The study aimed toanalyzethe role of individual’s level of cognitive abilities in making financial decisions and whether these abilities are affected by their behavioral biases. Cognitive reflection test (Fredrick, 2005) was used to investigate that whether behavioral biases that play major role in financial decisions are relatedwith cognitive abilities. The research found that individuals who scored high on CRT are less likely to overconfidence, conjunction fallacy and conservatism biases. The research also related CRT with subjects such as time preferences and risk preferences and found that high score group are more patient and more risk seeker in domain of gain and less risk seeker in domain of losses. However behavioral biases are lower for people having higher cognitive abilities but they are still present in financial decisions
Assessed genetic disorders and evaluated need for prevention. Research included Delphi based studies conducted by ScienceDirect and TechCast Global. The primary objective to estimate a timeline and likeliness for a cure to Down syndrome.
All optical single module phase encoded half-adder and halfsubtractor exploit...IOSR Journals
Abstract: The development of all optical super fast arithmetic logic unit (ALU) is one of the most important
requirement for construction of super fast all optical processor. All optical half-adder and half-subtractor have
performed most of the essential functions of the arithmetic logic unit. Here in this paper the author has
proposed a scheme of single module for phase encoded simultaneous operation of half-addition and halfsubtraction
for the same input bits using four wave mixing (FWM) in semiconductor optical amplifier (SOA).
This type of single module for simultaneous operations using phase encoding based on the difference of phase
with the reference signal one through FWM in SOA will gives fast response to accomplish the demand of super
fast all optical processing.
Keywords - ALU, FWM, SOA, half-adder and half-subtractor.
Exploring Values and Value Streams by BPM method solved by Lean Management toolIOSR Journals
This paper suggests a continuous improvement plan that can satisfy customer’s value and eliminate
waste in the enterprise business process. In order to explore the applicability of lean management principles in
the enterprise business process, the five fundamental concepts (specify value, identify the value stream, flow,
pull, and perfection) of lean management are being used as a stable and proved approach. In addition, Business
Process Management is applied as a new method to constantly improve the elimination of waste in the
enterprise business process. This can be accomplished by the lean management concept. Moreover business
process problems, such as overlapping work, redoing work, communication gaps, inflexible processes, and
obscure processes, have the possibility of being solved by lean management.
Lean management has traditionally been adopted by manufacturing industries to improve operations through
the identification and elimination of all forms of waste basically. The construction industry has also adopted this
philosophy, primarily in the field of projects. In order to increase an organization’s competitiveness and
productivity, lean management is needed in the any business process as well as in the field. The intent of this
work is to explore a method of introducing lean management which continuously improves any business
processes. The five fundamental concepts (specify value, identify the value stream, flow, pull, and perfection) of
lean management as an approach are being adapted in this project to improve quality of the processes. Hence
the main objective of this paper to apply the tool of lean and six sigma management to improve the elimination
of waste in the enterprises business process. Followed by a literature review which provides a brief summary of
lean thinking and six sigma along with challenges might face while implementing. A case study follows that
demonstrates how; Business Process Management is applied as a tool, method to constantly improve the
business process.
Text Independent Speaker Identification Using Imfcc Integrated With IcaIOSR Journals
Abstract: Over the years, more research work has been reported in literature regarding text independent
speaker identification using MFC coefficients. MFCC is one of the best methods modeled on human auditory
system. Murali et al (2011) [1] has developed a Text independent speaker identification using MFC coefficients
which follows Generalized Gaussian mixer model. MFCC, because of its filter bank structure it captures the
characteristics of information more effectively in lower frequency region than higher region, because of this,
valuable information in high frequency region may be lost. In this paper we rectify the above problem by
retrieving the information in high frequency region by inverting the Mel bank structure. The dimensionality and
dependency of above features were reduced by integrating with ICA. Here Text Independent Speaker
Identification system is developed by using Generalized Gaussian Mixer Model .By the experimentation, it was
observed that this model outperforms the earlier existing models.
Keywords: Independent Component Analysis; Generalized Gaussian Mixer Model; Inverted Mel frequency
cepstral coefficients; Bayesian classifier; EM algorithm.
Assessed genetic disorders and evaluated need for prevention. Research included Delphi based studies conducted by ScienceDirect and TechCast Global. The primary objective to estimate a timeline and likeliness for a cure to Down syndrome.
All optical single module phase encoded half-adder and halfsubtractor exploit...IOSR Journals
Abstract: The development of all optical super fast arithmetic logic unit (ALU) is one of the most important
requirement for construction of super fast all optical processor. All optical half-adder and half-subtractor have
performed most of the essential functions of the arithmetic logic unit. Here in this paper the author has
proposed a scheme of single module for phase encoded simultaneous operation of half-addition and halfsubtraction
for the same input bits using four wave mixing (FWM) in semiconductor optical amplifier (SOA).
This type of single module for simultaneous operations using phase encoding based on the difference of phase
with the reference signal one through FWM in SOA will gives fast response to accomplish the demand of super
fast all optical processing.
Keywords - ALU, FWM, SOA, half-adder and half-subtractor.
Exploring Values and Value Streams by BPM method solved by Lean Management toolIOSR Journals
This paper suggests a continuous improvement plan that can satisfy customer’s value and eliminate
waste in the enterprise business process. In order to explore the applicability of lean management principles in
the enterprise business process, the five fundamental concepts (specify value, identify the value stream, flow,
pull, and perfection) of lean management are being used as a stable and proved approach. In addition, Business
Process Management is applied as a new method to constantly improve the elimination of waste in the
enterprise business process. This can be accomplished by the lean management concept. Moreover business
process problems, such as overlapping work, redoing work, communication gaps, inflexible processes, and
obscure processes, have the possibility of being solved by lean management.
Lean management has traditionally been adopted by manufacturing industries to improve operations through
the identification and elimination of all forms of waste basically. The construction industry has also adopted this
philosophy, primarily in the field of projects. In order to increase an organization’s competitiveness and
productivity, lean management is needed in the any business process as well as in the field. The intent of this
work is to explore a method of introducing lean management which continuously improves any business
processes. The five fundamental concepts (specify value, identify the value stream, flow, pull, and perfection) of
lean management as an approach are being adapted in this project to improve quality of the processes. Hence
the main objective of this paper to apply the tool of lean and six sigma management to improve the elimination
of waste in the enterprises business process. Followed by a literature review which provides a brief summary of
lean thinking and six sigma along with challenges might face while implementing. A case study follows that
demonstrates how; Business Process Management is applied as a tool, method to constantly improve the
business process.
Text Independent Speaker Identification Using Imfcc Integrated With IcaIOSR Journals
Abstract: Over the years, more research work has been reported in literature regarding text independent
speaker identification using MFC coefficients. MFCC is one of the best methods modeled on human auditory
system. Murali et al (2011) [1] has developed a Text independent speaker identification using MFC coefficients
which follows Generalized Gaussian mixer model. MFCC, because of its filter bank structure it captures the
characteristics of information more effectively in lower frequency region than higher region, because of this,
valuable information in high frequency region may be lost. In this paper we rectify the above problem by
retrieving the information in high frequency region by inverting the Mel bank structure. The dimensionality and
dependency of above features were reduced by integrating with ICA. Here Text Independent Speaker
Identification system is developed by using Generalized Gaussian Mixer Model .By the experimentation, it was
observed that this model outperforms the earlier existing models.
Keywords: Independent Component Analysis; Generalized Gaussian Mixer Model; Inverted Mel frequency
cepstral coefficients; Bayesian classifier; EM algorithm.
Evaluation of Wash and Light Fastness of Some Selected Printed FabricsIOSR Journals
Abstract: The printed fabrics were subjected to ISO2, ISO3, and ISO4 wash fastness test and assessed for
change in colour and staining using the grey scale. The change in colour of the tested specimen and the staining
of the adjacent undyed cloths were assessed with the appropriate grey scales. The fabrics were also tested for
light fastness property. The specimen and the blue standard were exposed behind a glass and inserted into the
light fastness testing machine. Exposure was carried out for 48 hours. Based on the research carried out, it was
found that the selected foreign fabrics show a higher wash and light fastness property as compared to the local
fabrics which also show high wash and light fastness property.
Supplier ranking and selection in a bakeryIOSR Journals
Supplier evaluation and selection is a fundamental problem in supply chain management. Many
companies may not know how to evaluate proposed suppliers to integrate the different criteria upon which they
want to make their decision. A number of techniques have been employed to solve this problem but were not
able tosufficiently incorporate qualitative criteria into consideration for estimation of their alternatives.
A multi-criteria decision-making (MCDM) methodology, the Analytical Hierarchy Process (AHP), which takes
into consideration both quantitative and qualitative criteria, was used to evaluate three suppliers of improvers
(a major ingredient) for bread production in a bakery,UIB, in southwest Nigeria. This method uses a ranking
scale when comparing alternatives. A consistency ratio is estimated when data have been collected to check for
the consistency of judgments to ensure an accurate result is obtained with the method.
It was discovered that Supplier C adds more value to UIB because it had the highest priority weight of 0.346,
although it was keenly followed by suppliers B and C with weights 0.336 and 0.317 respectively.
Results showed that each supplier fared well under one criteria or the other and there was a generally
good performance from all suppliers.
Parametric Optimization of Eicher 11.10 Chassis Frame for Weight Reduction Us...IOSR Journals
Abstract: The chassis serves as a backbone for supporting the body and different parts of the automobile. It
should be rigid enough to withstand the shock, twist, vibration and other stresses. Along with strength, an
important consideration in chassis design is to have adequate bending stiffness. The main objective of the
research is to obtain the minimum weight of Eicher 11.10 chassis frame. The chassis frame is made of two side
members joined with a series of cross members. The number of cross members, their locations, cross-section
and the sizes of the side and the cross members becomes the design variables. The chassis frame model is to be
developed in Solid works and analyzed using Ansys. Since the no. of parameters and levels are more, the
probable models are too many. So, to select optimum parameters among them large no of modeling and analysis
work is involved which consumes more time. To overcome this problem TAGUCHI method along with FEA is
use. The weight reduction of the side bar is achieved by changing the Parameters using orthogonal array. Then
FEA is performed on those models to get the best solution. This method can save material used, production cost
and time.
Keywords: Parametric optimization, Chassis frame, FE analysis, FEA-DOE hybrid modeling, Weight
reduction
Comparative Analysis of Varios Diversity Techniques for Ofdm SystemsIOSR Journals
In this paper, three transmit diversity techniques are proposed that use extra transmit antennas to
obtain additional diversity. An analytical expression for the signal-to-noise ratio (SNR) and bit-error-rate at the
output of a three-branch maximal ratio combining, equal gain combining and selection diversity system is given.
The three branches are assumed to be Rayleigh fading, correlated with the BPSK modulation. Measurements of
the signal-to-noise ratio and bit-error-rate after selection, equal gain combining and maximal ratio combining
were made in Rayleigh fading channels and compared with the analytical results. Also presented are the exact
analytical average probabilities of bit error for coherent binary phase-shift keying for three-branch maximal
ratio combining, equal gain combining and selective diversity for Rayleigh fading channel. All these three
branches is compared on the basis of signal to noise ratio and bit error rate with the increasing no. of receiver.
This work confirms the benefits of choosing the maximal ratio combining instead of equal gain combining and
selection diversity by measuring the performances of these three branches for SNR and BER.
Non Revenue Water Reduction- A Tool for Achiving 24x7 Water SupplyIOSR Journals
The availability of water at cheaper rates promotes the wasteful use of water. People give little or no
attention towards conservation of water. For sustenance of any water supply scheme it is essential that
revenue collected should be sufficient to maintain O & M cost and further development activities. Presently
there is major portion of Non Revenue Water (NRW) in the developing countries and there is urgent need to
curb it for efficient functioning of water supply schemes
Towards Web 3.0: An Application Oriented ApproachIOSR Journals
Abstract: The World Wide Web (WWW) is global information medium, where users can read and write using
computers over internet. Web is one of the services available on internet. The Web was created in 1989 by Sir
Tim Berners-Lee. Since then a great refinement has done in the web usage and development of its applications.
In this paper we would like to present different stages of web growth starting from its inception to the present
web in terms of its technologies and applications.
Rehabilitation Process and Persons with Physical DysfunctionsIOSR Journals
Abstract: The main purpose of this study is to determine rehabilitation process and persons with physical
dysfunctions. To achieve the purpose of this study, three hypotheses were formulated. Ex-post facto research
design was adopted for the study. A sample of one hundred persons with disabilities was randomly selected for
the study. The selection was done through the simple random sampling technique. This was to give equal and
independent opportunity to all the respondents to be selected for the study. The questionnaire was the major
instrument used for data collection. The instrument was subjected to both face and content validation by expert
in measurement and evaluation. The reliability estimate of the instrument was established through the test-retest
reliability method Pearson product correlation analysis and independent t-test were employed were adopted to
test the hypotheses at .05 level of significance. The result of the analysis reveals that rehabilitation significantly
relates with persons with orthopedic and neurological impairments. The result also revealed that there is a
significant difference between male and female disabled persons in their perception of rehabilitation of persons
with other health impairments.
Keywords: Rehabilitation process, persons, physical, dysfunctions.
Effect of Isolated and Combined Training of Weight and Plyometric Training on...IOSR Journals
Abstract: The reason for this study was to figure out the impact of disconnected and joined weight and
plyometric preparing on chosen physical and physiological variables around school men. To confirm the
progressions because of the impact of weight preparing on chosen physical and physiological variables around
school men, plyometric preparing on chosen physical and physiological variables around school men. To
confirm the progressions because of the joined impact of weight and plyometric preparing on chosen physical
and physiological around school men. The reason for the study was to discover the impact of weight, Plyometric
and Combined preparing on chosen physical and physiological variables to be specific hazardous force, husky perseverance, brawny quality, speed, resting beat rate, breathing holding time and cardiovascular continuance
around school men. To realize the motivation behind this study, 80 school men learner were chosen at irregular
from in and around the Krishna region of Andhra Pradesh, their age ran from 18-23 years. They were
partitioned into four equivalent bunches and every gathering comprised 20 subjects. Group-An experienced
weight preparing; Group-B experienced Plyometric preparing and Group-C experienced joined preparing for
three days for every week for 12 weeks and Group D went about as a control that did not include any
uncommon preparing separated from the customary curricular exercises. While plyometric preparing is
requesting and place respectable push on the figure. The volume and power of the plyometric preparing inside
every these categorise might be directed to low and high practice. The subject of the plyometric assembly
cleared the base quality prerequisite test and exhibits both static and changing control test of their physique
weight with single leg squat, low power place plyometric preparing.
Keywords: Physiological, College Men, Plyometric, variables, Weight.
A Survey of Agent Based Pre-Processing and Knowledge RetrievalIOSR Journals
Abstract: Information retrieval is the major task in present scenario as quantum of data is increasing with a
tremendous speed. So, to manage & mine knowledge for different users as per their interest, is the goal of every
organization whether it is related to grid computing, business intelligence, distributed databases or any other.
To achieve this goal of extracting quality information from large databases, software agents have proved to be
a strong pillar. Over the decades, researchers have implemented the concept of multi agents to get the process
of data mining done by focusing on its various steps. Among which data pre-processing is found to be the most
sensitive and crucial step as the quality of knowledge to be retrieved is totally dependent on the quality of raw
data. Many methods or tools are available to pre-process the data in an automated fashion using intelligent
(self learning) mobile agents effectively in distributed as well as centralized databases but various quality
factors are still to get attention to improve the retrieved knowledge quality. This article will provide a review of
the integration of these two emerging fields of software agents and knowledge retrieval process with the focus
on data pre-processing step.
Keywords: Data Mining, Multi Agents, Mobile Agents, Preprocessing, Software Agents
Anisotropic Bianchi Type-III Dark Energy Model with Time-Dependent Decelerati...IOSR Journals
An anisotropic Bianchi type-III cosmological model is investigated in a Saez-Ballester scalar-tensor theory of gravitation. Three different time-dependent skewness parameters along spatial directions are introduced to represent the deviation of pressure from isotropy. To get deterministic solutions of the field equations, we choose variation law of scale factor 𝑆= (𝑡𝑟𝑒𝑡)1𝑙 which yields a time-dependent deceleration parameter (DP) representing a model that generates a transition of the universe from the early decelerating phase to the present accelerating phase. Some physical and geometrical properties of the model are also discussed.
Influence of the speed in advance and the laser’s power on the zone affected ...IOSR Journals
Abstract: The Laser cutting is a very important manufacturing technology. But this method has some
disadvantages, among which we find the emergence of a Thermically Affected Zone ZAT can dramatically alter
the characteristics of the processed material which affects its behaviour during its use. For this, we have tried in
this article to study the effect of the forward speed and the laser power in this area (thickness, hardening). In
this context, tests were made on steel C45 where we relied on the method of experiment plans to create a
mathematical model Significant coefficients are obtained by carrying out a variance analysis ANOVA on the
level of 5% of significance. We find that the speed in advance and the power of the laser have a great effect on
the ZAT.
Keywords: Cutting, Laser CO2, Heat Affected Zone.
A Utility Interactive Electricity Generation Schemes with Renewable ResourcesIOSR Journals
Abstract: In the recent year’s power utility of coastal areas are experiencing relatively large quantum of solar and wind energy. If the wind is heavy it might produce larger sea waves of high energy contents. The electricity needs of a township or a village situated in a coastal area can be partially fulfilled by installing a modular mini electricity generating unit and an intensified solar heat extractor in buildings. Also, installation of medium sized windmill plant, solar heated steam turbine electricity generator and sea wave energy extracting plants could fulfill the rest of the electricity needs of the township. Here we discuss the regulation of the voltage and frequency of a stand-alone fixed-pitch wind energy conversion system (WECS) based on a self-excited squirrel-cage induction machine. The characteristics of the wind turbine, self-excited generator, and the ratings of the VSI are considered in order to determine the load range for which voltageand frequency can be regulated for a given wind speed range. Keywords: Solar panel, solar tracker, solar water heater,renewable energy, wind mills, induction generator, load management.
Implementation of Wireless Communication using Adaptive Beamforming of Smart ...IOSR Journals
Abstract : As the growing demand for mobile communications is constantly increasing, the need for better coverage, improved capacity, and higher transmission quality rises. Thus, a more efficient use of the radio spectrum is required. A smart antenna system is capable of efficiently utilizing the radio spectrum and is an effective solution to the present wireless system problems while achieving reliable and robust high-speed, high-data-rate transmission. Smart antenna technology offer significantly improved solution to reduce interference level and improve system capacity. Smart antenna technology attempts to address this problem via advanced signal processing technology called beamforming. Adaptive beamforming is used for enhancing a desired signal while suppressing noise and interference at the output of an array of sensors. , in this paper work, a robust adaptive beamforming algorithm using smart antenna base station system, is to investigated its performance in presence of multipath components and multiple users .The capability of smart antenna and adaptive antenna easily employable to cognitive radio and OFDM system. Keywords - Smart/adaptive antenna, beamforming, DSP, OFDM
RFID Based Warehouse Management of Perishable ProductsIOSR Journals
Abstract: The changing global market scenario, high level of competition, and faster obsolescence of
perishable products due to short self life and changing customer demand are among the key challenges faced by
perishable supply chains. Supply chains need to compete with growing variety of products, short delivery time,
higher cycle service level, high quality and lower cost. Perishability imposes an intense pressure on managers
as it adds an additional cost of disposal of outdated items, leading to out-of-stock situations and also loss of
company faith. These problems are arising mostly due to the lack of information at every stage of the supply
chains. The inadequate information about product quality, quantity, demand variability, product availability
and lead times creates the bullwhip effect (BWE) at all stages and chains leads to the mismanagement.
RFID technologies, with the appropriate IT infrastructure, would help major distributors and manufacturers, as
well as health-care system, defence industries, and global supply chains in which products and product
shipments must be traced and identified in a non-contact, wireless fashion using a computer network. This
paper presents the impact of RFID in warehouse management of perishable products. It provides mathematical
framework to asses the benefits of RFID in warehouse management. It helps management in the variety of ways
including improvement in receiving and shipping processes, reduction in cycle counting efforts, reduction in
stock outs/excess inventory, decreased counterfeiting, decreased returns, and reduction in inventory loss due to
shrinkage and obsolescence. A sensitivity analysis has been presented at the end of paper which shows the
compound effect of RFID, reduction in lead time and lead time variability. In all scenarios inventory level is
reduced by certain percentage by incorporating RFID.
Keywords— Supply chain management, Perishable product, Inventory, RFID, Warehouse.
Fraud Prevention, Mitigation and Management Practices In Nigerian FirmsIOSR Journals
This paper examined fraud prevention, mitigation and management practices. The respondents were 294 persons drawn from business owners, accountants, investors, bankers, and managers in Port Harcourt. The spearman’s rank order correlation coefficient statistical tool of the statistical package for social sciences (SPSS) was used to test the hypotheses. Results indicated that there is a significant relationship between internal control system and reduction in the manipulation of records; and there is a significant relationship between internal auditing and the prevention of assets defalcations.It was concluded that businesses operate in a risky environment where errors and irregularities which may result into fraud can occur. Fraud is an act of deception which is perpetrated by someone in authority for the illegal acquisition of the assets of an organization that he or she is entrusted to take care of. Thus, efficient and effective internal control system with adequate internal auditing should be provided to prevent, mitigate and manage all forms of fraudulent activities in organizations. In the lightof our findings from the study, we recommendedthat the management of firms should have mechanisms for theproper documentations of their assets, and that the management of organizations should provide mechanisms to safeguard all their physical assets.
The Evaluation of the Seismic Vulnerability of Reinforced Concrete Building i...IOSR Journals
The work is presented in the context of estimating the seismic vulnerability of reinforced concrete
building by determining the maximum displacements of all levels of the studied building and stability factors, by
comparing the seismic shifts in the three areas of Morocco, using seismic regulations 2000, different
vulnerabilities studies allowed us to establish a new concept of the economic impact of the optimal sizing and
Design of Adjustable Reconfigurable Wireless Single Core CORDIC based Rake Re...IOSR Journals
In wireless communication system transmitted signals are subjected to multiple reflections,
diffractions and attenuation caused by obstacles such as buildings and hills, etc. At the receiver end, multiple
copies of the transmitted signal are received that arrive at clearly distinguishable time instants and are faded by
signal cancellation. Rake receiver is a technique to combine these so called multi-paths [2] by utilizing multiple
correlation receivers allocated to those delay positions on which the significant energy arrives which achieves a
significant improvement in the SNR of the output signal. This paper shows how the rake, including dispreading
and descrambling could be replaced by a receiver that can be implemented on a CORDIC based hardware
architecture. The performance in conjunction with the computational requirements of the receiver is widely
adjustable which is significantly better than that of the conventional rake receiver
Computer aided environment for drawing (to set) fill in the blank from given ...IOSR Journals
Abstract: In this paper, we present Development of computer aided environment for drawing (to set) fill in the
blanks that can generate for given paragraph. The System finds fill in the blanks, blanking key generates from
the selected statement. Syntactic and lexical features are used in this process. NLP parser is used, part of speech
taggers are applied on each of these sentences to encode necessary information.
We present our work in designing and implementing the system which generate the blanks. The System is
developed in Java using JDBC which is open source.
Keyword: Natural Language Processing NLP, Key selection, POS tagging, Sentence selection
Sisal and its Potential for Creating Innovative Employment Opportunities and ...IOSR Journals
The tremendous potential of sisal (Agave sp.) as an important plant resource has not so far been fully
exploited in our country. Sisal leaves yield quality fibres, which are utilized for conventional purposes like
ropes, anchors, cordage and handicrafts. The superior engineering properties of sisal makes it an excellent
green material for its application in major sectors like marine, automotive, construction and renewable energy
etc. Preliminary investigations indicate that there is a great scope for the development of sisal based
technologies for rural and engineering applications. The sisal fibre and its allied activities could augment
employment opportunities for income generation in rural sector, whereas its engineering applications can
generate substantial employment potential in semi-urban and urban areas. New opportunities for the use of
sisal fibre as a reinforcing fibre in commodity papers potentially offers large markets and employment
generation for rural area people in India
INVESTIGATE THE ROLE OF IMPULSIVITY IN DECISIONS MAKING DURING GAMBLING TASK:...Gyan Prakash
The aim of the current study is to understand impulsivity, reward and loss sensitivity in decision making using Iowa Gambling Task and investigate how impulsivity affects decision- making using BIS/BAS scale. We investigate how the personality trait determines decision making using NEO-FFI scale. Method: We assessed 130 participants for conducting two types of experiment (1) Choice Behavior Test is conducted with the help of Iowa Gambling Task (IGT) on the computer screen.(2) Personality Test is conducted with the help of Behavior Inhibition system and Behavior Approach System (BIS/BAS), NEO-F FI( NEO-Five Factor Inventory) scale and Rational-Experiential Inventory (REI).Results: The result indicated that participants who were low on impulsivity fared worst on IGT task compared to the participants who were high on impulsivity. Similar results were demonstrated for personality traits and information processing styles. The results imply that personality traits determine decision-making process. Similarly, information processing styles evaluate preferences for information processing that determine the decisions making and Impulsivity affects decision making
“Impact of Behavioral Biases on Investors Decision Making: Male Vs Female”IOSR Journals
This study aims to investigate the influence of behavioral biases on investment decisions made by students and employees. This objective was achieved by administering a questionnaire and collecting empirical data from graduate & post graduate students and employees about their own perceptions of biases. Questionnaire was distributed among the sample of hundred students/employees from which 45% were students and 55% were employees. Two statistical techniques were used to analyze collected data. Correlation was used to analyze the relationship of overconfidence bias with illusion of control bias, familiarity bias, loss aversion bias and confirmation bias. Chi-square was used to determine the significant difference between the responses of male and female about overconfidence bias. Results of this study reports weak negative correlation between overconfidence bias and other behavioral bias discussed in the study. This study concludes there is no significant difference between the responses of male and female decision making regarding overconfidence bias.
Evaluation of Wash and Light Fastness of Some Selected Printed FabricsIOSR Journals
Abstract: The printed fabrics were subjected to ISO2, ISO3, and ISO4 wash fastness test and assessed for
change in colour and staining using the grey scale. The change in colour of the tested specimen and the staining
of the adjacent undyed cloths were assessed with the appropriate grey scales. The fabrics were also tested for
light fastness property. The specimen and the blue standard were exposed behind a glass and inserted into the
light fastness testing machine. Exposure was carried out for 48 hours. Based on the research carried out, it was
found that the selected foreign fabrics show a higher wash and light fastness property as compared to the local
fabrics which also show high wash and light fastness property.
Supplier ranking and selection in a bakeryIOSR Journals
Supplier evaluation and selection is a fundamental problem in supply chain management. Many
companies may not know how to evaluate proposed suppliers to integrate the different criteria upon which they
want to make their decision. A number of techniques have been employed to solve this problem but were not
able tosufficiently incorporate qualitative criteria into consideration for estimation of their alternatives.
A multi-criteria decision-making (MCDM) methodology, the Analytical Hierarchy Process (AHP), which takes
into consideration both quantitative and qualitative criteria, was used to evaluate three suppliers of improvers
(a major ingredient) for bread production in a bakery,UIB, in southwest Nigeria. This method uses a ranking
scale when comparing alternatives. A consistency ratio is estimated when data have been collected to check for
the consistency of judgments to ensure an accurate result is obtained with the method.
It was discovered that Supplier C adds more value to UIB because it had the highest priority weight of 0.346,
although it was keenly followed by suppliers B and C with weights 0.336 and 0.317 respectively.
Results showed that each supplier fared well under one criteria or the other and there was a generally
good performance from all suppliers.
Parametric Optimization of Eicher 11.10 Chassis Frame for Weight Reduction Us...IOSR Journals
Abstract: The chassis serves as a backbone for supporting the body and different parts of the automobile. It
should be rigid enough to withstand the shock, twist, vibration and other stresses. Along with strength, an
important consideration in chassis design is to have adequate bending stiffness. The main objective of the
research is to obtain the minimum weight of Eicher 11.10 chassis frame. The chassis frame is made of two side
members joined with a series of cross members. The number of cross members, their locations, cross-section
and the sizes of the side and the cross members becomes the design variables. The chassis frame model is to be
developed in Solid works and analyzed using Ansys. Since the no. of parameters and levels are more, the
probable models are too many. So, to select optimum parameters among them large no of modeling and analysis
work is involved which consumes more time. To overcome this problem TAGUCHI method along with FEA is
use. The weight reduction of the side bar is achieved by changing the Parameters using orthogonal array. Then
FEA is performed on those models to get the best solution. This method can save material used, production cost
and time.
Keywords: Parametric optimization, Chassis frame, FE analysis, FEA-DOE hybrid modeling, Weight
reduction
Comparative Analysis of Varios Diversity Techniques for Ofdm SystemsIOSR Journals
In this paper, three transmit diversity techniques are proposed that use extra transmit antennas to
obtain additional diversity. An analytical expression for the signal-to-noise ratio (SNR) and bit-error-rate at the
output of a three-branch maximal ratio combining, equal gain combining and selection diversity system is given.
The three branches are assumed to be Rayleigh fading, correlated with the BPSK modulation. Measurements of
the signal-to-noise ratio and bit-error-rate after selection, equal gain combining and maximal ratio combining
were made in Rayleigh fading channels and compared with the analytical results. Also presented are the exact
analytical average probabilities of bit error for coherent binary phase-shift keying for three-branch maximal
ratio combining, equal gain combining and selective diversity for Rayleigh fading channel. All these three
branches is compared on the basis of signal to noise ratio and bit error rate with the increasing no. of receiver.
This work confirms the benefits of choosing the maximal ratio combining instead of equal gain combining and
selection diversity by measuring the performances of these three branches for SNR and BER.
Non Revenue Water Reduction- A Tool for Achiving 24x7 Water SupplyIOSR Journals
The availability of water at cheaper rates promotes the wasteful use of water. People give little or no
attention towards conservation of water. For sustenance of any water supply scheme it is essential that
revenue collected should be sufficient to maintain O & M cost and further development activities. Presently
there is major portion of Non Revenue Water (NRW) in the developing countries and there is urgent need to
curb it for efficient functioning of water supply schemes
Towards Web 3.0: An Application Oriented ApproachIOSR Journals
Abstract: The World Wide Web (WWW) is global information medium, where users can read and write using
computers over internet. Web is one of the services available on internet. The Web was created in 1989 by Sir
Tim Berners-Lee. Since then a great refinement has done in the web usage and development of its applications.
In this paper we would like to present different stages of web growth starting from its inception to the present
web in terms of its technologies and applications.
Rehabilitation Process and Persons with Physical DysfunctionsIOSR Journals
Abstract: The main purpose of this study is to determine rehabilitation process and persons with physical
dysfunctions. To achieve the purpose of this study, three hypotheses were formulated. Ex-post facto research
design was adopted for the study. A sample of one hundred persons with disabilities was randomly selected for
the study. The selection was done through the simple random sampling technique. This was to give equal and
independent opportunity to all the respondents to be selected for the study. The questionnaire was the major
instrument used for data collection. The instrument was subjected to both face and content validation by expert
in measurement and evaluation. The reliability estimate of the instrument was established through the test-retest
reliability method Pearson product correlation analysis and independent t-test were employed were adopted to
test the hypotheses at .05 level of significance. The result of the analysis reveals that rehabilitation significantly
relates with persons with orthopedic and neurological impairments. The result also revealed that there is a
significant difference between male and female disabled persons in their perception of rehabilitation of persons
with other health impairments.
Keywords: Rehabilitation process, persons, physical, dysfunctions.
Effect of Isolated and Combined Training of Weight and Plyometric Training on...IOSR Journals
Abstract: The reason for this study was to figure out the impact of disconnected and joined weight and
plyometric preparing on chosen physical and physiological variables around school men. To confirm the
progressions because of the impact of weight preparing on chosen physical and physiological variables around
school men, plyometric preparing on chosen physical and physiological variables around school men. To
confirm the progressions because of the joined impact of weight and plyometric preparing on chosen physical
and physiological around school men. The reason for the study was to discover the impact of weight, Plyometric
and Combined preparing on chosen physical and physiological variables to be specific hazardous force, husky perseverance, brawny quality, speed, resting beat rate, breathing holding time and cardiovascular continuance
around school men. To realize the motivation behind this study, 80 school men learner were chosen at irregular
from in and around the Krishna region of Andhra Pradesh, their age ran from 18-23 years. They were
partitioned into four equivalent bunches and every gathering comprised 20 subjects. Group-An experienced
weight preparing; Group-B experienced Plyometric preparing and Group-C experienced joined preparing for
three days for every week for 12 weeks and Group D went about as a control that did not include any
uncommon preparing separated from the customary curricular exercises. While plyometric preparing is
requesting and place respectable push on the figure. The volume and power of the plyometric preparing inside
every these categorise might be directed to low and high practice. The subject of the plyometric assembly
cleared the base quality prerequisite test and exhibits both static and changing control test of their physique
weight with single leg squat, low power place plyometric preparing.
Keywords: Physiological, College Men, Plyometric, variables, Weight.
A Survey of Agent Based Pre-Processing and Knowledge RetrievalIOSR Journals
Abstract: Information retrieval is the major task in present scenario as quantum of data is increasing with a
tremendous speed. So, to manage & mine knowledge for different users as per their interest, is the goal of every
organization whether it is related to grid computing, business intelligence, distributed databases or any other.
To achieve this goal of extracting quality information from large databases, software agents have proved to be
a strong pillar. Over the decades, researchers have implemented the concept of multi agents to get the process
of data mining done by focusing on its various steps. Among which data pre-processing is found to be the most
sensitive and crucial step as the quality of knowledge to be retrieved is totally dependent on the quality of raw
data. Many methods or tools are available to pre-process the data in an automated fashion using intelligent
(self learning) mobile agents effectively in distributed as well as centralized databases but various quality
factors are still to get attention to improve the retrieved knowledge quality. This article will provide a review of
the integration of these two emerging fields of software agents and knowledge retrieval process with the focus
on data pre-processing step.
Keywords: Data Mining, Multi Agents, Mobile Agents, Preprocessing, Software Agents
Anisotropic Bianchi Type-III Dark Energy Model with Time-Dependent Decelerati...IOSR Journals
An anisotropic Bianchi type-III cosmological model is investigated in a Saez-Ballester scalar-tensor theory of gravitation. Three different time-dependent skewness parameters along spatial directions are introduced to represent the deviation of pressure from isotropy. To get deterministic solutions of the field equations, we choose variation law of scale factor 𝑆= (𝑡𝑟𝑒𝑡)1𝑙 which yields a time-dependent deceleration parameter (DP) representing a model that generates a transition of the universe from the early decelerating phase to the present accelerating phase. Some physical and geometrical properties of the model are also discussed.
Influence of the speed in advance and the laser’s power on the zone affected ...IOSR Journals
Abstract: The Laser cutting is a very important manufacturing technology. But this method has some
disadvantages, among which we find the emergence of a Thermically Affected Zone ZAT can dramatically alter
the characteristics of the processed material which affects its behaviour during its use. For this, we have tried in
this article to study the effect of the forward speed and the laser power in this area (thickness, hardening). In
this context, tests were made on steel C45 where we relied on the method of experiment plans to create a
mathematical model Significant coefficients are obtained by carrying out a variance analysis ANOVA on the
level of 5% of significance. We find that the speed in advance and the power of the laser have a great effect on
the ZAT.
Keywords: Cutting, Laser CO2, Heat Affected Zone.
A Utility Interactive Electricity Generation Schemes with Renewable ResourcesIOSR Journals
Abstract: In the recent year’s power utility of coastal areas are experiencing relatively large quantum of solar and wind energy. If the wind is heavy it might produce larger sea waves of high energy contents. The electricity needs of a township or a village situated in a coastal area can be partially fulfilled by installing a modular mini electricity generating unit and an intensified solar heat extractor in buildings. Also, installation of medium sized windmill plant, solar heated steam turbine electricity generator and sea wave energy extracting plants could fulfill the rest of the electricity needs of the township. Here we discuss the regulation of the voltage and frequency of a stand-alone fixed-pitch wind energy conversion system (WECS) based on a self-excited squirrel-cage induction machine. The characteristics of the wind turbine, self-excited generator, and the ratings of the VSI are considered in order to determine the load range for which voltageand frequency can be regulated for a given wind speed range. Keywords: Solar panel, solar tracker, solar water heater,renewable energy, wind mills, induction generator, load management.
Implementation of Wireless Communication using Adaptive Beamforming of Smart ...IOSR Journals
Abstract : As the growing demand for mobile communications is constantly increasing, the need for better coverage, improved capacity, and higher transmission quality rises. Thus, a more efficient use of the radio spectrum is required. A smart antenna system is capable of efficiently utilizing the radio spectrum and is an effective solution to the present wireless system problems while achieving reliable and robust high-speed, high-data-rate transmission. Smart antenna technology offer significantly improved solution to reduce interference level and improve system capacity. Smart antenna technology attempts to address this problem via advanced signal processing technology called beamforming. Adaptive beamforming is used for enhancing a desired signal while suppressing noise and interference at the output of an array of sensors. , in this paper work, a robust adaptive beamforming algorithm using smart antenna base station system, is to investigated its performance in presence of multipath components and multiple users .The capability of smart antenna and adaptive antenna easily employable to cognitive radio and OFDM system. Keywords - Smart/adaptive antenna, beamforming, DSP, OFDM
RFID Based Warehouse Management of Perishable ProductsIOSR Journals
Abstract: The changing global market scenario, high level of competition, and faster obsolescence of
perishable products due to short self life and changing customer demand are among the key challenges faced by
perishable supply chains. Supply chains need to compete with growing variety of products, short delivery time,
higher cycle service level, high quality and lower cost. Perishability imposes an intense pressure on managers
as it adds an additional cost of disposal of outdated items, leading to out-of-stock situations and also loss of
company faith. These problems are arising mostly due to the lack of information at every stage of the supply
chains. The inadequate information about product quality, quantity, demand variability, product availability
and lead times creates the bullwhip effect (BWE) at all stages and chains leads to the mismanagement.
RFID technologies, with the appropriate IT infrastructure, would help major distributors and manufacturers, as
well as health-care system, defence industries, and global supply chains in which products and product
shipments must be traced and identified in a non-contact, wireless fashion using a computer network. This
paper presents the impact of RFID in warehouse management of perishable products. It provides mathematical
framework to asses the benefits of RFID in warehouse management. It helps management in the variety of ways
including improvement in receiving and shipping processes, reduction in cycle counting efforts, reduction in
stock outs/excess inventory, decreased counterfeiting, decreased returns, and reduction in inventory loss due to
shrinkage and obsolescence. A sensitivity analysis has been presented at the end of paper which shows the
compound effect of RFID, reduction in lead time and lead time variability. In all scenarios inventory level is
reduced by certain percentage by incorporating RFID.
Keywords— Supply chain management, Perishable product, Inventory, RFID, Warehouse.
Fraud Prevention, Mitigation and Management Practices In Nigerian FirmsIOSR Journals
This paper examined fraud prevention, mitigation and management practices. The respondents were 294 persons drawn from business owners, accountants, investors, bankers, and managers in Port Harcourt. The spearman’s rank order correlation coefficient statistical tool of the statistical package for social sciences (SPSS) was used to test the hypotheses. Results indicated that there is a significant relationship between internal control system and reduction in the manipulation of records; and there is a significant relationship between internal auditing and the prevention of assets defalcations.It was concluded that businesses operate in a risky environment where errors and irregularities which may result into fraud can occur. Fraud is an act of deception which is perpetrated by someone in authority for the illegal acquisition of the assets of an organization that he or she is entrusted to take care of. Thus, efficient and effective internal control system with adequate internal auditing should be provided to prevent, mitigate and manage all forms of fraudulent activities in organizations. In the lightof our findings from the study, we recommendedthat the management of firms should have mechanisms for theproper documentations of their assets, and that the management of organizations should provide mechanisms to safeguard all their physical assets.
The Evaluation of the Seismic Vulnerability of Reinforced Concrete Building i...IOSR Journals
The work is presented in the context of estimating the seismic vulnerability of reinforced concrete
building by determining the maximum displacements of all levels of the studied building and stability factors, by
comparing the seismic shifts in the three areas of Morocco, using seismic regulations 2000, different
vulnerabilities studies allowed us to establish a new concept of the economic impact of the optimal sizing and
Design of Adjustable Reconfigurable Wireless Single Core CORDIC based Rake Re...IOSR Journals
In wireless communication system transmitted signals are subjected to multiple reflections,
diffractions and attenuation caused by obstacles such as buildings and hills, etc. At the receiver end, multiple
copies of the transmitted signal are received that arrive at clearly distinguishable time instants and are faded by
signal cancellation. Rake receiver is a technique to combine these so called multi-paths [2] by utilizing multiple
correlation receivers allocated to those delay positions on which the significant energy arrives which achieves a
significant improvement in the SNR of the output signal. This paper shows how the rake, including dispreading
and descrambling could be replaced by a receiver that can be implemented on a CORDIC based hardware
architecture. The performance in conjunction with the computational requirements of the receiver is widely
adjustable which is significantly better than that of the conventional rake receiver
Computer aided environment for drawing (to set) fill in the blank from given ...IOSR Journals
Abstract: In this paper, we present Development of computer aided environment for drawing (to set) fill in the
blanks that can generate for given paragraph. The System finds fill in the blanks, blanking key generates from
the selected statement. Syntactic and lexical features are used in this process. NLP parser is used, part of speech
taggers are applied on each of these sentences to encode necessary information.
We present our work in designing and implementing the system which generate the blanks. The System is
developed in Java using JDBC which is open source.
Keyword: Natural Language Processing NLP, Key selection, POS tagging, Sentence selection
Sisal and its Potential for Creating Innovative Employment Opportunities and ...IOSR Journals
The tremendous potential of sisal (Agave sp.) as an important plant resource has not so far been fully
exploited in our country. Sisal leaves yield quality fibres, which are utilized for conventional purposes like
ropes, anchors, cordage and handicrafts. The superior engineering properties of sisal makes it an excellent
green material for its application in major sectors like marine, automotive, construction and renewable energy
etc. Preliminary investigations indicate that there is a great scope for the development of sisal based
technologies for rural and engineering applications. The sisal fibre and its allied activities could augment
employment opportunities for income generation in rural sector, whereas its engineering applications can
generate substantial employment potential in semi-urban and urban areas. New opportunities for the use of
sisal fibre as a reinforcing fibre in commodity papers potentially offers large markets and employment
generation for rural area people in India
INVESTIGATE THE ROLE OF IMPULSIVITY IN DECISIONS MAKING DURING GAMBLING TASK:...Gyan Prakash
The aim of the current study is to understand impulsivity, reward and loss sensitivity in decision making using Iowa Gambling Task and investigate how impulsivity affects decision- making using BIS/BAS scale. We investigate how the personality trait determines decision making using NEO-FFI scale. Method: We assessed 130 participants for conducting two types of experiment (1) Choice Behavior Test is conducted with the help of Iowa Gambling Task (IGT) on the computer screen.(2) Personality Test is conducted with the help of Behavior Inhibition system and Behavior Approach System (BIS/BAS), NEO-F FI( NEO-Five Factor Inventory) scale and Rational-Experiential Inventory (REI).Results: The result indicated that participants who were low on impulsivity fared worst on IGT task compared to the participants who were high on impulsivity. Similar results were demonstrated for personality traits and information processing styles. The results imply that personality traits determine decision-making process. Similarly, information processing styles evaluate preferences for information processing that determine the decisions making and Impulsivity affects decision making
“Impact of Behavioral Biases on Investors Decision Making: Male Vs Female”IOSR Journals
This study aims to investigate the influence of behavioral biases on investment decisions made by students and employees. This objective was achieved by administering a questionnaire and collecting empirical data from graduate & post graduate students and employees about their own perceptions of biases. Questionnaire was distributed among the sample of hundred students/employees from which 45% were students and 55% were employees. Two statistical techniques were used to analyze collected data. Correlation was used to analyze the relationship of overconfidence bias with illusion of control bias, familiarity bias, loss aversion bias and confirmation bias. Chi-square was used to determine the significant difference between the responses of male and female about overconfidence bias. Results of this study reports weak negative correlation between overconfidence bias and other behavioral bias discussed in the study. This study concludes there is no significant difference between the responses of male and female decision making regarding overconfidence bias.
Effect of Psychological Dispositions on Intuitive Forecasting: An Experiment...inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
ORIGINAL RESEARCHpublished 12 January 2018doi 10.3389.docxvannagoforth
ORIGINAL RESEARCH
published: 12 January 2018
doi: 10.3389/fpsyg.2017.02324
Frontiers in Psychology | www.frontiersin.org 1 January 2018 | Volume 8 | Article 2324
Edited by:
Damien Brevers,
Université Libre de Bruxelles, Belgium
Reviewed by:
Charles W. Mathias,
University of Texas Health Science
Center San Antonio, United States
Caroline Quoilin,
Université Catholique de Louvain,
Belgium
*Correspondence:
Ana P. G. Jelihovschi
[email protected]
Specialty section:
This article was submitted to
Psychopathology,
a section of the journal
Frontiers in Psychology
Received: 22 December 2016
Accepted: 20 December 2017
Published: 12 January 2018
Citation:
Jelihovschi APG, Cardoso RL and
Linhares A (2018) An Analysis of the
Associations among Cognitive
Impulsiveness, Reasoning Process,
and Rational Decision Making.
Front. Psychol. 8:2324.
doi: 10.3389/fpsyg.2017.02324
An Analysis of the Associations
among Cognitive Impulsiveness,
Reasoning Process, and Rational
Decision Making
Ana P. G. Jelihovschi*, Ricardo L. Cardoso and Alexandre Linhares
Fundacao Getulio Vargas, Brazilian School of Public and Business Administration, Rio de Janeiro, Brazil
Impulsivity may lead to several unfortunate consequences and maladaptive behaviors for
both clinical and nonclinical people. It has a key role in many forms of psychopathology.
Although literature has discussed the negative impact of impulsivity, few have
emphasized the relationship between cognitive impulsiveness and decision making. The
aim of this study is to investigate the effects of cognitive impulsiveness on decision
making and explore the strategies used by participants to solve problems. For this
purpose, we apply two measures of impulsivity: the self-report Barratt Impulsiveness
Scale (BIS-11) and the performance based Cognitive Reflection Test (CRT). Moreover, we
evaluate participants’ reasoning processes employed to answer CRT questions based on
the calculation expressions, data organization, and erasures they made while answering
the CRT (note that we utilized the instruments using pen and paper). These reasoning
processes are related to the role of executive functions in decision making, and its
relationship with impulsiveness. The sample consists of 191 adults, who were either
professionals or undergraduate students from the fields of business, management, or
accounting. The results show that cognitive impulsiveness may negatively affect decision
making, and that those who presented the calculation to answer the CRT questions
made better decisions. Moreover, there was no difference in the strategies used by
impulsive vs. nonimpulsive participants during decision making. Finally, people who
inhibited their immediate answers to CRT questions performed better during decision
making.
Keywords: impulsivity, BIS-11, reflectivity, CRT, executive functions, dual process, reasoning process, decision
making
1. INTRODUCTION
Cognitive impulsiveness may lead ...
RESEARCH ARTICLEJuvenile competency to stand trial in crim.docxaudeleypearl
RESEARCH ARTICLE
Juvenile competency to stand trial in criminal court and brain
function
Roni Mayzer
a
*, April R. Bradley
b
, Holly Rusinko
b
and Troy W. Ertelt
b
a
Department of Criminal Justice, University of North Dakota, Grand Forks, USA;
b
Department of Psychology, University of North Dakota, Grand Forks, USA
(Received 19 September 2008; final version received 21 May 2009)
Current estimates indicate that approximately 200,000 juveniles are
transferred to the (adult) criminal court system each year and it is often
required that the juvenile’s ability to function in adult criminal
proceedings be assessed by a mental health professional. We review
the literature on the assessment of juvenile competency to stand trial in
criminal court, adolescent brain development, and related cognitive
skills. We conclude that integrative developmental theories are needed
to guide research and provide theoretical pathways to apply neuropsy-
chological information to juvenile competency behaviors and the
assessment of these behaviors.
Keywords: adolescence; cognitive functioning; criminal procedure;
developmental; forensic
Over the past decade an increasing number of juvenile offenders have been
moved to the American (adult) criminal court system (Snyder & Sickmund,
1999). While it is difficult to assess the exact number of transferred children
and adolescents, the best available estimates suggest around 200,000 cases
annually (American Bar Association Criminal Justice Section, 2001).
Unfortunately, research indicates poorer outcomes (i.e., higher re-arrest
rates) for those moved to criminal court compared to those who remain in
juvenile court (MacArthur Foundation Research Network, 2006). This has
led to questions about juveniles’ competency to participate in the trial
process in an adult setting. How much do competence-related abilities
depend on developmental maturity in cognitive, social, and underlying
neurological domains? An appreciation of the extent to which juvenile
offenders demonstrate competence-related abilities is crucial in order to
engage in a criminal justice process free from coercion and to design policies
for the adjudication of juveniles appropriate to their developmental level
(Melton, Petrila, Poythress, & Slobogin, 1997).
*Corresponding author. Email: [email protected]
The Journal of Forensic Psychiatry & Psychology
Vol. 20, No. 6, December 2009, 785–800
ISSN 1478-9949 print/ISSN 1478-9957 online
� 2009 Taylor & Francis
DOI: 10.1080/14789940903174089
http://www.informaworld.com
Increasingly, the field of criminology has also recognized the importance
of developmental perspectives for understanding the etiology of crime and
delinquency. Key theorists (e.g., Moffitt, 1993) have proposed explanations
for life-course-persistent offending which implicate neuropsychological
impairments in executive and verbal functions. However, relatively few
studies have included neuropsychological assessments, and brain imaging
techn ...
ACCT500 – Economics Module Week 6 – Microeconomics Applications
INSTRUCTOR VIEW
Week 6 includes four (4) applications in major areas in Microeconomics: 1) Scarcity/Incentives; 2) Opportunity Costs; 3) Supply and Demand; and 4) Market Equilibrium. You must complete all four applications. The options for each application are located in the textbook.
Students will select one of the Options listed for each of the applications and will complete a draft essay for each of the applications. The drafts will be submitted for grading by the end of Week 6.
The Week 6 Assignment grading is as follows.
Applications 1, 2, 3, and 4: 9 points each
Articulation and APA: 2 points
The grading rubric for Week 6 is located on the Week 6 Assignments page.
Students will complete your Final Essay for each application as part of the Economics Assessment due by the end of Week 8. Final Assessment grading is as follows:
Applications 1, 2, 3, and 4: 27 points each
Articulation and APA: 12 points
The grading rubric for Economics Module Assessment is located on the Economics Module Assessment - Assignments page.
It is important to provide feedback as quickly as possible for the Week 6 Homework draft essays so that the students can begin working on the Final essays due in Week 8.
APPLICATION 1 - SCARCITY/INCENTIVES:
Prior to completing the application, it is highly recommended that students review Chapters 1 and 2 to gain a solid foundation.
Option 1: “INCENTIVES TO BUY HYBRID VEHICLES”
OPTION 2: “THE ECONOMIC SOLUTION TO SPAM”
APPLICATION 2: OPPORTUNITY COSTS:
Prior to completing the application, it is highly recommended that students review Chapters 1 and 2 to gain a solid foundation.
Option 1: DON’T FORGET THE COSTS OF TIME AND INVESTED FUNDS
option 2: HOW FAST TO SAIL?
APPLICATION 3: Law of SUPPLY AND DEMAND:
Prior to completing the application, it is highly recommended that students review Chapter 3 to gain a solid foundation.
Option 1: LAW OF DEMAND AND CIGARETTES
Option 2: LAW OF SUPPLY AND WOOLYMPICS
APPLICATION 4: Market Analysis (Equilibrium)
Prior to completing the application, it is highly recommended that students review Chapters 3 and 4 to gain a solid foundation.
Option 1: Equilibrium: CHINESE DEMAND AND PECAN PRICES
Option 2: Equilibrium: HONEYBEES AND THE PRICE OF ICE CREAM
Option 3: WHY LOWER DRUG PRICES?
Rough Draft
PSY 540 Cognitive Psychology
Ashley Brown
August 13, 2018
Problem Statement: Contemporary Problem
Failure to seek mental health treatment can cause serious mental illnesses in individuals’ life. Researchers have identified several barriers in which come in the way of care seeking and mental health treatment. The first barrier is stigma and discrimination, stigma refer to stereotypes/ prejudice and discrimination refers to cruel judgement. The high levels of stigma in the community often increase the fear, rejecting, and distance of those who suffer mental illness. Studies show that 45-60% of.
The cost of irrationality - how poker players perform better by avoiding cogn...Lasse Ringstad
The article demonstrates how cognitive biases detrimentally strategic decision-making.
In particular - it illustrates how poker players perform better by avoiding the availability and representativeness bias.
Finally it illustrates some advice on how to avoid these cognitive errors and improve your decision-making! :)
Judgment and Decision Making, Vol. 2, No. 6, December 2007, pp.docxpriestmanmable
Judgment and Decision Making, Vol. 2, No. 6, December 2007, pp. 342–350
Maximizers versus satisficers: Decision-making styles,
competence, and outcomes
Andrew M. Parker1∗, Wändi Bruine de Bruin2, and Baruch Fischhoff2,3
1 RAND Corporation, Pittsburgh PA
2 Department of Social and Decision Sciences, Carnegie Mellon University
3 Department of Engineering and Public Policy, Carnegie Mellon University
Abstract
Our previous research suggests that people reporting a stronger desire to maximize obtain worse life outcomes (Bru-
ine de Bruin et al., 2007). Here, we examine whether this finding may be explained by the decision-making styles of
self-reported maximizers. Expanding on Schwartz et al. (2002), we find that self-reported maximizers are more likely
to show problematic decision-making styles, as evidenced by self-reports of less behavioral coping, greater dependence
on others when making decisions, more avoidance of decision making, and greater tendency to experience regret. Con-
trary to predictions, self-reported maximizers were more likely to report spontaneous decision making. However, the
relationship between self-reported maximizing and worse life outcomes is largely unaffected by controls for measures
of other decision-making styles, decision-making competence, and demographic variables.
Keywords: maximizing, satisficing, decision making, competence, decision style.
1 Introduction
Behavioral decision research (Edwards, 1961; Hastie &
Dawes, 2001; Yates, 1990) characterizes behavior in
terms of its consistency with the axioms of utility max-
imization (Bernoulli, 1738/1954; von Neumann & Mor-
genstern, 1953). A half-century of research has revealed
both consistency with and departures from that norm
(e.g., Baron, 2000; Plous, 1993). The latter include “sat-
isficing,” choosing an alternative that is “good enough,”
rather than “maximizing,” selecting the option with the
highest expected utility (Simon, 1978). Such strategies
can be beneficial — if they save enough cognitive effort
to justify any loss in expected payoff (Simon, 1955, 1956,
1957).
Historically, decision-making research has focused on
general processes underlying deviations from normative
theory, such as satisficing instead of maximizing (Lopes,
1987). More recently, attention has turned to individual
differences in decision making (e.g., Stanovich & West,
∗This research was funded by the National Science Foundation
(SES–0213782, SES–0433152). The authors thank Jónína Bjarnadót-
tir, Jacob Chen, YoonSun Choi, Rebecca Cornelius, Mandy Hol-
brook, Mark Huneke, Kathleen Pinturak, and Alanna Williams for
their assistance. Address: Andrew M. Parker, RAND Corporation,
4570 Fifth Avenue, Suite 600, Pittsburgh, PA 15213–2665; email:
[email protected]
1998, 2000), asking whether, through preference or abil-
ity, individuals make decisions in consistent ways, across
tasks and situations (Bromiley & Curley, 1992). Individ-
ual differences that have been examined include risk ...
IntelligenceNew Findings and Theoretical DevelopmentsRic.docxbagotjesusa
Intelligence
New Findings and Theoretical Developments
Richard E. Nisbett University of Michigan
Joshua Aronson and Clancy Blair New York University
William Dickens Northeastern University
James Flynn University of Otago
Diane F. Halpern Claremont McKenna College
Eric Turkheimer University of Virginia
We review new findings and new theoretical developments
in the field of intelligence. New findings include the follow-
ing: (a) Heritability of IQ varies significantly by social
class. (b) Almost no genetic polymorphisms have been
discovered that are consistently associated with variation
in IQ in the normal range. (c) Much has been learned
about the biological underpinnings of intelligence. (d)
“Crystallized” and “fluid” IQ are quite different aspects of
intelligence at both the behavioral and biological levels.
(e) The importance of the environment for IQ is established
by the 12-point to 18-point increase in IQ when children
are adopted from working-class to middle-class homes. (f)
Even when improvements in IQ produced by the most
effective early childhood interventions fail to persist, there
can be very marked effects on academic achievement and
life outcomes. (g) In most developed countries studied,
gains on IQ tests have continued, and they are beginning in
the developing world. (h) Sex differences in aspects of
intelligence are due partly to identifiable biological factors
and partly to socialization factors. (i) The IQ gap between
Blacks and Whites has been reduced by 0.33 SD in recent
years. We report theorizing concerning (a) the relationship
between working memory and intelligence, (b) the appar-
ent contradiction between strong heritability effects on IQ
and strong secular effects on IQ, (c) whether a general
intelligence factor could arise from initially largely inde-
pendent cognitive skills, (d) the relation between self-reg-
ulation and cognitive skills, and (e) the effects of stress on
intelligence.
Keywords: intelligence, fluid and crystallized intelligence,
environmental and genetic influences, heritability, race and
sex differences
In 1994, a controversial book about intelligence byRichard Herrnstein and Charles Murray called The BellCurve was published. The book argued that IQ tests are
an accurate measure of intelligence; that IQ is a strong
predictor of school and career achievement; that IQ is
highly heritable; that IQ is little influenced by environmen-
tal factors; that racial differences in IQ are likely due at
least in part, and perhaps in large part, to genetics; that
environmental effects of all kinds have only a modest effect
on IQ; and that educational and other interventions have
little impact on IQ and little effect on racial differences in
IQ. The authors were skeptical about the ability of public
policy initiatives to have much impact on IQ or IQ-related
outcomes.
The Bell Curve sold more than 300,000 copies and
was given enormous attention by the press, which was
largely uncritical of the methods and .
IntelligenceNew Findings and Theoretical DevelopmentsRic.docxvrickens
Intelligence
New Findings and Theoretical Developments
Richard E. Nisbett University of Michigan
Joshua Aronson and Clancy Blair New York University
William Dickens Northeastern University
James Flynn University of Otago
Diane F. Halpern Claremont McKenna College
Eric Turkheimer University of Virginia
We review new findings and new theoretical developments
in the field of intelligence. New findings include the follow-
ing: (a) Heritability of IQ varies significantly by social
class. (b) Almost no genetic polymorphisms have been
discovered that are consistently associated with variation
in IQ in the normal range. (c) Much has been learned
about the biological underpinnings of intelligence. (d)
“Crystallized” and “fluid” IQ are quite different aspects of
intelligence at both the behavioral and biological levels.
(e) The importance of the environment for IQ is established
by the 12-point to 18-point increase in IQ when children
are adopted from working-class to middle-class homes. (f)
Even when improvements in IQ produced by the most
effective early childhood interventions fail to persist, there
can be very marked effects on academic achievement and
life outcomes. (g) In most developed countries studied,
gains on IQ tests have continued, and they are beginning in
the developing world. (h) Sex differences in aspects of
intelligence are due partly to identifiable biological factors
and partly to socialization factors. (i) The IQ gap between
Blacks and Whites has been reduced by 0.33 SD in recent
years. We report theorizing concerning (a) the relationship
between working memory and intelligence, (b) the appar-
ent contradiction between strong heritability effects on IQ
and strong secular effects on IQ, (c) whether a general
intelligence factor could arise from initially largely inde-
pendent cognitive skills, (d) the relation between self-reg-
ulation and cognitive skills, and (e) the effects of stress on
intelligence.
Keywords: intelligence, fluid and crystallized intelligence,
environmental and genetic influences, heritability, race and
sex differences
In 1994, a controversial book about intelligence byRichard Herrnstein and Charles Murray called The BellCurve was published. The book argued that IQ tests are
an accurate measure of intelligence; that IQ is a strong
predictor of school and career achievement; that IQ is
highly heritable; that IQ is little influenced by environmen-
tal factors; that racial differences in IQ are likely due at
least in part, and perhaps in large part, to genetics; that
environmental effects of all kinds have only a modest effect
on IQ; and that educational and other interventions have
little impact on IQ and little effect on racial differences in
IQ. The authors were skeptical about the ability of public
policy initiatives to have much impact on IQ or IQ-related
outcomes.
The Bell Curve sold more than 300,000 copies and
was given enormous attention by the press, which was
largely uncritical of the methods and ...
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“Influence of Behavioral Biases on Cognitive Abilities”
1. IOSR Journal of Business and Management (IOSR-JBM)
e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 12, Issue 2 (Jul. - Aug. 2013), PP 68-73
www.iosrjournals.org
www.iosrjournals.org 68 | Page
“Influence of Behavioral Biases on Cognitive Abilities”
1
Dr.Taqadus Bashir, 2
Farzana Kausar, 3
Mariam liaqat, 4
ShabeelaSarwar,
5
Zubia Arshad, 6
JahanzaibRasool
1
(Assistant Professor, Department of Management Sciences, University of Gujrat, Pakistan)
2,3,4,5,6 (MS Scholar, Department of Management Sciences, University of Gujrat, Pakistan)
Abstract: The study aimed toanalyzethe role of individual’s level of cognitive abilities in making financial
decisions and whether these abilities are affected by their behavioral biases. Cognitive reflection test (Fredrick,
2005) was used to investigate that whether behavioral biases that play major role in financial decisions are
relatedwith cognitive abilities. The research found that individuals who scored high on CRT are less likely to
overconfidence, conjunction fallacy and conservatism biases. The research also related CRT with subjects such
as time preferences and risk preferences and found that high score group are more patient and more risk seeker
in domain of gain and less risk seeker in domain of losses. However behavioral biases are lower for people
having higher cognitive abilities but they are still present in financial decisions.
Key words:behavioral biases, cognitive abilities, cognitive reflection test, time preferences, risk preferences
I. Introduction
Traditional finance and economics suggests that only outcome matters there is strong believe that
behavioral biases do not play major role in decision making because they are corrected by rational arbitrage, it
assumes that investors are rational. However Barbies and Thaller (2003) contend that rational arbitrage cannot
eliminate all effects of behavioral biases used by investors in their financial decision. Number of studies has
been conducted about the relationship between cognitive abilities and economic behaviors of individuals.
Individuals with high cognitive abilities are different from people having low cognitive abilities
Fredrick (2005). They live long, have long working experience and earn more than others (Jensen, 1998).
In economic models there are two fundamental determinants of decision making i.e. preferences and
cognitive ability. Studies showed that economic outcomes are predicted by individuals risk aversion and
impatience (Eckel et al., 2005), higher cognitive abilities results in better labor market outcomes (Heckman et
al, 2006). Individuals having higher cognitive abilities are less likely to risk averse and are more patient than
individuals having low cognitive abilities (Dohmen et al, 2007). In this paper we replicate earlier studies and
their findings with two
Determinants time preferences and risk and also by extending the hypothesis with number of
behavioral biases that plays major role in financial decisions (see Barbies and Thaller, 2003). In financial
decisions individuals are prone to conjunction fallacy, overconfidence and conservatism etc.
In this paper we conduct a test for hypothesis that effects of behavioral biases are related to cognitive
abilities. For this purpose we use cognitive reflection test (CRT) with two determinants risk and time
preferences suggested by Fredrick (2005), it’s a 3-item test which can be conducted within 5 minutes, is a very
good predictor of cognitive abilities related with math abilities.
Cognitive reflection test (CRT):
Many researchers have contended that there are two types of cognitive processes. System 1,in which
decisions are made quickly with little deliberation and conscious. System 2,in which decisions are slower and
more reflective (Epstien 1994, kahnemen and Fredrick 2002). System 1 decisions are spontaneous and require
little attention e.g. recognizing face of HOD entering in the office is the system 1 decision because it does not
required attention and is not affected by intellect. Solving a math problem is system 2 decision which requires
attention and intellectual process.
Cognitive reflection and time preferences:
It is contended that people with higher cognitive abilities are more patient (Dohmen et al, 2010) and
less likely to discount their future rewards. This notion has not been systematically studied therefore to this end
we examined the relationship between cognitive abilities and time preferences. Those scored higher on the CRT
are more patient and less likely to discount rates.
2. “Influence of Behavioral Biases on Cognitive Abilities”
www.iosrjournals.org 69 | Page
Cognitive reflection and risk preferences:
Correlation between cognitive abilities and risk preferences exist for both males and females even after
removing personal characteristics such as age gender etc. (Dohmen et al, 2010). To examine this relationship we
use CRT in which several measure of risk preferences are included. In gain domains individuals who scored
higher are more willing to gamble i.e. risk seekers but in Domain of losses these individuals are less risk seekers
they opted for sure loss to avoid playing gamble with lower expected values (Fredrick, 2005).
II. Literature review
Cognitive abilities (mathematical, verbal fluency, and recall skills) are associated with stock holdings
decisions. Cognitive impairments limit investor’s ability to gather and process information, hence acts as
preventing barrier. Low cognitive abilities results in misperception of risk or higher risk aversion’ less patient
and overconfidence behavior while high cognitive abilities results in less risk averse and more patient behavior
(Christeliset all, 2007).
Cognitive abilities provide information about the characteristics of risk aversion and impatience so that
individuals can properly understand design and screening strategies of contract. Individual with high cognitive
abilities take more risks in lottery experiments and significantly more patient in long time horizons. The
correlation between cognitive abilities and risk aversion exists for both males and females, young and old even
after removing variation due to personal characteristics such as age, gender and other economic variables such
as education and income level etc. patience and willingness to take risk tend to foster the accumulation of
greater cognitive ability, interventions focused on influencing these noncognitive skills could provide a different
approach to improving cognitive ability and economic outcomes(Dohmen et al, 2010).
Cognitive abilities play very important role in financial decision making. Individuals having higher
cognitive abilities are more likely to participate in the stock market and earn more financial returns than the
individuals with low cognitive abilities. He analyzed that age has significant effect on cognitive abilities. Both
physical and cognitive abilities decline as age increases which results in weaken memory that lead towards slow
information processing ability. Older people react to new information inappropriately because they are
ineffective in information processing which results in ineffective investment decision. However decline is
weaker for individual who are highly qualified, have more resources and intellectual job experience because
they are able to compensate adverse effects of aging (Kumar, 2008).
People with higher cognitive abilities differ from those have low cognitive abilities (Jensen, 1998).
Frederick (2005) examined the relationship between cognitive abilities and decision making by using
cognitive reflection test (CRT) with two important decision making characteristics i.e. time preference and risk
preference. Individuals who scored higher on CRT were more patient and their decisions implied lower discount
rates (time preference). High CRT individuals are risk seeker when they expect higher returns; on the other hand
they are less risk seeker when items include losses (risk preference).
A study was conducted by Peracchi (2009) to discover the relation between aging, retirement and
cognitive abilities. The results revealed that the retirement and education plays a key role in showing
downwards in cognitive abilities. The study was conducted on 50 plus age individuals or investors. As the age
increases the level of cognitive abilities tends to decline at a greater level. This level may be stable till the age of
fifty afterwards its downfall starts (Schaie, 1989). Also two types of abilities which includes fluid intelligence
and crystallized intelligence were differentiated in which fluid intelligence consist of basic intelligence whereas
crystallized intelligence which is gained through studies and experiments it remains constant as the age
increases while fluid intelligence declines with passage of time Salthouse (1985). And also the cognitive
abilities lead towards decline after the age of retirement of individual.
Parker and Fischhoff (2005, p.16) found that ―decision making performance was predictably related to
measures of cognitive abilities‖. Individuals with low cognitive abilities tend to affected more by behavioral
biases such as base rate fallacy and overconfidence (hoppe&kusterer, 2011). However some biases cannot be
related with cognitive abilities because highly intelligent individuals are less likely to show behavioral biases
because when you tell them about the bias they victim of and what they need to do to avoid it (Stanovich& West
2008).
Agarwal and Mazumder (2013) analyzed the effects of cognitive abilities on two house hold financial
decisions (i.e. credit card use and use of line of credit and home equity loan) which define suboptimal behavior
in their debt management. Cognitive abilities such as ability to process information and financial calculations
are very important in making optimal financial decision. Individuals with higher cognitive scores particularly
with higher math scores are less likely to make financial mistakes in using credit card transfer offers and home
equity loans or line of credit applications.
Boyle et al.(2011) found relationship between cognitive abilities and risk aversion in middle aged
individuals. They suggested that cognitive abilities are negatively associated with risk aversion by using SAT
(educational attainment test). Demographic factors (age, education and sex) and other contextual factors
3. “Influence of Behavioral Biases on Cognitive Abilities”
www.iosrjournals.org 70 | Page
(income etc.) also associate with risk aversion. Individuals with high cognitive abilities can easily process
information therefore is less likely to risk averse. However individuals with lower cognitive abilities are more
likely to invest conservatively (i.e. they invest their bulk of wealth in safe modes).
Tabea et al. (2011) conducted a study on at what level private households are affected by financial
crisis and also how their investment decisions are affected by this crisis. By using Financial crisis as a
experiment they came to know how whether and how these households are affected by this crisis. According to
their findings households that have low literacy rate tends to invest very low in investing in stock markets and
also reveals low losses while the households with high literacy rate tends to invest more and relatively predict
high losses due to financial crises. The study also revealed that the less financially literate households leads
towards selling their assets when facing financial crisis due to fear of bearing the loss. This may look worthy to
them in the short run but in the long run it will not benefit them rather this financial literacy and illiteracy will
leads to unfair incomes because the illiterate households miss the profits in the long run and also they will not
make reinvestment in assets due to fear that will automatically leads towards inequalities.
Cole and Shastry(2009) designed a research on what are the effects of financial literacy and cognitive
abilities on individuals for their participation in financial markets. They assumed that due to the participation
securities prices and also the wellbeing of participants are affected but their knowledge on participation was
limited. For this they conducted experiments that revealed that the education has a greater effect in participation
and also the cognitive abilities pulls towards participation but financial literacy has no effect on this
participation. Due to education people leads towards savings and that will leads to them in participating in
financial markets, and this education will also affect the cognition abilities. On the other side the more people
have financial education the greater they will participate in financial assets that will ultimately leads towards
financial market participation.
Paluch(2011) found that cognitive abilities are affected with behavioral biases. Many tests have been
done by researchers that correlate cognitive biases such as overconfidence, anchoring and base rate fallacy with
cognitive abilities. Paluch found this correlation between different levels of management and suggest that
managers with high cognitive reflection are more accurate and less overconfident in their managerial decisions.
However managers with low cognitive reflection tend to be both overconfident and unconfident. High
intelligent people are less likely to behavioral biases.
Dimitris et al. (2009) conducted a study for checking the relationship between cognitive abilities and
stock holdings. This study showed the results that the tendency of stock investing is associated at a higher level
with cognitive abilities whether the individuals actively or inactively make participation in stock market, and
also their study shows that this relationship is strongly attached at the availability of information. Several tracks
were introduced due to which cognitive abilities may affect the decision process of whether to buy or not a stock
or security one of which was cost of information. Information is easily less costly available to trained
individuals whether it is not always easily available to less trained individual so this may become a hurdle in
buying of stocks. Cognitive skills have also relations with individual preferences such as risk averter. So risk
averse preference will also lead to omit the buying behavior towards a security, and also this study was
conducted with aged individuals to check their preferences for stock purchasing and the results showed that low
stock ownership relates to health position.
Seppala (2009) conducted a research on whether behavioral biases like hindsight, overconfidence and
self-attribution possessed by investment advisors have any impact on client’s decision making who take the
advices of these advisors. Because advices that possessed biases have impact on the decision process. Hindsight
bias creates a hurdle of learning from past and makes the people not to learn from past that again leads them to
provide wrong advices regarding investing. Also overconfidence and self-attribution leads to this type of
behavior. The result indicates that advisors possess these three biases but hindsight is less than two other biases.
The results also have revealed that people who are intuition based are more prey to these biases and
lead to pay less optimal advices to their clients who ultimately lead to poor performance and ending up the
process of investing.
Taylor and Benbasat (1982) conducted study on behavioral aspects of information processing in
designing management information system. They suggested that MIS can be improved by understanding
cognitive abilities of individuals, cognitive complexity and individual differences in information processing.
Due to limited cognitive abilities in information processing, many behavioral biases such as
representative, overconfidence, anchoring and availability distort human’s subjective judgment. Cognitive
complexity can be reduced with capabilities and skills of people.
Experimental design:
120 subject participants were asked to fill the questionnaire cognitive reflection test. Subjects’ answers
were related to several biases. Most of the participants told us about their behavioral biases while answering the
4. “Influence of Behavioral Biases on Cognitive Abilities”
www.iosrjournals.org 71 | Page
questions. Cognitive reflection test consists of three questions that made up the test other questions were asked
to check the behavioral biases and consistency in the behaviors of participants.
Cognitive reflection test:
Cognitive reflection test was introduced by the Fredrick (2005). It is very simple test to judge the
cognitive ability of the participants. It was to judge and answer the problem that whether a quick answer comes
to the mind is correct or impulsive. Many participants answered impulsively to the questions but after having a
deep insight of questions they concluded their answers wrong and tried to correct them while doing cognitive
reflection test. Cognitive reflection test include three main questions
1. A bat and a ball together cost Rs. 110. The bat costs Rs. 100 more than the ball. How does the ball cost?
(impulsive answer: Rs. 10 and correct answer: Rs. 5)
2. If it takes 5 machines to make 5 units, how long would it take 100 machines to make 100 units? (impulsive
answer:100 and correct answer:5)
3. In a lake, there is a patch of lily bunch. Every day, the patch doubles in size. If it takes 48 days for the patch
to cover the entire lake, how long would it take for the patch to cover half of the lake? (impulsive answer:24
days and correct answer: 47 days)
III. Results
In cognitive reflection test subjects were asked three main questions and they were divided into two
groups, High CRT group and low CRT group. Participant answered 2 or three correct answers were categorized
in high CRT group and participant answered 0 or 1 answer correctly were in low CRT group. Subject in high
CRT group were more reflection decision maker and participant in low CRT group were impulsive decision
maker. High CRT group were less likely to show biases in their decision making because they take time ignore
biases and then answered each question as compared to the low CRT group who were susceptible of many
biases and answered impulsively without taking enough time to answer. We examined participant on risk, time
and return and overconfidence preferences bases.
Risk preferences:
In case of bat and ball question 55 participants answered correctly and other 65 participant answered
impulsively. 39% participant fall in the high CRT group and 47.1 participants were categorized in the low CRT
group. in risk preferences they participant reflected risk averse behavior only 37.7% participant were risk seeker
but remaining preferred return and reflected risk averse behavior, As they were asked to get sure payment and
lottery with the 75% and 25% probability. Subjects choose sure payment in the domain of gain and lottery in the
domain of losses when they have probability of 25% for having 0. In case of machine 28 participants were in
low CRT group and answered impulsively and other 92 participants were in the high CRT group and they
answered correctly. So the results showed that only 20.3% subjects were impulsive decision maker and the
66.7% were correct decision maker. After analysis due to many behavioral biases participants were unable to
justify their risk preferences in this case they were acting as a risk averse person but due to many behavioral
biases and risk preferences they answered 75% probability for payment of Rs.20 and 39.9% participant choose
correct risk averse probability of payment in which they actually don’t have to pay anything. In case of third
question asked from participants 65 participant were impulsive decision maker which showed that 47.1%
participants fall in the low CRT group and other 39.9% were categorized in the high CRT group.
Time preferences:
Analysis showed that 47.8% participants were concerned about time preferences and they demand
earlier payment as a sure payment. But other 39.1% were return concerned participants. Those 47.8% avoided
10% premium because of risk adverse behavior and they demand payment immediately after the results. Latter
were risk seekers but try to get more gain as in the form of 10% premium on the amount of winning. High CRT
group was risk seeker group those demand payment after one month of results with 10% premium but low CRT
group showed impatient behavior and try to avoid risk so they preferred short time of payment regardless of
losing 10% premium on winning amount if they get payment after one month.
Behavioral biases and CRT score
Category Item CRT Group
Low High
Risk % preferred Rs. 10 for sure75% chances of winning Rs.20 37.7 49.3
% preferred - Rs.10 for sure to75% chance of losing – Rs.20 39.9 47.1
Time %preferred payment immediately Rather than 10% premium after 1 month 47.8 39.1
Confident %low CRT group % high CRT group 33.3 53.6
Prediction
overconfidence
% less overconfident% high overconfident group 44.2 42.8
5. “Influence of Behavioral Biases on Cognitive Abilities”
www.iosrjournals.org 72 | Page
Overconfidence
In questionnaire participants were asked to answer about their questions whether they confident about
their answers or not. Group of participants who answered 0 to 1 they were categorized in the low CRT group
and just a little bit confident about their answers but other 53.6%subjects answered 2 to 3 and they fall in the
high CRT group they were also susceptible of overconfidence bias. They overestimated their own ability due to
several behavioral biases. They were susceptible of prediction overconfidence that they can predict and judge
circumstances according to their beliefs. High CRT group were more confident about their answers. Low CRT
group were less confident in their judgments and decision making.
Behavioral biases and cognitive ability:
CRT showed that participants are susceptible of many behavioral biases. They preferred return in the
context of risk associated and change risk averse and seeker behavior with the time and return bases. Low CRT
group of participant reflected low patience level and demand return immediately after the results of the research.
Many participants when filling theirquestionnaire told about their behavioral biases that they are fallen prey to
different biases but answering due to risk, time and return preferences. Some participants were more impulsive
because they were conservative about their decisions. Subjects with availability bias answered last questions
according to their own answers of the earlier question. They were showing resonance bias and consider if they
have answered correctly every participant have answered same and those in low CRT group also reflected
resonance bias because they consider questions very difficult and they consider everyone could not answered
correctly.
Incentive and reward:
Incentive and reward mentioned on in the questionnaire were used as a tool to involve participants.
When they were aware of the reward they try to correctly answer each question rather than impulsively in which
behavioral biases of participants were reduced in some cases but it cannot be said that incentive can eliminate
behavioral biases.
High involvement and low involvement group:
High involvement group indicated High CRT group and answered more questions correctly. They were
less susceptible of behavioral biases and less risk averse. High CRT group was more patient about their payment
and probability of payment. Low involvement group impulsively answered and try to get escaped from answers.
They were less patient about their return and preferred less time and immediate payment of their winning.
IV. Conclusion
In test based experiment participant, the study was conducted to show the relationship between
cognitive abilities and behavioral biases of participants. They were examined by a short test Cognitive
Reflection Test introduced by Fredrick (2005). Participants were examined on many behavioral biases and at the
most extent the test was successful in judgment of those impulsive and reflective decision makers. Participants
were actually susceptible of many biases and during experiment they told us about their biases and decision
based on several biases.
Experiment proved that biases more affect those people with low cognitive abilities. Participant with
low cognitive abilities show impulsive decision making and reflected many biases. Participant with low CRT
were more overconfident and less patient. They were more risk averse.
References:
[1]. Agarwal S., B. Mazumder (2013), ―Cognitive Abilities and Household Financial decision making‖ American economic journal:
Applied economics 2013,5(1):193-207
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Community-based older persons‖ BMC Geriatrics, 11:53
[3]. Barberis, N., and R. Thaler (2003): ―A Survey of Behavioral Finance,‖ in Handbook of the Economics of Finance, ed. by H. M.
Constantinides, G., and R. Stulz, pp. 1051—1121. Elsevier Science B.V.
[4]. Cole S., and G.K. Shastry, (2009), ―Smart Money: The Effect of Education, Cognitive Ability and Financial literacy on Financial
Market Participation‖ Havard Business school, working paper No.09-071
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[6]. Dohmen, T., A. Falk, D. Huffman, and U. Sunde (2007), ―Are Risk Aversion and Impatience Related to Cognitive Ability?‖, IZA
Discussion Paper n. 2735.
[7]. Frederick, S. (2005), ―Cognitive Reflection and Decision Making.‖ Journal of Economic Perspectives, 19, 25-42.
[8]. Kumar A., (2009), ―who gambles in the stock market‖ journal of finance 64:4, 1889-1933.
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sciences, Vol 1/No 3
[11]. Koenen T.B., and M. Ziegelmeyer, (2011), ―Who lost the most? Financial literacy, Cognitive Ability and Financial Crisis‖
European Central Bank, Working paper No.1299
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[12]. Kahneman, D., and A. Tversky (1974): ―Judgement under Uncertainty: Heuristics
[13]. and Biases,‖ Science, 185, 1124—1131.
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[15]. Paluch D., (2011), ―Overconfidence Bias in decision making at different levels of management‖ (published master thesis). Gordon
institute of business science, University of Pretoria
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[17]. Seppala A., (2009), ―BehavioralBiases of investment advisors: The Effect of overconfidence and Hindsight Bias‖ (published
master’s thesis), Helsinki School of Economics, HelsinginKauppakorkeakoulu
[18]. Taylor R.N., and I. Banbasat, (1982), ―Behavioral aspects of information processing for the design of MIS‖ IEEE Vol. SMC-12, No
4
Appendix:
Questionnaire
Name (optional) __________ Gender Male ___Female____
Occupation __________ Age 18-25__ 26-30__ 30 or above__
Qualification Graduation__Masters___M.phil___P.hd___
Marital status Married____ Unmarried____
We would be obliged if you could answer a few additional questions. The answers will take a few
minutes only. Just imagine the following situation and then answer the questions:
In addition, you can win a prize of up to 1000 PKR: At the end of the experiment we will randomly
draw 6 out of the 600 participants that will be paid for their answers in the following way. Please note that
prizes will be positive. A winner will obtain:
• As a thank you for answering all of the questions a lump sum of 600 PKR.
• For questions 1, 4, 6, 8: 50 PKR for each correct answer.
• For questions 3 and 5: The amount in PKR that is realized in the respective lottery (we will actually carry out
the lotteries).
• For question 7: 10 PKR minus an amount that is increasing in the deviation of your answer from the correct
answer. Formally, we use the following formula: 10 − (correct answer – your answer)
Questions:
1. A bat and a ball together cost 110 PKR. The bat costs 100 PKR more than the ball. How much does the ball
cost? [ _____ PKR ]
2. If you are one of the six winners who receive a prize for this questionnaire, you can pick between two
alternatives.
Alternative 1: We will transfer your winnings immediately after the end of the experiment. Alternative 2:
We will transfer your winnings one month after the end of the experiment with a 10% premium. Which
alternative do you choose? [1/2]
3. You have the choice between two alternatives.
Alternative 1: You receive 10 PKR.
Alternative 2: You receive a lottery ticket that yields a 75% chance of winning 20 PKR. With 25% probability it
is worthless. Which alternative do you choose? [1/2]
4. If it takes 5 machines 5 minutes to make 5 units, how long would it take 100 machines to make 100 units? [
____ minutes ]
5. You have to pay 10 PKR. Would you rather replace this payment through the following alternative:
With a probability of 75% you must pay 20 PKR
With 25% probability you don’t have to pay anything. [yes/no]
6. In a lake, there is a patch of lily bunch. Every day, the patch doubles in size. If it takes 48 days for the
patch to cover the entire lake, how long would it take for the patch to cover half of the lake? [ ____ days ]
You have just answered three questions about the prices of a bat and a ball (B),
About the production time of certain machines (M) and
About a patch of lily bunch (B).
In the following we shall refer to these three questions as ―BMB—questions‖
7. What do you think, how many of the BMB—questions did you answer correctly? [0,1,2,3]
8. Do you believe that more or less than 10% [60%] of all participants answered all three BMB—questions
correctly? [less/more