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David Gal
David Gal is Professor of Marketing at the University of Illinois at Chicago. He is best known for his critiques of behavioral economics, and in particular his critique of the behavioral economics concept of loss aversion. Academic career Gal received his Ph.D. from Stanford University in 2007. He joined the faculty of The Kellogg School of Management at Northwestern University where he remained until 2014, at which time he joined the faculty of The University of Illinois at Chicago. His research has been published in Journal of Consumer Research, Journal of Marketing Research, Journal of Marketing, Judgment and Decision Making, Psychological Science, Management Science, and Journal of the American Statistical Association. It has been featured in the ''New York Times'', ''Wall Street Journal'', ''The Toronto Star'', ''Time'', ''Harvard Business Review'', and ''The Globe and Mail','' among other outlets. He was named a Marketing Science Institute Young Scholar in 2013 and a Market ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Illinois At Chicago
The University of Illinois Chicago (UIC) is a public research university in Chicago, Illinois, United States. Its campus is in the Near West Side community area, adjacent to the Chicago Loop. The second campus established under the University of Illinois system, UIC is also the largest university in the Chicago metropolitan area, having more than 33,000 students enrolled in 16 colleges. It is classified among "R1: Doctoral Universities – Very high research activity." UIC competes in NCAA Division I Missouri Valley Conference. History Beginnings The University of Illinois Chicago traces its origins to several health colleges founded during the late 19th century, including the Chicago College of Pharmacy, which opened in 1859, the College of Physicians and Surgeons (1882), and the Columbian College of Dentistry (1893). The University of Illinois was chartered in 1867 in Champaign-Urbana, as the state's land-grant university. In exchange for agreeing to the Champaign-Ur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Daniel Kahneman
Daniel Kahneman (; ; March 5, 1934 – March 27, 2024) was an Israeli-American psychologist best known for his work on the psychology of judgment and decision-making as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences together with Vernon L. Smith. Kahneman's published empirical findings challenge the assumption of human rationality prevailing in modern economic theory. Kahneman became known as the "grandfather of behavioral economics." With Amos Tversky and others, Kahneman established a cognitive basis for common human errors that arise from heuristics and biases, and developed prospect theory. In 2011, Kahneman was named by ''Foreign Policy'' magazine in its list of top global thinkers. In the same year, his book '' Thinking, Fast and Slow'', which summarizes much of his research, was published and became a best seller. In 2015, ''The Economist'' listed him as the seventh most influential economist in the world. Kah ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stanford University Alumni
Leland Stanford Junior University, commonly referred to as Stanford University, is a private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth governor of and then-incumbent United States senator representing California) and his wife, Jane, in memory of their only child, Leland Jr. The university admitted its first students in 1891, opening as a coeducational and non-denominational institution. It struggled financially after Leland died in 1893 and again after much of the campus was damaged by the 1906 San Francisco earthquake. Following World War II, university provost Frederick Terman inspired an entrepreneurial culture to build a self-sufficient local industry (later Silicon Valley). In 1951, Stanford Research Park was established in Palo Alto as the world's first university research park. By 2021, the university had 2,288 tenure-line faculty, senior fellows, center fellows, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Illinois Faculty
A university () is an institution of tertiary education and research which awards academic degrees in several academic disciplines. ''University'' is derived from the Latin phrase , which roughly means "community of teachers and scholars". Universities typically offer both undergraduate and postgraduate programs. The first universities in Europe were established by Catholic monks. The University of Bologna (), Italy, which was founded in 1088, is the first university in the sense of: *being a high degree-awarding institute. *using the word (which was coined at its foundation). *having independence from the ecclesiastic schools and issuing secular as well as non-secular degrees (with teaching conducted by both clergy and non-clergy): grammar, rhetoric, logic, theology, canon law and notarial law.Hunt Janin: "The university in medieval life, 1179–1499", McFarland, 2008, , p. 55f.de Ridder-Symoens, Hilde''A History of the University in Europe: Volume 1, Universities in the Middl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Science
Science is a systematic discipline that builds and organises knowledge in the form of testable hypotheses and predictions about the universe. Modern science is typically divided into twoor threemajor branches: the natural sciences, which study the physical world, and the social sciences, which study individuals and societies. While referred to as the formal sciences, the study of logic, mathematics, and theoretical computer science are typically regarded as separate because they rely on deductive reasoning instead of the scientific method as their main methodology. Meanwhile, applied sciences are disciplines that use scientific knowledge for practical purposes, such as engineering and medicine. The history of science spans the majority of the historical record, with the earliest identifiable predecessors to modern science dating to the Bronze Age in Ancient Egypt, Egypt and Mesopotamia (). Their contributions to mathematics, astronomy, and medicine entered and shaped the Gree ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Status Quo Bias
A status quo bias or default bias is a cognitive bias which results from a preference for the maintenance of one's existing state of affairs. The current baseline (or status quo) is taken as a reference point, and any change from that baseline is perceived as a loss or gain. Corresponding to different alternatives, this current baseline or default option is perceived and evaluated by individuals as a positive. Status quo bias should be distinguished from a rational preference for the status quo, as for when the current state of affairs is more beneficial to the available alternatives, or when imperfect information is a significant problem. A large body of evidence, however, shows that status quo bias frequently affects human decision-making. Status quo bias should also be distinguished from psychological inertia, which refers to a lack of intervention in the current course of affairs. The bias intersects with other non-rational cognitive processes such as loss aversion, in which l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Endowment Effect
In psychology and behavioral economics, the endowment effect, also known as divestiture aversion, is the finding that people are more likely to retain an object they own than acquire that same object when they do not own it. The endowment theory can be defined as "an application of prospect theory positing that loss aversion associated with ownership explains observed exchange asymmetries." This is typically illustrated in two ways. In a valuation paradigm, people's maximum willingness to pay (WTP) to acquire an object is typically lower than the least amount they are willing to accept (WTA) to give up that same object when they own it—even when there is no cause for attachment, or even if the item was only obtained minutes ago. In an exchange paradigm, people given a good are reluctant to trade it for another good of similar value. For example, participants first given a pen of equal expected value to that of a coffee mug were generally unwilling to trade, whilst participants f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Psychological Inertia
Psychological inertia is the tendency to maintain the status quo (or default option) unless compelled by a psychological motive to intervene or reject this. Psychological inertia is similar to the status-quo bias but there is an important distinction in that psychological inertia involves inhibiting any action, whereas the status-quo bias involves avoiding any change which would be perceived as a loss. Research into psychological inertia is limited, particularly into its causes, but it has been seen to affect decision-making by causing individuals to automatically choose or prefer the default option, even if there is a more beneficial option available to them, unless motivated to reject this option. For example, psychological inertia may cause individuals to continue with their investments later than they should, despite information telling them otherwise, causing them to suffer greater losses than they would have if they had disinvested earlier. Psychological inertia has also s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Colada
Data Colada is a blog dedicated to investigative analysis and Replication crisis, replication of academic research, focusing in particular on the validity of findings in the Social science, social sciences. It is known for its advocacy against problematic research practices such as P-Hacking, ''p''-hacking, and for publishing evidence of data manipulation and research misconduct in several prominent cases, including celebrity professors Dan Ariely and Francesca Gino. Data Colada was established in 2013 by three Behavioural sciences, behavioral science researchers: Uri Simonsohn, a professor at ESADE Business School, Barcelona/Spain (as of 2023), Leif Nelson, a professor at the University of California, Berkeley, and Joe Simmons, a professor at the University of Pennsylvania. History Around 2011, Simmons, Nelson and Simonsohn "bonded over the false, ridiculous, and flashy findings that the field [of behavioral sciences] was capable of producing", such as a paper by Cornell psycho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Amos Tversky
Amos Nathan Tversky (; March 16, 1937 – June 2, 1996) was an Israeli cognitive and mathematical psychologist and a key figure in the discovery of systematic human cognitive bias and handling of risk. Much of his early work concerned the foundations of measurement. He was co-author of a three-volume treatise, ''Foundations of Measurement''. His early work with Daniel Kahneman focused on the psychology of prediction and probability judgment; later they worked together to develop prospect theory, which aims to explain irrational human economic choices and is considered one of the seminal works of behavioral economics. Six years after Tversky's death, Kahneman received the 2002 Nobel Memorial Prize in Economic Sciences for work he did in collaboration with Amos Tversky. While Nobel Prizes are not awarded posthumously, Kahneman has commented that he feels "it is a joint prize. We were twinned for more than a decade." Tversky also collaborated with many leading researchers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing Science Institute
The Marketing Science Institute (MSI) is a corporate-membership-based organization. MSI was founded in 1961 and is headquartered in Cambridge, Massachusetts. MSI financially supports academic research on topics of importance to business performance. Every two years, MSI asks the board of trustees to provide input to help set priorities for the research that will guide activities for the next few years. MSI supports studies by academics on these issues and disseminates the results through conferences, workshops, webinars, publications, and online content. History In 1961, Scott Paper Company President Thomas B. McCabe founded the “Institute for Science in Marketing” with input from leading thinkers John Howard, Albert Wesley Frey, and Wroe Alderson. Twenty-nine companies responded to his membership appeal, establishing MSI as a nonprofit organization that would “contribute to the emergence of a definitive science of marketing” and “stimulate increased application of scie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavioral economics is still growing as a field, being used increasingly in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
