...activities that seem less obviously harmful at the surface. Addiction may not always be as visible as track marks or as noticeably threatening as a drunk-driving accident. The concept of addiction isn’t just abstract to the layperson. It’s been controversial within the mental health community as well. The most widely-used reference in the medical mental health community, the Diagnostic and Statistical Manual of Mental Disorders (DSM), is due to be published by the American Psychological Association in its fifth revision in April 2013. Its purpose is to create a common language between practitioners so that diagnoses will be consistent from one clinician to the next (DSM-5 Development). In the book, the word “addiction” was forgone in favor of either “substance dependence” or “substance abuse,” in a very narrow decision. Charles O’Brien, a member of the committee that worked on the revision between DSM-III and DSM-IV, stated that the difference was a single vote. In an editorial published in the American Journal of Psychiatry, O’Brien urged the committee responsible for the changes being made in the fifth revision not to make the same mistake as they made in the 1980s, which he believes has prevented patients from receiving adequate classification and care in that time. This denial, he says, comes as a result of equating “dependence,” which is the normal physiological reactions of tolerance and withdrawal associated with repeated doses of a medication, with the stigma of...
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...American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance. http://www.jstor.org This content downloaded from 220.225.108.170 on Thu, 27 Jun 2013 05:36:00 AM All use subject to JSTOR Terms and Conditions THE JOURNAL OF FINANCE . VOL LXIV NO 4 . AUGUST 2009 Who Gambles in the Stock Market? ALOR KUMAR* ABSTRACT This related study At shows the that aggregate are cor to gamble and investment decisions propensity individual investors stocks with fea lottery prefer increases for lottery-type the demand stocks demand, during socioeconomic In the cross-section, factors that induce greater the level, tures, and like lottery economic downturns expenditure Further, ronments mance stocks similar in lotteries in lottery-type are associated with greater investment stocks in regions with envi investment levels are higher favorable lottery lottery stocks underperform, Because lottery-type gambling-related underperfor is greater investors low-income who excessively among overweight...
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...Journal of Financial Economics 102 (2011) 1–27 Contents lists available at ScienceDirect Journal of Financial Economics journal homepage: www.elsevier.com/locate/jfec Behavioral biases of mutual fund investors$ Warren Bailey a,n, Alok Kumar b, David Ng c,d a Cornell University, Johnson Graduate School of Management, USA University of Miami, School of Business Administration, USA c Cornell University, USA d University of Pennsylvania, Wharton School, USA b a r t i c l e i n f o Article history: Received 19 October 2009 Received in revised form 6 July 2010 Accepted 9 July 2010 Available online 27 May 2011 JEL classification: G11 D03 D14 Keywords: Individual investors Mutual funds Trend chasing Behavioral biases Factor analysis abstract We examine the effect of behavioral biases on the mutual fund choices of a large sample of US discount brokerage investors using new measures of attention to news, tax awareness, and fund-level familiarity bias, in addition to behavioral and demographic characteristics of earlier studies. Behaviorally biased investors typically make poor decisions about fund style and expenses, trading frequency, and timing, resulting in poor performance. Furthermore, trend chasing appears related to behavioral biases, rather than to rationally inferring managerial skill from past performance. Factor analysis suggests that biased investors often conform to stereotypes that can be characterized as Gambler, Smart, Overconfident, Narrow Framer,...
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...Understanding Society – SOSC 1850 Notes Lecture 1 Common Question Answers 1) Britain and US highest teenage pregnancy 2) 36% of US believe in Aliens 3) Suicides highest number of deaths 4) 60% of gun related were suicides 5) False not double stress of US that results in higher rates of suicide 6) Over 65 most suicides 7) Canada and Australia have highest kidnapping rates 8) Sweden highest rape rate 9) ¾ steal in office 10) False couples live tgt more satisfied 11) True, Womens brain are smaller 12) 11 women in legco 13) Plumber is a women 14) Margaret Thatcher did Chemistry for undergraduate Lecture 2 What is Sociology? - The big picture. * The group, culture, of organization, rather than the individual. Lots of people talk about society, but are they sociologists? No they are individualistic thinkers. They talk about individual people and cases instead of the group. Individualistic thinking at Universities: Professors award individual students with grades based on their ‘individual’ merits. What would the SOCIOLOGIST ask? Do some students have to work to earn money? Do some students have to spend time commuting to campus (no dorms!)? Do some students have family responsibilities.? Do some courses/majors have more generous grading procedures than others? Why are there more A students now than there were twenty years ago??? When and Why did sociological thinking begin? SOCRATES: “An unexamined life is not worth living...
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...www.it-ebooks.info www.it-ebooks.info Praise “A must-read resource for anyone who is serious about embracing the opportunity of big data.” — Craig Vaughan Global Vice President at SAP “This timely book says out loud what has finally become apparent: in the modern world, Data is Business, and you can no longer think business without thinking data. Read this book and you will understand the Science behind thinking data.” — Ron Bekkerman Chief Data Officer at Carmel Ventures “A great book for business managers who lead or interact with data scientists, who wish to better understand the principals and algorithms available without the technical details of single-disciplinary books.” — Ronny Kohavi Partner Architect at Microsoft Online Services Division “Provost and Fawcett have distilled their mastery of both the art and science of real-world data analysis into an unrivalled introduction to the field.” —Geoff Webb Editor-in-Chief of Data Mining and Knowledge Discovery Journal “I would love it if everyone I had to work with had read this book.” — Claudia Perlich Chief Scientist of M6D (Media6Degrees) and Advertising Research Foundation Innovation Award Grand Winner (2013) www.it-ebooks.info “A foundational piece in the fast developing world of Data Science. A must read for anyone interested in the Big Data revolution." —Justin Gapper Business Unit Analytics Manager at Teledyne Scientific and Imaging “The authors, both renowned experts in data science before it had a name, have...
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...The GED Language Arts, Reading Test Passing the GED Language Arts, Reading Test Jean Dean ABE/GED Teacher Mentor Teacher California Distance Learning Project www.cdlponline.org 1 GED Video Partner #11 Passing the GED Reading Test In the end, we will remember not the words of our enemies, but the silence of our friends. Martin Luther King, Jr. TEST OVERVIEW: Time: 65 minutes The test consists of fiction and nonfiction readings. • Fiction excerpts include readings from novels, short stories, folk tales, poetry, and plays. • Nonfiction excerpts include readings from reviews, essays, articles, speeches, biographies, business documents, and articles about the visual arts. The test consists of 40 multiple-choice questions. • 30 of the questions come from fiction readings. • 10 of the questions come from nonfiction readings. There are seven passages. • Three of the passages are from prose fiction (novels, short stories, and folk tales). • Poetry and plays have one passage each. • Nonfiction has two passages. There are three literary time periods. One passage comes from each of these periods: • Before 1920 • 1920-1960 • After 1960 The following reading skills are tested: • Comprehension—identifying the main idea, the purpose of a selection, supporting details, and using context clues to discover the meaning of unknown words 2 • • • Application—applying ideas to a new context Analysis—recognizing the way material is organized...
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...Mostly Harmless Econometrics: An Empiricist’ Companion s Joshua D. Angrist Massachusetts Institute of Technology Jörn-Ste¤en Pischke The London School of Economics March 2008 ii Contents Preface Acknowledgments Organization of this Book xi xiii xv I Introduction 1 3 9 10 12 16 1 Questions about Questions 2 The Experimental Ideal 2.1 2.2 2.3 The Selection Problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Random Assignment Solves the Selection Problem . . . . . . . . . . . . . . . . . . . . . . . . Regression Analysis of Experiments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II The Core 19 21 22 23 26 30 36 38 38 44 47 51 51 3 Making Regression Make Sense 3.1 Regression Fundamentals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1.1 3.1.2 3.1.3 3.1.4 3.2 Economic Relationships and the Conditional Expectation Function . . . . . . . . . . . Linear Regression and the CEF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Asymptotic OLS Inference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Saturated Models, Main E¤ects, and Other Regression Talk . . . . . . . . . . . . . . . Regression and Causality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2.1 3.2.2 3.2.3 The Conditional Independence Assumption . . . . . . . . . . . . . . . . . . . . . . . . The Omitted Variables Bias Formula . ....
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...XXX10.1177/1529100612436522Finkel et al.Online Dating 2012 Research Article Online Dating: A Critical Analysis From the Perspective of Psychological Science Psychological Science in the Public Interest 13(1) 3–66 © The Author(s) 2012 Reprints and permission: sagepub.com/journalsPermissions.nav DOI: 10.1177/1529100612436522 http://pspi.sagepub.com Eli J. Finkel1, Paul W. Eastwick2, Benjamin R. Karney3, Harry T. Reis4, and Susan Sprecher5 1 Northwestern University; 2Texas A&M University; 3University of California, Los Angeles; University of Rochester; and 5Illinois State University 4 Summary Online dating sites frequently claim that they have fundamentally altered the dating landscape for the better. This article employs psychological science to examine (a) whether online dating is fundamentally different from conventional offline dating and (b) whether online dating promotes better romantic outcomes than conventional offline dating. The answer to the first question (uniqueness) is yes, and the answer to the second question (superiority) is yes and no. To understand how online dating fundamentally differs from conventional offline dating and the circumstances under which online dating promotes better romantic outcomes than conventional offline dating, we consider the three major services online dating sites offer: access, communication, and matching. Access refers to users’ exposure to and opportunity to evaluate potential romantic...
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...REGULATION FOR CONSERVATIVES: BEHAVIORAL ECONOMICS AND THE CASE FOR “ASYMMETRIC PATERNALISM” COLIN CAMERER, SAMUEL ISSACHAROFF, GEORGE LOEWENSTEIN, † TED O’DONOGHUE, AND MATTHEW RABIN INTRODUCTION Regulation by the state can take a variety of forms. Some regulations are aimed entirely at redistribution, such as when we tax the rich and give to the poor. Other regulations seek to counteract externalities by restricting behavior in a way that imposes harm on an individual basis but yields net societal benefits. A good example is taxation to fund public goods such as roads. In such situations, an individual would be better off if she alone were exempt from the tax; she benefits when everyone (including herself) must pay the tax. In this paper, we are concerned with a third form of regulation: paternalistic regulations that are designed to help on an individual basis. Paternalism treads on consumer sovereignty by forcing, or preventing, choices for the individual’s own good, much as when parents limit their child’s freedom to skip school or eat candy for dinner. Recent research in behavioral economics has identified a variety of decision-making errors that may expand the scope of paternalistic regula- Professor Camerer is the Rea and Lela Axline Professor of Business Economics, California Institute of Technology; Professor Issacharoff is the Harold R. Medina Professor of Procedural Jurisprudence, Columbia Law School; Professor Loewenstein is a Professor of Economics and Psychology...
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...conceptual framework, so to speak—that will help guide the development of standards. To understand the importance of developing this framework, let’s see how you would respond in the following two situations. SITUATION 1: “Taking a Long Shot . . . ” To supplement donations collected from its general community solicitation, Tri-Cities United Charities holds an Annual Lottery Sweepstakes. In this year’s sweepstakes, United Charities is offering a grand prize of $1,000,000 to a single winning ticket holder. A total of 10,000 tickets have been printed, and United Charities plans to sell all the tickets at a price of $150 each. Since its inception, the Sweepstakes has attracted area-wide interest, and United Charities has always been able to meet its sales target. However, in the unlikely event that it might fail to sell a sufficient number of tickets to cover the grand prize, United Charities has reserved the right to cancel the Sweepstakes and to refund the price of the tickets to holders. In recent years, a fairly active secondary market for tickets has developed. This year, buying–selling prices have varied between $75 and $95 before stabilizing at about $90. When...
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...[pic] MONEY Income – доход Earned income – заработок Unearned income – рента, нетрудовые доходы Private income – частные доходы To live on one’s income – жить на свои средства To live within/ up to one’s income – жить по средствам Exceed/ live beyond one’s income - жить по средствам Income tax – подоходный налог Salary – оклад, зарплата To gross (coll) – we grossed 1,000$ - мы получили общую прибыль в … Payment – оплата, платеж, уплата Overtime payment – плата за сверхурочную работу He made a cash payment of 50$ - он уплатил наличными 50$ Pay – плата, зарплата, жалование; платить A pay cut – снижение зарплаты A pay increase – повышение зарплаты On half pay – на полставки They are paid by the hour - они получают почасовую оплату He paid his way through college – он сам зарабатывал себе на обучение To pay off one’s debts – рассчитываться с долгами Pay-day – день зарплаты Bonus – премия, премиальные A bonus job – работа с премиальным вознаграждением Royalties – авторский гонорар, отчисления автору пьесы Wages – заработная плата He gets good wages - он хорошо зарабатывает A living wages – прожиточный минимум Tips – деньги на «чай» Commission – комиссионные Basic earnings – основной доход, заработок Extras – дополнительный доход College grant - стипендия Scholarship - стипендия Child benefit – детское пособие Maternity benefit – пособие по беременности и родам Pension - пенсия Dole money...
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...THE JOURNAL OF FINANCE • VOL. LVI, NO. 4 • AUGUST 2001 Investor Psychology and Asset Pricing DAVID HIRSHLEIFER* ABSTRACT The basic paradigm of asset pricing is in vibrant f lux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models. The best plan is . . . to profit by the folly of others. — Pliny the Elder, from John Bartlett, comp. Familiar Quotations, 9th ed. 1901. IN THE MUDDLED DAYS BEFORE THE RISE of modern finance, some otherwisereputable economists, such as Adam Smith, Irving Fisher, John Maynard Keynes, and Harry Markowitz, thought that individual psychology affects prices.1 What if the creators of asset-pricing theory had followed this thread? Picture a school of sociologists at the University of Chicago proposing the Deficient Markets Hypothesis: that prices inaccurately ref lect all available information. A brilliant Stanford psychologist, call him Bill Blunte, invents the Deranged Anticipation and Perception Model ~or DAPM!, in which proxies for market misvaluation are used to predict security returns. Imagine the euphoria when researchers discovered that these mispricing proxies...
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...BS (4 Years) for Affiliated Colleges Course Contents for Subjects with Code: ENG This document only contains details of courses having code ENG. Center for Undergraduate Studies, University of the Punjab 1 BS (4 Years) for Affiliated Colleges Code ENG‐101 Year 1 Subject Title Introduction to Literature‐I (History of English Literature‐I) Discipline English Cr. Hrs 3 Semester I Aims: One of the objectives of this course is to inform the readers about the influence of historical and socio-cultural events upon the production of literature. Although the scope of the course is quite expansive, the readers shall focus on early 14th to 19th century Romantic Movement. Histories of literature written by some British literary historians will be consulted to form some socio-cultural and political cross connections. In its broader spectrum, the course covers a reference to the multiple factors from economic theories to religious, philosophical and metaphysical debates that overlap in these literary works of diverse nature and time periods under multiple contexts. The reading of literature in this way i.e. within the sociocultural context will help the readers become aware of the fact that literary works are basically a referential product of the practice that goes back to continuous interdisciplinary interaction. Contents: • Medieval Period • Renaissance and Reformation • Elizabethan Period • Milton, the Metaphysical...
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...3 Industry Analysis: The Fundamentals When a management with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact. —Warren Buffett, Chairman, Berkshire Hathaway The reinsurance business has the defect of being too attractive-looking to new entrants for its own good and will therefore always tend to be the opposite of, say, the old business of gathering and rendering dead horses that always tended to contain few and prosperous participants. —Charles T. Munger, Chairman, Wesco Financial Corp. OUTLINE n n n n n INTRODUCTION AND OBJECTIVES FROM ENVIRONMENTAL ANALYSIS TO INDUSTRY ANALYSIS THE DETERMINANTS OF INDUSTRY PROFIT: DEMAND AND COMPETITION ANALYZING INDUSTRY ATTRACTIVENESS Porter’s Five Forces of Competition Framework Competition from Substitutes Threat of Entry Rivalry Between Established Competitors Bargaining Power of Buyers Bargaining Power of Suppliers APPLYING INDUSTRY ANALYSIS Describing Industry Structure Forecasting Industry Profitability Strategies to Alter Industry Structure 66 INTRODUCTION AND OBJECTIVES 67 n n n n DEFINING INDUSTRIES: WHERE TO DRAW THE BOUNDARIES Industries and Markets Defining Markets: Substitution in Demand and Supply FROM INDUSTRY ATTRACTIVENESS TO COMPETITIVE ADVANTAGE: IDENTIFYING KEY SUCCESS FACTORS SUMMARY NOTES INTRODUCTION AND OBJECTIVES In this chapter and the next we explore the external environment of...
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...Knowledge Area Module I: Principles of Societal Development Student: Michael Moore Michael.Moore@waldenu.edu Program: PhD in Applied Management and Decision Sciences Specialization: Leadership and Organizational Change KAM Assessor: Dr. Javier Fadul Javier.fadul@waldenu.edu Faculty Mentor: Dr. Javier Fadul Javier.fadul@waldenu.edu Walden University February 5, 2011 ABSTRACT Breadth This Knowledge Area Module (KAM) broadens common knowledge of societal and cultural development by looking beyond economic and conflict theories for understanding other positions regarding social advancement. The Breadth Component studies societal and cultural development in terms of evolutionary, cyclical, and fundamentalist theories and demonstrates why it is important to looking beyond the popularly accepted knowledge about social development represented by economic and conflict theory. This approach provides a more robust generalization that more adequately describes social advancement, and concludes that classical researchers did not consider leadership as a social segment to be studied, that influences societal and cultural development. Leadership understanding of societal and cultural development is critical for enabling them to lead positive social change. ABSTRACT Depth The Depth section compares modern research in societal and cultural development to the theories of classical researchers in order to further develop the findings of the classical study, and to determine if leadership...
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