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  • 1
    Language: English
    In: Journal of marketing research, 2011-01-01, Vol.48 (SPL), p.S23-S37
    Description: Many people fail to save what they will need for retirement. Research on excessive discounting of the future suggests that removing the lure of immediate rewards by precommitting to decisions or elaborating the value of future rewards both can make decisions more future oriented. The authors explore a third and complementary route, one that deals not with present and future rewards but with present and future selves. In line with research that shows that people may fail, because of a lack of belief or imagination, to identify with their future selves, the authors propose that allowing people to interact with age-progressed renderings of themselves will cause them to allocate more resources to the future. In four studies, participants interacted with realistic computer renderings of their future selves using immersive virtual reality hardware and interactive decision aids. In all cases, those who interacted with their virtual future selves exhibited an increased tendency to accept later monetary rewards over immediate ones.
    Subject(s): Age ; Age progression (Forensic science) ; Analytical forecasting ; Consumer behavior ; Discounting ; future self-continuity ; immersive virtual reality ; intertemporal choice ; Marketing ; Methods ; Photographs ; Research ; Retirement ; Retirement income ; Retirement planning ; Retirement saving ; Rewards ; Savings ; Self ; Self-evaluation ; Studies ; Technology application ; temporal discounting ; Usage ; Virtual avatars ; Virtual reality
    ISSN: 0022-2437
    E-ISSN: 1547-7193
    Source: Communication & Mass Media Complete
    Source: Business Source Ultimate
    Source: JSTOR Arts & Sciences VII
    Source: Alma/SFX Local Collection
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  • 2
    Article
    Article
    2014
    ISSN: 0732-2399 
    Language: English
    In: Marketing science (Providence, R.I.), 2014-01, Vol.33 (1), p.82-93
    Description: With the availability of social network data, it has become possible to relate the behavior of individuals to that of their acquaintances on a large scale. Although the similarity of connected individuals is well established, it is unclear whether behavioral predictions based on social data are more accurate than those arising from current marketing practices. We employ a communications network of over 100 million people to forecast highly diverse behaviors, from patronizing an off-line department store to responding to advertising to joining a recreational league. Across all domains, we find that social data are informative in identifying individuals who are most likely to undertake various actions, and moreover, such data improve on both demographic and behavioral models. There are, however, limits to the utility of social data.In particular, when rich transactional data were available, social data did little to improve prediction.
    Subject(s): Advertising campaigns ; Analysis ; Behavior ; Behavior modeling ; computational social science ; Customer services ; Customers ; Demography ; electronic commerce ; homophily ; Human acts ; Human behavior ; Internet advertising ; Market research ; Marketing ; Online social networking ; Predictions ; product ; Purchasing ; Social influence ; Social networks ; Studies ; targeting ; Television advertising ; Theory and Practice in Marketing Conference Special Section
    ISSN: 0732-2399
    E-ISSN: 1526-548X
    Source: Communication & Mass Media Complete
    Source: International Bibliography of the Social Sciences (IBSS)
    Source: Business Source Ultimate
    Source: JSTOR Arts & Sciences IV
    Source: NSTL Full-text (National Science and Technology Library)
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  • 3
    Language: English
    In: Marketing letters, 2012-06-01, Vol.23 (2), p.487-504
    Description: The way a choice is presented influences what a decision-maker chooses. This paper outlines the tools available to choice architects, that is anyone who present people with choices. We divide these tools into two categories: those used in structuring the choice task and those used in describing the choice options. Tools for structuring the choice task address the idea of what to present to decision-makers, and tools for describing the choice options address the idea of how to present it. We discuss implementation issues in using choice architecture tools, including individual differences and errors in evaluation of choice outcomes. Finally, this paper presents a few applications that illustrate the positive effect choice architecture can have on real-world decisions.
    Subject(s): Architects ; Architecture ; Article ; Automobiles ; Behavioral decision theory ; Blood & organ donations ; Business and Management ; Choice architecture ; Consumer choice ; Consumer psychology ; Consumer research ; Credit cards ; Decision making ; Decision support ; Default ; Describing attributes ; Economics / Management Science ; Environmental policy ; Financial investments ; Influence ; Marketing ; Medicare ; Older people ; Options and alternatives ; Prescription drug plans ; Recommendations ; Studies
    ISSN: 0923-0645
    E-ISSN: 1573-059X
    Source: International Bibliography of the Social Sciences (IBSS)
    Source: JSTOR Arts & Sciences X
    Source: Business Source Ultimate
    Source: Alma/SFX Local Collection
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  • 4
    Language: English
    In: Journal of marketing research, 2016-10-01, Vol.53 (5), p.804-813
    Description: Research on choice architecture is shaping policy around the world, touching on areas ranging from retirement economics to environmental issues. Recently, researchers and policy makers have begun paying more attention not just to choice architecture but also to information architecture, or the format in which information is presented to people. In this article, the authors investigate information architecture as it applies to consumption in retirement. Specifically, in three experiments, they examine how people react to lump sums versus equivalent streams of monthly income. Their primary question of interest is whether people exhibit more or less sensitivity to changes in retirement wealth expressed as lump sums (e.g., $100,000) or monthly equivalents (e.g., $500 per month for life). They also test whether people exhibit an "illusion of wealth," by which lump sums seem more adequate than monthly amounts in certain conditions, as well as the opposite effect, in which lump sums seem less adequate. They conclude by discussing how format-dependent perceptions of wealth can affect policy and consumers' financial decision making.
    Subject(s): Age ; Annuities ; Consumer behavior ; Consumer preferences ; Consumption ; Decision making ; Economic aspects ; Illusion ; Income distribution ; Influence ; Information architecture ; Lump sum ; Lump sum payments ; Market conditions ; Market research ; Marketing research ; Perceptions ; Personal finance ; Research ; Retirement ; Retirement income ; Retirement savings ; Savings rates ; Social Security benefits ; Special Section: The Greater Good ; Standard error ; Studies ; Usage ; Wealth
    ISSN: 0022-2437
    E-ISSN: 1547-7193
    Source: Communication & Mass Media Complete
    Source: Business Source Ultimate
    Source: JSTOR Arts & Sciences VII
    Source: Alma/SFX Local Collection
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  • 5
    Article
    Article
    2014
    ISSN: 1930-2975 
    Language: English
    In: Judgment and decision making, 2014-01-01, Vol.9 (1), p.1-14
    Description: How accurate are laypeople's intuitions about probability distributions of events? The economic and psychological literatures provide opposing answers. A classical economic view assumes that ordinary decision makers consult perfect expectations, while recent psychological research has emphasized biases in perceptions. In this work, we test laypeople's intuitions about probability distributions. To establish a ground truth against which accuracy can be assessed, we control the information seen by each subject to establish unambiguous normative answers. We find that laypeople's statistical intuitions can be highly accurate, and depend strongly upon the elicitation method used. In particular, we find that eliciting an entire distribution from a respondent using a graphical interface, and then computing simple statistics (such as means, fractiles, and confidence intervals) on this distribution, leads to greater accuracy, on both the individual and aggregate level, than the standard method of asking about the same statistics directly. [PUBLICATION ABSTRACT]
    Subject(s): biases ; Decision making ; distribution ; Economic theory ; expectation ; frequencies ; graphical interface ; Judgment ; polling ; Probability ; Psychological aspects ; Studies
    ISSN: 1930-2975
    E-ISSN: 1930-2975
    Source: Academic Search Ultimate
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  • 6
    Language: English
    In: Social choice and welfare, 2016-06-01, Vol.47 (1), p.25-61
    Description: We investigate whether beliefs about the income distribution are associated with political positions for or against redistribution. Using a novel elicitation method, we assess individuals’ beliefs about the shape of the income distribution in the United States. We find that respondents’ beliefs approximate the actual distribution on average. However they tend to overestimate the median income and underestimate the level of inequality. Surprisingly we find that beliefs about overall inequality, measured in terms of income dispersion, play only a marginal role in political positions as well as prospects of future wealth. Political preferences, however, are predicted by first, beliefs about the level of income of the poorest members of society, and second, a belief in an open society with equal opportunities for all. Support for redistribution is lower for people who give higher estimates of the income level of the poorest members of society and for people who perceive that opportunities for upward mobility are available.
    Subject(s): Economic models ; Economic statistics ; Economic theory ; Economic Theory/Quantitative Economics/Mathematical Methods ; Economics ; Economics and Finance ; Game Theory ; Game Theory, Economics, Social and Behav. Sciences ; Household income ; Households ; Income distribution ; Income estimates ; Income inequality ; Income redistribution ; Inequality ; International Political Economy ; Investigations ; Low income ; Median income ; Mobility ; Original Paper ; Political Economy ; Political ideologies ; Public Finance ; Public Finance & Economics ; Respondents ; Social and Behav. Sciences ; Social mobility ; Social Policy ; Society ; Studies ; United States--US ; Upward mobility ; Wealth
    ISSN: 0176-1714
    E-ISSN: 1432-217X
    Source: International Bibliography of the Social Sciences (IBSS)
    Source: JSTOR Arts & Sciences X
    Source: Business Source Ultimate
    Source: EconLit with Full Text
    Source: Academic Search Ultimate
    Source: Alma/SFX Local Collection
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  • 7
    Language: English
    In: Marketing letters, 2014-09-01, Vol.25 (3), p.331-341
    Description: We review research on revenue models used by online firms who offer digital goods. Such goods are non-rival, have near zero marginal cost of production and distribution, low marginal cost of consumer search, and low transaction costs. Additionally, firms can easily observe and measure consumer behavior. We start by asking what consumers can offer in exchange for digital goods. We suggest that consumers can offer their money, personal information, or time. Firms, in turn, can generate revenue by selling digital content, brokering consumer information, or showing advertising. We discuss the firm’s trade-off in choosing between the different revenue streams, such as offering paid content or free content while relying on advertising revenues. We then turn to specific challenges firms face when choosing a revenue model based on either content, information, or advertising. Additionally, we discuss nascent revenue models that combine different revenue streams such as crowdfunding (content and information) or blogs (information and advertising). We conclude with a discussion of opportunities for future research including implications for firms’ revenue models from the increasing importance of the mobile Internet.
    Subject(s): Advertising research ; Advertising to sales ratios ; Analysis ; Article ; Business and Management ; Consumer advertising ; Consumer behavior ; Consumer information ; Consumers ; Crowdfunding ; Customers ; Digital goods ; Economics / Management Science ; Electronic commerce ; Internet ; Internet/Web advertising ; Mail-order industry ; Marketing ; Modeling ; Online advertising ; Paid content ; Paywall ; Pricing ; Privacy ; Production costs ; Profits ; Revenue ; Revenue model ; Revenue stream ; Studies ; Subscriptions ; Willingness to pay ; Working papers
    ISSN: 0923-0645
    E-ISSN: 1573-059X
    Source: International Bibliography of the Social Sciences (IBSS)
    Source: JSTOR Arts & Sciences X
    Source: Business Source Ultimate
    Source: Alma/SFX Local Collection
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  • 8
    Language: English
    In: The Journal of consumer research, 2008-10, Vol.35 (3), p.440-456
    Description: Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth constrained by market forces and the amount invested. We collect desired wealth distributions from a sample of working adults, provide evidence of the technique’s reliability and predictive validity, characterize individual‐ and cluster‐level differences, and estimate parameters of risk aversion and loss aversion. We discuss how such an interactive method might help people construct more informed preferences.
    Subject(s): Consumer behavior ; Consumer preferences ; Consumers ; Cost allocation ; Decision making ; Financial investments ; Income estimates ; Investment products ; Investment risk ; Investors ; Loss aversion ; Research ; Retirement ; Retirement income ; Retirement planning ; Risk aversion ; Studies ; Utility functions
    ISSN: 0093-5301
    E-ISSN: 1537-5277
    Source: Communication & Mass Media Complete
    Source: Business Source Ultimate
    Source: JSTOR Arts & Sciences IV
    Source: Alma/SFX Local Collection
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  • 9
    Language: English
    In: Psychological review, 2002, Vol.109 (1), p.75-90
    Description: One view of heuristics is that they are imperfect versions of optimal statistical procedures considered too complicated for ordinary minds to carry out. In contrast, the authors consider heuristics to be adaptive strategies that evolved in tandem with fundamental psychological mechanisms. The recognition heuristic, arguably the most frugal of all heuristics, makes inferences from patterns of missing knowledge. This heuristic exploits a fundamental adaptation of many organisms: the vast, sensitive, and reliable capacity for recognition. The authors specify the conditions under which the recognition heuristic is successful and when it leads to the counterintuitive less-is-more effect in which less knowledge is better than more for making accurate inferences.
    Subject(s): Analysis ; Biological and medical sciences ; Cognition ; Cognition & reasoning ; Cognition. Intelligence ; Ecology ; Fundamental and applied biological sciences. Psychology ; Humans ; Knowledge ; Models ; Models, Psychological ; Psychological research ; Psychology. Psychoanalysis. Psychiatry ; Psychology. Psychophysiology ; Reasoning. Problem solving ; Recognition (Psychology) ; Research
    ISSN: 0033-295X
    E-ISSN: 1939-1471
    Source: APA PsycARTICLES
    Source: International Bibliography of the Social Sciences (IBSS)
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  • 10
    Language: English
    In: Management science, 2020-03, Vol.66 (3), p.1375-1394
    Description: In the classical secretary problem, one attempts to find the maximum of an unknown and unlearnable distribution through sequential search. In many real-world searches, however, distributions are not entirely unknown and can be learned through experience. To investigate learning in such settings, we conduct a large-scale behavioral experiment in which people search repeatedly from fixed distributions in a “repeated secretary problem.” In contrast to prior investigations that find no evidence for learning in the classical scenario, in the repeated setting we observe substantial learning resulting in near-optimal stopping behavior. We conduct a Bayesian comparison of multiple behavioral models, which shows that participants’ behavior is best described by a class of threshold-based models that contains the theoretically optimal strategy. Fitting such a threshold-based model to data reveals players’ estimated thresholds to be close to the optimal thresholds after only a small number of games. This paper was accepted by Yuval Rottenstreich, judgment and decision making.
    Subject(s): Analysis ; Bayesian analysis ; Bayesian model comparison ; Behavior ; experiments ; Fitting ; Games ; Human acts ; Human behavior ; Learning ; Probability ; Secretaries ; secretary problem ; Thresholds
    ISSN: 0025-1909
    E-ISSN: 1526-5501
    Source: International Bibliography of the Social Sciences (IBSS)
    Source: NSTL Full-text (National Science and Technology Library)
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