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Purpose – This experimental economics study using brain imaging techniques investigates the risk-ambiguity distinction in relation to the source preference hypothesis (Fox…
Purpose – This experimental economics study using brain imaging techniques investigates the risk-ambiguity distinction in relation to the source preference hypothesis (Fox & Tversky, 1995) in which identically distributed risks arising from different sources of uncertainty may engender distinct preferences for the same decision maker, contrary to classical economic thinking. The use of brain imaging enables sharper testing of the implications of different models of decision-making including Chew and Sagi's (2008) axiomatization of source preference.
Methodology/approach – Using fMRI, brain activations were observed when subjects make 48 sequential binary choices among even-chance lotteries based on whether the trailing digits of a number of stock prices at market closing would be odd or even. Subsequently, subjects rate familiarity of the stock symbols.
Findings – When contrasting brain activation from more familiar sources with those from less familiar ones, regions appearing to be more active include the putamen, medial frontal cortex, and superior temporal gyrus. ROI analysis showed that the activation patterns in the familiar–unfamiliar and unfamiliar–familiar contrasts are similar to those in the risk–ambiguity and ambiguity–risk contrasts reported by Hsu et al. (2005). This supports the conjecture that the risk-ambiguity distinction can be subsumed by the source preference hypothesis.
Research limitations/implications – Our odd–even design has the advantage of inducing the same “unambiguous” probability of half for each subject in each binary comparison. Our finding supports the implications of the Chew–Sagi model and rejects models based on global probabilistic sophistication, including rank-dependent models derived from non-additive probabilities, e.g., Choquet expected utility and cumulative prospect theory, as well as those based on multiple priors, e.g., α-maxmin. The finding in Hsu et al. (2005) that orbitofrontal cortex lesion patients display neither ambiguity aversion nor risk aversion offers further support to the Chew–Sagi model. Our finding also supports the Levy et al. (2007) contention of a single valuation system encompassing risk and ambiguity aversion.
Originality/value of chapter – This is the first neuroimaging study of the source preference hypothesis using a design which can discriminate among decision models ranging from risk-based ones to those relying on multiple priors.
Neuroeconomics is the study of how the brain makes economic decisions. By its nature neuroeconomics studies the mechanisms of decision-making, assumed to be computational, in order to better understand the strategies people use and the choices that people make. The focus of this book is how neuroeconomics connects to health economics in a way that improves our understanding of health care and treatment decisions. This is natural for several reasons. First, the brain and the body are intimately connected to each other and the health of one depends on the other. Second, the health system is inherently about decisions. Decisions to stay healthy, decisions to diagnose illness, decisions to treat, decisions to invest in new treatments, decisions to insure, and decisions to pay. Finally, these decisions can be difficult, as the media's consistent attention to this area attests. In light of this, for this volume we chose to include chapters that review basic research on emotion or social preference that have direct relevance to decisions in health economics. We have also included chapters that refer more specifically to some aspect of people's health care or treatment decisions. In the following we indicate the chapters within each topic area. Although many chapters could arguably fit in multiple categories, we have listed each chapter only once and without particular order.
Singapore is perceived to be the least corrupt country in Asia according to Transparency International's Corruption Perceptions Index (CPI) from 1995 to 2010. In 2010, Singapore was ranked joint first with Denmark and New Zealand among 178 countries on the CPI with a score of 9.3. However, this does not mean that corruption does not exist in Singapore, which has its share of corruption scandals too. Indeed, the scandal involving Teh Cheang Wan attracted a great deal of attention because he was the Minister for National Development in Singapore from 1979 to 1986.
Considers how non‐Thais can negotiate successfully withe business and government executives in Thailand. Gives an overview of Thailand’s geography, climate, population, religion and business practice. Discusses important aspects of the social‐cultural environment that have a significant effect on the way Thai’s negotiate. Includes further tips regarding body language, entertainment protocol, how to dress, and favourite negotiating tactics by buyers and sellers. Provides conclusions and directions for further research.
This paper provides, first, a historical perspective of accounting research relating to Asian/Pacific countries as seen from the vantage of the leading international…
This paper provides, first, a historical perspective of accounting research relating to Asian/Pacific countries as seen from the vantage of the leading international journal in the United States and, second, a bibliographical data base and index of twenty‐six years of articles on this region of the world. It accomplishes the first objective by presenting a tabular profile of research in international accounting as it pertains to countries in the Asian/Pacific Rim region as shown in articles published in the International Journal of Accounting (formerly, the International Journal of Accounting, Education and Research) and related publications which appeared from 1965 to 1990. The articles are classified according to country, research methodology, subject, and five‐year time periods. The paper accomplishes the second objective by providing an annotated bibliography of 125 articles on Asian/Pacific Rim countries and indices by country and methodology, and subject.
The high turnover rate of knowledge workers presents a challenge to both organizational and personal knowledge management. Although personal knowledge management plays an…
The high turnover rate of knowledge workers presents a challenge to both organizational and personal knowledge management. Although personal knowledge management plays an important role in organizational knowledge management, empirical research on the practices for its application is underdeveloped. This study aims to examine the role of idiosyncratic job-design practices (i.e. job definition, job autonomy, innovation as a job requirement and lifelong learning orientation) in cultivating personal knowledge management among knowledge workers in organizations, to increase their productivity and safeguard the organization against knowledge loss arising from knowledge workers’ interfirm mobility.
Data were collected from 221 knowledge workers pursuing various knowledge-intensive jobs through a questionnaire survey and were analysed using partial least squares modelling.
The results demonstrated that three job-design practices (job definition, innovation as a job requirement and lifelong learning orientation) have a positive impact on personal knowledge management among knowledge workers and thus improve their productivity. However, job autonomy can affect personal knowledge management negatively.
The findings are confined to a specific context and should be replicated across different contexts for better generalizability in future research.
Organizational managers should pay attention to (re)designing knowledge-intensive jobs to cultivate personal knowledge management by clearly outlining job responsibilities, offering opportunities to add relevant job activities and drop irrelevant ones, and making innovation and lifelong learning a formal job requirement. In addition, job autonomy should be judiciously provided along with sufficient social and network support to avoid lost opportunities in knowledge creation and sharing, and should be linked to job responsibilities and performance appraisals to avoid negative effects.
The high turnover rate of knowledge workers presents a challenge to both organizational and personal knowledge management. This study contributes to the literature by addressing the research gap in two aspects. Firstly, based on Drucker’s theory, this study identifies four idiosyncratic job-design practices (job definition, job autonomy, innovation as a job requirement and lifelong learning orientation) that reflect the distinctive characteristics of knowledge-intensive work. Secondly, this study examines whether and how these practices can cultivate personal knowledge management among knowledge workers, which can support their productivity.