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1 – 10 of 32Søren Kristiansen, Maria Camilla Trabjerg, Nanna Reventlov Lauth and Anders Malling
The study aims to explore the types of simulated games and gambling platforms used by adolescents, adolescent’s experiences, motivations and behaviors vis-à-vis simulated gambling…
Abstract
Purpose
The study aims to explore the types of simulated games and gambling platforms used by adolescents, adolescent’s experiences, motivations and behaviors vis-à-vis simulated gambling and the potential interrelationships between simulated and monetary forms gambling.
Design/methodology/approach
Data was obtained from a qualitative longitudinal panel study with three waves of individual interviews. A cohort of 51 young Danes, with varying levels of gambling involvement, were interviewed three times, with a 10-12 frequency from 2011 to 2014. In total, 149 interviews were conducted over the 4-year period.
Findings
Enjoying social interactional effects appeared to be the main reasons young people engage in simulated gambling games. The study documented characteristics of both a catalyst pathway and a containment pathway emphasizing that for some young people simulated gambling may increase the likelihood of involvement in real money gambling while it may decrease it for others.
Research limitations/implications
The sample was relatively limited and it involved participants from only one of the five Danish regions. The sample reflects the culture, rural/urban configuration and gambling market of a specific geographic region.
Practical implications
Some forms of simulated digital gambling may provide players with excitement and unrealistic conceptions of winning chances, which, in turn, may encourage participation in real forms of gambling. This may call for regulatory policies aiming at the structural features of simulated gambling products and their rapid global spread. Consumer campaigns aimed at both young people themselves and their parents may be considered.
Originality/value
Few studies have provided insights into the meanings and motivations of young people engaged in simulated gambling. The current study is among the first to explore adolescent’s experiences, motivations and behaviors vis-à-vis simulated gambling and the potential interrelationships between simulated and monetary forms gambling.
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Sanshao Peng, Catherine Prentice, Syed Shams and Tapan Sarker
Given the cryptocurrency market boom in recent years, this study aims to identify the factors influencing cryptocurrency pricing and the major gaps for future research.
Abstract
Purpose
Given the cryptocurrency market boom in recent years, this study aims to identify the factors influencing cryptocurrency pricing and the major gaps for future research.
Design/methodology/approach
A systematic literature review was undertaken. Three databases, Scopus, Web of Science and EBSCOhost, were used for this review. The final analysis comprised 88 articles that met the eligibility criteria.
Findings
The influential factors were identified and categorized as supply and demand, technology, economics, market volatility, investors’ attributes and social media. This review provides a comprehensive and consolidated view of cryptocurrency pricing and maps the significant influential factors.
Originality/value
This paper is the first to systematically and comprehensively review the relevant literature on cryptocurrency to identify the factors of pricing fluctuation. This research contributes to cryptocurrency research as well as to consumer behaviors and marketing discipline in broad.
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Lisete Barlach and Guilherme Ary Plonski
This paper aims to investigate the decision-making on new ventures of eight directors or managers of Brazilian accelerators, aiming to understand if the Einstellung effect …
Abstract
Purpose
This paper aims to investigate the decision-making on new ventures of eight directors or managers of Brazilian accelerators, aiming to understand if the Einstellung effect – mental rigidity – operates during the judgment of new ventures to accelerate.
Design/methodology/approach
Through a quasi-experiment design, the study was conducted with directors or managers of Brazilian accelerators, who were separately interviewed and responded to a psychological test, previously consented, as well as to a simulated decision-making questionnaire.
Findings
The selection process, with the criteria for decision-making, functions as a “template” for the recognition of potentially successful companies and is, indeed, subject to various cognitive biases, among which, the Einstellung effect, characteristic of mental rigidity.
Research limitations/implications
The main contribution of the present study is to identify the cognitive mechanisms, which can negatively affect the evaluation of innovative projects and propose ways that can counteract or mitigate them.
Originality/value
The psychological approach to decision-making, usually studied in chess game context or problem-solving, was applied to a relatively unexplored field that is startups to accelerate. Its originality remains at the interdisciplinary approach, combining knowledge from psychology, decision-making and entrepreneurship.
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This research provides some evidence by the vine copula approach, suggesting the significant and symmetric causal relation between subsections of Baltic Exchange and hence…
Abstract
Purpose
This research provides some evidence by the vine copula approach, suggesting the significant and symmetric causal relation between subsections of Baltic Exchange and hence concluding that investing in different indexes, which is currently a risk diversification system, is not a correct risk reduction strategy.
Design/methodology/approach
The daily observations of Baltic Capesize Index (BCI), Baltic Handysize Index (BHSI), Baltic Dirty Tanker Index (BDTI) and Baltic LNG Tanker Index (BLNG) over an eight-year period have been used. After collecting data, calculating the return and estimating the marginal distribution of return rates for each of the indexes applying asymmetric power generalized autoregressive conditional heteroskedasticity and autoregressive moving average (APGARCH-ARMA), and with the assumption of skew student's t-distribution, the dependence of Baltic indexes was modeled based on Vine-R structures.
Findings
A positive and symmetrical correlation was observed between the study groups. High and low tail dependence is observed between all four indexes. In other words, the sector business groups associated with each of these indexes react similarly to the extreme events of other groups. The BHSI has a pivotal role in examining the dependency structure of Baltic Exchange indexes. That is, in addition to the direct dependence of Baltic groups, the dependence of each group on the BHSI can transmit accidents and shocks to other groups.
Practical implications
Since the Baltic Exchange indexes are tradable, these findings have implications for portfolio design and hedging strategies for investors in shipping markets.
Originality/value
Vine copula structures proves the causal relationship between different Baltic Exchange indexes, which are derived from different types of markets.
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Christian Diego Alcocer, Julián Ortegón and Alejandro Roa
The relevance of present consumption bias on personal finance has been confirmed in several studies and has important theoretical and practical implications. It has important…
Abstract
Purpose
The relevance of present consumption bias on personal finance has been confirmed in several studies and has important theoretical and practical implications. It has important, measurable implications when analyzing commitment or self-control, adherence to healthy habits (e.g. exercising or dieting), procrastination tendencies or savings. The purpose of this paper is to contribute to our understanding of these issues by postulating a model of income uncertainty within a hyperbolic discounting framework that measures the cost of financial intertemporal inconsistencies related to this bias. The emphasis is on the analysis of this cost. We also propose experimental designs and consistent estimation methods, as well as agent-based modelling extensions.
Design/methodology/approach
The authors develop a finite-horizon model with hyperbolic preferences. Individuals have a present bias distinct from their discount rate so their choices face intertemporal inconsistencies. The authors further extend the analysis with uncertainty about future incomes. Specifically, individuals live for three periods, and the authors find the optimal consumption levels in the perfect-information benchmark by backward induction. They then proceed to add biases and uncertainty to characterize their implications and measure the costs of the intertemporal inconsistencies they cause.
Findings
The authors measure how an agent's utility is greater when they “tie their hands” than when they are free to re-evaluate and change their consumption schedule. This “cost of being vulnerable to falling into temptation” only depends (increasingly) on the measure of the present bias and (decreasingly) on the discount factor. They analyze the varying effects on utility and consumption of changes in impatience and optimism. They conclude by discussing theoretical and practical implications; they also propose agent-based simulations, as well as empirical and experimental designs, to further test the relevance and applications of the results.
Practical implications
This model has important, measurable implications when analyzing commitment or self-control, adherence to healthy habits (e.g. exercising or dieting), procrastination tendencies or savings.
Social implications
The results enhance the estimation of the costs of present biases such that employers can better identify the incentives required to acquire and retain human capital. The authors provide evidence that workers are vulnerable to contract renegotiations and about the need for a regulator that restores ex-ante efficiency. Similarly, in the private sector, firms could recognize the postulated consumer profiles and focus their resources on anxious, too-optimistic or potentially addictive consumers; this, again, provides some justification about the need for a regulator.
Originality/value
In traditional exponential discounting, the marginal rate of substitution of consumption between two points depends only on their distance; thus, it allows none of the intertemporal inconsistencies we often observe in real life. Therefore, hyperbolic discounting better fits the data. The authors model choice under uncertainty and focus on the costs caused when present biases (ex-post) push behaviour away from ex-ante optimality. They conclude by proposing experimental designs to further enhance the estimation and implications of these costs. The postulated refinements have the potential to improve previous analyses on commitment devices and commitment-related regulation.
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Marco Santorsola, Rocco Caferra and Andrea Morone
Expanding on the real-world financial market framework and considering the current market turmoil, with cryptocurrencies (where contracts for difference (CFDs) are extremely…
Abstract
Purpose
Expanding on the real-world financial market framework and considering the current market turmoil, with cryptocurrencies (where contracts for difference (CFDs) are extremely common) (Hasso et al., 2019) displaying unprecedented volatility, the authors aim to test in an online laboratory setting whether displaying a risk warning message is truly effective in reducing the level of risk taken and whether the placement of this method makes a difference.
Design/methodology/approach
To explore the impact of risk disclosure framing on risk-taking behavior, the authors conducted an online pair-wise lottery choice experiment. In addition to manipulating risk awareness through the presence or absence of risk warning messages of varying intensity, the authors also considered dynamic inconsistency, cognitive ability and questionnaire-based financial risk tolerance (FRT) scores. The authors aimed to identify potential relationships between these variables and experimentally elicited risk aversion. The authors' study offers valuable insights into the complex nature of risky decision-making and sheds light on the importance of considering dynamic inconsistency in addition to risk awareness and aversion.
Findings
The authors' results provide statistical evidence for the efficacy of informative and very salient messages in mitigating risky decision, hinting at several policy implications. The authors also provide some statistical evidence in support of the relationship between cognitive abilities and risk preferences. The authors detect that individual with low cognitive abilities scores display great risk aversion.
Originality/value
This study investigates the impact of risk warning messages on investment decisions in an online laboratory setting – a unique approach. However, the authors go beyond this and also examine the potential influence of dynamic inconsistency on decision-making, adding further value to the literature on this topic. To ensure a comprehensive understanding of the participants, the authors collect data on cognitive ability and FRT using questionnaires. This study provides a simple and cost-effective framework that can be easily replicated in future research – a valuable contribution to the field.
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Raymond Lavoie and Kelley Main
Product trials are an effective way to influence consumer attitudes. While research has established several factors that influence whether consumers will try a product or not, it…
Abstract
Purpose
Product trials are an effective way to influence consumer attitudes. While research has established several factors that influence whether consumers will try a product or not, it is less understood how marketers can optimize the trial experience itself. The purpose of this paper is to explore flow as an optimal state and the factors that give rise to it during a product trail.
Design/methodology/approach
This research consists of three experimental studies in which people trial new music. This paper explores the ability of curiosity to optimize consumers’ flow experience during the trial and their attitudes toward the trialed product. This paper manipulates curiosity before the trial using information about the music (Study 1) and music previews (Study 3) and also demonstrates that curiosity is naturally elevated among those high in openness to experience (Study 2).
Findings
The results demonstrate that curiosity before a product trial fosters an optimal experience during the trial in the form of flow states, defined as an enjoyable state of full engagement, which in turn mediates more positive attitudes toward the trialed product. This paper demonstrates that curiosity can be evoked using product information or a preview of the content and can vary based on individual differences in openness to experience. The relationship between curiosity and flow is moderated by the valence of the information that is used to elicit curiosity, such that negative-valence information thwarts the relationship.
Research limitations/implications
While the studies conducted by the authors focus on the positive influence of curiosity in the trial of music, the effects may be different for other products. These studies are also limited to two different manipulations of curiosity.
Practical implications
This research has implications for marketers, as it demonstrates the relevance of flow and how to enable it in product trials to optimize effectiveness. The manipulations also demonstrate how to manage the amount of information that is given to consumers before they trial a product.
Originality/value
This research reveals that flow states optimize the product trial experience. This research also advances the understanding of the relationship between curiosity and flow by moderating their relationship with the valence of information that elicits curiosity. The findings also broaden the relevance of curiosity and flow in marketing by demonstrating their benefits within product trials.
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