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This article explores the concept of making important life decisions, comparing them to the game of blackjack. It discusses the dilemma of whether to stick with what we have or take a risk on something potentially better. The article highlights the cognitive biases that often prevent us from taking risks, such as loss aversion and the sunk cost effect. It suggests that psychological distancing techniques, such as imagining advising a friend or considering the decision from a future perspective, can help us make more rational choices. The article concludes that taking calculated risks and embracing the unknown can lead to greater happiness and satisfaction in life. [Extracted from the article]

The article offers profiles of five specific types of problem solvers and discusses the cognitive biases inherent in each. Adventurers trust their gut, but sometimes make decisions too hastily. Detective-type decision makers trust in facts and figures, but can fall prey to confirmation bias. Listeners listen to advice, but have the potential to be easily swayed. Thinkers like to consider all variables, but may pass up good options for safe ones. Visionaries potentially make bold decisions rather than practical ones.

Australia has seen a significant decline in adoptions due to efforts to address past adoption scandals. This has left vulnerable children without the security of a family, with only 208 children being adopted last year compared to a peak of 9,798 in 1971. Instead of adoption, most children in protective custody are in a state of relational limbo. In contrast to the United States, where government-run child welfare agencies prioritize permanency for children, Christian groups in Australia are encouraging believers to open their homes to foster care and adoption. The article emphasizes that libraries are not meant to be saviors or rescuers of children, but rather aim to promote healing and wholeness in all aspects of life. [Extracted from the article]

In theory, companies create value for stakeholders by making risky investments. In practice, however, managers in large corporations routinely quash risky ideas in favor of marginal improvements, cost-cutting, and “safe” investments. Why are managers in large, hierarchical organizations so risk-averse? Corporate incentives and control processes actively discourage managers from taking risks. Whereas CEOs consider each investment in the context of a greater portfolio, managers essentially bet their careers on every investment they make—even if outcomes are negligible to the corporation as a whole. This article explains how loss aversion works, presents an analysis of just how much value manager attitudes toward investment risk leave on the table, and offers suggestions for changes in practices and systems. [ABSTRACT FROM AUTHOR]

Purpose: Decision-making problems in emergency plan selection for epidemic prevention and control (EPAC) are generally characterized by risky and uncertainty due to multiple possible emergency states and vagueness of decision information. In the process of emergency plan selection for EPAC, it is necessary to consider several obvious features, i.e. different states of epidemics, dynamic evolvement process of epidemics and decision-makers' (DMs') psychological factors such as risk preference and loss aversion. Design/methodology/approach: In this paper, a novel decision-making method based on cumulative prospect theory (CPT) is proposed to solve emergency plan selection of an epidemic problem, which is generally regarded as hybrid-information multi-attribute decision-making (HI-MADM) problems in major epidemics. Initially, considering the psychological factors of DMs, the expectations of DMs are chosen as reference points to normalize the expectation vectors and decision information with three different formats. Subsequently, the matrix of gains and losses is established according to the reference points. Furthermore, the prospect value of each alternative is obtained and the comprehensive prospect values of alternatives under different states are calculated. Accordingly, the ranking of alternatives can be obtained. Findings: The validity and robustness of the proposed method are demonstrated by a case calculation of emergency plan selection. Meanwhile, sensitivity analysis and comparison analysis with fuzzy similarity to ideal solution (FTOPSIS) method and TODIM (an acronym in Portuguese for interactive and MADM) method illustrate the effectiveness and superiority of the proposed method. Originality/value: An emergency plan selection method is proposed for EPAC based on CPT, taking into account the psychological factors of DMs. Highlights This paper proposes a new CPT-based EDM method for EPAC under a major epidemic considering the psychological factorsof DMs, such as risk preference, loss aversion and so on. The authors' work gives approaches of normalization, comparison and distance measurement for dealing with the integration of three hybrid formats of attributes. This article gives some guidance, which contributes to solve the problems of risk-based hybrid multi-attribute EDM. The authors illustrate the advantages of the proposed method by a sensitivity analysis and comparison analysis with existing FTOPSIS method and TODIM method. [ABSTRACT FROM AUTHOR]

Purpose: This work examines the joint pricing and ordering (JPO) decisions for a loss-averse retailer with quantity-oriented reference point (RP) effect under demand uncertainty. Design/methodology/approach: The demand is assumed to be uncertain with the mean and variance as the only known information. The prospect theory is used to model the retailer's expected utility. An expected utility maximization model in the distribution-free approach (DFA) is then developed. Using duality theory, the expected utility under the worst-case distribution is transformed into tractable piece-wise functions. To examine the effectiveness of the DFA in coping with the demand uncertainty, a stochastic programming model is developed and its solutions are used as benchmarks. Findings: The proposed model and solution approach can effectively hedge against the demand uncertainty. The JPO decisions are significantly influenced by the LA coefficient and the reference level. The LA has a stronger influence than the reference level does on the expected utility. An excessive LA is detrimental while an appropriate reference level is beneficial to the retailer. Practical implications: The results of this work are applicable to loss-averse retailers with the quantity-oriented RP when making JPO decisions with difficulty in predicting the demands. Originality/value: The demand is assumed to be uncertain in this work, but a certain demand distribution is usually assumed in the existing literature. The DFA is used to study JPO decisions for the loss-averse retailer with quantity-oriented RP effect under the uncertain demand. [ABSTRACT FROM AUTHOR]

The article explores the similarities between the emotions experienced in romantic relationships and those felt by crypto enthusiasts. It suggests that fear, hope, delight, and excitement all play a role in influencing the judgment and decision-making of people in the cryptocurrency market. Fear can lead to panic selling, while hope and delight drive speculative investments. The thrill of potential high returns can lead to impulsive trading decisions, fueled by social media and sensational news stories. The article also discusses psychological processes and biases that can influence decision-making in cryptocurrency trading, such as overconfidence bias, the herding effect, and the fear of missing out. It concludes by suggesting strategies to mitigate these biases and make better decisions in cryptocurrency trading. [Extracted from the article]

A recent study conducted by Cerulli Associates and MarketCast found that a majority of affluent investors exhibit behavioral biases that can be addressed by financial advisors. The study surveyed investors with over $250,000 in assets and prospective clients under 45 years old earning over $125,000 annually. The most common biases identified were availability, confirmation, recency, and loss aversion. The study also highlighted the importance of technology and holistic financial planning in addressing these biases and creating sustainable long-term portfolios. Fintech firms like DataPoints and Morningstar offer tools and resources to help advisors navigate these biases and have meaningful conversations with clients. Additionally, the field of financial therapy is growing, with more advisors incorporating therapeutic methods and behavioral finance tools into their practices. [Extracted from the article]

Copyright of Volkswirtschaft is the property of State Secretariat for Economic Affairs (SECO) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A report from Ohio State University discusses new research findings in social psychology, focusing on how nominal characteristics lose status value. The study combines status construction theory with loss aversion from decision theory to predict that low-status actors will perceive a gain in their status faster than high-status actors perceive a loss. The research highlights implications for racial and gender status-based inequalities and suggests avenues for further exploration and refinement. [Extracted from the article]

Researchers at Tianjin University conducted a study on the co-movement effect of managers' psychological factors on the BIM adoption decision in SMEs in the AEC industry. The study aimed to understand how managers' perceptions influence BIM adoption decisions and identified necessary conditions for high BIM adoption intention. Different decision preferences, such as benefit preference, loss aversion, and risk avoidance, may lead to different BIM adoption strategies. The research suggests ways to encourage managers to adopt BIM and avoid decision-making bias. [Extracted from the article]

A recent study conducted by the University of Melbourne explores the impact of loss aversion on social conformity in decision-making processes. The research suggests that individual preferences and social influence both play a role in decision-making, with loss aversion being particularly influential, especially in individuals with high loss aversion. The study highlights the involvement of the anterior insular cortex-temporoparietal junction neural pathway in social decision-making under uncertainty. This research provides insights into how individual preferences and social information collectively shape social decision-making behaviors. [Extracted from the article]

The article reflects on the insights shared by the late psychologist Daniel Kahneman, emphasizing how organizations can overcome human decision biases to maximize value creation. Kahneman's research highlights the inherent irrationality in decision-making processes and offers practical steps for organizations to address biases. The text discusses various decision-making biases such as groupthink, loss aversion, confirmation bias, and anchoring, and proposes techniques to help organizations improve resource allocation. By implementing Kahneman's recommendations, companies can enhance their decision-making processes and unlock value-creation opportunities. [Extracted from the article]

A recent study from the Multimedia Systems Department explores the impact of stress hormones on decision-making processes. The research focused on the hypothalamus-pituitary-adrenal axis (HPA axis) and the sympathetic-adrenal-medullary system (SAM system) and their modulation through pharmacological interventions. The findings suggest that while SAM system stimulation had no significant effect on risk aversion or loss aversion, SAM system inhibition showed a potential reduction in sensitivity to losses. The study also highlighted the need for further research to investigate the time-, dose-, and sex-dependencies of pharmacological effects on decision-making. [Extracted from the article]

Motivating yourself is one of the main things that sets high achievers apart, and it's hard. How do you keep pushing onward when your heart isn't in it? In her research, Fishbach has identified some simple tactics: Set goals that are intrinsically rewarding, and make them very specific. If a task isn't satisfying, focus on aspects of it that are or combine it with pleasant activities. Reward yourself in the right way for getting things done. To avoid slumps, break objectives into subgoals; look at how much you've accomplished until you're halfway there; and then count down what you have left to do. And use social influence: Let high performers inspire you, boost your get-up-and-go by giving advice, and keep the people you want to succeed for front of mind.ABSTRACT FROM AUTHORHarvard Business Review Notice of Use Restrictions, May 2009 Harvard Business Review and Harvard Business Publishing Newsletter content on EBSCOhost is licensed for the private individual use of authorized EBSCOhost users. It is not intended for use as assigned course material in academic institutions nor as corporate learning or training materials in businesses. Academic licensees may not use this content in electronic reserves, electronic course packs, persistent linking from syllabi or by any other means of incorporating the content into course resources. Business licensees may not host this content on learning management systems or use persistent linking or other means to incorporate the content into learning management systems. Harvard Business Publishing will be pleased to grant permission to make this content available through such means. For rates and permission, contact permissions@harvardbusiness.org. [ABSTRACT FROM PUBLISHER]

The paper studies optimal purchasing policies for buyers in a multi-sourcing problem. For a multi-souring problem, the study first obtains the optimal purchasing policy for a loss-neutral buyer to maximize expected profit. In a multi-sourcing, we find that a loss-neutral buyer could purchase no commodities and can rely only on spot buying to meet the whole market demand if the wholesale price is larger than the spot price. Further, the research finds that a loss-neutral buyer's optimal purchasing quantity is independent of the retail price. To reveal the loss aversion effect, the study introduces the well-known loss aversion function and obtains the optimal purchasing policy to maximize a loss-averse buyer's expected utility in a multi-sourcing. To maximize expected utility, it is proven that a loss-averse buyer who becomes more loss-averse should purchase fewer items in the long-term contract. Moreover, under the optimal purchasing policy that maximizes expected utility, a loss-averse buyer's expected profit is decreasing when the loss aversion coefficient is increasing. If a loss-averse buyer intends to get a bigger expected profit, he/she should be less loss-averse and select an optimal purchasing policy with a smaller loss aversion coefficient. [ABSTRACT FROM AUTHOR]

This article, written by Julie Elion for Golf Magazine, discusses the importance of setting positive goals in the game of golf. Elion, a mental coach for PGA Tour professionals, emphasizes the role of the mind as the most challenging hazard in golf. She encourages golfers to identify personal goals before each event, with a focus on conscious positive intentions. Elion explains that players who focus on positive goals tend to perform better than those who play with fear of negative outcomes. She also highlights the importance of maintaining a positive mindset and reinforcing good energy for concentration and focus. The article concludes by mentioning that next month's topic will be neuroscience and goal setting. [Extracted from the article]

Do policymakers learn from the policy experiences of other governments, and if so, what do they learn? A long-established normative claim suggests that intergovernmental learning can and should occur among the US states, which serve as "laboratories of democracy" for the nation. We put this claim to a tough test, comparing the influences on the diffusion of instrumental Targeted Regulation of Abortion Providers (TRAP) laws with that of more symbolic abortion regulation, from 1993 to 2016. We find evidence of substantive intergovernmental learning in policy diffusion even for abortion regulation--but only for instrumental abortion regulation. On symbolic abortion policy, states appear to learn mainly political lessons. Furthermore, proponents and opponents appear to learn different lessons in these diffusions, with loss aversion motivating opponents especially highly. Our results suggest that policymakers have a sophisticated understanding of the differences among policies' goals and act strategically in pursuit of those goals. [ABSTRACT FROM AUTHOR]

A report from Yonsei University in South Korea explores the relationship between religion, personality traits, and economic preference parameters. The study investigates whether there are differences in economic preferences, such as risk attitude and time preference, between religious denominations. The research finds no significant correlation between religious affiliation, personality traits, and economic preference parameters. These findings suggest that previously observed differences may be influenced by other factors or the preference measures used. [Extracted from the article]

New research from the University of Zurich explores the relationship between anxiety symptoms and decision-making in patients with generalized anxiety disorder (GAD). The study found that individuals with GAD exhibited increased risk aversion after worry induction, suggesting that decision-making disruptions in anxiety disorders may be driven by anxiety symptoms such as worry. These findings have implications for the development of treatment strategies that focus on worry management and interventions targeting uncertainty exposure. The study highlights the importance of considering emotional states in research on decision-making in anxiety disorders. [Extracted from the article]

A study examined how recalling negative or positive life experiences affects the acceptance of mixed gambles, which simulate choices in life that involve both risks and opportunities. The study found that recalling a negative life experience significantly reduced the average expected value of accepted gambles, while recalling a positive life experience also had a similar effect, although to a lesser extent. However, these effects were only observed in individuals living in poverty, while non-poor individuals were not affected. The findings suggest that the burden of poverty can increase loss aversion and discourage the poor from accepting risky investments that could help them escape poverty in the long run. [Extracted from the article]

The article focuses on a study investigating how induced worry affects risk aversion in patients with Generalized Anxiety Disorder (GAD). Topics include the impact of worry induction on risk versus loss aversion, differences in decision-making between anxious patients and healthy controls, and implications for understanding and treating anxiety-related decision-making disruptions.

This article discusses a study that examined economic risk preferences in a large sample of adolescents and adults. The study aimed to understand the role of incidental affective factors in decision-making related to economic risks. The researchers tested six psychological determinants of risk preference and found that adolescents demonstrated a reduced bias towards negatively skewed risks compared to young adults. Positive affect influenced risk preference for all participants, but adults and adolescents differed in the direction of risk. The study contributes to understanding the development of economic choice and affective factors that influence decision-making. [Extracted from the article]

The article discusses the lessons learned from the first quarter of 2024 in terms of behavioral finance and its impact on investment decisions. It highlights the influence of emotional responses on investment choices and the importance of understanding psychological biases. The article emphasizes the merit of a long-term investment approach, diversification as a risk management strategy, and the need to ignore market "noise." It also emphasizes the importance of emotional equilibrium and managing volatility through asset allocation and strategies like rand-cost averaging. By internalizing these principles, investors can enhance their prospects for long-term growth and success. [Extracted from the article]

This article discusses a study that explores the relationship between stress, decision-making, and the release of catecholamines in the brain. The researchers conducted experiments on rats using various drugs to induce stress and monitor the release of norepinephrine (NE) and dopamine (DA) in specific brain regions. They found that stress-induced changes in catecholamine release can influence decision-making and motivation, and that the drug yohimbine can modulate these effects. However, the impact of yohimbine on decision-making strategy was minimal. This study provides insights into the neurobiological mechanisms underlying stress and decision-making, but it should be noted that it has not yet undergone peer review. [Extracted from the article]

A study examined how recalling negative or positive life experiences affects the acceptance of mixed gambles, which simulate choices in life that involve both risks and opportunities. The study found that recalling a negative life experience significantly reduced the average expected value of accepted gambles, while recalling a positive life experience also had a similar effect, although to a lesser extent. However, these effects were only observed in individuals living in poverty, while non-poor individuals were not affected. The findings suggest that the burden of poverty can increase loss aversion and discourage the poor from accepting risky investments that could help them escape poverty in the long run. [Extracted from the article]

This article discusses a study that examined economic risk preferences in a large sample of adolescents and adults. The study found that adolescents demonstrated higher positive affect and reduced negativity bias in economic risk preference compared to adults. Positive affect boosted risk preference for all subjects, but adults and adolescents differed in risk direction, indicating differences in subjective valuation. The study contributes to understanding the development of economic choice and has implications for improving individual and societal risk-related decisions. [Extracted from the article]

A preprint abstract from osf.io discusses a study that examines risk-taking behavior in relation to cosmetic surgery attitudes. The study used the Balloon Analogue Risk Task and computational modeling to measure decision-making behavior in women with and without a history of cosmetic surgery. The findings suggest that women with greater acceptance of cosmetic surgery may make more risky decisions and place less emphasis on possible losses. The study highlights the importance of communicating potential losses to women considering cosmetic procedures. [Extracted from the article]

A report from Nanjing Medical University in Jiangsu, China, discusses the experience of lay responders performing cardiopulmonary resuscitation (CPR). The researchers conducted a qualitative evidence synthesis using various databases and identified four analytical themes: emotional ambivalence before CPR, psychological tolerance during CPR, perceived experience after CPR, and enhancing psychological resilience. The study highlights the complex psychological experiences faced by lay responders during CPR and suggests the need for timely retraining, as well as instruction on managing psychological distress and improving resilience. The researchers emphasize the importance of ongoing psychological intervention and follow-up for the long-lasting psychological sequelae. [Extracted from the article]

Purpose: The aim of this study, the moderating effect of pleasure-seeking and loss aversion, was investigated in relation to the big five personality traits with regard to risky investment intentions. Design/methodology/approach: In the study, the data was obtained between January and November 2019 via an online survey with convenience sampling. The total number of subjects is 886. The authors used IBM SPSS Statistics for analysis. Exploratory factor analysis, correlation analysis, regression analysis and discriminant analysis were performed. Findings: Significant relationships were found between five personality traits and risky investment intentions. In these relationships, the moderator effect of pleasure-seeking for extraversion, conscientiousness and neuroticism personality traits was also determined. Besides, investment preferences for choosing "unknown and new investment" against "known and experienced investment", which is a typical feature of the balloon periods, were modeled with big five personality traits and motivation variables (pleasure-seeking and loss aversion) and the equation was formed. As a result, high accuracy classification success was obtained. Originality/value: The study is unique owing to its findings. In addition, general risk aversion and risky investment intention were investigated simultaneously to explain the different findings in the literature regarding the attitude of big five personality traits to risk and personality traits that show consistent approach were identified. [ABSTRACT FROM AUTHOR]

According to a preprint abstract, individuals with high levels of Generalised Anxiety Disorder (GAD) exhibit increased loss aversion but no differences in risk aversion compared to less anxious individuals. The study aimed to understand the impact of anxiety on decision-making and its relationship to behaviors during the COVID pandemic, such as wearing face masks and completing a vaccination course. The findings suggest that anxiety may influence decision-making processes and could provide insights for clinical intervention. However, the study has not yet undergone peer review. [Extracted from the article]

Psilocybin, a compound found in certain mushrooms, has shown promise as a potential treatment for depression. Clinical trials have found that psilocybin can increase positive mood and decrease pessimism. However, the specific mechanisms by which psilocybin affects decision-making are not well understood. A recent study using rats found that psilocybin increased task engagement and led to more rewards, potentially through modifying forgetting rates and reducing loss aversion. These findings suggest that psilocybin may promote an optimism bias by altering belief updating, which could be beneficial for individuals who lack optimism. It is important to note that this study is a preprint and has not yet undergone peer review. [Extracted from the article]

This article discusses the impact of stress on decision-making behavior and neurotransmitter release in the brain. The study used rats trained on a decision-making task to examine the effects of stress on the release of norepinephrine (NE) and dopamine (DA) in the basolateral amygdala (BLA) and nucleus accumbens (NAc), respectively. The researchers found that stress biased the rats' decisions towards safety, but this aversion to loss could be blocked by the alpha 2A receptor antagonist, yohimbine. They also discovered that systemic injections of yohimbine could modulate stress-induced catecholamine release, optimizing decision strategy and motivational state. [Extracted from the article]

This article discusses the lack of formal models to explain interpersonal problems in mental disorders such as depression and social anxiety disorder. The authors propose a simulation using agent-based modeling to study interpersonal decision-making in a "trust game." They find that agents with biased expectations or preferences show idiosyncratic interpersonal inference and that these biases can affect the total earned rewards. The authors suggest that this model has potential applications in psychopathological research, personalized diagnostics, and individualized treatment planning. However, it is important to note that this preprint has not been peer-reviewed. [Extracted from the article]

Loss aversion is a human tendency to strongly dislike losing, which can be seen in various aspects of our lives. This aversion is believed to have evolved from our ancestors' survival instincts, where the cost of making a mistake or experiencing a loss was more detrimental than the benefits of a gain. This explains why we may hold onto losing stocks and sell winning ones prematurely, as well as our inclination to buy products with return policies. Insurance companies also leverage this aversion, and even sportspeople take fewer risks when winning. Interestingly, our aversion to loss increases as we become wealthier. Stoic philosophers taught that one way to temper the pain of loss is to imagine that the precious possession or person was never owned in the first place. On the other hand, we can learn to appreciate what we have by picturing it disappearing at any moment. [Extracted from the article]

SHARES On the broking desk, some years ago, it must have been a slow day, one of my colleagues asked the question, "What's the best way to lose $5000 in the stockmarket?" There are a lot of ways to receive a share-trading education these days, so many places to put in your credit card number and receive instant sharemarket gratification. So, to guide you along your way, I have put together a list of things you might like to consider before forking out for guaranteed trading success: Trading success cannot be "delivered", packaged, achieved with a credit card or achieved in quick time. [Extracted from the article]

She says, "Part of John Wesley's teaching was a spiritual practice he calls, "blessed subtraction" -- removing non-essential things and activities in your life. His idea of stewardship had its impetus in God's ownership of everything, which included Wesley's possessions. Crenshaw explains, "John Wesley's perspective of stewardship aligns with God's perspective of stewardship. [Extracted from the article]

• A green winner determination with conflicting and interactive attributes is studied. • The loss-averse behavior with an internal reference point of a 4PL is considered. • Prospect theory and Choquet integral are integrated into AHP for decision making. • A novel, effective, and robust method is proposed for determination of green 3PLs. • Managerial insights are drawn for 4PLs and 3PLs in the logistics industry. Existing winner determination models tend to overlook the sustainable attributes of third party logistics (3PL) providers. This paper investigates a novel green winner determination problem that has several features, including (i) the sustainable attributes with conflicting and interactive properties of potential 3PLs, and (ii) the loss-averse behavior with an internal reference point of a fourth party logistics (4PL) provider. For the attributes with a combination of crisp data, interval numbers and intuitionistic 2-tuple linguistic terms, we integrate the prospect theory (PT) and Choquet integral with the "benefits, opportunities, costs and risks (BOCR)" framework to propose a novel PTC-BOCR solution method. Numerical experiments are conducted to illustrate the effectiveness and applicability of PTC-BOCR by comparing it with some known methods. Comparison analysis indicates that PTC-BOCR is robust with respect to the variance of 3PLs' attribute values, while behavioral parameter analysis reveals that the loss-averse behavior of the 4PL is intensified as the difference of 3PLs varies. Managerial insights are also drawn for green 3PLs to win the auction. This study is a significant extension of traditional decision-making methods, which could benefit the realization of a sustainable logistics system in a cost-effective way for 4PLs. [ABSTRACT FROM AUTHOR]

Double hierarchy hesitant fuzzy linguistic term sets (DHHFLTSs) can describe hesitation more accurately and reasonably than other linguistic representation models by adding a second hierarchy hesitant fuzzy linguistic term set. The Dempster–Shafer evidence theory (DSET) can minimize the loss of evaluation information in denoting and fusing uncertain information, and TODIM (an acronym in Portuguese for interactive and multi-criteria decision making) can consider the loss aversion behavior of decision makers (DMs). Considering their unique advantages, in this study, we propose a novel multiple criteria group decision-making method based on DSET and TODIM under the DHHFLTSs. First, we improve the cumulative functions and distance measure of DHHFLTSs. Next, we apply DSET to fuse double hierarchy hesitant fuzzy linguistic (DHHFL) information provided by a group of experts and obtain an evidence matrix consisting of belief degrees and DHHFLTSs. Then, we use the TODIM method to address the evidence matrix based on improved cumulative functions and distance measures to obtain the final ranking results. Finally, a weight determination model is constructed based on information entropy in the scenario of completely unknown weights. The newly proposed method reduces the loss of evaluation information and also considers the loss aversion behavior of DMs. Furthermore, an application example of a postgraduate course evaluation is used to demonstrate the effectiveness and rationality of the proposed method. Additionally, we compare the proposed method with other existing methods to further demonstrate the advantages of the proposed method. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to study the decision-making behavior of the initiator and the participant under innovative and project-based tasks, respectively. It further explores the impact of the participant's loss aversion and the initiator's incentive level on the participant's optimal effort level to reveal the implicit managerial mechanism. Design/methodology/approach: This paper uses the Principal-agent Theory, Prospect Theory and Game Theory to study the decision-making behavior in crowdsourcing tasks. First, according to the return at the reference point, it establishes the utility function models of the participant and the initiator. Second, based on diverse loss aversion coefficient and incentive coefficient, it constructs the decision-making models of two types of task respectively. Third, it verifies the validity of models through simulation analysis. Findings: For innovative task, the participant's optimal effort level increases with the increment of loss aversion and incentive level, but decreases with the increase of his effort cost. For project-based task, the participant's optimal effort level rises with the decrease of loss aversion; if the initiator does not take appropriate incentives, information asymmetry will lead to the task becoming a low-level innovation approach. Moreover, under innovative task, when the participant has loss aversion (or loss aversion reversal), his optimal effort level is higher (or lower) than that with no loss aversion, while the result under project-based task is just the opposite. Originality/value: This paper characterizes two types of crowdsourcing task. Based on the prospect theory, it develops the decision-making models of the participant and the initiator under innovative and project-based tasks, thus exploring the impact of loss aversion and incentive level on their decision-making behavior. According to the findings in this paper, the initiator may effectively speculate the participant's effort level and adopt reasonable monetary incentive measures to optimize the crowdsourcing return. In addition, this study can provide some reference for the design of incentive mechanism in crowdsourcing tasks and improve the relevant research of crowdsourcing. [ABSTRACT FROM AUTHOR]

A study conducted by researchers at Shandong University of Science and Technology in Qingdao, China, explores the impact of loss aversion on service pricing in a queue. The study focuses on two types of customers: experienced customers who can accurately calculate their expected utilities, and first-time customers who are loss-averse and experience additional gain-loss utilities. By analyzing customers' willingness to pay, the researchers determine the equilibrium joining and balking behaviors for each type of customer, leading to optimal pricing decisions for service providers. The study provides insights into the psychological heterogeneity in queues and its implications. [Extracted from the article]

According to a preprint abstract, individuals with high levels of Generalised Anxiety Disorder (GAD) exhibit increased loss aversion but no differences in risk aversion compared to less anxious individuals. The study investigated the decision-making behavior of anxious individuals in a gambling task and found that their impairment may be due to aversion to uncertainty and negative outcomes. However, there were no links found between risk and loss aversion and attitudes towards COVID and vaccines. These findings provide insights into the relationship between anxiety and decision-making and may have implications for clinical intervention. Please note that this preprint has not been peer-reviewed. [Extracted from the article]

This paper reports a prospect theory-based consensus model in multi-attribute group decision making. First, the attribute expectations are regarded as the reference points of decision makers in prospect theory. The attribute values are transformed into the prospect values based on the value function. Then a new consensus measure is proposed to quantify the consensus level. A feedback adjustment mechanism is constructed to improve the consensus level under prospect theory. The convergence of the proposed algorithm is proved. It is found that the proposed mechanism can lessen the work burden of DMs as compared with the existing methods. Finally, the weights of attributes are computed by constructing an optimization model that maximizes the sum of prospect values. Case study and comparative analysis are offered to illustrate the novelty and advantage of the proposed model. The obtained results reveal that an increasing loss aversion enhances the difficulty of reaching consensus. [ABSTRACT FROM AUTHOR]

The term "cardinal utility theory" is new to most businessmen. But it is a term that will appear more and more regularly in management articles, books, meetings, and discussions in the future. It is a useful concept, may lead to surprising findings, and (just to clinch matters) is now being taught to students in business schools. This article is the first one to explain for businessmen the rudiments of utility theory. The description of these principles comes in the first main section of the text. There follows a short discussion of some questions that elicit divided thought among scholars (this part may be of particular interest to those trying to evaluate current research efforts). In the final sections, the author describes some results and implications of a recent study employing utility theory concepts. These unusual findings bear on businessmen's attitudes toward risk and should be of quite general interest to policy makers. [ABSTRACT FROM AUTHOR]

A recent report from Erasmus University in Rotterdam, Netherlands explores the aversion to loss of local facilities and the psychological biases that influence people's perception of closure. The study found that individuals attach more value to facilities they are familiar with and that closure is negatively evaluated. The research suggests that the endowment effect, where people place more value on something they possess, plays a role in the perceived loss of local facilities. The study hopes to stimulate further research into the relationship between psychological biases, place attachment, and aversion to loss of place. [Extracted from the article]