Download or read book Achievement Relocked written by Geoffrey Engelstein and published by MIT Press. This book was released on 2020-02-18 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: How game designers can use the psychological phenomenon of loss aversion to shape player experience. Getting something makes you feel good, and losing something makes you feel bad. But losing something makes you feel worse than getting the same thing makes you feel good. So finding $10 is a thrill; losing $10 is a tragedy. On an “intensity of feeling” scale, loss is more intense than gain. This is the core psychological concept of loss aversion, and in this book game creator Geoffrey Engelstein explains, with examples from both tabletop and video games, how it can be a tool in game design. Loss aversion is a profound aspect of human psychology, and directly relevant to game design; it is a tool the game designer can use to elicit particular emotions in players. Engelstein connects the psychology of loss aversion to a range of phenomena related to games, exploring, for example, the endowment effect—why, when an object is ours, it gains value over an equivalent object that is not ours—as seen in the Weighted Companion Cube in the game Portal; the framing of gains and losses to manipulate player emotions; Deal or No Deal’s use of the utility theory; and regret and competence as motivations, seen in the context of legacy games. Finally, Engelstein examines the approach to loss aversion in three games by Uwe Rosenberg, charting the designer’s increasing mastery.
Download or read book Law Psychology and Morality written by Eyal Zamir and published by Oxford University Press, USA. This book was released on 2015 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prospect theory posits that people do not perceive outcomes as final states of wealth or welfare, but rather as gains or losses in relation to some reference point. People are generally loss averse: the disutility generated by a loss is greater than the utility produced by a commensurate gain. Loss aversion is related to such phenomena as the status quo and omission biases, the endowment effect, and escalation of commitment. The book systematically analyzes the relationships between loss aversion and the law.
Download or read book Choices Values and Frames written by Daniel Kahneman and published by Cambridge University Press. This book was released on 2000-09-25 with total page 864 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making.
Download or read book Prospect Theory written by Daniel Kahneman and published by . This book was released on 1979 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Understanding Consumer Financial Behavior written by W. Fred van Raaij and published by Springer. This book was released on 2016-07-15 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government policies, marketing campaigns of banks, insurance companies, and other financial institutions, and consumers' protective actions all depend on assumptions about consumer financial behavior. Unfortunately, many consumers have no or little knowledge of budgeting, financial products, and financial planning. It is therefore important that organizations and market authorities know why consumers spend, borrow, insure, invest, and save for their retirement - or why they do not. Understanding Consumer Financial Behavior provides a systemic economic and behavioral approach to the way people handle their finances. It discusses the different types of financial behaviors consumers may engage in and explores the psychological explanations for their behavior and choices. This exciting new book is essential reading for scholars of marketing, finance, and management; financial professionals; and consumer policy makers.
Download or read book The Oxford Handbook of Behavioral Economics and the Law written by Eyal Zamir and published by Oxford Handbooks. This book was released on 2014 with total page 841 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'The Oxford Handbook of Behavioral Economics and Law' brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its twenty-nine chapters are organized into four parts.
Download or read book Sway written by Ori Brafman and published by Currency. This book was released on 2009-06-02 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fascinating journey into the hidden psychological influences that derail our decision-making, Sway will change the way you think about the way you think. Why is it so difficult to sell a plummeting stock or end a doomed relationship? Why do we listen to advice just because it came from someone “important”? Why are we more likely to fall in love when there’s danger involved? In Sway, renowned organizational thinker Ori Brafman and his brother, psychologist Rom Brafman, answer all these questions and more. Drawing on cutting-edge research from the fields of social psychology, behavioral economics, and organizational behavior, Sway reveals dynamic forces that influence every aspect of our personal and business lives, including loss aversion (our tendency to go to great lengths to avoid perceived losses), the diagnosis bias (our inability to reevaluate our initial diagnosis of a person or situation), and the “chameleon effect” (our tendency to take on characteristics that have been arbitrarily assigned to us). Sway introduces us to the Harvard Business School professor who got his students to pay $204 for a $20 bill, the head of airline safety whose disregard for his years of training led to the transformation of an entire industry, and the football coach who turned conventional strategy on its head to lead his team to victory. We also learn the curse of the NBA draft, discover why interviews are a terrible way to gauge future job performance, and go inside a session with the Supreme Court to see how the world’s most powerful justices avoid the dangers of group dynamics. Every once in a while, a book comes along that not only challenges our views of the world but changes the way we think. In Sway, Ori and Rom Brafman not only uncover rational explanations for a wide variety of irrational behaviors but also point readers toward ways to avoid succumbing to their pull.
Download or read book Prospect Theory written by Peter P. Wakker and published by Cambridge University Press. This book was released on 2010-07-22 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.
Download or read book Behavioral Economics written by Masao Ogaki and published by Springer. This book was released on 2018-02-05 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is intended as a textbook for a course in behavioral economics for advanced undergraduate and graduate students who have already learned basic economics. The book will also be useful for introducing behavioral economics to researchers. Unlike some general audience books that discuss behavioral economics, this book does not take a position of completely negating traditional economics. Its position is that both behavioral and traditional economics are tools that have their own uses and limitations. Moreover, this work makes clear that knowledge of traditional economics is a necessary basis to fully understand behavioral economics. Some of the special features compared with other textbooks on behavioral economics are that this volume has full chapters on neuroeconomics, cultural and identity economics, and economics of happiness. These are distinctive subfields of economics that are different from, but closely related to, behavioral economics with many important overlaps with behavioral economics. Neuroeconomics, which is developing fast partly because of technological progress, seeks to understand how the workings of our minds affect our economic decision making. In addition to a full chapter on neuroeconomics, the book provides explanations of findings in neuroeconomics in chapters on prospect theory (a major decision theory of behavioral economics under uncertainty), intertemporal economic behavior, and social preferences (preferences that exhibit concerns for others). Cultural and identity economics seek to explain how cultures and people’s identities affect economic behaviors, and economics of happiness utilizes measures of subjective well-being. There is also a full chapter on behavioral normative economics, which evaluates economic policies based on findings and theories of behavioral economics.
Download or read book The Hidden Brain written by Shankar Vedantam and published by Random House. This book was released on 2010-08-31 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: The hidden brain is the voice in our ear when we make the most important decisions in our lives—but we’re never aware of it. The hidden brain decides whom we fall in love with and whom we hate. It tells us to vote for the white candidate and convict the dark-skinned defendant, to hire the thin woman but pay her less than the man doing the same job. It can direct us to safety when disaster strikes and move us to extraordinary acts of altruism. But it can also be manipulated to turn an ordinary person into a suicide terrorist or a group of bystanders into a mob. In a series of compulsively readable narratives, Shankar Vedantam journeys through the latest discoveries in neuroscience, psychology, and behavioral science to uncover the darkest corner of our minds and its decisive impact on the choices we make as individuals and as a society. Filled with fascinating characters, dramatic storytelling, and cutting-edge science, this is an engrossing exploration of the secrets our brains keep from us—and how they are revealed.
Download or read book The Handbook of Experimental Economics written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-05 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.
Download or read book Progress In Decision Utility And Risk Theory written by Attila Chikán and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume we present some of the papers delivered at FUR-IV - the Fourth International Conference on Founda tions and Applications of Utility, Risk and Decision Theory in Budapest, June 1988. The FUR Conferences have provided an appreciated forum every two years since 1982 within which scientists can report recent issues and prospective applications of decision theory, and exchange ideas about controversial questions of this field. Focal points of the presented papers are: expected utility versus alterna tive utility models, concepts of risk and uncertainty, developments of game theory, and investigations of real decision making behaviour under uncertainty and/or in risky situations. We hope that this sample of papers will appeal to a wide spectrum of readers who are interested in and fami liar with this interesting and exciting issues of decision theory. A wide range of theoretical and practical questions is considered in papers included in this volume, and many of them closely related to economics. In fact, there were two Nobel-Laureates in economics among the participants: I. Herbert A. Simon (1978) and Maurice Allais (1988), who won the prize just after the conference. His paper deals with problems of cardinal utility. After a concise overview of the history and theory of cardinal utility he gives an estimate of the invariant cardinal utility function for its whole domain of variation (i. e.
Download or read book Handbook of the Fundamentals of Financial Decision Making written by Leonard C. MacLean and published by World Scientific. This book was released on 2013 with total page 941 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).
Download or read book Painful Choices written by David A. Welch and published by Princeton University Press. This book was released on 2005-09-04 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan's endless patience with diplomacy in its conflict with Russia over the Northern Territories; America's decision to commit large-scale military force to Vietnam vs. its ultimate decision to withdraw; and Canada's two abortive flirtations with free trade with the United States in 1911 and 1948 vs. its embrace of free trade in the late 1980s."--Jacket.
Download or read book The Personal MBA written by Josh Kaufman and published by Penguin. This book was released on 2010-12-30 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master the fundamentals, hone your business instincts, and save a fortune in tuition. The consensus is clear: MBA programs are a waste of time and money. Even the elite schools offer outdated assembly-line educations about profit-and-loss statements and PowerPoint presentations. After two years poring over sanitized case studies, students are shuffled off into middle management to find out how business really works. Josh Kaufman has made a business out of distilling the core principles of business and delivering them quickly and concisely to people at all stages of their careers. His blog has introduced hundreds of thousands of readers to the best business books and most powerful business concepts of all time. In The Personal MBA, he shares the essentials of sales, marketing, negotiation, strategy, and much more. True leaders aren't made by business schools-they make themselves, seeking out the knowledge, skills, and experiences they need to succeed. Read this book and in one week you will learn the principles it takes most people a lifetime to master.
Download or read book Blackwell Handbook of Judgment and Decision Making written by Derek J. Koehler and published by John Wiley & Sons. This book was released on 2008-04-15 with total page 680 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Blackwell Handbook of Judgment and Decision Making is a state-of-the art overview of current topics and research in the study of how people make evaluations, draw inferences, and make decisions under conditions of uncertainty and conflict. Contains contributions by experts from various disciplines that reflect current trends and controversies on judgment and decision making. Provides a glimpse at the many approaches that have been taken in the study of judgment and decision making and portrays the major findings in the field. Presents examinations of the broader roles of social, emotional, and cultural influences on decision making. Explores applications of judgment and decision making research to important problems in a variety of professional contexts, including finance, accounting, medicine, public policy, and the law.
Download or read book The Financial Consequences of Behavioural Biases written by Imad A. Moosa and published by Springer. This book was released on 2017-10-25 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a concise analysis of behavioural biases and their implications for financial decision making. The book is written in the normative tradition, arguing strongly for the superiority of behavioural finance with respect to explaining observed phenomena in financial markets. It offers some unique features, including a discussion of the issue of conspiracy theory and how behavioural biases lead to belief in conspiracy theories. Lingering belief in the principles of neoclassical finance is attributed in part to the doctrine of publish or perish, which dominates contemporary academia. The offshoots of behavioural finance are discussed in detail, including ecological finance, environmental finance, social finance, experimental finance, neurofinance, and emotional finance. A comprehensive discussion of narcissism is presented where it is demonstrated that narcissistic behaviour is prevalent in the finance industry and that it led to the eruption of the global financial crisis.
