Search results

1 – 10 of 24
Book part
Publication date: 23 October 2023

Glenn W. Harrison and Don Ross

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of…

Abstract

Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of behavior toward those choices might not be the ones we were all taught, and still teach, and that subjective risk perceptions might not accord with expert assessments of probabilities. In addition to these challenges, we are faced with the need to jettison naive notions of revealed preferences, according to which every choice by a subject expresses her objective function, as behavioral evidence forces us to confront pervasive inconsistencies and noise in a typical individual’s choice data. A principled account of errant choice must be built into models used for identification and estimation. These challenges demand close attention to the methodological claims often used to justify policy interventions. They also require, we argue, closer attention by economists to relevant contributions from cognitive science. We propose that a quantitative application of the “intentional stance” of Dennett provides a coherent, attractive and general approach to behavioral welfare economics.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

Book part
Publication date: 23 October 2023

Glenn W. Harrison and J. Todd Swarthout

We take Cumulative Prospect Theory (CPT) seriously by rigorously estimating structural models using the full set of CPT parameters. Much of the literature only estimates a subset…

Abstract

We take Cumulative Prospect Theory (CPT) seriously by rigorously estimating structural models using the full set of CPT parameters. Much of the literature only estimates a subset of CPT parameters, or more simply assumes CPT parameter values from prior studies. Our data are from laboratory experiments with undergraduate students and MBA students facing substantial real incentives and losses. We also estimate structural models from Expected Utility Theory (EUT), Dual Theory (DT), Rank-Dependent Utility (RDU), and Disappointment Aversion (DA) for comparison. Our major finding is that a majority of individuals in our sample locally asset integrate. That is, they see a loss frame for what it is, a frame, and behave as if they evaluate the net payment rather than the gross loss when one is presented to them. This finding is devastating to the direct application of CPT to these data for those subjects. Support for CPT is greater when losses are covered out of an earned endowment rather than house money, but RDU is still the best single characterization of individual and pooled choices. Defenders of the CPT model claim, correctly, that the CPT model exists “because the data says it should.” In other words, the CPT model was borne from a wide range of stylized facts culled from parts of the cognitive psychology literature. If one is to take the CPT model seriously and rigorously then it needs to do a much better job of explaining the data than we see here.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

Article
Publication date: 28 February 2023

Abbie Maroño, Ross M. Bartels, Kimberley Hill, Theodoros Papagathonikou and Glenn Hitchman

Paedophilic individuals are a highly misunderstood and stigmatised group, with the general public tending to equate paedophilia with child sexual abuse. Given that paedophilia is…

Abstract

Purpose

Paedophilic individuals are a highly misunderstood and stigmatised group, with the general public tending to equate paedophilia with child sexual abuse. Given that paedophilia is often conflated as a psychiatric/mental health disorder and an extreme violent offence, the current study examined whether the stigma towards paedophilic individuals is related to negative associations with severe mental illness and extreme violence. The authors also used the terror management theory (TMT) to provide further insights into why paedophilia is so highly stigmatised.

Design/methodology/approach

A sample of 126 participants was split into one of six conditions and provided punitive and moral character judgements, as well as salience of death thoughts. Conditions were divided into three main stigma conditions (paedophilia vs schizophrenia vs homicidal ideation), which were further divided into two conditions (offending vs non-offending).

Findings

Results showed that judgements were harsher in the offending conditions than the non-offending conditions. Results also showed that the stigmatisation of paedophilic and schizophrenic individuals may be mediated by terror management processes. These findings suggest that paedophilia is believed to be associated with severe forms of mental illness where an individual is not able to control their own state of mind.

Research limitations/implications

Thus, addressing perceptions of dangerousness towards individuals with severe mental illness is a crucial step towards developing effective strategies to help reduce such stigma.

Originality/value

As one of the first studies to use TMT in this way, the current study provided much-needed insight into an important and under-researched area using available methods for such a sensitive topic.

Details

Journal of Criminal Psychology, vol. 13 no. 3
Type: Research Article
ISSN: 2009-3829

Keywords

Book part
Publication date: 23 October 2023

Nathaniel T. Wilcox

The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First…

Abstract

The author presents new estimates of the probability weighting functions found in rank-dependent theories of choice under risk. These estimates are unusual in two senses. First, they are free of functional form assumptions about both utility and weighting functions, and they are entirely based on binary discrete choices and not on matching or valuation tasks, though they depend on assumptions concerning the nature of probabilistic choice under risk. Second, estimated weighting functions contradict widely held priors of an inverse-s shape with fixed point well in the interior of the (0,1) interval: Instead the author usually finds populations dominated by “optimists” who uniformly overweight best outcomes in risky options. The choice pairs used here mostly do not provoke similarity-based simplifications. In a third experiment, the author shows that the presence of choice pairs that provoke similarity-based computational shortcuts does indeed flatten estimated probability weighting functions.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

Book part
Publication date: 23 October 2023

Brian Albert Monroe

Risk preferences play a critical role in almost every facet of economic activity. Experimental economists have sought to infer the risk preferences of subjects from choice…

Abstract

Risk preferences play a critical role in almost every facet of economic activity. Experimental economists have sought to infer the risk preferences of subjects from choice behavior over lotteries. To help mitigate the influence of observable, and unobservable, heterogeneity in their samples, risk preferences have been estimated at the level of the individual subject. Recent work has detailed the lack of statistical power in descriptively classifying individual subjects as conforming to Expected Utility Theory (EUT) or Rank Dependent Utility (RDU). I discuss the normative consequences of this lack of power and provide some suggestions to improve the accuracy of normative inferences about individual-level choice behavior.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

Book part
Publication date: 23 October 2023

Morten I. Lau, Hong Il Yoo and Hongming Zhao

We evaluate the hypothesis of temporal stability in risk preferences using two recent data sets from longitudinal lab experiments. Both experiments included a combination of…

Abstract

We evaluate the hypothesis of temporal stability in risk preferences using two recent data sets from longitudinal lab experiments. Both experiments included a combination of decision tasks that allows one to identify a full set of structural parameters characterizing risk preferences under Cumulative Prospect Theory (CPT), including loss aversion. We consider temporal stability in those structural parameters at both population and individual levels. The population-level stability pertains to whether the distribution of risk preferences across individuals in the subject population remains stable over time. The individual-level stability pertains to within-individual correlation in risk preferences over time. We embed the CPT structure in a random coefficient model that allows us to evaluate temporal stability at both levels in a coherent manner, without having to switch between different sets of models to draw inferences at a specific level.

Details

Models of Risk Preferences: Descriptive and Normative Challenges
Type: Book
ISBN: 978-1-83797-269-2

Keywords

Book part
Publication date: 14 December 2023

Eda Kılıç

Spirituality in the workplace is a concept that has been emphasized a lot in recent years. However, the relationship of this concept with gender and discrimination has not been…

Abstract

Spirituality in the workplace is a concept that has been emphasized a lot in recent years. However, the relationship of this concept with gender and discrimination has not been adequately addressed. Individual and organizational positive outcomes of spirituality in the workplace cannot be obtained when discrimination is in question. This is because the concepts of spirituality and discrimination in the workplace are completely opposite to each other. In order to prevent discrimination based on gender, sexual orientation, race, age, religion, disability and to establish spirituality in the workplace, organizations should follow awareness and training programs to eliminate prejudices of their management and employees, give importance to differences, develop an understanding of democracy and justice within the organization and development egalitarian and anti-discrimination policies and application. In this direction, while the differences are managed correctly, spirituality will be established in the workplace.

Content available
Book part
Publication date: 1 August 2023

Julie Stubbs, Sophie Russell, Eileen Baldry, David Brown, Chris Cunneen and Melanie Schwartz

Abstract

Details

Rethinking Community Sanctions
Type: Book
ISBN: 978-1-80117-641-5

Article
Publication date: 9 February 2023

Preeti Tarkar

The research paper investigated the intentions of superannuated persons toward the post-retirement work. This study aims to examine the role of attitude, job satisfaction and…

Abstract

Purpose

The research paper investigated the intentions of superannuated persons toward the post-retirement work. This study aims to examine the role of attitude, job satisfaction and education in post-retirement work intensions.

Design/methodology/approach

A questionnaire was administered for collecting the data. It was submitted to the 300 government retirees. Data was analyzed by using Process macro. Intention toward work was used as an outcome variable. Attitude as a predictor variable, job satisfaction as a mediator and education as a moderator variable were used. The impact of attitude on intentions toward work was examined through job satisfaction and education.

Findings

The findings of the research showed the significance of experimented model. Therefore, the positive effect of attitude in determining the intentions has been proved and the effect of mediator-moderator was also significant.

Originality/value

The study is related to retired persons only and suggested that the level of education plays a major role in determining work intentions after retirement. This study addressed a research gap about how the interaction of job satisfaction and education affects the association among attitude and work intentions of superannuated persons.

Details

Working with Older People, vol. 27 no. 2
Type: Research Article
ISSN: 1366-3666

Keywords

Book part
Publication date: 30 October 2023

Valerie J. Thompson and D. Crystal Coles

Black women faculty are experiencing multiple marginalities within their intersectional identities (Thomas & Hollenshead, 2001). The overwhelming obstacles that they face in…

Abstract

Black women faculty are experiencing multiple marginalities within their intersectional identities (Thomas & Hollenshead, 2001). The overwhelming obstacles that they face in academia regarding racism, lack of mentorship, and its impact on productivity are well documented (Allen, Huggins-Hoyt, Holosko, & Briggs, 2018). However, through a raced and gendered intersection centering Black women, these workplace obstacles can transform into something far more insidious (Young & Hines, 2018). Black women academics do not enter academic environments that have been liberated from racism, sexism, or misogynoir; instead, the environment itself is a microcosm of the world in which they reside (Thompson, 2020). Black women academics are double minorities and face issues such as isolation from collegial networks; lack of institutional/departmental support; forced positionality into the role of mentorship for students of color; and increased visibility and bodily presentation concerns (Allen et al., 2018; Pittman, 2010). Further still, the workplace dynamics and needs of students of color can collide within the work of Black women academics, increasing the prevalence of othermothering and a racialized and gendered racial uplift (Griffin, 2013; Mawhinney, 2011). Though previous studies have demonstrated positive effects of university diversification, women, ethnic minorities, sexual minorities, and religious minorities continue to face antagonistic environments (Cunningham, 2009; Hughes & Howard-Hamilton, 2003). Rooted within Black Feminist Thought and Critical Race Theory, this chapter aims to highlight the intersectional identities of Black women academics and identifies mechanisms to address how Black women are experiencing multiple marginalities within their intersectional identities (Hirshfield & Joseph, 2012).

1 – 10 of 24