Neuroeconomic and Behavioral Aspects of Decision Making: Proceedings of the 2016 Computational Methods in Experimental Economics (CMEE) Conference PDF
Preview Neuroeconomic and Behavioral Aspects of Decision Making: Proceedings of the 2016 Computational Methods in Experimental Economics (CMEE) Conference
Springer Proceedings in Business and Economics Kesra Nermend Małgorzata Łatuszyńska Editors Neuroeconomic and Behavioral Aspects of Decision Making Proceedings of the 2016 Computational Methods in Experimental Economics (CMEE) Conference Springer Proceedings in Business and Economics Moreinformationaboutthisseriesathttp://www.springer.com/series/11960 Kesra Nermend (cid:129) Małgorzata Łatuszyn´ska Editors Neuroeconomic and Behavioral Aspects of Decision Making Proceedings of the 2016 Computational Methods in Experimental Economics (CMEE) Conference Editors KesraNermend MałgorzataŁatuszyn´ska DepartmentofComputerMethods InstituteofITinManagement inExperimentalEconomics FacultyofEconomicsandManagement FacultyofEconomicsandManagement UniversityofSzczecin UniversityofSzczecin Szczecin,Poland Szczecin,Poland ISSN2198-7246 ISSN2198-7254 (electronic) SpringerProceedingsinBusinessandEconomics ISBN978-3-319-62937-7 ISBN978-3-319-62938-4 (eBook) DOI10.1007/978-3-319-62938-4 LibraryofCongressControlNumber:2017952334 ©SpringerInternationalPublishingAG2017 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilarmethodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexempt fromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthis book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained hereinor for anyerrors oromissionsthat may havebeenmade. Thepublisher remainsneutralwith regardtojurisdictionalclaimsinpublishedmapsandinstitutionalaffiliations. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland Preface Neuroeconomics is a fairly new domain of knowledge that emerged inthe 1990s. It is an interdisciplinary field that combines insights from neuroscience, psychol- ogy,andeconomicstobuildacomprehensivedecision-makingtheory.Theessence ofneuroeconomicsistoanalyzethedecision-makingprocessnotonlyintermsof externalconditionsorpsychologicalaspectbutalsofromtheneuronalpointofview byexaminingthecerebralconditionsofdecisionmaking.Examiningthedecision- making process from these three perspectives leads to its more complete understanding. Neuroeconomicswasprecededbynumerousyoungfields—behavioraleconom- ics, experimental economics, and cognitive neuroscience. Ever since, these fields havebeenwitnessingadramaticdevelopment—althoughindependently.Theyare, however, bound by common interest areas based primarilyon experiments whose resultsareusedtotestandtobetterunderstandtheoriesineconomics. This book includes papers from researchers who are immersed in this subject withacertainlevelofexperienceinthefield.Itsmainobjectiveistoexemplifythe links between various domains of knowledge which are part of neuroeconomics, behavioraleconomicsandexperimentaleconomics.Thebookisdividedintothree parts: (cid:129) TheoreticalBasisofDecisionMaking—InterdisciplinaryApproach (cid:129) BehavioralAspectsofEconomicDecisionMaking (cid:129) PracticalIssues—CaseStudies The first part of the book presents the theoretical aspects of decision-making processfromthepointofviewofvariousscientificdisciplines.Itframesthehistorical background of applying neurobiology and psychological determinants to measure and monitor emotions in the decision-making process during the economic experi- ments,aswellasseveralotherissuesreferringtotheneuroeconomicandbehavioral aspectsofthedecision-makingprocess. The second part of the book contains a broad outline of behavioral aspects of economic decision making along with instruments and tools that support the v vi Preface decision-making process in various phases of study. Thus, it contains a wide overview of the applications of different methods that support the analysis of the impactofbehavioralfactorsontheprocessofdecisionmakinginvariousareas.In sum, the aim of this part is to present the importance of the scientific toolkit of decisionmakingineconomicsresearch. Thelastpartpresentsexamplesofbroadlyunderstoodexperimentsineconomicsin thecontextofdecisionmaking.Itreferstodifferentareasandutilizesvariousmethods, whicharedescribedinthemethodologicalchaptersofthebook.However,itpresents onlyselectedexperimentsandapproachesinneuroeconomics,behavioraleconomics, and experimental economics. It nonetheless outlines a wide range of topics and methods that can be used in this field of study. Recent advancements in technology pavethewayforshapingincreasinglyadvancedandinterestingeconomicexperiments relatedtodecisionmaking.Therefore,itcanbeassumedthatthisfieldofsciencewill developdynamicallyinthefuture. Theissuesaddressedinthisbookdonotexhaustthesubjectofneuroeconomic and behavioral aspects of decision making. Yet, in the opinion of the editors, the book shows the diversity of areas, problems, methods, techniques, and domains concerningthissubject. Szczecin,Poland KesraNermend MałgorzataŁatuszyn´ska Contents PartI TheoreticalBasisofDecisionMaking:Interdisciplinary Approach 1 NeurobiologyofDecisionMaking:Methodology inDecision-MakingResearch.Neuroanatomical andNeurobiochemicalFundamentals. . . . . . . . . . . . . . . . . . . . . 3 AndrzejPotemkowski 2 PsychologicalDeterminantsofDecisionMaking. . . . . . . . . . . . . 19 ErnestTyburski 3 EmotionsinDecisionMaking. . . . . . . . . . . . . . . . . . . . . . . . . . . 35 AnnaSołtys,IlonaSowin´ska-Gługiewicz,MagdalenaChe˛c´, andErnestTyburski 4 ApplicationofNeuroscienceinManagement. . . . .. . . . . . . . .. . 49 ŁukaszSułkowskiandMichałChmielecki 5 Neuroeconomics:GenesisandEssence. . . . . . . . . . . . . . . . . . . . 63 DanutaMiłaszewicz 6 MeasuringEconomicPropensities. . . . . . . . . . . . . . . . . . . . . . . . 77 MariuszDoszyn´ 7 ConvolutionalRepresentationinBrainSimulationtoStore andAnalyzeInformationAbouttheSurrounding EnvironmentfortheNeedsofDecisionMaking. . . . . . . . . . . . . 91 MariuszBorawski PartII BehavioralAspectsofEconomicDecisionMaking 8 IdentificationofHeuristicsintheProcessofDecisionMaking onFinancialMarkets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 MagdalenaOsin´skaandJo´zefStawicki vii viii Contents 9 TheImpactofBehavioralFactorsonDecisionsMade byIndividualInvestorsontheCapitalMarkets. . . . . . . . . . . . . 131 MirosławaZ˙urek 10 EfficiencyofInvestmentwiththeUseofFundamental PowerAspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 WaldemarTarczyn´skiandMałgorzataTarczyn´ska-Łuniewska 11 InvestorsDecisionsintheLightofExploitablePredictable IrrationalityEffectonWarsawStockExchange: TheCaseofUEFAEURO2012and2016. . . . . . . . . . . . . . . . . . 175 SebastianMajewski 12 BehavioralAspectsofPerformanceMeasurement SystemsinEnterprises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185 WandaSkoczylasandPiotrWas´niewski 13 TheImpactofBehavioralFactorsontheDecisive UsefulnessofAccountingInformation. . . . . . . . . . . . . . . . . . . . . 201 TeresaKiziukiewiczandElz˙bietaJaworska 14 TheSelectedProblemsofBehavioralAccounting: TheIssueofIntellectualCapital. . . . . . . . . . . . . . . . . . . . . . . . . 215 TomaszZygman´ski 15 TheImpactofInformationUsefulnessofE-Commerce ServicesonUsersBehaviors. . . . . . . . . . . . . . . . . . . . . . . . . . . . 225 MarekMazurandMichałNowakowski 16 SystemDynamicsModelinginBehavioralDecisionMaking. . . . 243 MałgorzataŁatuszyn´ska 17 PredictionofDecisionOutcomeviaObservationofBrain ActivitySignalsDuringDecision-MakingProcess. . . . . . . . . . . . 255 AnnaBorawskaandAkeelAlsakaa PartIII PracticalIssues:CaseStudies 18 ValidationofEEGasanAdvertisingResearchMethod: RelationBetweenEEGReactionTowardAdvertising andAttitudeTowardAdvertisedIssue(Related toPoliticalandIdeologicalBeliefs). . . . . . . . . . . . . . . . . . . . . . . 273 DominikaMaisonandTomaszOleksy 19 AssessingCerebralandEmotionalActivityDuring thePurchaseofFruitandVegetableProducts intheSupermarkets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293 PatriziaCherubino,MyriamCarat(cid:1)u,EnricaModica,DarioRossi, AriannaTrettel,AntonGiulioMaglione,RobertoDellaCasa, MicheleDall’Olio,RaffaellaQuadretti,andFabioBabiloni Contents ix 20 UsingtheFacereaderMethodtoDetectEmotional ReactiontoControversialAdvertisingReferring toSexualityandHomosexuality. . . . . . . . . . . . . . . . . . . . . . . . . 309 DominikaMaisonandBeataPawłowska 21 TheImplementationofCognitiveNeuroscienceTechniques forFatigueEvaluationinParticipantsoftheDecision-Making Process. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 KesraNermend 22 CognitiveNeuroscienceTechniquesinExamining theEffectivenessofSocialAdvertisements. . . . . . . . . . . . . . . . . 341 MateuszPiwowarski 23 MeasuringtheImpactofIntrusiveOnlineMarketing ContentonConsumerChoicewiththeEyeTracking. . . . . . . . . 353 MalwinaDzis´ko,JarosławJankowski,andJarosławWa˛tro´bski 24 ExperimentalStudyofColorContrastInfluence inInternetAdvertisementswithEyeTrackerUsage. . . . . . . . . . 365 WojciechSałabun,ArturKarczmarczyk,andPiotrMejsner 25 TheUseofExperimentinSimulationofDebtofLocal GovernmentUnits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377 BeataZofiaFilipiak 26 ReflectionsonResearchProcess:OnlineExperiments onAllegroPlatform. . . .. . . . . .. . . . . .. . . . . .. . . . .. . . . . .. . 397 AleksandraGrzesiukandJacekCypryjan´ski Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409
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