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Positive-framed and negative-framed messages were delivered to examine the effect of framing on intertemporal decisions through lab experiments while holding the level of financial literacy constant. The three big questions adopted by Lusardi and Mitchell were utilized to assess the financial literacy of our subjects before they were asked to complete 20 incentivized intertemporal decisions. A small, delayed reward and a slightly bigger one were incorporated into the intertemporal decisions with a delay of 30 days. The ordinary least square (OLS) shows that the negative relationship between financial literacy and discount rates was held when the delayed reward was small. Interestingly, when the delayed reward became slightly bigger, their discount rates were reduced significantly with the negatively framed message. These findings suggest that the negatively framed message can motivate individuals to save for a greater return in the real world. Lastly, subjects with the highest level of financial literacy were not responsive to the magnitude effect, proving that a financial literacy program is essential to strengthen the individual's financial plan and reduce their discount rates in the developing country context.

We review previous research on intergenerational conflict, focusing on the practical implications of this research for organizational leaders. We explain how the interaction between the interpersonal and intertemporal dimensions of intergenerational decisions creates the unique psychology of intergenerational decision-making behavior. In addition, we review the boundary conditions that have characterized much of the previous research in this area, and we examine the potential effects of loosening these constraints. Our proposals for future research include examination of the effect of intra-generational decision making on intergenerational beneficence, consideration of the role of third parties and linkage issues, investigation of the effects of intergenerational communications and negotiation when generations can interact, examination of the role of social power in influencing intergenerational interactions, investigation of the interaction between temporal construal and immortality striving, and exploration of the ways in which present decision makers detect and define the intergenerational dilemmas in their social environments.

The health consequences of child labor may take time to manifest themselves. This study examines whether children who began working at a young age experience increased incidence of illness or physical disability as adults. When child labor and schooling are treated as chosen without consideration of unobserved abilities or health endowments, child labor appears to have small adverse effects on a wide variety of health measures. Some adverse health consequences such as heart disease or hypertension seem unlikely to be caused by child labor. However, when we allow unobserved health and ability endowments to alter the age of labor market entry and years of schooling completed, the joint effects of child labor and schooling on health become larger while the less plausible health consequences lose significance. Results imply that delaying entry into child labor while increasing time in school significantly lowers the probability of early onset of physical ailments such as back problems, arthritis, or reduced strength or stamina. However, our methods are not able to distinguish between the health impacts of child labor from the impacts of reduced time in school.

Learning theory explains how organizations change as a result of experience, and can be used to predict the competitive strength of individual organizations and competitive pressures in organizational populations. We review extant learning theoretical propositions on how competitive strength is affected by experienced competition, founding conditions, and observed failures of other organizations. In addition, we propose that niche changes are an important source of learning. We test these propositions on data from the Norwegian general insurance industry. We find that historical density increases failure rates, contrary to some earlier findings, and also that the effect of founding density supports the density delay rather than trial-by-fire hypothesis. We find that failures of others before and during the lifetime of the organization reduce failure rates, and niche changes reduce failure rates for joint-stock companies but not for mutual firms. Overall the findings suggest that organizations learn more cheaply from the failures of others than from their own experiences, and that the stresses of competition can overwhelm the learning effects of competition.

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

The basic idea of this chapter is to utilize spiritual information in empirically exploring how its purported source beings view the impacts of such information upon various phenomena. This chapter aims at discovering and describing the most central effect dimensions in this context and, by so doing, at building theoretical constructs. The empirical work was done during 2005–2009 in Finland. Because of the relative novelty of the research topic, an inductive approach was applied. The research data were composed of a representative sample of 62 spiritual texts (printed books and articles, as well as Web and e-mail articles). The chapter examines the discovered categories and their subcategories, shows the most salient connections between them and discusses the findings in the context of previous research. The investigation explored two dimensions: the targets and actuality of the impacts of spiritual information. The impact targets were classified as organisms (human individuals, human communities, extraterrestrials, spirits), things (parts of beings, objects, information, situations), processes (events, practices, life) and spaces (areas, Earth, universe). The actuality of the impacts of spiritual information fell under these categories: desired (implicitly desired, intended, explicitly desired, requisitioned) impacts, real (possible, believed, factual, alternative) impacts, nonexistent (hypothetical, no) impacts, as well as conditional (on supernatural sender, information, humans, situation) and unconditional impacts. This inquiry revealed several new varieties of information impact and even built whole new typologies, because quite little was known about both the targets and actuality of the impacts of information before the present study.