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Rationality Concepts in Environmental Valuation

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Book Series: Hohenheimer volkswirtschaftliche Schriften ISBN: 9783631573365 Year: Pages: 255 Language: English
Publisher: Peter Lang International Academic Publishing Group
Subject: Environmental Sciences --- Economics
Added to DOAB on : 2019-01-15 13:32:19
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Survey based valuation techniques like the Contingent Valuation Method (CVM) rely particularly on the premise of respondents’ rationality when answering willingness to pay (WTP) questions. Results of CVM surveys have repeatedly put this fundamental assumption into question. This study adopts a more realistic view of rationality accounting for respondents’ limited capacities to process information. Based on cognitive psychology a technique to detect and analyze the bounds of rationality inherent in WTP statements is developed. Using an empirical example, the influence of bounded rationality on the validity of CVM results is analyzed. It is shown that individual differences in information processing play a major role. From these results recommendations for future survey design are developed.

Is Behavioral Economics Doomed?: The Ordinary versus the Extraordinary

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ISBN: 9781906924935 Year: Pages: 143 DOI: 10.11647/OBP.0021 Language: English
Publisher: Open Book Publishers
Subject: Economics
Added to DOAB on : 2012-11-21 13:39:07
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It is fashionable to criticize economic theory for focusing too much on rationality and ignoring the imperfect and emotional way in which real economic decisions are reached. All of us facing the global economic crisis wonder just how rational economic men and women can be. Behavioral economics — an effort to incorporate psychological ideas into economics — has become all the rage.This book by well-known economist David K. Levine questions the idea that behavioral economics is the answer to economic problems. It explores the successes and failures of contemporary economics both inside and outside the laboratory. It then asks whether popular behavioral theories of psychological biases are solutions to the failures. It not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.Levine’s book is essential reading for students and teachers of economic theory and anyone interested in the psychology of economics.

Is Behavioral Economics Doomed?

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ISBN: 9781906924942 Year: Pages: 143 DOI: 10.11647/OBP.0021 Language: English
Publisher: Open Book Publishers
Added to DOAB on : 2018-04-04 11:01:51
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It is fashionable to criticize economic theory for focusing too much on rationality and ignoring the imperfect and emotional way in which real economic decisions are reached. All of us facing the global economic crisis wonder just how rational economic men and women can be. Behavioral economics—an effort to incorporate psychological ideas into economics—has become all the rage. This book by well-known economist David K. Levine questions the idea that behavioral economics is the answer to economic problems. It explores the successes and failures of contemporary economics both inside and outside the laboratory. It then asks whether popular behavioral theories of psychological biases are solutions to the failures. It not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them. Levine’s book is essential reading for students and teachers of economic theory and anyone interested in the psychology of economics.

Entrepreneurship

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Book Series: Routledge Studies in Global Competition ISBN: 9780203478745 9780415341189 9780415406475 9781134296354 9781134296347 9781134296309 Year: DOI: 10.4324/9780203478745 Language: English
Publisher: Taylor & Francis
Subject: Business and Management --- Economics
Added to DOAB on : 2019-11-08 11:21:26
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The entrepreneur has been neglected over the years in formal economic theorizing. Previously there has been only eclectic theories such as human capital theory and network dynamics which discuss certain perspectives of entrepreneurial behaviour. This insightful book closes this gap in entrepreneurship literature. Inspired by modern physics, author Thomas Grebel brings together an evolutionary methodology, along the way implicating quantum, graph, and percolation theory. Here, Grebel has provided a synthesis of all the main theories of entrepreneurship. Taking an interdisciplinary approach to the subject, this fascinating book opens up new ideas in modelling and the original thinking contained within will be of interest to all those working in the area of business and management as well as those in economics.

Critical Perspectives On Educational Leadership

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ISBN: 9780203977927 9781850005247 9781850005254 9781135388591 9781135388584 9781135388546 Year: DOI: 10.4324/9780203977927 Language: English
Publisher: Taylor & Francis
Subject: Education
Added to DOAB on : 2019-11-08 11:21:27
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First Published in 1989. Routledge is an imprint of Taylor & Francis, an informa company.

From Is to Ought: The Place of Normative Models in the Study of Human Thought

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Book Series: Frontiers Research Topics ISSN: 16648714 ISBN: 9782889198962 Year: Pages: 187 DOI: 10.3389/978-2-88919-896-2 Language: English
Publisher: Frontiers Media SA
Subject: Science (General) --- Psychology
Added to DOAB on : 2016-01-19 14:05:46
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In the study of human thinking, two main research questions can be asked: “Descriptive Q: What is human thinking like? Normative Q: What ought human thinking be like?” For decades, these two questions have dominated the field, and the relationship between them generated many a controversy. Empirical normativist approaches regard the answers to these questions as positively correlated – in essence, human thinking is what it ought to be (although what counts as the ‘ought’ standard is moot). In contemporary theories of reasoning and decision making, this is often associated with a Panglossian framework, an adaptationist approach which regards human thinking as a priori rational. In contrast, prescriptive normativism sees the answers to these two questions as negatively correlated. Normative models are still relevant to human thought, but human behaviour deviates from them quite markedly (with the invited conclusion that humans are often irrational). Prescriptive normativism often results in a Meliorist agenda, which sees rationality as amenable to education. Both empirical and prescriptive normativism can be contrasted with a descriptivist framework for psychology of human thinking. Following Hume’s strict divide between the ‘is’ and the ‘ought’, descriptivism regards the descriptive and normative research questions as uncorrelated, or dissociated, with only the former question suitable for psychological study of human behaviour. This basic division carries over to the relation between normative (‘ought’) rationality, based on conforming to normative standards; and instrumental (‘is’) rationality, based on achieving one’s goals. Descriptivist approaches regard the two as dissociated, whereas normativist approaches tend to see them as closely linked, with normative arguments defining and justifying instrumental rationality. This research topic brings together diverse contributions to the continuing debate. Featuring contributions from leading researchers in the field, the e-book covers a wide range of subjects, arranged by six sections: The standard picture: Normativist perspectivesIn defence of soft normativismExploring normative modelsDescriptivist perspectivesEvolutionary and ecological accountsEmpirical reports With a total of some 24 articles from 55 authors, this comprehensive treatment includes theoretical analyses, meta-theoretical critiques, commentaries, and a range of empirical reports. The contents of the Research Topic should appeal to psychologists, linguists, philosophers and cognitive scientists, with research interests in a wide range of domains, from language, through reasoning, judgment and decision making, and moral judgment, to epistemology and theory of mind, philosophical logic, and meta-ethics.

The Reasoning Brain: The Interplay between Cognitive Neuroscience and Theories of Reasoning

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Book Series: Frontiers Research Topics ISSN: 16648714 ISBN: 9782889451180 Year: Pages: 178 DOI: 10.3389/978-2-88945-118-0 Language: English
Publisher: Frontiers Media SA
Subject: Neurology --- Science (General)
Added to DOAB on : 2017-07-06 13:27:36
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Despite the centrality of rationality to our identity as a species (let alone the scientific endeavour), and the fact that it has been studied for several millennia, the present state of our knowledge of the mechanisms underlying logical reasoning remains highly fragmented. For example, a recent review concluded that none of the extant (12!) theories provide an adequate account (Khemlani & Johnson- Laird, 2011), while other authors argue that we are on the brink of a paradigm change, where the old binary logic framework will be washed away and replaced by more modern (and correct) probabilistic and Bayesian approaches (see for example Elqayam & Over, 2012; Oaksford & Chater, 2009; Over, 2009). Over the past 15 years neuroscience brain imaging techniques and patient studies have been used to map out the functional neuroanatomy of reasoning processes. The aim of this research topic is to discuss whether this line of research has facilitated, hindered, or has been largely irrelevant for understanding of reasoning processes. The answer is neither obvious nor uncontroversial. We would like to engage both the cognitive and the neuroscience community in this discussion. Some of the questions of interest are: How have the data generated by the patient and neuroimaging studies: • influenced our thinking about modularity of deductive reasoning • impacted the debate between mental logic theory, mental model theory and the dual mechanism accounts • affected our thinking about dual mechanism theories • informed discussion of the relationship between induction and deduction • illuminated the relationship between language, visual spatial processing and reasoning • affected our thinking about the unity of deductive reasoning processes Have any of the cognitive theories of reasoning helped us explain deficits in certain patient populations? Do certain theories do a better job of this than others? Is there any value to localizing cognitive processes and identifying dissociations (for reasoning and other cognitive processes)? What challenges have neuroimaging data raised for cognitive theories of reasoning? How can cognitive theory inform interpretation of patient data or neuroimaging data? How can patient data or neuroimaging data best inform cognitive theory? This list of questions is not exhaustive. Manuscripts addressing other related questions are welcome. We are interested in hearing from skeptics, agnostics and believers, and welcome original research contributions as well as reviews, methods, hypothesis & theory papers that contribute to the discussion of the current state of our knowledge of how neuroscience is (or is not) helping us to deepen our understanding of the mechanisms underlying logical reasoning processes.

Explaining Financial Crises

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Book Series: Hohenheimer volkswirtschaftliche Schriften ISBN: 9783631543504 Year: Pages: 430 Language: English
Publisher: Peter Lang International Academic Publishing Group
Subject: Economics
Added to DOAB on : 2019-01-15 13:32:23
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This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present cyclical approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a recurrent phenomenon generally accompanied by excessive boom-bust cycles. Secondly, the frequency of financial crisis cycles is very irregular. Thirdly, most financial crisis cycles are initiated by positive shocks to profit expectations which induce an unsustainable build-up of financial fragility driven by irrational exuberance. The present approach is based on a sophisticated balancesheet structure with many assets, as well as on an expectation formation scheme which combines the rational expectations hypothesis with Keynes’ Beauty Contest Theory.

Twenty Years After the Iowa Gambling Task: Rationality, Emotion, and Decision-Making

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Book Series: Frontiers Research Topics ISSN: 16648714 ISBN: 9782889455287 Year: Pages: 275 DOI: 10.3389/978-2-88945-528-7 Language: English
Publisher: Frontiers Media SA
Subject: Science (General) --- Psychology --- Neurology
Added to DOAB on : 2019-01-23 14:53:42
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The world is full of uncertainty. In unpredictable circumstances, can emotions facilitate advantageous decision-making? A neuroscience team, led by Antonio Damasio, explored this question using the Iowa Gambling Task (IGT). To the present day, the findings of numerous IGT-related investigations strongly influence clinical and interdisciplinary research, for example, in neuroeconomics and neuromarketing.This special issue examines IGT-based research progress over the past 20 years through literature reviews, clinical examinations, model construction, theoretical integration, and brain imaging technology. Both supportive and opposing viewpoints are provided to frame correlations between rationality, emotion, decision-making, and IGT. Potential future directions for IGT studies are discussed

Essays on Values and Practical Rationality

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Book Series: Lisbon Philosophical Studies – Uses of Languages in Interdisciplinary Fields ISBN: 9783034331531 9783034331548 9783034330589 Year: Pages: 392 Language: English
Publisher: Peter Lang International Academic Publishing Group
Subject: Philosophy
Added to DOAB on : 2019-01-15 13:32:13
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The essays presented here are the outcome of research carried out by members of IFILNOVA (Institute for Philosophy of New University of Lisbon) in 2016.

The IFILNOVA Permanent Seminar seeks to show how values are relevant to humans (both socially and individually). This seminar is the ‘place’ where different research will converge towards a unified viewpoint. This includes the discussion of the following questions: What is the philosophical contribution to current affairs and decisions that depend crucially on values? Can philosophy make a difference, namely by bringing practical reason to bear on these affairs and decision? And how to do it? Which are our scientific ‘allies’ in this enterprise; psychology, communication sciences, even sociology and history?

This volume shows the connection between practical rationality and values and covers the dimensions ethics, aesthetics and politics.

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