...When to Apply Rational Choice Theory A widely used model to study human behavior, called Rational Choice Theory, helps to simplify social phenomena by assuming these properties: utility maximization, consistency, expected value, individuals as relevant agents, homogeneity, and equilibrium. Almost all social scientists, especially economists, use this model to predict human behavior, and sometimes their results may contradict the actual phenomenon; in other words, they were unaware that their experiments failed to meet one or more of the Rational Choice Theory assumptions. For example, in situations like enlisting in the military and eventually going to war, where individuals fail to maximize utility and contradicts the assumptions of the Rational Choice Theory, applying the theory would be nonsensical. However, when dealing with situations in which individuals behave rationally like sex workers in the prostitution industry, whereby all Rational Choice Theory assumptions are met, the theory explains phenomena exceptionally well. The example of soldiers going into battle clearly contradicts the assumptions necessary for the Rational Choice Theory to hold. By definition, a rational human being would choose the option that gives him the highest level of utility. In deciding to join the military and fight in war, the costs of making this decision heavily outweighs the benefits. Comparatively, this problem resembles the “Voter’s Paradox” in which Anthony Downs explained using a...
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...participation is a process which we as Nigerian should become more involved in because it is what is going to truly determine the way in which our future and current generations will function. We would like to discuss the two types of political participation that are commonly used when participating politically and the three perspectives of political participation which help form the ways in which we participate. As explained by Shawn Paulin In the political system there are two forms of political participation that we as Nigerian can participate in. The first form is the conventional form of political participation because it is the most common form in which we participate in. According to ASIS.org “conventional form of communications consists of Voting, letter writing, contact with representatives, working on campaigns, and campaign contributions.” Conventional political participation is also important because if no one participates in our political system then it can “cause instability and complete system failure.”(Gregson 1997) The next form of political participation is the unconventional way in which people participate. Unconventional forms of communication consist of marching,...
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...Lynn Silipigni Connaway OCLC Research Timothy J. Dickey OCLC Research Marie L. Radford Rutgers University “If It Is Too Inconvenient, I’m Not Going After It:” Convenience as a Critical Factor in Information-seeking Behaviors Note: This is a pre-print version of a paper forthcoming in Library and Information Science Research. Please cite the published version; a suggested citation appears below. Correspondence about the article may be sent to lynn_connaway@oclc.org. © 2011 OCLC Online Computer Library, Inc. 6565 Kilgour Place, Dublin, Ohio 43017-3395 USA http://www.oclc.org/ Reuse of this document is permitted consistent with the terms of the Creative Commons Attribution-Noncommercial-Share Alike 3.0 (USA) license (CC-BY-NC-SA): http://creativecommons.org/licenses/by-nc-sa/3.0/. Suggested citation: Connaway, Lynn Silipigni, Timothy J. Dickey, and Marie L. Radford. 2011. "'If It Is Too Inconvenient, I'm Not Going After It.:' Convenience as a Critical Factor in Information-seeking Behaviors." Library and Information Science Research,33: 179-190. doi:10.1016/j.lisr.2010.12.002 Pre-print available online at: http://www.oclc.org/research/publications/library/2011/connaway-lisr.pdf. “If It Is Too Inconvenient, I’m Not Going After It:” Convenience as a Critical Factor in Information-seeking Behaviors Lynn Silipigni Connaway OCLC Research Timothy J. Dickey OCLC Research Marie L. Radford Rutgers University Abstract In today’s fast-paced...
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...Press. Library of Congress Cataloging-in-Publication Data The thief of time: philosophical essays on procrastination / edited by Chrisoula Andreou and Mark D. White. p. cm. Includes bibliographical references and index. ISBN 978-0-19-537668-5 (hardback: alk. paper) 1. Procrastination. I. Andreou, Chrisoula. II. White, Mark D., 1971– BF637.P76T45 2010 128'.4—dc22 2009021750 987654321 Printed in the United States of America on acid-free paper To Mike and Kaemon and Paul and Ree Acknowledgments We owe special thanks to the Centre for the Study of Mind in Nature for funding a workshop in New York City in the summer of 2008 for the contributors to gather and share ideas; Jennifer Hornsby and Olav Gjelsvik, the research directors of the Rational Agency section of CSMN, played an integral role in...
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...Case Study of Sway Sway: The Irresistible Pull of Irrational Behavior Humans think they act rationally in most situations, especially in business or areas of their lives that require rational thinking. Instead, Ori and Rom Brafman, authors of the book Sway: The Irresistible Pull of Irrational Behavior, prove that humans are irrational and will act irrationally in most situations. They call this phenomenon being swayed, which is why they titled their book Sway. The Brafman brothers, Ori and Rom, define irrational as being out of line with well-reasoned and logical choices. In Sway, Rom and Ori, discuss some of the major sways that exist in all aspects of society, including business, today. Sway, according to the authors, can be defined as predictable forces that will result in people’s irrational behavior. Throughout the book, the Brafmans discuss various sways that people can encounter in daily life. One major sway mentioned is loss aversion. People tend to focus on the short-term consequences rather than long-term effects. Similarly, people often overreact to potential loss that they anticipate may happen sometime in the future. For example, the more an individual has to lose, the more likely he or she will be swayed into making irrational decisions. If an individual finds his or her job on the line, he or she will be more likely to act irrationally in an attempt to perform well and save his or her job. Another sway the Brafmans talk about is the diagnosis...
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...Chapter 18 A SURVEY OF BEHAVIORAL FINANCE ° NICHOLAS BARBERIS University of Chicago RICHARD THALER University of Chicago Contents Abstract Keywords 1. Introduction 2. Limits to arbitrage 2.1. Market efficiency 2.2. Theory 2.3. Evidence 2.3.1. Twin shares 2.3.2. Index inclusions 2.3.3. Internet carve-outs 3. Psychology 3.1. Beliefs 3.2. Preferences 3.2.1. Prospect theory 3.2.2. Ambiguity aversion 4. Application: The aggregate stock market 4.1. The equity premium puzzle 4.1.1. Prospect theory 4.1.2. Ambiguity aversion 4.2. The volatility puzzle 4.2.1. Beliefs 4.2.2. Preferences 5. Application: The cross-section of average returns 5.1. Belief-based models 1054 1054 1055 1056 1056 1058 1061 1061 1063 1064 1065 1065 1069 1069 1074 1075 1078 1079 1082 1083 1084 1086 1087 1092 ° We are very grateful to Markus Brunnermeier, George Constantinides, Kent Daniel, Milt Harris, Ming Huang, Owen Lamont, Jay Ritter, Andrei Shleifer, Jeremy Stein and Tuomo Vuolteenaho for extensive comments. Handbook of the Economics of Finance, Edited by G.M. Constantinides, M. Harris and R. Stulz © 2003 Elsevier Science B.V All rights reserved . 1054 5.2. Belief-based models with institutional frictions 5.3. Preferences N. Barberis and R. Thaler 6. Application: Closed-end funds and comovement 6.1. Closed-end funds 6.2. Comovement 7. Application: Investor behavior 7.1. 7.2. 7.3. 7.4. 7.5. Insufficient diversification Naive diversification Excessive trading The selling decision...
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...alternative, which further helps the organization to successfully compete in the global environment. Decision Making Technique for Establishing Presence in Kava As we know that the company wants to establish its presence in Kava and for this, it needs to adopt a decision making technique so that an appropriate solution for establishing presence in Kava can be determined. For this, the company need to adopt a rational model of managerial decision making as this technique has its roots in the economic theory of the firm. With this decision making technique, the organization will become able in conferring a rational decision regarding its establishment in Kava. With the adoption this technique of decision making organization will be better able to have all the relevant information needed to make final decision of establishing its presence in Kava or not. In addition to this by undertaking this decision making technique organizational managers will also become aware of different possible alternatives, outcomes and ramifications and hence a rational...
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...On Ethics and Economics Amartya Sen Blackwell Publishers, 1987, pp. 148, Rs. 271 ‘On Ethics and Economics’ by Amartya Sen centres on a particular phenomenon that the author considers unfortunate to the discipline. In this book, Amartya Sen talks about the continued and ever increasing distancing of economics from ethics. This book has three chapters and under each chapter, there are sub topics. That makes the book more structured and easy to understand even for a person who is not so competent in the study of Economics. Though the book was written in 1987, most of the arguments still apply in todays’ world. Amartya Sen starts off with an Edward Clerihaw Bentley verse about a major practitioner of political economics and this sets the tone for the rest of the book. The author basically tries to argue that ethics-related tradition of Economics dates back to the days of Aristotle and that Economics ultimately goes hand in hand with the study of Ethics and Politics. Amartya Sen certainly and in a very obvious manner, questions the disassociation of the study of Economics from that of ethics and political philosophy. Hence, this book is undoubtedly a very important reading for those who are interested in connecting the dots between economics and business ethics. Professor Sen, while agreeing that the ‘engineering’ approach to Economics has been often fruitful, criticises the same ‘engineering approach’ by saying that it has substantially impoverished the modern economics because...
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...Rational decision making is an important process that needs to be evaluated in order to expand business operations in Kava. This type of decision-making making process will assist the organization in effectively analyzing the various business alternatives and effective implementation techniques. The decision-making process is influenced by several factors such as economic factors, political factors and social factors. The process of rational decision-making consists of different steps such as defining the objectives, implementation and formulating alternatives. Decision Making Technique for Establishing Presence in Kava In order for the organization to establish an increased and profitable business on Kava, the organization will need to establish a rational model of managerial decision-making. With this decision-making technique, the organization will be able to formulate rational decisions, gather and analyze all the relevant information, facts and data needed to make the final decision whether or not to establish a business in Kava. This technique will also make the management aware of different possible implementation plans, alternative plans of action, solutions and measurable results. The organization is an established and solid company. They have the capability to finance the expansion. The reputation of the corporate image makes it a desirable employer and will be able to hire local employees and develop a competitive edge over its competitors. The...
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...extensive training in customer service and do not concentrate on being nice. The offices that are being referred to are government offices such as Welfare, DMV, and Section 8. In contrast, patron-client facilities are offices or places that focus upon pleasing their clients because if they don’t, the patron will go to another facility to get their needs met. This brings us to the similarities and differences of the models of organized crime. According to Lyman (2007) there are three theories of organized crime that help in the understanding of criminal organizations. The first theory is the Alien Conspiracy theory, which blames outside influences and outsiders for the rise of organized crime in American society. Second, the Rational Choice theory is when a person weighs the pros and cons of living a certain lifestyle; in addition they also know what the consequences of their actions are as well. Finally, the deterrence theory is one that believes that putting large punishments and fear in place to make criminals think about the consequences before they commit a crime. There are also other theories such as the Learning theory, which is when an individual has the attitude, values, and morality of a criminal and uses these tools to have a criminal career. In addition, social disorganization links the...
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...Changes at Scott Mortgage De’Sean Anderson Strayer University BUS 520 Leadership & Organizational Behavior Dr. Anderson June 12, 2010 Discuss the nature of change in the work environment of the 21st century. Between technological advances, the changing composition of the workforce, and the growing influence of the global economy, organizational structures and employees' careers are taking unprecedented and unpredictable turns. People still want to be successful in their jobs, want a sense of internal and external equity, and want personal connections with others. Organizations still need people who have the right skills and who are working toward a common set of objectives. People still resist change, even though the amount of change in their work lives has increased. New and faster technology, redefined values, and shifting customer demands are changing the way businesses operate in the twenty-first century. The delivery of goods, services, and spare parts will be done by e-commerce organizations. In the majority of developed countries, the population is aging. Human resources are being transformed from a specialized, stand-alone function to a broad, corporate competency. HR policies and program initiatives will have to be responsive to market conditions and global business structures. Organizations are becoming flatter, leaner, and more flexible in order to keep up with technological advances and to become and/or remain competitive in the global marketplace...
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...* Hierarchy: Arrange personnel in vertical hierarchy of offices thus each person is supervised by a higher up. * Rules and Regulations: Cultural and tradition holds no sway, operations are guided by fixed rules and regulations. Ideally the bureaucracy seeks to operate in a completely predictable fashion. * Technical competence: Officials are expected to have technical competence to carry out duties, this is rational as technology maximises efficiency and work output by eliminating human error and unflinching performance of repetitive tasks. * Impersonality: Rules take precedence over personal feeling. Uniform treatment of clients and workers as personal feelings can get in the way of rationality. Take for example a worker who continuously breaks rules, the boss must fire him but personal feelings bet in the way. This in the grand scheme of things deteriorates the organisations ability to maximise utility. * Formal written communications: Bureaucracy relies on formal written reports and memos to guide all decisions. All of the above are rational decisions...
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...What is the important style difference in the way men and women ask for direc- tions or help, according to Tannen? women are much more able to make themselves vulnerable and admit to ignorance while men like to figure things out on their own, or hide their ignorance. Tannen suggests that these differences stem from the learned behavior that men and women begin speaking and thinking in gender stereotypes -- meaning that they tend to speak and think the way their sex is supposed to think according to society's interpretation. It is commonly accepted that men are reluctant to ask for directions and would rather try and solve a problem themselves than have to ask for help, while women are much less likely to do so. This type of communication is not limited solely to asking for directions, but it stems into other facets of life as well -- some of which the author believes are more serious and dire, like asking for help in a situation of life and death. -Women verbally communicate in order to build rapport with others, which involves emotional self-disclosure and emphasizes showing empathy and understanding. -Report-talk involves verbally communicating in order to establish and maintain status and power. Personal disclosures are often avoided so they do not appear vulnerable to the other. -More men feel comfortable doing "public speaking" -More women feel comfortable doing "private speaking" -The problem with communication between couples is a difference in conversational...
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...need strategies to sustain loyal customers. Many believe that the amount of truth consumers place in companies might be abused, as loyalty sometimes equals strong dependence on suppliers. However, government’s role is to protect their citizens and prevent any actions that might violate ethics, but otherwise, the economy will be better off without intervention, referring to the belief of “Laissez-Faire” (Frank & Cartwright, 2013). The essay will aim to prove that loyalty does not cause overly-dependence if it does not influence ethics, and that consumers will seek for better option for themselves. The rational choice theory, which is the base of the microeconomic studies, states that individuals act rationally and choose the option that will provide them with the highest level of satisfaction (Frank & Cartwright, 2013). This theory resembles the fact that consumers are rational and their decision will always aim to yield the highest possible utility. This basically means that customers can only become loyal if the company puts an effort to maximize satisfaction and utility of their customers. Take another point, if the...
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...Original Article Rationality, norms and identity in international relations Ji Young Choi Department of Politics & Government, Ohio Wesleyan University, Elliott Hall 204, Delaware, OH 43015, USA. E-mail: jychoi@owu.edu Abstract This article examines major debates between rationalism and constructivism. It presents that there are politically significant motives of social actions, including norms and identity, which cannot be completely subsumed by the concept of instrumental rationality. These ideational or social-psychological motivations are governed primarily by thymos or affect (the moral or emotional part of the human personality) and/or valueoriented rationality. We need more flexible assumptions about main actors and their motives than those of rationalism to explain appropriately the politics of anger, loyalty and a sense of justice at international levels. However, constructivism’s emphasis on ideational motivations cannot totally replace rationalism in explaining international political life. Constructivism maintains that identity or norms are causally prior to actors’ interests. Yet when there is conflict between pursuit of interests and maintenance of identity or norms, actors’ strong and well-defined self-interests can overrule their contested or unstable identity or norms. In short, causal arrows can flow in either direction between identity or norms and interests. This implies that rationalism and constructivism are complementary rather than competitive...
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