restoring majority rule. The study challenges the common notion that an outspoken minority can manipulate uncommitted voters.
A recent study by Temple University researchers found that online marketplaces like eBay and Amazon prioritize risk reduction over social aspects of transactions. The authors analyzed buyer data to gauge assessments of online safeguards, finding that economic risk is a significant consideration only in moderately risky markets.
A team of researchers found that doctors who learned from both successes and failures performed better in making treatment choices. They used fMRI imaging to detect characteristic brain patterns for high performers and low performers, showing a correlation between attention to failed treatments and better performance.
A new study funded by the Economic and Social Research Council found that Whitehall's deep-rooted culture of centralism is a major barrier to achieving localism in England. The research team conducted interviews with senior Whitehall officials and regional stakeholders, revealing a lack of flexibility and discretion in spending decisions.
Researchers found a small group of people with high cognitive control can behave rationally in the Ultimatum Game, making more money. Most people offer uneven splits and reject offers, driven by strong emotional motives.
Researchers find that people's economic decisions change when survival or reproduction is on their minds. This contradicts the idea of humans making rational choices in finance, suggesting biases developed millions of years ago still affect us today. The study suggests these ancient biases can profoundly alter financial decisions over ...
A study by Rotman School of Management researchers suggests people with seasonal depression avoid risk in fall and winter, increasing their risk tolerance in spring and summer. The findings have implications for financial planners and traders, highlighting the importance of considering emotional factors in financial decision-making.
University of Missouri nutrition experts recommend eating balanced meals and farm-fresh produce to promote healthy eating choices. Families can implement healthy eating ideas by trying seasonal fruits and vegetables, such as those available at local farmers markets or grocery stores.
The report highlights the importance of living conditions, such as housing quality and access to healthy food, in determining health outcomes. Health Impact Project director Aaron Wernham praises the publication as a 'game-changer' for promoting the use of health impact assessments in decision-making.
Researchers paired agent-based land-use models with stakeholder interviews to better understand the impact of human activities on landscapes. The study highlights the potential benefits of involving local communities in decision-making processes for more effective and sustainable solutions.
A new study finds that irrigation increases global agricultural productivity by an amount equivalent to the entire US agriculture sector, leading to significant carbon uptake. Adding even small amounts of water can have a bigger impact than larger amounts in wetter regions.
The Liverpool pavilion received over 770,000 visitors during the 184-day expo period, with 99% of visitors recommending it to a friend. This exposure led to increased interest from Chinese firms, with 75% of sponsors including China in their business plans and 70% expecting future sales/orders.
The National Ecological Observatory Network (NEON) will build 62 sites across the US, utilizing cutting-edge technology to gather and synthesize continental-scale data. This information will support understanding and predicting environmental change on regional and continental scales.
Research from Brown University economists finds that voters are more likely to support recommended candidates after newspaper endorsements, but credibility matters. Moderate voters are most influenced by endorsements. Key findings suggest voters filter out media bias when making informed decisions.
Physicians can tailor treatment decisions by assessing the outcome of each treatment on smaller subgroups of patients, streamlining decision-making while keeping expenditures low. The approach aims to provide more accurate cost-benefit analysis for individual patients, complementing population-level analyses.
The vaccine community demands evidence on vaccine efficacy but neglects research on public trust. Building trust depends on understanding perceptions of vaccines and addressing historical experiences, socioeconomic status, and misinformation.
Researchers at the University of Pennsylvania have identified the ventromedial frontal cortex as the brain region responsible for making everyday decisions about value. The study, led by Joseph Kable, found that people with damage to this area are less consistent in their choices and unable to assign a value to certain items.
Researchers found that implicit racial biases predict disparities in perceived trustworthiness of Black and White faces, as well as differences in willingness to risk money with partners. These findings suggest that unconscious attitudes may drive rapid evaluations in the absence of additional information.
For the first time since 1972, more Americans say their financial situation has gotten worse. This decline is attributed to economic uncertainty and personal finances. Meanwhile, marital happiness increased, and Americans remain satisfied with their work.
A study by Columbia Business School and Ben-Gurion University of the Negev found that judges' willingness to grant parole can be influenced by time between breaks. After a break, 65% of cases were granted parole, with rates dropping to zero and then rising again. The study bolsters research on psychological biases in experienced judges.
A group of experts has identified 40 critical environmental questions to guide scientific research and inform natural resource management. These questions aim to balance economic, social, and ecological considerations, facilitating collaboration between researchers and policymakers.
A recent survey by NORC at the University of Chicago found that Americans prioritize education as the top spending category, followed by healthcare. The study, which analyzed data from 2010, also showed a decline in support for increased spending in some categories, despite the economic downturn.
A recent study emphasizes the importance of considering urban dynamics, national policies, and economic globalization when researching tropical deforestation. The researcher argues that current models are too simplistic, ignoring the complex feedback loops between human decisions and environmental changes.
A new multi-institutional center will develop tools to help governments, businesses, and individuals make informed decisions on climate and energy policies. The Center will utilize a new modeling framework, CIM-EARTH, to provide insights to policymakers and promote open science.
The University of Oklahoma is establishing an Institute for Water and Sustainability, including the Oklahoma Water Survey, to benefit Oklahoma and the nation. The institute will provide research and data for informed decision-making regarding water conservation and use.
A new study published in British Environmental Conservation journal found that people with good jobs in large cities are more likely to engage in pro-environmental activities. The researchers analyzed data from China's General Social Survey, which showed employees who work for companies in big cities and hold leadership positions repor...
Researchers found that apes prefer to play it safe when odds are uncertain, mirroring human behavior. They distinguish between risk and ambiguity, with greater hesitation towards unknown outcomes.
Research from University of Michigan Marketing Professor Scott Rick shows that tightwads and spendthrifts tend to spend about the same amount on gifts during Black Friday. This discrepancy arises due to differences in psychological pain associated with spending decisions, particularly when purchases are optional.
The TEEB report underscores the importance of incorporating nature's value into decision-making, with potential benefits for poverty reduction and business growth. The report also notes significant business and social risks from failing to account for natural capital.