Articles tagged with Economic Decision Making
Companies like IBM are shifting pension investment risks to employees through defined contribution plans, but Robert C. Merton argues that without corporate oversight, these plans may not provide long-term security for investors. Merton emphasizes the importance of corporate responsibility in ensuring the financial stability of DC plans.
Research reveals that people's mood can influence their choices, particularly in situations involving risk-taking behavior, social interactions, and financial decisions. The studies found that thinking about one's own mood can increase concern with the pleasurable consequences of decisions, leading to less optimal outcomes.
Researchers found that anger evokes casual judgments more frequently than sadness, leading to a desire for actions against offenders. In contrast, sadness may prompt actions targeting victims, such as healing and support.
Research finds activation of specific brain regions depends on participants' preferences for risk or ambiguity, shedding light on why people make risky choices. The study's results contribute to the emerging field of neuroeconomics, a new area of research that combines neuroscience and economics.
Professional football coaches exhibit conservative behavior when making decisions, prioritizing the risk of losing over potential gains. Despite this, research suggests that such behavior can have significant consequences, including decreased team performance.
A Pitt professor proposes using an ecological management system to evaluate nature's economic value, bridging economics and ecology. The approach considers ecosystem services like storm damage reduction and wetland maintenance, highlighting the gap between market and social values.
This study analyzes Thomas Jefferson's purchase of the Louisiana Territory without congressional consent, highlighting the ethical complexities of statesmanship and administrative ethics. The researcher concludes that while Jefferson's decision was morally complex, it ultimately served the nation's interests.
A focus on process can minimize decision difficulty for high-stakes choices like financial investments and healthcare. By honing in on a succinct decision process, individuals can make decisions more efficiently, especially when faced with aversive options.
A NYU-Cornell study found that people's perceptions of morality significantly impact their economic decisions in a trust game. Despite knowing the response patterns are the same, participants continued to trust good partners more than bad ones.
Research by Suraj Commuri and James Gentry found that women earning more than their spouses do not simultaneously earn domestic power, despite previous theories suggesting a shift in decision-making authority. The study highlights the need for further examination of household forms and consumption decisions influenced by factors such a...
Researchers found that tufted capuchin monkeys performed similarly to humans in making decisions under uncertainty, but also made similar mistakes. The study sheds light on the evolutionary origins of human economic behavior and its implications for understanding consumer decision-making.
Researchers found that young women in Cameroon view their life as random, while those in rural Thailand consider the sex industry an option. In Hong Kong, a successful women's movement secured inheritance rights for indigenous women through public framing of their stories as human rights violations.
A new study finds that statin therapy can significantly reduce hospitalization costs and costs of major vascular events. The cost-effectiveness of treatment varies depending on individual risk levels, with lower-risk groups potentially benefiting from statins.
A team of researchers has discovered a neural mechanism related to impulsive decision-making in pigeons. The study found that single neurons in the avian forebrain show increased activity when anticipating rewards, with activation levels decreasing as delays increase, leading to preferences for immediate over delayed rewards. This brea...
A Carnegie Mellon study discovered that participants appearing near the end of juried competitions receive higher marks from judges. The serial position effect may apply to everyday evaluations such as job interviews and student exams.
A joint environmental monitoring system was established between Hungary and Slovakia to assess the dam's impact on the Danube River. The authors recommend integrating this system with regional monitoring structures to achieve sustainable management of shared water resources.
Researchers trained European starlings to choose between rich food sources and decoys, finding that 'irrational' preferences resulted from energetic state rather than cognitive mechanisms. The study warns against introducing confounding effects in nonbiological framework testing ideas.
This study found that different health state value measures produced varying estimates of utilities and QALYs in patients with coronary artery disease (CAD). The use of SF-6D generated lower utilities compared to HUI3, which may impact the conclusions about treatment value.
The study highlights the need for improved decision-analytic models to capture the complexity of PD symptoms and treatment complications. Long-term effects of treatment on clinical symptoms and health-related quality of life are crucial in evaluating PD interventions.
Researchers found little appetite among South East politicians and business leaders for a regional assembly, citing concerns over regulation and the failure of previous attempts like the Greater London Assembly. The region's strong economy and lack of need for government intervention may be contributing factors to this reluctance.
A study published in Science found that humans have competing economic value systems, with the emotional brain prioritizing short-term gratification and the logical brain promoting long-term rewards. This discovery has significant implications for predicting economic and behavioral health patterns.
Researchers found two brain areas competing for control over behavior when balancing near-term rewards with long-term goals. Decisions involving immediate rewards activated emotion-related brain systems, while abstract reasoning systems were active in all choices.
Researchers at NYU used rhesus monkeys to test game theory predictions, finding that monkey behavior matched human behavior. The study's findings suggest the posterior parietal cortex plays a key role in decision-making.
The Decision Center for a Desert City (DCDC) will use Geographic Information System-based tools, climate models, and cognitive research to inform water management decisions. DCDC aims to enhance decision-making by investigating relationships between population growth, limited resources, and climatic variability.
The current method of discounting in economic evaluation may not accurately reflect individuals' true preferences, as time preference varies widely. Healthcare programs with longer-term benefits are often undervalued, highlighting the need for a revised methodology.
The Global Technology Confidence Index (GTCI) report shows business confidence soaring for North America, but remaining flat for the world at large. Confidence in emerging technologies and products improves future company performance, with executives anticipating increasing technologists employed over the next year.
A new three-step process developed by NIST's Office of Applied Economics evaluates the vulnerability of facilities to terrorist threats, considering engineering, management, and financial strategies. The tool assesses the most cost-effective combination of risk reduction strategies to protect facilities from damages.
The Global Technology Confidence Index (GTCI) has shown a dramatic increase in business confidence, particularly in North America, where executives plan to boost technology investments. The index, which measures confidence in technology management, has been rising steadily since its inception in 2003.
A Carnegie Mellon study found that people are willing to accept less money to sell an object than they would pay for it when sad. Disgust also leads to lower prices for both buying and selling. This challenges traditional economic principles, suggesting new strategies for marketing and negotiations.
A study by Professor Michael Waterson found that fast food chains like McDonald's and Burger King locate closely together in shopping districts due to competition. The larger the population area, the sooner a McDonald's outlet opens, but this effect diminishes as population increases.
A study by Dr Moira Inghilleri highlights the complexities of interpreter roles in asylum applications, highlighting varying approaches and inconsistent demands. This can lead to substantial confusion about interpreters' roles, affecting asylum outcomes.
The inaugural report highlights key findings on technology alignment, IT security, and business prospects, providing a dynamic tool for organizations to sharpen their technology strategies. The GTCI report covers five major categories, including General Economic and Globalization, Human Capital, Technology Alignment, Technology Innovat...
The National Science Foundation has awarded $12.5 million to Cal-(IT)², a two-campus science and innovation institute at the University of California, Irvine, to develop innovative information-sharing tools and organizational strategies for first responders in urban crisis situations. The project aims to provide critical tools to early...
Researchers found that servers at two restaurants and cab drivers received lower tip percentages for larger bills, but levels off above $100. The magnitude effect shows that relative value is affected by absolute amount, contradicting standard microeconomic theory.
A brain imaging study found that negative emotional states can override logical thinking in economic decisions, such as the ultimatum game, where people are offered a portion of $10. The study reveals a complex interplay between emotion and deliberative thought, suggesting that emotions play a primary role in decision-making.
The study reveals that health and socio-economic factors have a natural impact on quality of life in early old age. Having control over work choices also significantly affects quality of life, with those who choose to retire or work beyond normal retirement age enjoying better lives than those with limited options.
The city has attracted significant investment from big companies in various sectors, but the lack of co-ordinated planning and strategic vision has hindered regional development. Despite this, the core urban area has experienced a significant turn-round with population growth and new housing developments.
A recent study by IBM and researchers found that software-based robotic trading agents ('bots') made seven per cent more cash than people in a commodities market test. The bots used basic strategies to maximize their profit, while humans were given an upper spending limit and minimum sale price.
Despite an all-time low unemployment rate of 3.9%, New York ranks 10th among states for women's employment and earnings. Women in the state have high annual earnings but face challenges such as lower workforce participation, higher poverty rates, and limited access to health insurance.
A group of ecologists and economists propose a new approach to valuing nature's worth. They suggest assigning an economic price tag to ecosystem services, such as pollination and water purification. By doing so, they hope to create financial incentives for protecting these vital resources.
A Cornell University study reveals that younger farmers' lack of access to modern technology hinders their productivity, while older farmers continue to use technology efficiently despite declining output. The research has implications for business management decisions and federal agricultural policies.
The Montreal Prostate Cancer Model estimates high disease-specific survival rates following prostatectomy, with comparable results to SEER data. The model also forecasts significant economic burdens of prostate cancer in Canada, totaling $9.76 billion over a lifetime.
The Johan Skytte Prize recognizes Professor Scharpf's work on multilevel governance, European Union legitimacy, and the use of game theory. He proposes limiting federal authority to market and currency questions to increase the union's effectiveness and legitimacy.
A study by Catherine C. Eckel and Rick K. Wilson found that when people observe a high-status individual, such as a celebrity, they are more likely to choose a cooperative strategy with a better outcome. However, the influence of the celebrity is limited to choosing a good product or one of two equally good products.
Donald Saari's research on voting paradoxes and weighted voting systems has shown that simple plurality voting can produce misleading results. He suggests using the 'Borda count' system, which assigns weighted votes for each candidate, to better reflect voters' true wishes in elections.
Third-year medical students who completed an ethics course showed a deeper understanding of medical issues and made more informed decisions. The course improved their ability to consider patients' capacity for informed choice and evaluated the benefits of physician-assisted suicide, according to lead author Risa P. Hayes.
A new study by UCSF researchers found that applying well-established business techniques to medical consultations improves breast cancer patients' treatment decisions. Patients reported higher levels of satisfaction, decision quality, and agreement with physicians about their treatment choices.
Researchers developed a game to help close the gap between clinician and patient values in rehabilitation, finding that patients prioritize cognitive skills over physical skills early on but clinicians prefer full independence. The game identifies disparities in preferences across different stages of recovery.
A CDC pilot study developed an integer programming model to optimize vaccine selection and procurement, potentially saving millions of dollars in health care costs. The study examined the economic value of combining vaccines and identified opportunities for reducing medical staff time and storage costs.
Research suggests that the impact of wives on their husbands' career choices is influenced by both financial considerations and attitudes. Women who are committed to working have more influence on their husbands' career choices than those who identify as homemakers. The study also found that men with traditional gender role beliefs are...
Researchers at Boston University are developing new computational approaches to manage complex systems in manufacturing, global communication networks, and economic systems. The tools will enable accurate prediction and flexible decision-making, reducing costs associated with worst-case analysis.
A new Ohio University study reveals that the political makeup of Congress and the party affiliation of the president play a significant role in shaping Supreme Court justices' rulings in criminal cases. The research found that liberal decisions by the court mirrored Democrats' influence, while conservative decisions were more prevalent...
Climate change affects regional economies differently, with some sectors experiencing significant losses while others benefit from increased productivity. A regional model of the Susquehanna River Basin in Pennsylvania suggests that communities can greatly benefit or suffer economically depending on the region.
A new book by Bonham Richardson examines the economies, environments, and societies of Caribbean islands St. Lucia, St. Vincent, Grenada, and Barbados. The study reveals how working people influenced British decision makers to develop unique adaptations to economic and geophysical stresses.
Stephen Schneider proposes a 'meta-institution' to evaluate scientific assertions and urges citizens to ask experts for information. He recommends asking three questions: What can happen, what are the odds, and how do you know?, to help navigate complex decisions.
Scientists warn that humanity's disregard for ecosystem services will have severe economic losses, estimated in trillions of dollars annually. The loss of nature's services can lead to floods, mudslides, and extinction of species, posing an existential threat to human survival.
Ecosystems provide essential services such as air and water purification, climate regulation, and soil fertility. These services are crucial for human survival and well-being. Scientists highlight the importance of preserving these services in the face of human activity's impact on the environment.
The US South's economic transformation from rural farm to industrialized society was driven by government policies, including infrastructure investments and trade protection. Despite initial success, social inequalities persisted, with poverty rates for Black Americans remaining three times those for Whites.
A new study by Ohio State University researchers finds that minimum retail prices for products can sometimes lower prices for consumers. In high-demand situations, such as holiday toys, retailers are encouraged to order more units, leading to increased availability and lower prices. This can result in benefits for consumers.
A study by Ohio State University researcher Paul Nutt found that business decisions often fail, with about half resulting in no implementation and 50% being partially used. Managers can improve decision-making by involving those affected and using effective tactics.