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Anand, Paul. "Behavioural Decision Theory." Journal of Economic Psychology 9, no. 1 (March 1988): 115–17. http://dx.doi.org/10.1016/0167-4870(88)90034-7.
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Regenwetter, Michel, Bernard Grofman, Anna Popova, William Messner, Clintin P. Davis-Stober, and Daniel R. Cavagnaro. "Behavioural social choice: a status report." Philosophical Transactions of the Royal Society B: Biological Sciences 364, no. 1518 (December 12, 2008): 833–43. http://dx.doi.org/10.1098/rstb.2008.0259.
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Behavioural social choice has been proposed as a social choice parallel to seminal developments in other decision sciences, such as behavioural decision theory , behavioural economics , behavioural finance and behavioural game theory . Behavioural paradigms compare how rational actors should make certain types of decisions with how real decision makers behave empirically . We highlight that important theoretical predictions in social choice theory change dramatically under even minute violations of standard assumptions. Empirical data violate those critical assumptions. We argue that the nature of preference distributions in electorates is ultimately an empirical question, which social choice theory has often neglected. We also emphasize important insights for research on decision making by individuals. When researchers aggregate individual choice behaviour in laboratory experiments to report summary statistics, they are implicitly applying social choice rules. Thus, they should be aware of the potential for aggregation paradoxes. We hypothesize that such problems may substantially mar the conclusions of a number of (sometimes seminal) papers in behavioural decision research.
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Sticha, P. J. "Behavioural decision theory: An introduction." European Journal of Operational Research 19, no. 3 (March 1985): 400–401. http://dx.doi.org/10.1016/0377-2217(85)90140-7.
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Jurevičienė, Daiva, and Olga Ivanova. "BEHAVIOURAL FINANCE: THEORY AND SURVEY / FINANSINĖ ELGSENA: TEORIJA IR TYRIMAS." Mokslas - Lietuvos ateitis 5, no. 1 (April 5, 2013): 53–58. http://dx.doi.org/10.3846/mla.2013.08.
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Abstract The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households. Santrauka Straipsnyje nagrinėjama finansinės gyventojų elgsenos teorijų svarba priimant namų ūkių finansinius sprendimus. Finansinės gyventojų elgsenos teorijos tyrinėja rinkos dalyvių emocines charakteristikas, siekiant paaiškinti subjektyvias iracionalias anomalijas finansų rinkose. Straipsnyje išnagrinėtos gyventojų elgsenos teorijos, suklasifikuoti pagrindiniai elgsenos nukrypimai, priimant finansinius sprendimus, ir aprašytos jų pritaikymo finansų rinkoje galimybės. Tyrimo tikslas – nustatyti pagrindinius finansinės elgsenos bruožus ir polinkius sąsajoje su namų ūkių finansiniais sprendimais. Siekiant nustatyti namų ūkių finansinę elgseną buvo atlikta finansiškai išprususių individų apklausa. Straipsnis anglų kalba.
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Pilewicz, PhD Tomasz, and Wojciech Sabat. "Behavioural location theory – evolution, tools and future." Kwartalnik Nauk o Przedsiębiorstwie 46, no. 1 (March 15, 2018): 61–68. http://dx.doi.org/10.5604/01.3001.0012.0998.
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The behavioural location theory emphasises high importance of the limited rationality and the subjective perception of space in selecting of the location for a business activity. The article discusses key competencies from the scope of behavioural location theory. Ac-cording to the Authors, the behavioural location theory is rather complementary than competitive in relation to the neoclassical or modern approach, as it allows to explain the deviations of the decision-makers from the optimisation behaviour. <b>Business location theory has already been discussed in this journal in various contexts, for example in articles by H. Godlewska-Majkowska, K. Kuciński, A. Rutkowska-Górak, A. Kałowski. However, to our knowledge, the behavioural approach has not yet been presented here and we would like to fill the gap and offer a review of selected authors’ works and concepts from this field and hopefully inspire other scholars to develop this promising research direction. In addition, a quantitative analysis of publications on behavioural location theory will be presented.</b> For the purposes of this article we will define the behavioural location theory as the inclusion of psychological and subjective circumstances of the decision makers into location theory, such as bounded rationality, heuristics usage and subjective spatial perception. The behavioural approach seems underutilised in location theory despite its potential to explain many of business location decisions which are inconsistent with the profit maximisation principle. According to R. Domański [1995]:<i> so far it has not been satisfactorily examined how the perception of space influences spatial behaviour of people. Nobody objects that many decisions, at least in part, depend on how people perceive the space surrounding them, how they differentiate it and what value they place on different elements of this space.</i>According to W. Dziemianowicz [1997]:<i> the assessment of location factors by decision makers most often depends on specific qualities of the business and qualities of the decision maker. </i>Surprisingly, decades have passed since last important contributions in the field of behavioural location theory. Location theory has its roots in XIX century, when J.H. von Thuenen offered the agricultural activity location theory in 1826. The interest in location theory revived more than 50 years later, mainly thanks to the works of W. Launhardt [1882] and A. Marshall [1886]. Important dates are also 1909, when A. Weber developed his industrial location theory and proposed the notion of a location factor and 1933, when the first theory of services location emerged, authored by W. Christaller. Then the development of location theory accelerated, with contributions of such authors as A. Loesch [1939], F. Perroux [1964] or P. Krugman [1991]. It can be argued that thanks to P. Krugman location theory entered the mainstream economics, which neglected spatial issues for a long time. Different location theory traditions put the emphasis on different aspects. For example, classical approach theorists indicate minimising production cost as the goal of the location decision maker while behavioural approach suggests satisfactory choice as a goal. According to H. Godlewska-Majkowska, there are five approaches to location theory: classical, neo-classical, structural, behavioural and contemporary. Their focus points are briefly explained in Table 1. There are three similar but distinct terms related to the business location choice: <br>• location factors – specific qualities of particular places which have direct impact on investment volume during building of the company’s plant (plants) and the net profitability of business activity run in those places [Godlewska-Majkowska, 2001],</br><br> • location virtues – specific qualities of places which contribute to it that identical investments will differ depending on location in terms of investment volume, total production cost, sales revenue and taxes [Godlewska-Majkowska, 2015], ocation circumstances – internal and external phenomena which transform a location virtue into a location factor. Internal phenomena can be for example: industry, size and ownership structure of the business. External phenomena include among others economic, environmental and cultural issues [Godlewska-Majkowska, 2013]. Clearly, location requirements are different for various sectors. Therefore, location factors are divided into general (those applying to all or many sectors) and sector-specific (those applying to one or few sectors). There are also other classifications of location factors. The importance of subjective factors in the location choice is reflexed in the classification by Grabow et al. [1995] into soft and hard location factors, on the basis of H. GodlewskaMajkowska [2015]. Hard factors are more traditional, have direct influence on business activity and are easily measurable, while soft factors have indirect influence on business activity and are difficult to quantify. It is worth to note that authors of this classification consider both kinds of factors as equally important and find even the soft factors as ones, which can be parametrised, measured and compared. Figure 1 presents the classification in a more detailed way. In our view, Grabow et al. [1995] showed an excessive scepticism when it comes to measurability of some factors. For example, the local government attitude towards investor may be measured by places in investment attractiveness rankings, such as ‘Gmina na 5!’ conducted every year by Institute of Enterprise at Collegium of Business Administration at Warsaw School of Economics. Apart from it, the classification should be considered to be validated as more than 20 years had passed since its publication and made more precise, because as H. GodlewskaMajkowska [2015] points out, some factors seem to overlap – social climate is presented as separate factor than local government attitude towards investor, but in fact the former includes the latter. null null Each business has to choose its location and the effect of business location selection is called location decision. Location decision may be the result of a more or less formal procedure. There is a consensus among scholars that business location decision is important for entity’s economic performance. At the same time, it is acknowledged in the literature that subjective factors (such as bounded rationality) play a non-negligible role in location choice. As R. Domański [2004] outlines, location decision makers <i>usually have limited knowledge and incomplete information and in many cases the decision maker does not behave like the</i> homo oeconomicus.<i> Sometimes he has limited or biased information about his decision situation and at the same time he assessed the incomplete information in a subjective way.If the situation is complicated, he has to simplify it by using intuitional rules in decision making. He does not try to achieve the optimal result but rather a satisfactory one. </i>Such statements suggest R. Domański finds bounded rationality model convincing. According to classical, neoclassical and contemporary business location theory the decision maker undertakes the optimal choice, while heterodox approaches such as behavioural location theory claim making an optimal choice is impossible. The classical, neoclassical and contemporary theorists assume decision makers are <i>homo oeconomicus</i>, a person with perfect information about the present and the future, able and willing to make complicated calculations and not prone to psychological biases. Behavioural economics accepts different set of assumptions about the human nature: limited (imperfect) knowledge of the decision maker, limited ability to process the knowledge and searching for satisfactory result rather than optimal. Decision maker who behaves in line with those assumptions is purposefully called <i>homo satisfaciendus</i>. null <i>Homo satisfaciendus</i> is the concept of decision maker used in the bounded rationality model created by H. Simon [1955], which is fundamental for behavioural economics, including behavioural location theory. In the model it is assumed that the decision makers do not aim to maximise utility from choice made (making an optimal decision) but rather search for a good enough (satisfactory) option and once they find such an option they also stop search. In practice, it means that typically a decision maker will accept the first location that meets his minimum criteria, the so called aspiration level and will not even check alternative locations. Simon points out that people may use so called heuristics, which are decision making patterns simplifying their decision problems but he did not elaborate on it. null The gap has been filled by D. Kahneman and A. Tversky [1975] who singled out three famous heuristics: availability, representativeness and anchoring. H. Godlewska-Majkowska [2016] argues that such heuristics are used to assess location virtues of places which a location decision maker had visited within business location decision making process. The bounded rationality model has served as the basis for the A. Pred [1967] behavioural matrix, which linked information availability, investor’s information processing ability and profitability of chosen business location. The general rule is that the more information (or information processing ability) one has, the more profitable location one chooses, <i>caeteris paribus</i>. An adapted version of Pred matrix is presented in Figure 2. Point A represents <i>homo oeconomicus</i>, who has perfect information and perfect ability to use it, so he or she will choose the optimal location. All other decision makers make suboptimal decisions and the extreme is reached in point B, where the decision maker has little information and low ability to process it, so he or she will choose a poor location that may result in a loss.
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Pandey, Richa, and V. Mary Jessica. "Sub-optimal behavioural biases and decision theory in real estate." International Journal of Housing Markets and Analysis 12, no. 2 (April 1, 2019): 330–48. http://dx.doi.org/10.1108/ijhma-10-2018-0075.
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Purpose The purpose of this study is to explain the relationship between behavioural biases, investment satisfaction and reinvestment intention considering the effect of evolutionary psychology. The study believes that biases are not at all times bad; sometimes, biases can assist the individual investor to select the top course of action and allow them to go for the less costly mistakes, thereby helping in achieving satisficing behaviour. Design/methodology/approach Data were collected using structured and a close-ended questionnaire from a sample of 560 respondents by using multi-stage stratified sampling method. PLS-SEM was used for preliminary validation of the questionnaire. Mediation model using the structural equation model (SEM) with the help of AMOS 20 was used for the analyses. Pre-requisite assumptions for SEM were checked by using sample characteristics. The study has three constructs with multiple items; hence, the instrument validation was done by measuring the construct validity and reliability using Cronbach’s alpha, exploratory factor analysis and confirmatory factor analysis with the help of SPSS 20 and AMOS 20. Findings The study confirms that behavioural biases influence investment decisions in the real estate market. Further, investment satisfaction is found to have a significant and complementary partial mediating effect. The positive mediating effect of investment satisfaction between behavioural biases and reinvestment intention shows that biases are natural tendencies in response to limit to learning which can be explained by evolutionary psychology. Research limitations/implications There are chances that the result obtained here is because of myopic decision-making behaviour in which the long-time horizon is not considered and behavioural biases, as well as evolutionary psychology, are adaptive, so the result may change in the long-time horizon, which seeks further investigations. The study talked about the relationship between behavioural biases, investment satisfaction and reinvestment intention; it will be interesting to bring some more constructs in this model, for example, investment intention and reinvestment behaviour; this can deliver a more precise picture in this regard. Practical implications Understanding such relationships will help in better clarity about the way investment is made. The study confirms that market behaviour in the real estate market is sub-optimal, which shows that there is an opportunity for attentive investors by trading and gathering on information. Real estate practitioners can get clues from market anomalies and investor phenomena; understanding these may suggest ways to use them in the market. Social implications Reforms in the housing sector do not only satisfy one of the basic needs but also leads to holistic economic development. Besides direct contribution, it contributes to social capital. Originality/value The study extends the current knowledge base about the relationship between behavioural biases, investment satisfaction and reinvestment intention. This study investigates the behavioural biases influencing the real estate market investment decisions of non-professional investors considering the effect of evolutionary psychology.
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Kilpatrick, Zachary P., Jacob D. Davidson, and Ahmed El Hady. "Uncertainty drives deviations in normative foraging decision strategies." Journal of The Royal Society Interface 18, no. 180 (July 2021): 20210337. http://dx.doi.org/10.1098/rsif.2021.0337.
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Nearly all animals forage to acquire energy for survival through efficient search and resource harvesting. Patch exploitation is a canonical foraging behaviour, but there is a need for more tractable and understandable mathematical models describing how foragers deal with uncertainty. To provide such a treatment, we develop a normative theory of patch foraging decisions, proposing mechanisms by which foraging behaviours emerge in the face of uncertainty. Our model foragers statistically and sequentially infer patch resource yields using Bayesian updating based on their resource encounter history. A decision to leave a patch is triggered when the certainty of the patch type or the estimated yield of the patch falls below a threshold. The time scale over which uncertainty in resource availability persists strongly impacts behavioural variables like patch residence times and decision rules determining patch departures. When patch depletion is slow, as in habitat selection, departures are characterized by a reduction of uncertainty, suggesting that the forager resides in a low-yielding patch. Uncertainty leads patch-exploiting foragers to overharvest (underharvest) patches with initially low (high) resource yields in comparison with predictions of the marginal value theorem. These results extend optimal foraging theory and motivate a variety of behavioural experiments investigating patch foraging behaviour.
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Morton, A., and B. Fasolo. "Behavioural decision theory for multi-criteria decision analysis: a guided tour." Journal of the Operational Research Society 60, no. 2 (February 2009): 268–75. http://dx.doi.org/10.1057/palgrave.jors.2602550.
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Han, Yu, Xuezheng Li, Zhida Feng, Ruoyu Jin, Joseph Kangwa, and Obas John Ebohon. "Grounded Theory and Social Psychology Approach to Investigating the Formation of Construction Workers’ Unsafe Behaviour." Computational Intelligence and Neuroscience 2022 (May 18, 2022): 1–16. http://dx.doi.org/10.1155/2022/3581563.
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There have been limited studies analyzing the causes of construction workers’ unsafe behaviour from the social psychology perspective. Based on a Grounded Theory approach, this study first identified and defined seven coded categories related to workers’ dangerous behaviour on construction sites. The original qualitative data were obtained from individual site interviews conducted with 35 construction professionals. These main categories were found connected to workers’ status of safety awareness and sense of danger, which affected the type of unsafe behaviours, i.e., proactive, passive, or reactive behaviour. By further integrating social cognitive psychology theories into workers’ behavioural decision-making process, the formation mechanism framework and diagram were developed to describe construction workers’ unsafe behaviours based on the dynamic process of balancing the individual desires and perceived safety risks. This study advances the body of knowledge in construction safety behavioural management by performing in-depth theoretical analysis regarding workers’ internal desires, activated by external scenarios and intervened by a personal safety cognition system, which could result in different motivations and various behavioural outcomes. It is argued that safety cognition serves as a mediated moderation system affecting behavioural performance. Practical suggestions on developing a proper safety management system incorporating safety education in guiding construction workers’ site behaviours are presented.
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Tymoshenko, Olena, and Оlena Trokhymets. "MECHANISM OF BEHAVIOURAL ECONOMICS." Baltic Journal of Economic Studies 5, no. 2 (May 13, 2019): 221. http://dx.doi.org/10.30525/2256-0742/2019-5-2-221-225.
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The purpose of the article. The article covers the mechanisms of behavioural economics introducing into the state policy of the country. This problem becomes especially relevant in modern conditions as people tend to make unreasonable economic decisions. The purpose of this paper is to research the irrational motives of individuals’ behaviour in making economic decisions and to determine the measures for introducing the mechanisms of behavioural economics in the state policy of Ukraine. Methodology. The survey is based on the analysis of the scientific papers of the following scientists in economics: A. Smith, K. Marks, J. Bentham, M. Weber, J. Schumpeter, A. Marshall, J. Keynes, H. Simon, H. Becker, V. Smith, D. Kahneman, A. Tversky, Richard H. Thaler, G. Akerlof, R. Shiller; on the empirical analysis and on the analysis of the behaviour economic instruments. The objective of the article is the survey of irrational motives of human behaviour during the decision-making process in economic conditions, to determine the influence of the irrational motives on social and economic development and to develop measures and activities for implementation of behavioural economics mechanisms in the state policy. The subject of the article is theoretical and methodological aspects of the behavioural economics mechanisms in the state policy. The results. The research in the article shows and explains the main trends of the behavioural studies in the modern condition, in particular: behavioural finance, behavioural game theory, the problem of making a choice in time, prospect theory. One of the examples of Herding behaviour shown in the article is the peculiarities of behavioural aspects of financial markets. Special attention is given to the “nudge theory” used by the leading countries. Behavioural economics possess the instruments, which maintain the decent living of the population and sustainable social and economic situation in the society. The results of research represent that the behavioural peculiarities of the society together with the interaction with the state policy result in the distrust of the society to the authority’s representatives. Besides, the low-income level of the population leads to the predominance of survival values in the society, while in the highly developed countries, the values of self-expression dominate. It is proposed to implement behavioural economics mechanisms in state policy of Ukraine while making economic decisions. Conclusions. Due to the new trends in economic development such as informatization, and digitalization, new ways of the economic behaviour of the population take place. One of the key aspects is the psychological approach to the decision-making process in the economic environment. Thus, behavioural economics becomes of great importance in modern society.
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Lehner, Paul E., and Leonard Adelman. "Behavioural decision theory and it's implication for knowledge engineering." Knowledge Engineering Review 5, no. 1 (March 1990): 5–14. http://dx.doi.org/10.1017/s0269888900005208.
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AbstractThis paper explores the implications of research results in behavioural decision theory on knowledge engineering. Behavioural decision theory, with its performance (versus process) orientation, can tell us a great deal about the validity of human expert knowledge, and when it should be modelled. A brief history of behavioural decision theory is provided. Implications for knowledge elicitation and representation are discussed. An approach to knowledge engineering is proposed that takes into account these implications.
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Lehka-Paul, Olha. "Behavioural indicators of translators’ decisional styles in a translation task: A longitudinal study." Yearbook of the Poznan Linguistic Meeting 6, no. 1 (January 1, 2020): 81–111. http://dx.doi.org/10.2478/yplm-2020-0007.
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Abstract Translation Process Research defines translation as a decision-making process, but a plethora of studies has demonstrated that there is high individual variation in the translators’ styles of making decisions. The present interdisciplinary empirical study combines the theory of personality types and translation process research in order to identify the behavioural indicators that characterise translators’ decisional styles at the stage of end revision, where final decision-making takes place. As based on previous research, such indicators as the duration of end revision, pause length and number, the number of deleted characters and the types of corrections introduced at the stage of end revision may comprise the behavioural variables that define the translators’ styles of decision-making. The analysis of the data shows that two distinct behavioural styles may be distinguished, and their nature lies in the translators’ individual preferences for one of the two dichotomous psychological functions responsible for decision-making.
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Valaskova, Katarina, Viera Bartosova, and Pavol Kubala. "Behavioural Aspects of the Financial Decision-Making." Organizacija 52, no. 1 (February 1, 2019): 22–31. http://dx.doi.org/10.2478/orga-2019-0003.
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Abstract Background and Purpose: Behavioural finance is a relatively new, but rapidly evolving field that provides explanations of an economic decision-making by cognitive psychology, conventional economic and financial theory. Behavioural finance searches the influence of psychology on the behaviour of financial practitioners and the subsequent effects on the financial markets. The purpose of the paper is the research on behavioural aspects of financial decision-making as they help explain why and how markets might be inefficient. Design/Methodology/Approach: Fuzzy logic is an excellent tool for working with linguistic variables that are often found when working with behavioural data. Thus, we analyse the financial decision-making process from the perspective of behavioural finance aimed at better understanding of the decision-making process of investors applying the principles of fuzzy logic to solve various financial problems. Results: The results of the study indicate that fuzzy logic is applicable when solving problems of financial management and financial decision-making problems. The urgency of the fuzzy logic application for managerial and financial decisions should be emphasized. Research in this area indicates that in some cases, as in the case of behavioural financing, the use of fuzzy logic is far more suitable than the use of other methods (Peters, Aguiar and Sales). Conclusion: The novelty of the paper is to extend the application of fuzzy sets in the area of financial decision-making. The paper demonstrates that despite the fact, that fuzzy logic is currently used mainly in technical directions, it is applicable also in financial management, especially, in cases where it is necessary to consider the influence of human and the occurrence of linguistic variables.
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Nkukpornu, Etse, Prince Gyimah, and Linda Sakyiwaa. "Behavioural Finance and Investment Decisions: Does Behavioral Bias Matter?" International Business Research 13, no. 11 (October 21, 2020): 65. http://dx.doi.org/10.5539/ibr.v13n11p65.
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This paper examines the nexus between behavioural bias and investment decisions in a developing country context. Specifically, this study tests the effect of four behavioural biases (overconfidence, regret, belief, and “snakebite”) on investment decisions. Descriptive statistics and inferential statistics including multiple regression are used to examine the behavioural biases-investment decisions nexus. The study reveals that the four bias have a significant positive and robust relationship with investment decision making. The result also shows that the "snakebite" effect contributes more to the decision making, followed by belief bias then regret bias. Overconfidence bias, however, contributes the least effect on investment decisions. Our contribution confirms the prospect theory and that behavioural bias influences investment decisions in the developing country perspective.
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Pierron, Xavier, Ian Williams, and Peter Shaw. "Extending the Theory of Planned Behaviour Using Behavioural Economics to Reduce and Access Small WEEE Anthropogenic Stocks." Detritus, no. 14 (March 31, 2021): 54–67. http://dx.doi.org/10.31025/2611-4135/2021.14062.
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From an urban mining perspective stockpiles of Waste of Electronic and Electrical Equipment (WEEE) by individuals represent anthropogenic stocks that could be exploited for precious and critical resources. The current challenge resides in minimising these stocks generation, as well as accessing the resources they represent. Behavioural models such as the Theory of Planned Behaviour (TPB) have been used in waste and resources management studies to understand WEEE end-of-use intentions and behaviours. But the results have been uneven and the very presence of these anthropogenic stocks is the acknowledgement that these models need to be adapted. Based on a review from the waste and resources management literature we found that TPB models incorporating emotions tended to have higher variance explained for intention, but the intention-behaviour gap remained strong. To explain this gap for small WEEE we propose using variables associating emotions with decision-making biases and tendencies that affect individual behaviours. This study is a theoretical elaboration supporting future empirical testing. A TPB extended with behavioural economics could better model small WEEE end-of-use decisions. Improved understanding of small WEEE urban mines generation could, in turn, inform policy and incentives design to transform these anthropogenic stocks into flows of resources within a circular economy.
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Ben Nefissa, Basma, and Faouzi Jilani Jilani. "Behavioural Accounting Explained through Different Factors." Indonesian Management and Accounting Research 20, no. 1 (January 10, 2022): 67–80. http://dx.doi.org/10.25105/imar.v20i1.8155.
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The positive theory of accounting initiated by Watts and Zinmerman in 1978 postulates that the purpose of accounting is to describe, explain and predict accounting facts. The major contribution of this theory is to analyze the effect of accounting output on the main recipients of financial statements. However, in spite of its notable contributions, the positive theory of accounting falls short of studying the context in which the decision-making process by agents takes place s. It has been proved that this context conditions the decision-making process. Numerous studies have therefore been interested in the characteristics of the environment, which include both, organizational factors and individual factors that would condition decisions. It is from this perspective that behavioural accounting, a branch of accounting defined by Hofsted and Kinard (1970) as the analysis of the attitudes of accountants andparticularly non-accountants under the prism of the impact of accounting andparticularly accounting reports, has been developed. Thus, in many fields, both accounting and non-accounting, researchers have felt the need to take a closer look at the behavioural dimension, mainly theemotional and cognitive dimensions of decision-makers, particularly executives, because these dimensions have a significant influence on the decision-making process.In the first part of our article, we will therefore show how the development of behavioral research has taken place in many fields. The aim is to prove that man is not a machine and that man’s specificities, both cognitive and emotional, must be rigorously analyzed to avoid unexpected results .Subsequently, we present a more or less diverse range of work on behavioral accounting . Finally, we prove through a careful and rigorous review of the accounting literature that behavioral accounting offers the opportunity for researchers, particularly practitioners, to be apprehended and thus evaluated through different faculties.
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Wang, Jianhua, May Chu, Yuan yuan Deng, Honming Lam, and Jianjun Tang. "Determinants of pesticide application: an empirical analysis with theory of planned behaviour." China Agricultural Economic Review 10, no. 4 (November 5, 2018): 608–25. http://dx.doi.org/10.1108/caer-02-2017-0030.
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Purpose The purpose of this paper is to investigate farmers’ intentions to comply with pesticide application standards based on an extended theory of planned behaviour (TPB). Design/methodology/approach Built on a TPB framework, it was examined how perceived behavioural control (PBC), behavioural goal (BG), behavioural attitude (BA) and subjective norm (SN) influenced farmers’ intention to comply with pesticide application standards. Data of 986 farmers from five major agricultural provinces in China were collected following a stratified random sampling method. Structural equation modelling was employed for hypothesis testing and analysis. Findings The results showed that PBC, BG, behavioural attitude and SN had positive impacts on farmers’ intention in abiding by the standards. Among them in determining farmers’ intention towards compliance with pesticide application standards, farmers’ PBC was found to be the most influential factor, while SN was the least influential factor. Originality/value The results indicated that the traditional TPB constructs had significant correlations with farmers’ intention to comply with pesticide standards, demonstrating the applicability of the TPB in the understanding of farmers’ decision-making in a developing country context. It is suggested that psychological factors should be taken into consideration in studying farmers’ decision-making.
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Trimmer, Pete C. "Optimal behaviour can violate the principle of regularity." Proceedings of the Royal Society B: Biological Sciences 280, no. 1763 (July 22, 2013): 20130858. http://dx.doi.org/10.1098/rspb.2013.0858.
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Understanding decisions is a fundamental aim of behavioural ecology, psychology and economics. The regularity axiom of utility theory holds that a preference between options should be maintained when other options are made available. Empirical studies have shown that animals violate regularity but this has not been understood from a theoretical perspective, such decisions have therefore been labelled as irrational. Here, I use models of state-dependent behaviour to demonstrate that choices can violate regularity even when behavioural strategies are optimal. I also show that the range of conditions over which regularity should be violated can be larger when options do not always persist into the future. Consequently, utility theory—based on axioms, including transitivity, regularity and the independence of irrelevant alternatives—is undermined, because even alternatives that are never chosen by an animal (in its current state) can be relevant to a decision.
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Vos, Irene M. L., Maartje H. N. Schermer, and Ineke L. L. E. Bolt. "Recent insights into decision-making and their implications for informed consent." Journal of Medical Ethics 44, no. 11 (July 21, 2018): 734–38. http://dx.doi.org/10.1136/medethics-2018-104884.
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Research from behavioural sciences shows that people reach decisions in a much less rational and well-considered way than was often assumed. The doctrine of informed consent, which is an important ethical principle and legal requirement in medical practice, is being challenged by these insights into decision-making and real-world choice behaviour. This article discusses the implications of recent insights of research on decision-making behaviour for the informed consent doctrine. It concludes that there is a significant tension between the often non-rational choice behaviour and the traditional theory of informed consent. Responsible ways of dealing with or solving these problems are considered. To this end, patient decisions aids (PDAs) are discussed as suitable interventions to support autonomous decision-making. However, current PDAs demand certain improvements in order to protect and promote autonomous decision-making. Based on a conception of autonomy, we will argue which type of improvements are needed.
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Seow, Ai Na, Yuen Onn Choong, Chee Keong Choong, and Krishna Moorthy. "Health tourism: behavioural intention and protection motivation theory." Tourism Review 77, no. 2 (June 18, 2021): 376–93. http://dx.doi.org/10.1108/tr-11-2020-0546.
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Purpose Health tourism is recognised as a recent new pattern of taking a break while accessing health-care services overseas. Past studies have explored this research area, but few have focussed on the theoretical perspective. Applying an appropriate theoretical model to guide interventions in planning and programme development is crucial, particularly when the focus of the study is on the cognitive mediation processes of change in individual behaviour. This study aims to examine the effectiveness of the protection motivation theory with the influence of threat appraisal and coping appraisal. The purpose is to trigger the behavioural intention to engage in international health tourism. Design/methodology/approach A total of 299 international tourists participated in the survey. The partial least squares structural equation modelling technique was used to test the research framework. Both the measurement model and the structural model were assessed as adequate. Findings The empirical results demonstrate that tourists’ high risk perception must be complemented by coping ability to produce a motivational response. Further, the adaptive behaviours of international tourists are focussed more on perceived efficacy than on the perception of threats related to behavioural intentions towards health tourism. Originality/value The study presents an effective theoretical model intervention applicable to health tourism. Future studies should conduct a more comprehensive assessment to generate strong decision-making effectiveness from the theoretical model.
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Mulford, Matthew, and Jeffery Berejikian. "Behavioural Decision Theory and the Gains Debate in International Politics." Political Studies 50, no. 2 (June 2002): 209–29. http://dx.doi.org/10.1111/1467-9248.00367.
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The temptation to free ride and the fear of exploitation are traditionally offered as factors explaining individuals' choices under conditions of social dilemma. In two experimental studies of prisoner's dilemma behaviour we demonstrate that the ratio-differences of payoffs are as important as the absolute differences in affecting the likelihood of cooperation. The implications of this additional structural determinant of dilemma choice are developed and applied to the stalled gains debate in international relations theory. By incorporating ratio-differences into the analysis ‘realist’ and ‘liberal’ theories of state behaviour may be reconciled.
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Lau, Richard R., and Jack S. Levy. "Contributions of Behavioural Decision Theory to Research in Political Science." Applied Psychology 47, no. 1 (January 1998): 29–44. http://dx.doi.org/10.1111/j.1464-0597.1998.tb00011.x.
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Hartini, Umi, and Dwi Cahyo Utomo. "REVIEW PENELITIAN TENTANG PERILAKU INVESTOR DALAM PENGAMBILAN KEPUTUSAN INVESTASI." Jurnal Ilmu Manajemen dan Akuntansi Terapan (JIMAT) 13, no. 2 (December 8, 2022): 15. http://dx.doi.org/10.36694/jimat.v13i2.422.
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The purpose of this research is to systematically review the literature published ini past 42 years on behavioural biases in investment decision making. This paper highlights the major gaps in the existing studies on behavioural biases. It also aims raise specific questions for future research. The design of this research employ systematic literature review (SLR) method in the present study. The prominence research is assessed by studying the year of publication, journal of publication, country of study, types of statistical method, data collection technique and content analysis on literature on behavioural biases. The present study is based on 41 selected articles published in peer review journals between 1980 and 2022. The result show that much of the existing literature on behavioural biases indicates the limited research in developed economies in this area, the dominance of the primary data on data collection technique, the lack of empirical research on individuals who exhibit herd behaviour, the dominance theory used in the existing literature on behavioural biases in investment decision making is prospect theory.
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COŞKUN, Ahmet. "ENVIRONMENTALISM AND ETHICAL DECISION MAKING IN BUSINESS ORGANIZATIONS." Business & Management Studies: An International Journal 8, no. 4 (December 10, 2020): 37–49. http://dx.doi.org/10.15295/bmij.v8i4.1703.
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This study tries to reveal the dynamics of ethical business decision making process about environmental issues, in terms of Theory of planned behaviour framework. To do so, a survey analysis was held with 167 university students by taking an online questionnaire and the data were statistically analysed by using a statistic software (SPSS). Results showed that ethical behaviour intentions have significant positive relationships with environmentalism, ethical attitudes toward environment and perceived behavioural control. Demographic factor groups were found to have no significant differences in any of the variables.
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Alexander, Anthony, Helen Walker, and Mohamed Naim. "Decision theory in sustainable supply chain management: a literature review." Supply Chain Management: An International Journal 19, no. 5/6 (September 2, 2014): 504–22. http://dx.doi.org/10.1108/scm-01-2014-0007.
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Purpose – This study aims to aid theory building, the use of decision theory (DT) concepts in sustainable supply chain management (SSCM) research is examined. Design/methodology/approach – An abductive approach considers two DT concepts, Snowden’s Cynefin framework for sense-making and Keeney’s value-focussed decision analysis, in a systematic literature review of 160 peer-reviewed papers in English. Findings – Around 60 per cent of the papers on decision-making in SSCM come from operational research (OR), which makes explicit use of DT. These are almost all normative and rationalist and focussed on structured decision contexts. Some exceptions seek to address unstructured decision contexts via Complex Adaptive Systems or Soft Systems Methodology. Meanwhile, a second set, around 16 per cent, comes from business ethics and are empirical, behavioural decision research. Although this set does not explicitly refer to DT, the empirical evidence here supports Keeney’s value-focussed analysis. Research limitations/implications – There is potential for theory building in SSCM using DT, but the research only addresses SSCM research (including corporate responsibility and ethics) and not DT in SCM or wider sustainable development research. Practical implications – Use of particular decision analysis methods for SSCM may be improved by better understanding different decision contexts. Social implications – The research shows potential synthesis with ethical DT absent from DT and SCM research. Originality/value – Empirical behavioural decision analysis for SSCM is considered alongside normative, rational analysis for the first time. Value-focussed DT appears useful for unstructured decision contexts found in SSCM. Originality/value – Empirical, behavioural decision analysis for SSCM is considered alongside normative rational analysis for the first time. Value-focussed DT appears useful for unstructured decision contexts found in SSCM.
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Gao, Yanjing, and Lijun Chen. "Impact of COVID-19 Risk Perception on Residents’ Behavioural Intention towards Forest Therapy Tourism." Sustainability 14, no. 18 (September 15, 2022): 11590. http://dx.doi.org/10.3390/su141811590.
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Risk perception has an important influence on tourism decision-making behaviour. Based on the extended Theory of Planned Behaviour, we examine the effect of COVID-19 risk perception on tourists’ behavioural intentions towards forest therapy tourism. A questionnaire survey was conducted during the pandemic. Based on structural equation modelling (SEM), our evidence shows that cognitive risk perception positively and significantly influenced subjective norms, while affective risk perception positively and significantly influenced attitudes. Subjective norms mediated perceived risk perception and behavioural intentions, while attitudes mediated emotional risk perception and behavioural intentions. Gender partially moderated perceived behavioural control and behavioural intentions. Finally, this study proposes corresponding management countermeasures of great practical importance in promoting the development of forest recreation tourism.
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Dassani, M. Preksha, and M. Sandhya Sridevi. "Understanding Investor Behaviour Using Prospect Theory: An Indian Perspective." ANUSANDHAN – NDIM's Journal of Business and Management Research 3, no. 1 (February 28, 2021): 42–50. http://dx.doi.org/10.56411/anusandhan.2021.v3i1.42-50.
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Kahneman and Tversky's Prospect Theory tries to explain investor behaviour under risk when alternative outcomes are available to them while making an investment decision. Loss Aversion, Regret Aversion, and Mental Accounting are the three dimensions of this theory. Loss aversion is an investor emotion that prevents unloading unprofitable investments because they lead to a loss. Regret Aversion is the anticipation of regret where an investor holds to loss-making investments with the fear of admitting an incorrect investment decision. Mental Accounting is the value investors place on money, often leading to detrimental results. This research attempts to gain deeper insights into the complex investor behaviour which forms an important aspect of behavioural finance. An online survey of 282 pan-India stock market investors is done on the three dimensions and the collected data is analysed using One-way ANOVA to measure the relationship between independent (income, investment amount, education qualification, age, gender, and investor experience) and dependent variables (loss aversion, regret aversion, and mental accounting). This study is of significant interest to financial institutions for product design, to the government in making economic policy, and financial advisors who can consider the independent variables as crucial factors that make their clients prone to behavioural biases.
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Robb, Genna, and Avias Ngwenya. "Theory and practice in the use of merger remedies: Considering South African experience." Journal of Economic and Financial Sciences 4, no. 3 (August 31, 2011): 203–20. http://dx.doi.org/10.4102/jef.v4i4.374.
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There has been considerable debate internationally around the relative advantages and disadvantages of structural and behavioural remedies. In mergers which raise competition concerns, prohibition or divestiture may prevent merger efficiencies from being realised, and therefore behavioural remedies may seem attractive. However, these can prove difficult or impossible to enforce in practice. The merger approval rates of the South African competition authorities are in line with the practice of international agencies, but the number of behavioural remedies imposed is relatively high. This paper briefly considers the international literature on merger remedies before analysing South African merger decisions and making a comparison with other jurisdictions. It then presents a review of a decision made by the Tribunal in the merger between Astral Foods and National Chick in 2001, which was approved with both structural and behavioural conditions. Finally, the paper draws conclusions for the design of remedies in future.
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Robb, Genna, and Avias Ngwenya. "Theory and practice in the use of merger remedies: Considering South African experience." Journal of Economic and Financial Sciences 4, no. 3 (August 31, 2011): 203–20. http://dx.doi.org/10.4102/jef.v4i3.374.
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There has been considerable debate internationally around the relative advantages and disadvantages of structural and behavioural remedies. In mergers which raise competition concerns, prohibition or divestiture may prevent merger efficiencies from being realised, and therefore behavioural remedies may seem attractive. However, these can prove difficult or impossible to enforce in practice. The merger approval rates of the South African competition authorities are in line with the practice of international agencies, but the number of behavioural remedies imposed is relatively high. This paper briefly considers the international literature on merger remedies before analysing South African merger decisions and making a comparison with other jurisdictions. It then presents a review of a decision made by the Tribunal in the merger between Astral Foods and National Chick in 2001, which was approved with both structural and behavioural conditions. Finally, the paper draws conclusions for the design of remedies in future.
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Savage, David A. "Surviving the Storm: Behavioural Economics in the Conflict Environment." Peace Economics, Peace Science and Public Policy 22, no. 2 (April 1, 2016): 105–29. http://dx.doi.org/10.1515/peps-2015-0047.
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AbstractWhile behavioural economics has become part of mainstream economic theory, showing systematic deviations from the standard homo economicius in normal environments, there has been little exploration of behaviour in the extreme – such as conflict, disasters or war zones. This has led to the underdevelopment of behavioural theory examining the choices or motivations of individuals within these environments, resulting in sub-optimal models and policy. This work provides an entry point for the application of behavioural economics within conflict zones, specifically the examination of decision-making of non-combatant individuals. Additionally, it provides insight into the related disaster research field, detailing current studies, overview methodological approaches, approaches and limitations. Concluding with a general discussion and potential implications for policy.
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SUGDEN, ROBERT. "HUME'S NON-INSTRUMENTAL AND NON-PROPOSITIONAL DECISION THEORY." Economics and Philosophy 22, no. 3 (November 2006): 365–91. http://dx.doi.org/10.1017/s0266267106001027.
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Hume is often read as proposing an instrumental theory of decision, in which an agent's choices are rational if they maximally satisfy her desires, given her beliefs. In fact, Hume denies that rationality can be attributed to actions. I argue that this is not a gap needing to be filled. Hume's theory provides a coherent and self-contained understanding of action, compatible with current developments in experimental psychology and behavioural economics. On Hume's account, desires are primitive psychological motivations which do not have propositional content, and so are not subject to the criteria of rational consistency which apply to propositions.
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Naidoo, Thiroshnee, and Charlene Lew. "Exclusive books: applying a behavioural economics perspective." Emerald Emerging Markets Case Studies 10, no. 3 (September 9, 2020): 1–30. http://dx.doi.org/10.1108/eemcs-04-2020-0132.
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Learning outcomes The learning outcomes are as follows: understanding of the principles of choice overload and the impact of consumer choice overload on company sustainability and growth prospects; understanding of how several heuristics inform consumer decision-making; applying nudge theory to interpret and clarify the impact and consequences of nudges on consumer decision-making; and considering the challenge of a newly appointed CEO to influence consumer choice. Case overview/synopsis The case study and teaching note offers insights into the use of behavioural economics principles in consumer choice. The case study methodology was used to design, analyse and interpret the real-life application of behavioural economics in the retail sector. The case demonstrates how choice overload, dual process theory, decision heuristics and nudge theory play a role in consumer decision-making. The case offers insights into the application of behavioural economics to support the sustainability of a company in an emerging market context. Managers can use the findings to consider how to use behavioural economics principles to drive consumer choice. The application of behavioural economics to an industry facing challenges of sustainability offers new insights into how to design spaces and cues for consumer choice. Complexity academic level The case study is suitable for course in business administration, specifically at postgraduate level. Supplementary materials Teaching notes are available for educators only. Subject code CSS 8: Marketing
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Ondolos, Nigel Kollin, Jasman Tuyon, and Rozita Uji Mohammed. "A Conceptual Framework for Bounded Rationality in Bank Officers’ Credit Decision for SME Lending in Malaysia." Asia-Pacific Management Accounting Journal 16, no. 3 (December 1, 2021): 159–89. http://dx.doi.org/10.24191/apmaj.v16i3-07.
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Based on the Bounded Rational Theory, ideally, bank credit officers would be influenced by both rational (fundamental factors) and irrational (behavioural factors) in their credit assessment and decision making process. Emphasizing on the irrational decision making perspective, behavioural factors distort the credit decision making process in the banking industry. Despite such evidence, the psychology perspectives in bank lending practice has been given little attention in research and neglected in practice and policy perspectives. This conceptual research investigated the role of irrationality in bank lending decision making. The research design involved three stages. The research started with conceptualization of the bounded rational credit decision framework. This was designed based on review of three theories and related empirical evidence. In the second stage, constructs and their measurement items were sourced from prior work. Thereafter, a questionnaire was developed. In the third stage, the validity of the questionnaire was tested using expert validation, pre-test and pilot-test involving 30 credit officers working in business banking division of a Malaysian bank. Findings from the pilot study confirmed the validity of the questionnaire as an instrument that can be used for future empirical test. This bounded rational credit decision framework can guide further empirical analysis on the role of behavioural factors in lending decision making. The framework provides new insights that are valuable in enhancing the SMEs lending theory, practice, and policy. Keywords: behavioural finance, bounded rational theory, business banking, credit decision, small and medium-sized enterprises (SMEs)
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Koechlin, Etienne. "An evolutionary computational theory of prefrontal executive function in decision-making." Philosophical Transactions of the Royal Society B: Biological Sciences 369, no. 1655 (November 5, 2014): 20130474. http://dx.doi.org/10.1098/rstb.2013.0474.
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The prefrontal cortex subserves executive control and decision-making, that is, the coordination and selection of thoughts and actions in the service of adaptive behaviour. We present here a computational theory describing the evolution of the prefrontal cortex from rodents to humans as gradually adding new inferential Bayesian capabilities for dealing with a computationally intractable decision problem: exploring and learning new behavioural strategies versus exploiting and adjusting previously learned ones through reinforcement learning (RL). We provide a principled account identifying three inferential steps optimizing this arbitration through the emergence of (i) factual reactive inferences in paralimbic prefrontal regions in rodents; (ii) factual proactive inferences in lateral prefrontal regions in primates and (iii) counterfactual reactive and proactive inferences in human frontopolar regions. The theory clarifies the integration of model-free and model-based RL through the notion of strategy creation. The theory also shows that counterfactual inferences in humans yield to the notion of hypothesis testing, a critical reasoning ability for approximating optimal adaptive processes and presumably endowing humans with a qualitative evolutionary advantage in adaptive behaviour.
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Dobryagina, N. P. "Behavioural Economics Contribution to the Entrepreneurship Theory and its Application in Entrepreneurship Policies." Administrative Consulting, no. 1 (March 22, 2021): 50–60. http://dx.doi.org/10.22394/1726-1139-2021-1-50-60.
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Based on interdisciplinary research the paper proves that behavioural economics provides a significant contribution to the entrepreneurship theory and can increase the effect of policies focused on entrepreneurship motivation. The paper demonstrates that entrepreneurship is a phenomenon, which contradicts a number of neoclassical assumptions, while behavioural economics provides explanations of these deviations and embeds entrepreneurship into modified models. These new models take into account behavioural aspects of entrepreneur’s decision. The paper determines three main reasons of restrained effect of entrepreneurship policies, which are limited knowledge about existing entrepreneurship policies, underestimation of entrepreneurial sphere opportunities and importance of non-pecuniary factors in entrepreneurial decision, which are not taken into account in existing entrepreneurship determinants, used by policy makers. The paper suggests that behavioural economics approaches should be used in entrepreneurship policies as they help to deal with similar issues in other spheres.
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Shrum, Trisha R., Ezra Markowitz, Holly Buck, Robin Gregory, Sander van der Linden, Shahzeen Z. Attari, and Leaf Van Boven. "Behavioural frameworks to understand public perceptions of and risk response to carbon dioxide removal." Interface Focus 10, no. 5 (August 14, 2020): 20200002. http://dx.doi.org/10.1098/rsfs.2020.0002.
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The adoption of carbon dioxide removal (CDR) technologies at a scale sufficient to draw down carbon emissions will require both individual and collective decisions that happen over time in different locations to enable a massive scale-up. Members of the public and other decision-makers have not yet formed strong attitudes, beliefs and preferences about most of the individual CDR technologies or taken positions on policy mechanisms and tax-payer support for CDR. Much of the current discourse among scientists, policy analysts and policy-makers about CDR implicitly assumes that decision-makers will exhibit unbiased, rational behaviour that weighs the costs and benefits of CDR. In this paper, we review behavioural decision theory and discuss how public reactions to CDR will be different from and more complex than that implied by rational choice theory. Given that people do not form attitudes and opinions in a vacuum, we outline how fundamental social normative principles shape important intergroup, intragroup and social network processes that influence support for or opposition to CDR technologies. We also point to key insights that may help stakeholders craft public outreach strategies that anticipate the nuances of how people evaluate the risks and benefits of CDR approaches. Finally, we outline critical research questions to understand the behavioural components of CDR to plan for an emerging public response.
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Metsch, Rutger, and Rémy Gerbay. "Prospect Theory and due process paranoia: what behavioural models say about arbitrators’ assessment of risk and uncertainty." Arbitration International 36, no. 2 (June 1, 2020): 233–52. http://dx.doi.org/10.1093/arbint/aiaa017.
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Abstract The term ‘due process paranoia’ is used to describe a perceived reluctance by arbitral tribunals to act decisively in certain situations for fear of the arbitral award being challenged on the basis of a party not having had the chance to present its case fully. This article approaches due process paranoia from the perspective of Prospect Theory, which is a behavioural model describing how individuals make decisions under risk and uncertainty. The authors examine how Prospect Theory’s insight that decision makers tend to overweight low-probability events in their decision-making (the ‘possibility effect’) affects decision-making by arbitrators when faced with the threat of challenge to their awards on due process grounds (the ‘enforcement risk’). The article concludes that the possibility effect is prone to contribute to an overweighting by arbitrators of the enforcement risk, thereby explaining the perceived tendency by tribunals to make sub-optimal decisions when faced with due process-related complaints or threats.
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Sabat, Wojciech, and Tomasz Pilewicz. "Business location decision: the behavioural aspect in empirical research." Journal of Management and Financial Sciences, no. 37 (September 4, 2019): 99–109. http://dx.doi.org/10.33119/jmfs.2019.37.6.
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The behavioural location theory helps to understand business location decisions which are not explained in the perfect rationality paradigm. In this article, we survey empirical research on business location decisions which include the behavioural aspect. We conclude that entrepreneurs appear to be biased towards choosing locations in their place of residence and are reluctant to make complicated location analysis. We also indicate the research gap – a lack of research on the impact of heuristics on location decisions.
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Lapatinas, Athanasios. "Understanding Voting Behaviour in Complex Political Systems." Mathematical Economics Letters 2, no. 3-4 (November 30, 2014): 59–65. http://dx.doi.org/10.1515/mel-2014-0001.
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AbstractWe suggest in this paper that voting in political systems can be profitably analysed using complex system analysis. We discuss how we can capture the complexity of voting behaviour by applying graph theory in networks and we develop a simplified theoretical model of voting choice adopting the basic heuristics of the behavioural decision theory. We feel that such a complex systems approach provides a superior basis for understanding voting behaviour compared to standard political economy analysis.
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Webb, Katie L. "Theory of planned behaviour: general practitioners’ prescribing and referral behaviour." European Journal for Person Centered Healthcare 5, no. 1 (May 23, 2017): 75. http://dx.doi.org/10.5750/ejpch.v5i1.1210.
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Rationale and aims: The vast majority of patients seen in general practice present with a mental health component to their illness. Despite current clinical guidelines, suggesting referral to psychological-based treatments being a more appropriate course of action, anti-depressant prescription remains high for those suffering common mental health problems (CMHPs). This study aimed to investigate General Practitioners’ (GPs) behaviour regarding the prescription of antidepressants and referral to psychological-based treatment for individuals with CMHPs, using the Theory of Planned Behaviour (TPB). Method: Online and postal questionnaires were developed in line with the TPB model following consultation, pilot study and cognitive debriefing. Questionnaires were distributed to all working GPs in Wales, UK. Data underwent statistical analysis.Results: Analysis of responses (n=127) showed a GP’s decision to prescribe antidepressants to patients with CMHPs is significantly influenced by both ‘attitude’ and ‘subjective norm’, while perceived behavioural control was non-significant. Over half of the study GPs did not feel in control of prescribing antidepressants to those with CMHPs. GPs’ intention to refer for psychological-based treatment was significantly influenced by attitude, while further analysis showed GPs did not feel in control of referring for psychological-based treatment.Conclusion: Using TPB helped to explain GPs’ antidepressant prescribing and referral to psychological-based treatment behaviours. GPs’ intention to prescribe and refer were shown to be moderated by behavioural and normative beliefs, while control beliefs were non-significant. The presence of personal experience as a predictable feature to prescribing and referral behaviour is something that could figure more prominently within early phases of medical training.
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Cavalheiro, Everton Anger, Kelmara Mendes Vieira, and Paulo Sérgio Ceretta. "The determinants of risk tolerance: A behavioural analysis." Corporate Ownership and Control 9, no. 2 (2012): 476–85. http://dx.doi.org/10.22495/cocv9i2c5art2.
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The traditional perspective of financial theory suggests an implicit rationality on decision making. Historically, researches have revolved around demographic, social and economic heuristics, thus neglecting the emotional, cognitive and behavioral suppositions, related to financial decision making. In this sense, this study aims to evaluate which are the determining factors for risk tolerance. So, we carried out a survey on 815 individuals residing in Santa Maria, Julio de Castilhos and Cruz Alta, Brazil. Afterwards, we performed a CFA and, eventually, a regression analysis. Generally and consistently, the suppositions for rationality were refuted, though consistent to the Prospect Theory, validating the numerous studies that demonstrate the violation of the rationality suppositions. The heuristics which are traditionally used in order to determine the level of risk tolerance have not shown to be significant in this research. The cognitive, emotional and behavioral dimensions of decision making have shown to be significant.
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Frydman, Cary, Colin Camerer, Peter Bossaerts, and Antonio Rangel. "MAOA-L carriers are better at making optimal financial decisions under risk." Proceedings of the Royal Society B: Biological Sciences 278, no. 1714 (December 8, 2010): 2053–59. http://dx.doi.org/10.1098/rspb.2010.2304.
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Genes can affect behaviour towards risks through at least two distinct neurocomputational mechanisms: they may affect the value assigned to different risky options, or they may affect the way in which the brain adjudicates between options based on their value. We combined methods from neuroeconomics and behavioural genetics to investigate the impact that the genes encoding for monoamine oxidase-A (MAOA), the serotonin transporter (5-HTT) and the dopamine D4 receptor (DRD4) have on these two computations. Consistent with previous literature, we found that carriers of the MAOA-L polymorphism were more likely to take financial risks. Our computational choice model, rooted in established decision theory, showed that MAOA-L carriers exhibited such behaviour because they are able to make better financial decisions under risk, and not because they are more impulsive. In contrast, we found no behavioural or computational differences among the 5-HTT and DRD4 polymorphisms.
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Santos Millán, Irene. "Consumer behaviour and new consumer trends vis-à-vis the ICTs." ESIC MARKET Economic and Business Journal, Volume 50, Issue 3 (February 4, 2020): 599–620. http://dx.doi.org/10.7200/esicm.164.0503.4.
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Objectives. In this paper, consumer behaviour is analysed following the criterion of behavioural economics and how it affects digitalisation, and the current change in consumer trends. Methodology. It is based on a search of behavioural economics studies and theories arising within this field, such as the Nudge Theory. Having gained an understanding of consumer behaviour, this was taken to the digital arena and the different ways of obtaining information from users to learn about their behaviour in this area and its impact, were analysed. Results. By studying behavioural economics, the conclusion was that there are differences with classical economics, which asserts that people’s decision making is rational, while behavioural economics argues that we are influenced by many aspects. This taken to the world of digitalisation translates as the great importance to companies of collecting data from users in order to learn about them and be able to predict their behaviour. Limitations. There are few studies on behavioural economics within the digital field, and there is less information on consumer behaviour online as offline.
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Arnot, Megan, Eva Brandl, O. L. K. Campbell, Yuan Chen, Juan Du, Mark Dyble, Emily H. Emmott, et al. "How evolutionary behavioural sciences can help us understand behaviour in a pandemic." Evolution, Medicine, and Public Health 2020, no. 1 (January 1, 2020): 264–78. http://dx.doi.org/10.1093/emph/eoaa038.
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Abstract The COVID-19 pandemic has brought science into the public eye and to the attention of governments more than ever before. Much of this attention is on work in epidemiology, virology and public health, with most behavioural advice in public health focusing squarely on ‘proximate’ determinants of behaviour. While epidemiological models are powerful tools to predict the spread of disease when human behaviour is stable, most do not incorporate behavioural change. The evolutionary basis of our preferences and the cultural evolutionary dynamics of our beliefs drive behavioural change, so understanding these evolutionary processes can help inform individual and government decision-making in the face of a pandemic. Lay summary: The COVID-19 pandemic has brought behavioural sciences into the public eye: Without vaccinations, stopping the spread of the virus must rely on behaviour change by limiting contact between people. On the face of it, “stop seeing people” sounds simple. In practice, this is hard. Here we outline how an evolutionary perspective on behaviour change can provide additional insights. Evolutionary theory postulates that our psychology and behaviour did not evolve to maximize our health or that of others. Instead, individuals are expected to act to maximise their inclusive fitness (i.e, spreading our genes) – which can lead to a conflict between behaviours that are in the best interests for the individual, and behaviours that stop the spread of the virus. By examining the ultimate explanations of behaviour related to pandemic-management (such as behavioural compliance and social distancing), we conclude that “good of the group” arguments and “one size fits all” policies are unlikely to encourage behaviour change over the long-term. Sustained behaviour change to keep pandemics at bay is much more likely to emerge from environmental change, so governments and policy makers may need to facilitate significant social change – such as improving life experiences for disadvantaged groups.
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Salazar-Ordóñez, Melania, and Macario Rodríguez-Entrena. "Hybridizing consumer behavioural approaches on agrifood markets: Attitudes, judgements and choices." Spanish Journal of Agricultural Research 17, no. 2 (July 26, 2019): e0109. http://dx.doi.org/10.5424/sjar/2019172-14155.
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The attitudinal approach, represented by the Theory of Reasoned Action and, subsequent, Theory of Planned Behaviour, and the judgements and choices – also called decision – approach, rendered by the Classical Utility Economic Theory, are the two mainstream frameworks to explain consumer behaviour. The former explains consumer behaviour based on beliefs and behavioural intentions, and the latter on products’ attributes and prices. Both are criticized by having drawbacks, which may limit their explicative and predictive power, such as the attitude-behaviour or intention-behaviour gap in the former, and both the divergence between monetary assessment and predicted utility as well as the failures to maximize the utility of the choices in the latter. Our aim was to assess the potentiality of a hybrid approach which integrates instruments from both theories in order to unravel consumer behaviour in agri-food markets. The empirical research was performed using a daily agri-food product under volitional control, olive oil, and variance-based structural equation modelling by means of the Partial Least Squares (PLS) technique, collecting data from consumers in Southern Spain. The results show there are key factors from both approaches such as attitude, expected outcomes, and socioeconomic features, which makes us conclude that it is necessary to move forward on the convergence and integration of different theories. Indeed, testable knowledge must be produced which has meaningful implications for predicting behaviours in consumption.
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Hamad, Salah Ben. "Financial manager decisions in small and medium Tunisian firms." Corporate Ownership and Control 6, no. 3 (2009): 450–64. http://dx.doi.org/10.22495/cocv6i3c4p4.
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The agency framework has shifted research in the theory of finance from the traditional quantitative analysis towards a richer analysis that incorporates the behavioural aspects. In this paper we implement an exploratory analysis in order to pick up the behaviour of the managers of small and medium firms (SMF) in financial decisions making. An Important finding in our research is that the traditional Modigliani and Miller framework cannot be merely translated to analyse the financing decision in a context of asymmetric information and agency conflicts among the different corporate actors. Empirical evidence is performed on a sample of Tunisian SMF
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Baar, Carl. "Using Process Theory to Explain Judicial Decision Making." Canadian journal of law and society 1 (1986): 57–79. http://dx.doi.org/10.1017/s0829320100001009.
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This article is part of an effort to place current research on the Canadian judicial process into a broader theoretical context. This effort developed first from a sense that the legal and behavioural frameworks that have dominated the explanation of judicial decision making in the United States Supreme Court obscure more than they illuminate about judicial decision making in Canada; and second from the realization that the most illuminating American studies — those that trace the process by which major cases are brought before the courts and decided — are seen as interesting but atheoretical, as journalism not science. Perhaps our theory is out of joint. And perhaps an effort to understand how American theories and research on judicial decision making can inform Canadian research may be instructive both to American judicial studies and to the work of those outside the United States who are continually tugged toward American approaches that promise liberation from traditional legal analysis.
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Sumner, Christian J., and Seirian Sumner. "Signal detection: applying analysis methods from psychology to animal behaviour." Philosophical Transactions of the Royal Society B: Biological Sciences 375, no. 1802 (May 18, 2020): 20190480. http://dx.doi.org/10.1098/rstb.2019.0480.
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Conspecific acceptance thresholds (Reeve 1989 Am. Nat. 133 , 407–435), which have been widely applied to explain ecological behaviour in animals, proposed how sensory information, prior information and the costs of decisions determine actions. Signal detection theory (Green & Swets 1966 Signal detection theory and psychophysics ; SDT), which forms the basis of CAT models, has been widely used in psychological studies to partition the ability to discriminate sensory information from the action made as a result of it. In this article, we will review the application of SDT in interpreting the behaviour of laboratory animals trained in operant conditioning tasks and then consider its potential in ecological studies of animal behaviour in natural environments. Focusing on the nest-mate recognition systems exhibited by social insects, we show how the quantitative application of SDT has the potential to transform acceptance rate data into independent indices of cue sensitivity and decision criterion (also known as the acceptance threshold). However, further tests of the assumptions underlying SDT analysis are required. Overall, we argue that SDT, as conventionally applied in psychological studies, may provide clearer insights into the mechanistic basis of decision making and information processing in behavioural ecology. This article is part of the theme issue ‘Signal detection theory in recognition systems: from evolving models to experimental tests’.
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Robb, Jane, Jeremy Haggar, Richard Lamboll, and Edwin Castellanos. "Exploring the Value–Action Gap through Shared Values, Capabilities and Deforestation Behaviours in Guatemala." Environmental Conservation 46, no. 03 (June 13, 2019): 226–33. http://dx.doi.org/10.1017/s0376892919000067.
Full textAbstract:
SummaryUnderstanding drivers of deforestation is essential for developing any successful intervention to reduce forest degradation or loss, yet there remains relatively little consensus or clarity on how drivers should be identified and classified. To capture the full range of values and mediating factors that may contribute to land-use behaviours, an approach derived from a shared values perspective that includes a range of values associated with whole landscapes and ecosystems is required. We developed a model that combines behavioural theory with the Capability Approach as a conceptual framework through which to investigate the value–action gap. We used exploratory factor analysis (EFA) of Likert-scale responses to belief statements in order to identify land users’ shared values in the Sarstún Motagua region of Guatemala. We then qualify and quantify the role of capabilities in mediating between the shared values of different cultural groups of land users (Q’eqchi Maya and Ladinos) by comparing their factor scores with their self-reported forest cover change behaviours. Our results indicate that Maya and Ladinos share a set of values, but hold different value orientations that predict their behavioural intentions. We find that their different value orientations reflect behavioural intentions, but an understanding of the capabilities available to different groups is also necessary to fill the value–action gap. These findings have implications for behavioural theory, providing empirical links between shared values, capabilities and behaviour and identification of the role of value orientations, as well as demonstrating a useful approach for decision-makers seeking to understand drivers of change at landscape and whole-ecosystem levels.
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Lichtenstein, Scott, Gary Lichtenstein, and Malcolm Higgs. "Personal values at work." Journal of General Management 43, no. 1 (September 21, 2017): 15–23. http://dx.doi.org/10.1177/0306307017719702.
Full textAbstract:
The purpose of this behavioural strategy study is to investigate how seasoned executives enact their personal values in real-life organizational decision-making. The significance of this article is linking the personal values of executives with actual leadership decisions they made. In focus groups, strategic leaders with an Outer Directed (OD) or Inner Directed (ID) values orientation were prompted to reflect on their decisions at work. Analysis of the coded transcripts revealed the four independent raters, reliably categorized coding events, according to a Maslovian coding framework, r = 0.81 for ID transcripts and r = 0.76 for OD transcripts. Further statistical analysis found significant differences between executives’ values orientation (ID or OD) and values decisions (ID or OD), demonstrating a consistent pattern of ID and OD decision-making. Qualitative analyses revealed that ID participants’ decisions were based on innovation, intrinsic value and interdependency, while OD participants’ decisions were based on effectiveness, performance and affective independence. Implications for researchers include advancing the efficacy of a behavioural strategy approach, support for Maslow’s motivational theory and decision-making being consistent with personal values in an organizational context. Implications for practioners include a predictable values-based pattern to managers’ decisions and the need for a personal values-based leadership-strategy match.