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This paper applies a volume-price probability wave differential equation to propose a conceptual theory and has innovative behavioral interpretations of intraday dynamic market equilibrium price, in which traders' momentum, reversal and interactive behaviors play roles.

The authors select intraday cumulative trading volume distribution over price as revealed preferences. An equilibrium price is a price at which the corresponding cumulative trading volume achieves the maximum value. Based on the existence of the equilibrium in social finance, the authors propose a testable interacting traders' preference hypothesis without imposing the invariance criterion of rational choices. Interactively coherent preferences signify the choices subject to interactive invariance over price.

The authors find that interactive trading choices generate a constant frequency over price and intraday dynamic market equilibrium in a tug-of-war between momentum and reversal traders. The authors explain the market equilibrium through interactive, momentum and reversal traders. The intelligent interactive trading preferences are coherent and account for local dynamic market equilibrium, holistic dynamic market disequilibrium and the nonlinear and non-monotone V-shaped probability of selling over profit (BH curves).

The authors will understand investors' behaviors and dynamic markets through more empirical execution in the future, suggesting a unified theory available in social finance.

The authors can apply the subjects' intelligent behaviors to artificial intelligence (AI), deep learning and financial technology.

Understanding the behavior of interacting individuals or units will help social risk management beyond the frontiers of the financial market, such as governance in an organization, social violence in a country and COVID-19 pandemics worldwide.

It uncovers subjects' intelligent interactively trading behaviors.

The purpose of this paper is to systematically profile investors’ personality traits to examine if, and how, those traits are associated with phenomena observed in financial markets. In particular, the paper looks at overconfidence and overreaction in an experimental foreign exchange market.

The paper measures the personality of the subjects using the short form of the NEO-PIR instrument, the NEO-FFI developed by Costa and McRae (1992) which is based on Norman's (1963) “Big Five” personality constructs of negative emotion, extraversion, openness to experience, agreeableness and conscientiousness. The paper measures psychological gender using questions developed by Bem (1994). Preference for innovation and risk-taking propensity are measured using instruments developed by Jackson (1976). The paper then examines the behavior of the subject who traded interactively in “real time” in an interactive-simulated foreign exchange market where “price discovery” was instantaneous and pricing decisions were made instantaneously as items of news, determined by the researchers, were released.

The paper demonstrates that personality traits are associated with overconfidence and overreaction in financial markets. The paper presents meta-analysis which facilitates the development of a posteriori theories of how particular traits affect investment; there are important roles for risk-taking propensity, negative emotion, extraversion, masculinity, preference for innovation and conscientiousness.

A typical behavioral finance paper might find an empirical regularity in prices and, on the basis of such patterns, infer the underlying psychology motivating the behavior of investors. The approach differs from this caricature of the “typical” behavioral finance paper. The paper does not infer the underlying psychology of investors from patterns in prices. Rather, the paper learns about investors by systematically profiling their personality traits. The paper then demonstrates how those traits are associated with the prices generated by the investors the authors study. In focussing on the role of individual personality, the paper refocusses behavioral finance on the individuals who set prices.

Modelling the organisation to enable purposeful analysis and diagnosis of its ills is often problematic. This is illustrated by the unconnected non‐synergistic plurality of organisational models each of which relates to a particular isolated frame of thought and purpose. A cybernetic approach is adopted to create a generic psychosocial model for the organisation that is used to characterise its emergent normative personality. Organisations are often complex, and seeing them in terms of their normative personality can reduce the complexity and enable a better understanding of their pathologies. This paper seeks to do two things. The first is to show that it is possible to set up a generic model of the organisation as an agency, and the second is to show that this same model can also be represented in the alternative terms of the emergent normative personality. In order to do this, an understanding of what it is that constitutes generic criteria is required. In addition, the paper shall show that organisational and personality theories can be connected generically. One of the consequences of the theory is that the patterns of behaviour which occur in an agency have underlying trait control processes.

A meta‐systemic view of the organisation is adopted through knowledge cybernetics that enables more flexibility and formality when viewing organisational models. The paper develops a formal generic model of the organisation that should facilitate the exploration of problem situations both theoretically and empirically.

The outcome of the research formulates the cognitive processes of normative personality as a feasible way of explaining organisations and provide a capacity to analyse and predict the likelihood of their behavioural conduct and misconduct. As an agency trait model, agency explains the socio‐cognitive aspects of self‐organisation and the efficacy of connections between the traits. These traits control the personality, and inter‐trait connections are Piagetian intelligences that orient the traits and work through forms of first‐ and second‐order autopoiesis. The development of a typology of pathologies is also suggested as feasible.

There are previous metaphorical notions that link agency with traits. Here, metaphor is extended to produce a formal model for the emergent normative personality. This is the first time that socio‐cognitive and trait approaches are formally linked, as it is the fist time that a typology for organisational pathologies is proposed.

The authors analyzed annuitization preferences when retired people extract cash from their homes. Based on 2,608 viager (home reversion) transactions, the authors study the relations between annuitization, negotiation, cash extraction, age, gender and marital status.

A database comprising 2,608 transactions is used. The three-stage least squares (3SLS) and moderation models are implemented, with a focus on potential adverse selection issues.

The authors found that difficulties in selling a property generally result in increased annuitization. The single men's group endures gender inequality, suffering from limitations in their possibility to extract wealth and annuitize, as well as an additional price discount during negotiation. Young single men, as compared to young single women and young couples, must consent to a substantial price reduction if they prefer a high down payment and limited price reductions if they prefer annuities. Elderly single men, as compared to young single men, have less capacity to negotiate, a concern that is reinforced when they prefer annuities.

Among the home equity conversion products, the academic real estate literature has intensely analyzed the reverse mortgage. The viager is distinct from a mortgage in that it consists of the true sale of a property without bank involvement. This product deserves reinforced attention in an aging continental Europe. It exists in numerous countries (France, Belgium, Germany, Italy, Spain, etc.).

The critical dimension and the one that can unify knowledge through systemic interrelationships, is unification of the purely a priori with the purely a posteriori parts of total reality into a congruous whole. This is a circular cause and effect interrelationship between premises. The emerging kind of world view may also be substantively called the epistemic‐ontic circular causation and continuity model of unified reality. The essence of this order is to ground philosophy of science in both the natural and social sciences, in a perpetually interactive and integrative mould of deriving, evolving and enhancing or revising change. Knowledge is then defined as the output of every such interaction. Interaction arises first from purely epistemological roots to form ontological reality. This is the passage from the a priori to the a posteriori realms in the traditions of Kant and Heidegger. Conversely, the passage from the a posteriori to a priori reality is the approach to knowledge in the natural sciences proferred by Cartesian meditations, David Hume, A.N. Whitehead and Bertrand Russell, as examples. Yet the continuity and renewal of knowledge by interaction and integration of these two premises are not rooted in the philosophy of western science. Husserl tried for it through his critique of western civilization and philosophical methods in the Crisis of Western Civilization. The unified field theory of Relativity‐Quantum physics is being tried for. A theory of everything has been imagined. Yet after all is done, scientific research program remains in a limbo. Unification of knowledge appears to be methodologically impossible in occidental philosophy of science.

This paper aims to explore the current and future roles of augmented reality (AR) as an enabler of omnichannel experiences across the customer journey. To advance the conceptual understanding and managerial exploitation of AR, the paper aims to synthesise current research, illustrating how a variety of current applications merge online and offline experiences, and provides a future research agenda to help advance the state of the art in AR.

Drawing on situated cognition theorising as a guiding framework, the paper reviews previously published research and currently deployed applications to provide a roadmap for future research efforts on AR-enabled omnichannel experiences across the customer journey.

AR offers myriad opportunities to provide customers with a seamless omnichannel journey, smoothing current obstacles, through a unique combination of embedded, embodied and extended customer experiences. These three principles constitute the overarching value drivers of AR and offer coherent, theory-driven organising principles for managers and researchers alike.

Current research has yet to provide a relevant, conceptually robust understanding of AR-enabled customer experiences. In light of the rapid development and widespread deployment of the technology, this paper provides an urgently needed framework for guiding the development of AR in an omnichannel context.

In this book we consider the foundation of ethics to be the moral law. Contrarily, in mainstream terminology ethics is defined as values manifesting human behavior in congruence with certain civil conduct that are commonly agreed upon by society at large (Spencer, 1978). In reference to the social preference basis of ethics and morality we can adopt formalization by using two different approaches. One approach is to consider linear aggregation of preferences. The other is to treat morality and ethics within complex aggregation types.¹

The purpose of this paper is to integrate existing body of knowledge on evidence‐based management, develop a theory of evidence, and propose a model of evidence‐based decision making.

Following a literature review, the paper takes a conceptual approach toward developing a theory of evidence and a process model of decision making. Formal research propositions amplify both theory and model.

The paper suggests that decision making is at the heart of management practice. It underscores the importance of both research and experiential evidence for making professionally sound managerial decisions. It argues that the strength of evidence is a function of its rigor and relevance manifested by methodological fit, relevance to the context, transparency of its findings, replicability of the evidence, and the degree of consensus within the decision community. A multi‐stage mixed level model of evidence‐based decision making is proposed with suggestions for future research.

An explicit, formal, and systematic collaboration at the global level among the producers of evidence and its users akin to the Cochrane Collaboration will ensure sound evidence, contribute to decision quality, and enable professionalization of management practice.

The unique value contribution of this paper comes from a critical review of the evidence‐based management literature, the articulation of a formal theory of evidence, and the development of a model for decision making driven by the theory of evidence.

This study aims to examine students' perceptions of the use of asynchronous discussion forums to facilitate case‐based learning in financial accounting, measuring whether students' perceptions of the benefits of using online discussion forums are related to – and can be predicted from – students' demographic profiles. The paper commences by briefly reviewing the case study‐based learning literature, followed by an in‐depth review of the use of asynchronous discussion forums as a delivery platform. These pedagogical approaches are then linked to the emerging needs and learning styles of the current generation of “digital” students.

The study, which is questionnaire‐based, uses data collected from two New Zealand universities. A choice modelling approach is used to analyse the data in order to correlate students' preferences for online discussion forum usage with their profiles.

The findings of the study indicate that students perceive numerous benefits to be associated with case‐based online discussions, including learning from other students' opinions and perspectives, the opportunity to debate issues critically, encouragement to think independently, a heightened awareness of their communication ability and assisting them to revise prior‐held views of accounting. These findings, supported by students' comments, suggest that the use of asynchronous discussion forums has created a social discourse of learning, assisting in the construction of a community of practice in financial accounting. The choice modelling analysis of the results indicates that the students most likely to be positively disposed towards discussion groups are older, male, domestic students, who have English as a first language. Of the international student respondents, Asian students perceive the forum as being most useful.

The study provides evidence that accounting students perceive value from the use of asynchronous discussion forums. Furthermore, the choice modelling identifies which particular groups of students may benefit most from the use of online discussion forums. The findings suggest that accounting educators may gainfully employ this learning technique in their courses as a means of developing critical thinking skills, building a heightened awareness of the student's ability to communicate and enhancing overall student engagement and participation in course work.