Articles tagged with Economic Decision Making
A new theory of decision-making proposes that people often use relative thinking when they should use absolutes, and vice-versa. This theory, developed by Mina Mahmoudi, aims to capture the behavior of boundedly rational decision-makers who struggle with optimal choices.
A study by the University of Texas at Austin found that countries with strong rule of law have less economic volatility and higher productivity. Weak rule of law leads to poor contract enforcement, causing employee morale to suffer, ultimately sparking churn and economic instability.
A recent study by Colorado State University economists and NOAA found that improved wind forecasts result in significant energy savings for consumers. The research shows a net gain of over $150 million in annual savings through better predictions of wind patterns.
Experts advise against routine prostate cancer tests for asymptomatic men due to the test's limited ability to prevent deaths and potential for overdiagnosis. Instead, they recommend using a 'risk checker' tool to explore options with a doctor, emphasizing the need for evidence-based guidance on PSA testing.
A new study from the University of Illinois finds that wine tariffs imposed during trade disputes have substantial economic costs for producers and consumers. The study estimates that the U.S.-EU dispute cost $190 million in lost trade, while the China-Australia dispute cost $149 million annually.
A new study published in the Journal of Marketing finds that requesting customers to rate service professionals first can lead to smaller tips, whereas asking customers to tip first does not influence subsequent rating scores. This research has important implications for firms and managers, suggesting that they should consider asking c...
Researchers found that improved wind forecasts resulted in at least $384 million in energy savings for US consumers over the last decade. The study used NOAA's HRRR model to compare forecast accuracy and quantify cost savings.
A new study by University of Wisconsin-Madison researchers suggests that eliminating air pollution emissions from energy-related activities in the United States would prevent over 50,000 premature deaths each year. The study also found that this action could provide more than $600 billion in benefits annually from avoided illness and d...
Researchers at CSH create the first complete representation of Hungary's economy, mapping production networks and supply relationships. They find that only a few firms pose a substantial risk to the overall economy, with nearly 75% of systemic risk concentrated on just 100 high-risk companies.
Research suggests that immigrants who prefer to stay in host countries develop valuable skills and social contacts, leading to better job prospects and increased economic contribution. Policymakers should consider location preferences and planned migration duration when designing immigration policies to maximize fiscal benefits.
Major sporting events frequently result in cost overruns, as organizers underestimate visitor numbers and hospitality demand. The 2017 World Cycling Championships in Bergen, for example, incurred a €5.8 million deficit due to incorrect visitor projections and hotel bookings.
A study by researchers at Linköping University found that young men with high incomes are most vulnerable to financial nonsense. In contrast, older women with lower incomes are better able to distinguish true from false financial information.
A study by University of Maryland researchers found that urban homeowners are more willing to pay for stream restoration projects, despite lower environmental benefits. In contrast, exurbanites tend to have higher environmental benefits but are less willing to pay.
Girls perform better in English than boys from ages three to seven, leading to a possible explanation for the STEM gender gap in adults. Parents who invest more time teaching math to their children show weaker association with later-life math skills.
A decision-support framework was developed by management science researchers to help clinicians make informed decisions about opioid prescribing. The framework incorporates multiple factors, including recovery time, pain intensity, and patient history, to provide a quantitative model of the prescribing process.
Researchers from Arizona State University developed a study to balance biodiversity goals with limited economic resources in Colombia. The team created a prioritization map that targets conservation actions towards regions where ecological benefits are high and economic impacts are low.
A Washington State University study suggests that a cash transfer proposal would increase poverty among single-mother families and triple the number of children living in deep poverty. The Family Security Act aims to cut child poverty by providing monthly payments, but its effects on single mothers' labor supply and income are uncertain.
Research suggests top reviews are a key factor in consumer purchasing decisions when comparing products. The study found that concrete details in reviews can sway consumers, and businesses should focus on responding to negative reviews rather than gaming the rating system.
A new study from the University of Utah examines the impacts of decentralizing homeless service locations in Salt Lake County, Utah. The research found that people using the relocated resource centers tended to travel less, with visits to community services declining by as much as 40%.
Research suggests that professional investors ignore the performance of terminated fund managers, leading to poor investment decisions. By analyzing the performance data of both retained and fired managers, investment plans can gain a fuller picture and make more informed decisions.
A new study assesses wastewater infrastructure in 129 countries to explore community-wide health indices using Wastewater-based Epidemiology (WBE). The technique detects factors influencing health, including disease biomarkers detectable in wastewater.
Research at the University of Gothenburg found that shipping companies prioritize economic interests over energy efficiency when planning routes, which hampers efforts to reduce carbon emissions. The study highlights the importance of collaboration and decision-makers' choices in achieving sustainable shipping.
Researchers at MIT created a process called DualFair that can remove bias from data used to train machine-learning models. The method tackles both label bias and selection bias, significantly reducing discrimination in loan predictions while maintaining high accuracy.
A review of 1,987 conservation reports found that only 8.8% reported total costs, making it difficult to determine cost-effectiveness and make informed decisions on funding allocation. Standardized cost reporting is crucial for efficient decision-making in biodiversity conservation.
A recent study by Virginia Tech's Shreyans Goenka explores the psychology behind conservative reluctance to accept federal welfare programs. The research shows that conservatives are less likely than liberals to enroll in welfare programs without a work requirement policy, but can be encouraged through targeted marketing messaging.
A new study by Anglia Ruskin University found that AI-powered apps reduced business risks during the pandemic by 3.1%. The use of AI apps was also linked to lower profits (2%) and overall business risk (1.2%). Only 26% of small enterprises are currently using these applications.
A Finnish Institute for Health and Welfare study found that people's ability to lead their lives, strive for important things, and make decisions supporting well-being is linked to manageable life circumstances, financial resources, sense of belonging, equal opportunities, and experiencing meaning. Social security provides faith in the...
A vision for a net-zero Germany in 2050 emphasizes the need for rapid adaptation of the energy system to renewables, as well as technological measures for active CO2 removal and natural sink enhancement. Implementing these measures requires legal, political, economic, and social frameworks.
A new report identifies 10 key facts about global land use, highlighting opportunities for a more sustainable and equitable approach. The study emphasizes the need for policymakers to consider trade-offs and marginalized groups' rights in developing effective solutions.
A new study suggests that implementing primary pandemic prevention actions, such as better surveillance and wildlife management, can reduce the economic costs of emerging infectious diseases by up to 10%. These actions have a substantial co-benefit of preventing carbon dioxide emissions and conserving water supplies.
A study published in Applied Economics analyzed the relationship between precious metal commodities and equity markets, revealing that gold and aluminum are the most desirable metals for investment. The research also found that copper and zinc have the largest spillovers on global equity indices.
A new study suggests that mass customization can generate higher profits and reduce environmental waste considerably when overproduction is a problem. Customers willing to wait for bespoke clothing can make the fashion industry more environmentally sustainable.
A new UC Riverside-led study found that people tire from repetitive questions and tend to give similar answers, leading to unreliable data in surveys. To improve accuracy, researchers suggest using process-tracing and ensemble methods with multiple measurement techniques.
Researchers at Virginia Tech found that people with 'slow' life-history strategies, focusing on future rewards, exhibited positive behaviors and were more likely to be in remission. In contrast, those with 'fast' life-history strategies, prioritizing immediate rewards, faced greater challenges during recovery.
A new report by Berkeley Lab outlines systemic changes needed to advance equity in electric utility regulation. The report recommends considering energy justice goals, allocating funding for low-income households, and accounting for energy inequities in designing electricity rates.
Researchers advocate for an evidence-based approach to resource allocation, reallocating funds from wasteful healthcare activities to support education systems. This shift would address the significant negative impacts of COVID-19 disruptions on health, particularly among disadvantaged groups.
Researchers found that slightly earlier social distancing in communities may have saved up to $132 per resident due to avoided COVID-19 deaths, resulting in significant economic benefits.
Researchers used an SIR model to show COVID-19 convergence in Japan, with growth rates initially high then decreasing as cumulative infected people increase. The study aims to control infections and mitigate economic impact through risk management.
Research by Åbo Akademi University found that companies with more women on their boards tend to make fewer high-risk corporate acquisitions and are more willing to write down goodwill for unsuccessful deals. This suggests that female representation can lead to a more conservative approach to risk-taking and improved financial governance.
New research explores how climate extremes affect the West Coast Dungeness crab fishery and its impact on whale conservation. The study recommends combining improved forecast systems, technological innovations, and understanding human behavior to reduce whale entanglements.
A new paper proposes a means of filtering for candidates who identify with organizational goals and are willing to go the extra mile. Researchers found that those who strongly identified with the organizational goal were willing to expend significantly more effort towards finding ways to reduce carbon emissions.
A new study of 25 years of recalls at publicly traded companies found that newly tenured CEOs are more likely to announce a product safety recall. The study also reveals that once CEOs have been in their role for about three years, they are more likely to allow recalls to go unannounced.
Research in Japan found a link between financial knowledge, age, and gender, suggesting potential policy targets to improve financial health. While men had higher financial literacy, women reported more sound financial behaviors, indicating that policies may need to focus on supporting women's financial decision-making.
Researchers tracked methane emissions from the region's 10,000 oil and gas wells, finding that they fell by half between 2015 and 2020. Despite this decline, methane leaks remained high, accounting for about six to eight percent of produced natural gas.
A study by West Virginia University researcher Sunil Sharma found that rural COVID patients who end up in an intensive care unit are more likely to die within 30 days compared to their urban counterparts. The researchers also discovered that rural patients with COVID-linked ARDS have a higher mortality rate, even when controlling for d...
A new Digital Solutions Hub will provide a gateway to interconnected toolkits and resources, integrating existing data sources on pollution, flooding, biodiversity, geology, carbon capture, and environmental health. The hub aims to improve decision-making by providing cross-sectional data for informed decisions in various sectors.
The green transition is already underway, with countries facing unique risks and opportunities based on their degree of competitiveness in fossil fuel markets. Diversifying economies towards low-carbon exports can mitigate negative impacts, while supporting innovation and job creation are key to maintaining long-term competitiveness.
A new study suggests that women are just as competitive as men in competitions, and that their reluctance to take risks is not the cause of the gender wage gap. Researchers found that when given the option to share winnings with losers, women were more likely to compete and excel.
A new study by Ben-Gurion University researchers found that soliciting an opinion about a campaign before asking for a donation is more effective than simply asking for a donation. Donors who were encouraged to share their thoughts and feelings about a cause were more likely to contribute online over the long term.
A new study by Georgia Institute of Technology researchers found that automation and AI may have a uniformly positive impact on worker well-being, but only partially. The results show that workers facing automation risk experience less stress but worse health and minimal job satisfaction. Notably, high-risk occupations like receptionis...
Researchers found that minimum payment requirements cause consumers to spread repayments evenly, leading to less paid to higher-interest debts. By displaying interest rates clearly, companies can help consumers make better repayment choices. Fintech products and policy changes can also aid in reducing interest payments.
A new study by Manasvini Singh found that physicians are more likely to switch between vaginal and cesarean deliveries based on their previous patients' experiences, potentially leading to sub-optimal patient health. The study analyzed 86,000 electronic health records and found a significant increase in the probability of a cesarean de...
A new study from the University of Washington found that Republican-led states eased social distancing policies two weeks earlier than Democratic-led states, despite large Black communities being hit hardest by the pandemic. The researchers analyzed five policies and found that public health indicators played a role, but the influence ...
A recent study by Shilpa Madan found that the salience of choice fuels independence and makes individuals more self-interested. This can lead to a range of positive consequences, including increased tolerance for harassment and discrimination, but also negative consequences for collective action.
Researchers found that creative activities, like designing t-shirts or decorating cookies, increase charitable giving. Donors who participate in these activities feel a sense of freedom and autonomy, leading to higher donation behavior.
Researchers found that a low opening offer can be effective if it's within a 'fair game' window, avoiding negative emotions, but not so low that it backfires. A balance must be struck to achieve a better outcome in negotiations.
The Copernicus Ocean State Report reveals record low Arctic ice levels, with a 90% reduction in average sea ice thickness in the Barents Sea. The report also highlights extreme variability in ocean temperatures and oxygen levels, posing significant challenges for marine ecosystems.
A study by Youssef Benzarti and Jarkko Harju found that regional payroll tax cuts in Finland reduced negative effects of the Great Recession on employment, particularly among men and low-skilled employees. The cuts also relaxed liquidity constraints for firms, making them more resilient during downturns.
A team of NTU Singapore scientists developed a predictive computer model called NSGA-II, which proposed strategies to reduce COVID-19 infections and deaths by an average of 72%. The model recommended timely and country-specific advice on interventions such as home quarantines and social distancing measures.
Researchers argue that improving policy analysis methods can lead to better decisions, particularly for transformative policies like climate change. A new framework focuses on evaluating risks, opportunities, and resilience, rather than just costs and benefits.