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Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market processes, his contrast between designing and gardening, and his own framing of complex systems. Conceptually, he was well ahead of his time, prescient in his formulation of novel ways to think about economies and societies. Technically, the fact that he did not mathematically formalize most of the notions he developed makes his insights hard to incorporate unambiguously into models. However, because so much of his work is divorced from the simplistic models proffered by early mathematical economics, it stands as fertile ground for complex systems researchers today. I suggest that Austrian economists can create a progressive research program by building models of these Hayekian ideas, and thereby gain traction within the economics profession. Instead of mathematical models the suite of techniques and tools known as agent-based computing seems particularly well-suited to addressing traditional Austrian topics like money, business cycles, coordination, market processes, and so on, while staying faithful to the methodological individualism and bottom-up perspective that underpin the entire school of thought.

The purpose of this paper is to uncover an institutional reason behind herding and the key to successful execution of the accumulation-lift-distribution (ALD) trading strategy.

The paper proposes the perception alignment hypothesis (PAH), which is based on a large number of empirical episodes. Extensive empirical and theoretical literature of 79 articles is reviewed. These are selected from previously unrelated fields of prosecuted cases in market manipulation, sell-side analysts’ recommendations and internet rumors. These studies are put into a unifying conceptual framework.

The proposed PAH can explain some herding episodes that were generated for the purpose of executing ALD.

The value of the approach is that while behavioral biases are hard to change, perception alignment can be more responsive to regulation.

This paper is the first to propose the PAH. It provides an explanation for the causality of herding that complements the traditional literature on the psychological weaknesses of investors. This paper opens a debate on whether the stock market is fully competitive because investors have behavioral biases and certain institutions take advantage of those biases.

The following admirable letter from MR. G. BOOTH‐HEMING, the Ex‐Mayor of the City of Westminster, has been published by the Daily Telegraph. The eminently sane views and the timely warnings it contains should give pause to the foolish advocates of false “economy” and the hysterical preachers of indiscriminate “retrenchment”:—

The institution of food and cookery exhibitions and the dissemination of practical knowledge with respect to cookery by means of lectures and demonstrations are excellent things in their way. But while it is important that better and more scientific attention should be generally given to the preparation of food for the table, it must be admitted to be at least equally important to insure that the food before it comes into the hands of the expert cook shall be free from adulteration, and as far as possible from impurity,—that it should be, in fact, of the quality expected. Protection up to a certain point and in certain directions is afforded to the consumer by penal enactments, and hitherto the general public have been disposed to believe that those enactments are in their nature and in their application such as to guarantee a fairly general supply of articles of tolerable quality. The adulteration laws, however, while absolutely necessary for the purpose of holding many forms of fraud in check, and particularly for keeping them within certain bounds, cannot afford any guarantees of superior, or even of good, quality. Except in rare instances, even those who control the supply of articles of food to large public and private establishments fail to take steps to assure themselves that the nature and quality of the goods supplied to them are what they are represented to be. The sophisticator and adulterator are always with us. The temptations to undersell and to misrepresent seem to be so strong that firms and individuals from whom far better things might reasonably be expected fall away from the right path with deplorable facility, and seek to save themselves, should they by chance be brought to book, by forms of quibbling and wriggling which are in themselves sufficient to show the moral rottenness which can be brought about by an insatiable lust for gain. There is, unfortunately, cheating to be met with at every turn, and it behoves at least those who control the purchase and the cooking of food on the large scale to do what they can to insure the supply to them of articles which have not been tampered with, and which are in all respects of proper quality, both by insisting on being furnished with sufficiently authoritative guarantees by the vendors, and by themselves causing the application of reasonably frequent scientific checks upon the quality of the goods.

We are requested to publish the following Manifesto:—

The purpose of this paper is to present the methods and findings of an experimental game designed to extend the concept of index‐based livestock insurance in northern Kenya, and analyze patterns of game play. The paper is designed to inform others who may be attempting something similar to this work in other developing country agricultural settings.

The paper presents the following: descriptive context of the issue, explanation of the game design to match the conditions in the area, details of how the authors explained the game, and regression analysis of play by participants.

Games designed to reflect key elements of the local production system can be an effective way of explaining financial products to rural producers in developing countries.

It remains to be seen if the extension effort leads to more informed consumers of insurance products, which the authors hope to address in future work. Also, the approach described in this paper is very labor intensive, which could limit use in a wide ranging extension program.

The authors were able to explain the idea to groups that were mixed: female and male. It will be interesting to see if there are any gender dimensions to insurance use. In addition, with competing claims to livestock with complex property rights, there is a need to monitor how insurance interacts with social ideas of livestock ownership.

This is a completely new idea in the area of arid and semi‐arid livestock production, the challenge is pronounced, and as insurance becomes more important in the development economics toolkit, the authors believe others can benefit from seeing what they have done.

In a recent article dealing with the crimes against humanity committed by Germany, The Daily Telegraph remarks that thousands of innocent men, women, and little children murdered in cold blood by airship and submarine appeal for vengeance. The acts of Germany from the early days of the war onwards have filled decent‐minded people with feelings of loathing, and it is well that the last bonds uniting the two nations should be severed. This is no ordinary war. It has cut a deep chasm between the British and German peoples. By every means in our power we must remove, root and branch, those enemy influences in our midst which, by a process of “peaceful penetration,” were undermining our social, financial, and industrial power.

This study aims to assess the impact of personality traits, risk perception and perceived coronavirus disease 2019 (COVID-19) disruption on the investment behavior of individual investors in the Indian stock market.

This study adopts a survey approach. The sample comprises 315 active retail investors investing in the Indian stock exchange. Two-stage analysis technique regression and Artificial Neural Network (ANN) were used for data analysis. Study hypotheses were tested through regression and ANN was adopted to validate the regression results.

Two regression models were modeled to test the research hypotheses. Findings showed that risk perception and COVID-19 disruption have a significant positive and neuroticism has a significant negative impact on short-term investment decisions, while the role of conscientiousness in determining short-term investment decisions was not found significant. Results also showed a positive impact of neuroticism and conscientiousness and a negative impact of risk perception on long-term investment decisions. The role of COVID-19 disruption was found negative but insignificant in predicting long-term investment decisions.

This study has practical implications for many parties like retail investors, financial advisors and policymakers. This study will assist the investors to realize that they do not always take rational financial decisions. This study will suggest the financial advisors to use the knowledge of behavioral finance in making the advisors' advisory and wealth management decisions. This study will also assist the policymakers to outline behaviorally well-informed policy decisions to protect the interests of investors.

India is one of the fast-growing economies in the world. India has a vast population of active investors and determining investors' investment behavior adds novelty to this study as developed economies have remained the main focus of previous studies. The other novel feature of this study is that this study tries to assess the impact of COVID-19 disruption along with personality traits and risk perception on investment behavior. The other valuable factor of this study is the use of ANN to predict the relative importance of the exogenous variables.

In 1939, an English artist, designer and teacher named Ann Gillmore Rees arrived in New South Wales. Over the next nine years Rees taught design and craft to adults in Sydney, working for the Children’s Library and Craft Movement (later to become the Creative Leisure Movement), the Australian Red Cross, and the Society of Arts and Crafts of New South Wales. Although the period from 1939 until 1948 represents only a short period in what was a long and diverse career, Rees’ students included some notable figures, among them Margaret Oppen who went on to establish the Embroiderers Guild of NSW, Ysobel Irvine, later a popular teacher at the Workshop Art Centre in Willoughby, and the noted interior designer Marion Hall Best. Despite her active participation in the cultural life of Sydney, Rees is curiously absent from most of the histories of craft and design in Australia and very little has been written about her work as a teacher. This article outlines Ann Gillmore Rees’ teaching activities in Sydney, with particular focus on the Craft Training School and Correspondence Courses in Colour and Design and Fabric Printing that she developed for the Society of Arts and Crafts of New South Wales. It also analyses the role these classes played at a time of limited access to formal educational programmes in craft and design and consider how, in these classes, Rees combined elements of vocational, recreational and informational adult education so as to appeal to a wide audience.

The paper takes stock of accumulated knowledge on factors impacting the success of online crowdfunding (CF) campaigns while suggesting opportunities for future research development.

A Systematic Literature Review of 88 academic papers published between 2010 and 2017. Papers were collected from four academic databases and published in 65 different journals. The review addresses issues related to theory, methods, context, findings and gaps. Overall, the paper presents an analysis of 1,718 associations between 111 aggregated independent variables (from 927 variables) with six main aggregated success indicators.

Most research involves quantitative analyses of public data collected from reward-CF platforms. More research is required in equity, lending, donation and other CF contexts. Existing studies are mostly anchored in theories of signaling, social capital and elaboration likelihood. There is a need for wider conceptualization of success beyond financial indicators. And based on aggregated summaries of effects, the paper suggests a series of CF success models, while outlining an agenda for future research.

Studied phenomenon is in its early days of existence, and hence biased by the circumstances of a new industry. Moreover, the current review only covers published journal articles in English.

Findings of factors impacting campaign success can inform fundraisers in building campaigns, as well as platforms in adjusting systems and services toward responsibly enhancing campaign success. Moreover, identified gaps can inform on what has not been sufficiently documented and may be a source of competitive advantage.

A comprehensive review of research on CF success factors at factor level, a coherent agenda for future research development and a series of evidence-based models on most prevalent factors impacting CF success by CF model.