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Book part
Publication date: 19 November 2003

Michael Jones-Lee and Graham Loomes

Abstract

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Handbook of Transport and the Environment
Type: Book
ISBN: 978-0-080-44103-0

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Article
Publication date: 1 January 1981

Graham Loomes

Sweezy's kinky demand curve and prediction of price rigidity under oligopoly has recently been supplemented by a similar prediction (on different grounds) by Drèze. This…

Abstract

Sweezy's kinky demand curve and prediction of price rigidity under oligopoly has recently been supplemented by a similar prediction (on different grounds) by Drèze. This paper questions assumptions made by both authors and shows that alternative assumptions reverse the prediction.

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Journal of Economic Studies, vol. 8 no. 1
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 21 July 2005

Anthony Burton, Graham Loomes and Martin Sefton

We examine the effects of pre-play communication in an experimental game with conflicting risk-dominant and payoff-dominant equilibria. We find that most players condition…

Abstract

We examine the effects of pre-play communication in an experimental game with conflicting risk-dominant and payoff-dominant equilibria. We find that most players condition their choices on the messages received, and do so in an intuitive way, announcing an intention to play the payoff-dominant action, and choosing the payoff-dominant action if the opponent expresses the same intention. However, a significant minority of players misrepresent their intentions. In some sessions where these players appear, behavior converges to an equilibrium in which subjects misrepresent their intentions and play the risk-dominant equilibrium.

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Experimental and Behavorial Economics
Type: Book
ISBN: 978-0-76231-194-1

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Book part
Publication date: 21 July 2005

Abstract

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Experimental and Behavorial Economics
Type: Book
ISBN: 978-0-76231-194-1

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Book part
Publication date: 21 July 2005

Abstract

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Experimental and Behavorial Economics
Type: Book
ISBN: 978-0-76231-194-1

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Article
Publication date: 8 May 2018

Syed Aliya Zahera and Rohit Bansal

The purpose of this paper is to study and describe several biases in investment decision-making through the review of research articles in the area of behavioral finance…

Abstract

Purpose

The purpose of this paper is to study and describe several biases in investment decision-making through the review of research articles in the area of behavioral finance. It also includes some of the analytical and foundational work and how this has progressed over the years to make behavioral finance an established and specific area of study. The study includes behavioral patterns of individual investors, institutional investors and financial advisors.

Design/methodology/approach

The research papers are analyzed on the basis of searching the keywords related to behavioral finance on various published journals, conference proceedings, working papers and some other published books. These papers are collected over a period of year’s right from the time when the most introductory paper was published (1979) that contributed this area a basic foundation till the most recent papers (2016). These articles are segregated into biases wise, year-wise, country-wise and author wise. All research tools that have been used by authors related to primary and secondary data have also been included into our table.

Findings

A new era of understanding of human emotions, behavior and sentiments has been started which was earlier dominated by the study of financial markets. Moreover, this area is not only attracting the, attention of academicians but also of the various corporates, financial intermediaries and entrepreneurs thus adding to its importance. The study is more inclined toward the study of individual and institutional investors and financial advisors’ investors but the behavior of intermediaries through which some of them invest should be focused upon, narrowing down population into various variables, targeting the expanding economies to reap some unexplained theories. This study has identified 17 different types of biases and also summarized in the form of tables.

Research limitations/implications

The study is based on some of the most recent findings to have a quick overview of the latest work carried out in this area. So far very few extensive review papers have been published to highlight the research work in the area of behavioral finance. This study will be helpful for new researches in this field and to identify the areas where possible work can be done.

Practical implications

Practical implication of the research is that companies, policymakers and issuers of securities can watch out of investors’ interest before issuing securities into the market.

Social implications

Under the Social Implication, investors can recognize several behavioral biases, take sound investment decisions and can also minimize their risk.

Originality/value

The essence of this paper is the identification of 17 types of biases and the literature related to them. The study is based on both, the literature on investment decisions and the biases in investment decision-making. Such study is less prevalent in the developing country like India. This paper does not only focus on the basic principles of behavioral finance but also explain some emerging concepts and theories of behavioral finance. Thus, the paper generates interest in the readers to find the solutions to minimize the effect of biases in decision-making.

Details

Qualitative Research in Financial Markets, vol. 10 no. 2
Type: Research Article
ISSN: 1755-4179

Keywords

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Book part
Publication date: 8 November 2010

David Dunning and Detlef Fetchenhauer

Trust involves making oneself vulnerable to another person with the prospect of receiving some benefit in return. Contemporary theoretical accounts of trust among…

Abstract

Trust involves making oneself vulnerable to another person with the prospect of receiving some benefit in return. Contemporary theoretical accounts of trust among strangers emphasize its instrumental nature. People are assumed to trust to the extent that they can tolerate the risk and are sufficiently optimistic that their trust will be reciprocated. We describe evidence from laboratory economic games showing that this account empirically fails. Participants often trust even though their risk tolerance and social expectations suggest they should not. We propose, instead, that trust is largely an expressive act. People trust because of dynamics that surround the act itself rather than its potential outcomes. Evidence for the expressive nature of trust comes in two forms. First, studies of the emotions surrounding trust indicate that it is significantly predicted by how people feel about the act itself, not how they feel about its potential outcomes. Second, trust rates rise significantly if people are placed in a relationship with another person, no matter how anonymous, fleeting, or minimal that relationship is – presumably because being placed in a relationship evokes social norms that promote trust. We end our discussion by explaining a curious fact that participants grossly underestimate the trustworthiness of others. We also discuss possible motives for reciprocating trust and questions for future research.

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Advances in Group Processes
Type: Book
ISBN: 978-0-85724-329-4

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Article
Publication date: 10 August 2020

Shabnam Azimi, George R. Milne and Elizabeth G. Miller

This paper aims to examine the factors leading to and resulting from procrastination under high price uncertainty and provide recommendations for how managers can reduce…

Abstract

Purpose

This paper aims to examine the factors leading to and resulting from procrastination under high price uncertainty and provide recommendations for how managers can reduce consumer procrastination, thus decreasing consumer regret, anger and retaliatory behaviors.

Design/methodology/approach

Hypothesized relationships were tested through two scenario-based experiments using student samples. Data was analyzed using general linear model, path analysis and Wald chi-square test.

Findings

Long time limits, price uncertainty and price consciousness, all increase the likelihood of procrastination. Prestige seeking reduces procrastination, but only when time limits are short. When one delays a purchase and later the price of the item gets increased or one makes a purchase and later the price gets further reduced, procrastination and purchase decision both equally can lead to anger, which then increases the probability of exit, voice or word of mouth (WOM); however, procrastination has a much stronger impact than deciding to purchase on self-responsibility and regret, which in turn increases negative WOM.

Research limitations/implications

This paper provides a greater understanding of antecedents and consequences of procrastination as well as the drivers of retaliatory behavior. Further, the findings highlight differential consequences of consumer regret and anger on consumption behaviors.

Practical implications

This paper provides practical suggestions for reducing consumers’ procrastination through leveraging the effects of purchase time limit and price uncertainty in general, and more specifically, for prestige-seeker and price conscious consumers. The findings provide evidence for a silent path from procrastination to retaliation and highlight the importance of possible remedies or interventions by the companies to mitigate consumer emotions resulting from procrastination.

Originality/value

To the best of the authors’ knowledge, this research is the first to apply temporal motivation theory in the context of consumer behavior under price uncertainty, and examine consequences of consumer procrastination in terms of thoughts, feelings and retaliatory behavior.

Details

Journal of Consumer Marketing, vol. 37 no. 7
Type: Research Article
ISSN: 0736-3761

Keywords

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Article
Publication date: 1 December 1998

P.T. Gibbs

Time as a dependent (temporal patterning or allocation) or independent (temporal context) variable in the study of marketing problems has attracted a range of researchers…

Abstract

Time as a dependent (temporal patterning or allocation) or independent (temporal context) variable in the study of marketing problems has attracted a range of researchers who use a variety of paradigms. Common to the majority of approaches is the notion of an abstract, absolute, linear, irreversible, monotonic, homogeneous and divisible structure of time, into which consumer behaviour is set. In particular, current consumer models pay little attention to the phenomenological experience of both time and temporality. The perceived and experienced duration over which events can occur draws attention to notions of time beyond normal temporal horizons. This is illustrated through the example of certain financial service products where the expansion of everyday time horizons is required to understand the total consumption act. It is proposed that an understanding of the consumption act requires an insight into the consumer′s own temporality and that embedded in the product or service being consumed. Further, there needs to be harmony between these temporalities to optimise the utility to be gained from the transaction.

Details

European Journal of Marketing, vol. 32 no. 11/12
Type: Research Article
ISSN: 0309-0566

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Article
Publication date: 26 February 2019

David Murphy and Clare Allely

The purpose of this paper is to review available literature targeting the assessment and management of individuals with an autism spectrum disorder (ASD) admitted to high…

Abstract

Purpose

The purpose of this paper is to review available literature targeting the assessment and management of individuals with an autism spectrum disorder (ASD) admitted to high secure psychiatric care (HSPC). Key areas of examination include the prevalence of ASD in HSPC, how individuals with an ASD differ from other patient groups in clinical and cognitive characteristics, the views of staff regarding patients with an ASD, an exploration of the experiences and quality of life of patients with an ASD, as well as treatment and interventions.

Design/methodology/approach

A review of the published literature.

Findings

Although individuals with an ASD comprise a relatively small proportion of the total HSPC cohort, they appear to be over represented relative to the general population prevalence. Several research projects suggest that individuals with an ASD present with difficulties and needs different to other patient groups, as well as being viewed by staff as potentially vulnerable and requiring a different care approach. Individuals with an ASD report both positive and negative aspects to life in HSPC.

Practical implications

Suggestions are made with regard to how individuals with an ASD might be better managed in HSPC. Following the spirit of various pieces of government legislation such as the Autism Act (2009) and the Equalities Act (2010) the role of a specialist ASD HSPC service is proposed.

Originality/value

This paper provides a detailed review of the research to date exploring the assessment and management of individuals with an ASD detained in HSPC. It outlines key research findings, highlights limitations with it and provides a personal perspective on future research and clinical targets.

Details

Advances in Autism, vol. 6 no. 1
Type: Research Article
ISSN: 2056-3868

Keywords

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