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Tytuł:
Equivalence scales for continuous distributions of expenditure
Autorzy:
Kot, Stanisław Maciej
Powiązania:
https://bibliotekanauki.pl/articles/22443103.pdf
Data publikacji:
2023
Wydawca:
Instytut Badań Gospodarczych
Tematy:
equivalence scale
lognormal distribution
inequality aversion
subjective welfare
Opis:
Research background: In the actual sizable populations of households, the standard microeconomic concept of equivalence scales is intractable since its necessary condition of equality of household welfare levels is unlikely to be fulfilled. Purpose of the article: This paper aims to develop a concept of an equivalence scale, which can be suitable for continuous distributions of expenditures in the population. Methods: Using household welfare intervals, we get the random equivalence scale (RES) as the ratio of expenditure distributions of the compared populations of households. Findings & value added: We derive the parametric distribution of RES for the lognormal distributions of expenditures. The truncated distribution of RES is applied to account for possible economies of scale in the household size. A society?s inequality aversion can be helpful when selecting a single equivalence scale. We estimate RES for Poland using microdata on expenditures and subjective assessments of household welfare intervals. The estimated equivalence scales turned out to be very flat and dependent on welfare.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2023, 18, 1; 185-219
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Altruizm w kontekście ekonomicznym – analiza wybranych modeli i badań ekonomii behawioralnej
Altruism in an economic context – analysis of selected models and research of behavioral economics
Autorzy:
Wasilewska, Magdalena
Powiązania:
https://bibliotekanauki.pl/articles/2139038.pdf
Data publikacji:
2022-10-21
Wydawca:
Uniwersytet Kardynała Stefana Wyszyńskiego w Warszawie
Tematy:
altruizm
ekonomia behawioralna
preferencje społeczne
niechęć do nierówności
altruism
behavioural economics
social preferences
inequity aversion
Opis:
Celem artykułu jest zarysowanie teorii, a także kierunku i wyników badań dotyczących altruizmu oraz zachowań prospołecznych w ekonomii. W tekście zostały przedstawione podstawowe założenia ekonomii neoklasycznej, według której decydenci są samolubni i racjonalni oraz maksymalizują własną użyteczność, a następnie ekonomii behawioralnej, będącej alternatywnym spojrzeniem na racjonalność jednostek w obliczu wyborów ekonomicznych. Następnie została omówiona metodologia i wyniki badań nad altruizmem w ekonomii eksperymentalnej z użyciem gry ultimatum, gry dyktator oraz gry o dobro publiczne. W końcowej części pracy opisano wybrane postacie funkcji użyteczności proponowane przez ekonomię behawioralną, uwzględniające, że na użyteczność decydentów ekonomicznych nie wpływa wyłącznie ich własne dobro lub majątek, ale także sytuacja i dobrobyt innych.
The aim of this paper is to outline the theory, direction, and results of research on altruism and pro-social behaviour in economics. The text presents the basic assumptions of neoclassical economics, which assumes that decision-makers are selfish, rational and maximize their utility, and then behavioural economics, which is an alternative view of the rationality of individuals when faced with economic choices. The methodology and results of research on altruism in experimental economics using the ultimatum game, the dictator game, and the public good game are then discussed. The final part of the paper describes selected forms of the utility function proposed by behavioural economics, taking into account that the utility of economic decisionmakers is not only affected by their own well-being or wealth, but also by the situation and welfare of others.
Źródło:
Uniwersyteckie Czasopismo Socjologiczne; 2022, 29, 1; 53-63
2299-2367
Pojawia się w:
Uniwersyteckie Czasopismo Socjologiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Prospect Theory Versus Expected Utility Theory: Assumptions, Predictions, Intuition and Modelling of Risk Attitudes
Autorzy:
Lewandowski, Michał
Powiązania:
https://bibliotekanauki.pl/articles/2119965.pdf
Data publikacji:
2022
Wydawca:
Polska Akademia Nauk. Czytelnia Czasopism PAN
Tematy:
rank-dependence
independence
loss aversion
prospect stochastic dominance
pessimism and optimism
Opis:
The main focus of this tutorial/review is on presenting Prospect Theory in the context of the still ongoing debate between the behavioral (mainly descriptive) and the classical (mainly normative) approach in decision theory under risk and uncertainty. The goal is to discuss Prospect Theory vs. Expected Utility in a comparative way. We discuss: a) which assumptions (implicit and explicit) of the classical theory are being questioned in Prospect Theory; b) how does the theory incorporate robust experimental evidence, striving, at the same time, to find the right balance between the basic rationality postulates of Expected Utility (e.g. monotonicity wrt. First-Order Stochastic Dominance), psychological plausibility and mathematical elegance; c) how are risk attitudes modeled in the theory. In particular we discuss prospect stochastic dominance and the three-pillar structure of modeling risk attitudes in Prospect Theory involving: the non-additive decision weights with lower and upper subadditivity and their relationship to the notions of pessimism and optimism, as well as preferences towards consequences separated into preferences within and across the domains of gains and losses (corresponding to basic utility and loss aversion), d) example applications of Prospect Theory.
Źródło:
Central European Journal of Economic Modelling and Econometrics; 2017, 4; 275-321
2080-0886
2080-119X
Pojawia się w:
Central European Journal of Economic Modelling and Econometrics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The atlas of inequality aversion: theory and empirical evidence on 55 countries from the Luxembourg Income Study database
Autorzy:
Kot, Stanisław Maciej
Paradowski, Piotr R.
Powiązania:
https://bibliotekanauki.pl/articles/22443170.pdf
Data publikacji:
2022
Wydawca:
Instytut Badań Gospodarczych
Tematy:
inequality aversion
Atkinson Index
income distribution
inequality
utility function
Opis:
Research background: In the distributive analysis, the constant relative inequality aversion utility function is a standard tool for ethical judgements of income distributions. The sole parameter ? of this function expresses a society?s aversion to inequality. However, the profession has not committed to the range of ?. When assessing inequality and other welfare characteristics, analysts assume an arbitrary level of ?, common to all countries and years. This assumption seems unjustified. Purpose of the article: This paper aims to estimate the parameter ? for each country and year individually using datasets from the Luxembourg Income Study Database in all available years, which dates back to the 1970s. Methods: We utilise the method of estimating ?, which assumes the generalised beta of the second kind distribution of incomes. The estimator of ? is derived from the mathematical condition of the existence of the social welfare function.  Findings & value added: We have elaborated an ?atlas? of  388 estimates of ? for 55 countries across time. Inequality aversion is country-year specific, with a minimum of 0.97 and a maximum of 3.8. Ninety per cent of all estimates are less than 2.5. Inequality aversion is negatively correlated with income inequality, but it is independent of economic development. Thus, inequality aversion appears as an additional dimension of the classical inequality-development relationship. This article contributes to solving a fundamental problem of Welfare Economics: directly measuring the social utility of income (welfare) function. The estimates of ? for 55 countries imply a complete knowledge of these countries' constant relative inequality aversion utility functions.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 2; 261-316
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Algorithm aversion: Sensitivity to interventions and the relationship with numeracy
Autorzy:
Dzieżyk, Michał
Hetmańczuk, Weronika
Traczyk, Jakub
Powiązania:
https://bibliotekanauki.pl/articles/2127587.pdf
Data publikacji:
2020
Wydawca:
Akademia Leona Koźmińskiego w Warszawie
Tematy:
algorithm aversion
numeracy
estimation
augmented decisions
good decisions
Opis:
The main goal of this research was to investigate whether people exhibit algorithm aversion—a tendency to avoid using an imperfect algorithm even if it outperforms human judgments—in the case of estimating students’ percentile scores on a standardized math test. We also explored the relationships between numeracy and algorithm aversion and tested two interventions aimed at reducing algorithm aversion. In two studies, we asked participants to estimate the percentiles of 46 real 15-year-old Polish students on a standardized math test. Participants were offered the opportunity to compare their estimates with the forecasts of an algorithm — a statistical model that predicted real percentile scores based on fi ve explanatory variables (i.e., gender, repeating a class, the number of pages read before the exam, the frequency of playing online games, socioeconomic status). Across two studies, we demonstrated that even though the predictions of the statistical model were closer to students’ percentile scores, participants were less likely to rely on the statistical model predictions in making forecasts. We also found that higher statistical numeracy was related to a higher reluctance to use the algorithm. In Study 2, we introduced two interventions to reduce algorithm aversion. Depending on the experimental condition, participants either received feedback on statistical model predictions or were provided with a detailed description of the statistical model. We found that people, especially those with higher statistical numeracy, avoided using the imperfect algorithm even though it outperformed human judgments. Interestingly, a simple intervention that explained how the statistical model works led to better performance in an estimation task.
Źródło:
Decyzje; 2020, 34; 67-90
1733-0092
2391-761X
Pojawia się w:
Decyzje
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Estimating the parameter of inequality aversion on the basis of a parametric distribution of incomes
Autorzy:
Kot, Stanislaw Maciej
Powiązania:
https://bibliotekanauki.pl/articles/22444415.pdf
Data publikacji:
2020
Wydawca:
Instytut Badań Gospodarczych
Tematy:
income inequality
inequality aversion
estimation
income distribution
Opis:
Research background: In applied welfare economics, the constant relative inequality aversion function is routinely used as the model of a social decisionmaker?s or a society?s preferences over income distributions. This function is entirely determined by the parameter, ?, of inequality aversion. However, there is no authoritative answer to the question of what the range of ? an analyst should select for empirical work. Purpose of the article: The aim of this paper is elaborating the method of deriving ? from a parametric distribution of disposable incomes. Methods: We assume that households? disposable incomes obey the generalised beta distribution of the second kind GB2(a,b,p,q). We have proved that, under this assumption, the social welfare function exists if and only if ? belongs to (0,ap+1) interval. The midpoint ?mid of this interval specifies the inequality aversion of the median social-decisionmaker. Findings & Value added: The maximum likelihood estimator of ?mid has been developed. Inequality aversion for Poland 1998?2015 has been estimated. If inequality is calculated on the basis of disposable incomes, the standard inequality?development relationship might be complemented by inequality aversion. The ?augmented? inequality?development relationship reveals new phenomena; for instance, the stage of economic development might matter when assessing the impact of inequality aversion on income inequality.
Źródło:
Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 3; 391-417
1689-765X
2353-3293
Pojawia się w:
Equilibrium. Quarterly Journal of Economics and Economic Policy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Risk management system references in construction
Autorzy:
Tkachenko, Volodymyr
Klymchuk, Maryna
Tkachenko, Iryna
Ilina, Tetiana
Powiązania:
https://bibliotekanauki.pl/articles/692569.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
construction
risk management
dissipation
localization
risk aversion
Opis:
The article examines the basic methods of risk management in construction: risk aversion, localization, dissipation,compensation. The methods are adapted to the specificity of construction companies, taking into account the main directions of their development. For the purpose of effective risk management, formalized functional structuring of risk management in construction is proposed, which will enable the implementation of management functions at two levels – executive and coordinating, with the help of a special structural component in the enterprise management system or a specialized unit in the organizational structure. 
Źródło:
Research Papers in Economics and Finance; 2020, 4, 1; 21-29
2543-6430
Pojawia się w:
Research Papers in Economics and Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
„Dziwna awersja”. O wystawach Schulza
“A Strange Aversion.” On Schulz’s Exhibitions
Autorzy:
Makowska, Urszula
Powiązania:
https://bibliotekanauki.pl/articles/645617.pdf
Data publikacji:
2019-10-28
Wydawca:
Fundacja Terytoria Książki
Opis:
The paper sums up and corrects information on the exhibitions in which Schulz took part as well as reconstructs the circumstances under which they were organized. Today we know about ten such exhibitions ordered in series separated by several year-long breaks: 1920-1923, 1930, 1935. His participation in the last show, organized in 1940 by a Soviet institution, cannot be considered fully voluntary. Of the prewar exhibitions only those in Lvov – in 1922 and 1930 at the Society of the Friends of Fine Arts [Towarzystwo Przyjaciół Sztuk Pięknych] and in 1935 on the premises of Union of Polish Artists [Związek Zawodowy Polskich Artystów Plastyków] were noticed by the press, mainly local newspapers. Apparently Schulz, who understood the significance of exhibitions in building one’s artistic biography, did not care much about them. He needed constant support in the selection and evaluation of his works since he was not sure of their value. Probably in the beginning he could count in that respect on his close friends from Drogobych and then those from Lvov. In fact, however, he lived outside the artistic circles and sporadic contacts with other artists did not provide him with necessary inspiration or encouragement to present his works in public. The available records imply that only in 1938, perhaps reinforced by his position in the world of literature, Schulz was ready to plan exhibitions, but not in Lvov and not even in Poland. Exhibitions allowed him also to reach out to other people. They gave him a chance to find an understanding spectator, but also required disclosing oneself. Regardless of their subject matter, drawings are records of the artist’s gestures, i.e. his corporeality. Presenting them in public must have been for Schulz a temptation to tear off his disguise, but it also provoked fear to do so. It was only the graphic art that guaranteed a safe distance between the artist and spectator thanks to the technological processes that separated a single print from the artist’s body. One must remember that most Schulz’s exhibits were the cliché-verres, while practicing other kinds of graphic techniques was his unfulfilled dream. Thus, the sequences of Schulz’s presentations at exhibitions, separated by years of absence, are related to the episodes of his biography, reflecting his attitude toward self-presentation that oscillated between desire and aversion.
Źródło:
Schulz/Forum; 2019, 13; 5-34
2300-5823
Pojawia się w:
Schulz/Forum
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Adult sexual dynamics in persons with the history of sexual abuse
Autorzy:
Repič Slavič, Tanja
Powiązania:
https://bibliotekanauki.pl/articles/475421.pdf
Data publikacji:
2019
Wydawca:
Uniwersytet Opolski. Redakcja Wydawnictw Wydziału Teologicznego
Tematy:
sexual abuse
sexuality
aversion
preoccupation
ambivalence
Opis:
Sexuality is most natural and healthy when it is part of an emotionally genuine relationship, not even as its central part but rather as an upgrade of the intimacy of two people who are mutually loyal, committed, loving and respectful. However, if an individual was sexually abused in childhood, they may have suffered the severest consequences of sexual abuse trauma in the area of sexuality, and their experience of sexuality will be completely different from those who were not sexually abused. The article first describes what children learn about sex if they have been sexually abused, as this experience is very much related to the most common behaviours and experiences in adult sexuality. Then we present a theoretical overview of research on sexuality in adults who suffered childhood sexual abuse. The theory will be supplemented and supported by the statements of individuals who have been attending a therapeutic group for the sexually abused in childhood for two years. The statements quoted in the article refer to the period prior to the therapeutic process. Clinical experience shows that, until the victim has resolved the trauma of sexual abuse, the dynamics between the offender and the victim during childhood abuse is most often very similar to the dynamics of the abused with their partner, even in their sexual life.
Źródło:
Family Forum; 2019, 9; 53-70
2084-1698
Pojawia się w:
Family Forum
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Binary choice models with aversion to inequality. Individual interactions vs. mean-field interaction
Autorzy:
Ostasiewicz, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/433914.pdf
Data publikacji:
2019
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
common-pool resources
binary-choice model
stationary state
multistability
Opis:
For several decades the problem of common goods has been intensively discussed and studied not only by economists, but also by politicians. One particular field of study concerns the problem of social choices realized by collective decisions, or rather individual decisions within some social collective (group). Several analytical models of using common-pool resources are proposed. Most approaches adopted within welfare economics are restricted to the maxim of this part of economics, i.e. to the maximization of the utility function. It was however discovered a long time ago that social interactions may play a significant role. In particular, aversion to inequality can be taken into account as the quantitative manifestation of the human sense of justice. Based on a simple binary choice model it is shown in this paper that by including social interactions into the decisional system of using a common-good resource, it is possible to reveal many stationary states (system multistability). Some of these stationary states may be more, and some others less beneficial from the global point of view. In this paper we investigate the eventual differences introduced by different forms of interactions between individuals. The status of the so-called mean-field approach is also examined.
Źródło:
Śląski Przegląd Statystyczny; 2019, 17 (23); 71-84
1644-6739
Pojawia się w:
Śląski Przegląd Statystyczny
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
COMPUTER-BASED (CBT) VS. PAPER-BASED (PBT) TESTING: MODE EFFECT, RELATIONSHIP BETWEEN COMPUTER FAMILIARITY, ATTITUDES, AVERSION AND MODE PREFERENCE WITH CBT TEST SCORES IN AN ASIAN PRIVATE EFL CONTEXT
Autorzy:
Khoshsima, Hooshang
Toroujeni, Seyyed Morteza Hashemi
Thompson, Nathan
Ebrahimi, Mohammad Reza
Powiązania:
https://bibliotekanauki.pl/articles/955443.pdf
Data publikacji:
2019
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej w Lublinie. IATEFL Poland Computer Special Interest Group
Tematy:
Computer-Based Testing
testing administration mode
computer familiarity
attitudes and aversion
testing administration mode preference
Opis:
The current study was conducted to investigate whether test scores of Iranian English as Foreign Language (EFL) learners were equivalent across CBT and PBT modes, with 58 intermediate learners studying at a private language academy located in Behshahr city in northern Iran. Moreover, test takers’ computer familiarity, attitudes, aversion, and testing mode preference were regarded as the potential issues to influence CBT test scores. Data were collected using CBT and PBT versions of Nelson Proficiency Multiple-Choice Tests and Computer Aversion, Attitudes, and Familiarity Index (CAAFI) questionnaire as well as a simple testing administration mode preference question. The participants produced similar scores across modes, although they insignificantly outperformed on the CBT version. Additionally, analysis of the overall scores on the CAAFI and mode preference question obtained from CBT testing session indicated no statistically significant correlation between computer familiarity, attitude, aversion, and mode preference variables and test takers’ CBT scores. The qualitative findings of this study obtained by semi-structured interview revealed that most of the participants showed high preference and more advantages for CBT over PBT to rationalize why they preferred this mode of testing.
Źródło:
Teaching English with Technology; 2019, 19, 1; 86-101
1642-1027
Pojawia się w:
Teaching English with Technology
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Equilibrium reinsurance-investment strategy for mean-variance insurers under state dependent risk aversion
Autorzy:
Alia, Ishak
Chighoub, Farid
Powiązania:
https://bibliotekanauki.pl/articles/1839127.pdf
Data publikacji:
2019
Wydawca:
Polska Akademia Nauk. Instytut Badań Systemowych PAN
Tematy:
time inconsistency
mean-variance criterion
investment-reinsurance strategy
insurer
equilibrium strategy
forward-backward stochastic differential equation
Opis:
In this work, we study the equilibrium reinsurance/ new business and investment strategy for mean-variance insurers, under the assumption that the risk aversion is a function of current wealth level. The surplus of the agents is represented by a sum of a compound process and a linear premium perturbed with a Brownian component. The financial market consists of one riskless asset and a multiple risky assets whose price processes are driven by Poisson random measures and independent Brownian motions. We characterize explicit expressions for the time-consistent Nash equilibrium strategy and the equilibrium value function via a forward-backward stochastic system and an equilibrium condition. An interesting feature of these FBSDEs is that a time parameter is involved, so that they form a flow of FBSDEs. Furthermore, a feedback representation of an equilibrium solution is derived. This solution provides a tool for comparing the equilibrium strategy with those derived in other papers, where some special cases were studied by the dynamic programming argument.
Źródło:
Control and Cybernetics; 2019, 48, 4; 489-523
0324-8569
Pojawia się w:
Control and Cybernetics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Prognozy dynamiki inwestycji przedsiębiorstw a ekonomia behawioralna
Forecasts of enterprises’ investment dynamics and behavioral economics
Autorzy:
Bentkowska, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/698458.pdf
Data publikacji:
2019
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
behavioral economics
rationality
investment forecasts
fast and slow thinking
heuristics
ananchoring bias and adjustment
loss aversion
endowment effect
heurystyki
ekonomia behawioralna
racjonalność
prognozy inwestycji
myślenie szybkie i wolne
zakotwiczenia i dostosowania
awersja do strat
efekt posiadania
Opis:
The article analyses what determinants of the entities’ decisions can influence the accuracy of entrepreneurs’ survey forecasts according to behavioral economics. As crucial seem: quick and slow thinking, anchoring and adjustments, loss aversion and endowment effect. The example of the food processing enterprises in Poland describes their forecasts and real investments. The results show that when estimating the investment dynamics the entrepreneurs forecast a lower value than it actually achieves. When they evaluate their ex post investments, they rate them as higher than they were in practice.
Celem artykułu jest określenie, jakie uwarunkowania decyzji podmiotów mogą, zgodnie z nurtem ekonomii behawioralnej, wpływać na dokładność ankietowych prognoz przedsiębiorców. Kluczowe wydają się: myślenie szybkie i wolne, zakotwiczenia i dostosowania, awersja do strat i efekt posiadania. Na przykładzie przedsiębiorstw branży przetwórstwa spożywczego i napojów w Polsce przedstawiono, jak kształtują się ich prognozy i rzeczywiste inwestycje. Wyniki pokazują, że szacując dynamikę inwestycji przedsiębiorcy prognozują wartość niższą niż osiąga ona w rzeczywistości. Kiedy oceniają swoje inwestycje ex post, postrzegają je natomiast jako wyższe niż były w praktyce.
Źródło:
Kwartalnik Nauk o Przedsiębiorstwie; 2019, 52, 3; 37-45
1896-656X
Pojawia się w:
Kwartalnik Nauk o Przedsiębiorstwie
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Analiza procesu decyzyjnego w koncepcjach człowieka – mechanistycznej i cybernetycznej
The analysis of the decision-making process in mechanistic and cybernetic concepts of human being
Autorzy:
Grabińska, Teresa
Kamińska-Zabierowska, Maria
Powiązania:
https://bibliotekanauki.pl/articles/1933843.pdf
Data publikacji:
2018-10-02
Wydawca:
Wyższa Szkoła Bezpieczeństwa Publicznego i Indywidualnego Apeiron w Krakowie
Tematy:
antropologia hobbesa
mechanizm apetytu i awersji
autonom mazura
przetwarzanie informacji
motywacja
hobbes’ anthropology
mechanism of appetite and aversion
mazur’s autonom
information processing
motivation
Opis:
Dyskutuje się dwa modele powstawania ludzkich reakcji na bodźce z otoczenia. W modelu mechanistycznym proces decyzyjny jest zdeterminowany i wywoływany wewnętrzną mocą, a ta jest podsycana zdobywaniem dóbr zewnętrznych. W modelu cybernetycznym człowiek jest układem samodzielnym, tzn. wyposażonym w tzw. homeostat, który reguluje przetwarzanie informacji z zewnątrz, zgodnie z własnym celem wpływania reakcją na otoczenie. Oba modele są porównane pod kątem skutku decyzji. Podczas gdy człowiek-maszyna reguluje stan otoczenia w przezwyciężaniu w nim konfliktu, to człowiek-autonom ma szersze pole działania w modyfikowaniu stanu otoczenia zgodnie z własnym celem. W obu modelach nie ma jednak miejsca na system wartości, który motywuje proces decyzyjny.
There are discussed two models of human reactions to stimuli from the environment. In the mechanistic model, the decision-making process is determined and triggered by internal power, and this is fueled by the acquisition of external goods. In the cybernetic model, man is an autonomous system, i.e. equipped with so-called homeostat, which regulates the processing of information from outside, according to his own purpose to influence the environment. Both models are compared in terms of the effect of the decision. While the man-machine regulates the state of the environment in overcoming conflict in it, the man-autonom has a wider field of action to modify the state of the environment, according to his own goal. In both models, however, there is no room for a value system that motivates the decision-making process.
Źródło:
Kultura Bezpieczeństwa. Nauka – Praktyka – Refleksje; 2018, 30; 71-86
2299-4033
Pojawia się w:
Kultura Bezpieczeństwa. Nauka – Praktyka – Refleksje
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Better the Devil You Know Than the Devil You Don’t − Financial Crises Between Ambiguity Aversion and Selective Perception
Autorzy:
Peter, Scholz,
David, Grossmann,
Sinan, Krueckeberg,
Powiązania:
https://bibliotekanauki.pl/articles/694367.pdf
Data publikacji:
2018
Wydawca:
Wyższa Szkoła Bankowa we Wrocławiu
Opis:
Aim: Financial crises are dangerous and frightening events with potentially severe consequences for investors, financial systems and even whole economies. Hence, we suppose that market participants show increased proneness to emotionally biased decisions during times of market distress. We test our hypothesis by analyzing two well-known behavioral effects: ambiguity aversion and selective perception. Design / Research methods: The authors should clearly explain the way in which the aim or objective is achieved. The main research methods as well as the approach to the research should be provided that enable effective dealing with the paper’s aim.First, we use GARCH volatilities of major stock indices as a measure of market distress and monthly data from the Economic Policy Uncertainty Indicator (EPUI) as a proxy for the level of market uncertainty. By estimating the Granger causality, we test whether uncertainty causally influences market volatility, which could be interpreted as a sign of ambiguity aversion of market participants. Second, we use sub-indices of the EPUI regarding financial regulation, monetary policy, and economic policy as a proxy for market awareness of these topics. By regressing on GARCH volatilities, which serve again as the measure for crises, we analyze if investors’ attention differs depending on market distress due to selective perception Conclusions / findings: Overall, we find mixed results. For ambiguity aversion, we find causality for the total sample as well as for the subsamples of the first oil crisis, the Latin America crisis, the Asian crisis, and the subprime crisis. For selective perception, we find significant results for the total sample as well, as for the Dot.Com bubble and the subprime crisis.   Originality / value of the article: We add value by examining specific severe financial crises with respect to behavioral aspects of market participants. We want to learn whether the awareness of investors regarding important topics like monetary policy, financial regulation, and economic policy is stable over time and if uncertainty drives the market distress or vice versa. This knowledge is important to investors and policy makers. Implications of the research: Investors and decision-makers need to focus e.g. on current discussions regarding financial regulation not only in times of distress but also in normal times. Otherwise, policy makers will be forced to react in times of pressure and cannot proactively devise regulation. Limitations of the research: First, we did not check for spill-over effects. The question if volatility creates subsequent ripple effects in our framework is left for future research.Second, for the Japanese crisis we did not find causality in our ambiguity aversion analysis. The question whether the link between levels of uncertainty and volatility is stronger once a bubble bursts on domestic soil remains unanswered in our paper.
Źródło:
Central European Review of Economics and Management; 2018, 2, 1; 155-174
2543-9472
Pojawia się w:
Central European Review of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 48

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