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Endowment effect

Endowment effect
In behavioral economics, the endowment effect (also known as divestiture aversion) is the hypothesis that people ascribe more value to things merely because they own them.[1] This is illustrated by the observation that people will tend to pay more to retain something they own than to obtain something owned by someone else—even when there is no cause for attachment, or even if the item was only obtained minutes ago. Examples[edit] One of the most famous examples of the endowment effect in the literature is from a study by Kahneman, Knetsch & Thaler (1990)[2] where participants were given a mug and then offered the chance to sell it or trade it for an equally priced alternative good (pens). Kahneman et al. (1990)[2] found that participants' willingness to accept compensation for the mug (once their ownership of the mug had been established) was approximately twice as high as their willingness to pay for it. Background[edit] Theoretical explanations[edit] Loss aversion[edit] Criticisms[edit] Related:  Knowledge

Cognitive bias Some cognitive biases are presumably adaptive. Cognitive biases may lead to more effective actions in a given context.[6] Furthermore, allowing cognitive biases enable faster decisions which can be desirable when timeliness is more valuable than accuracy, as illustrated in heuristics.[7] Other cognitive biases are a "by-product" of human processing limitations,[8] resulting from a lack of appropriate mental mechanisms (bounded rationality), or simply from a limited capacity for information processing.[9][10] A continually evolving list of cognitive biases has been identified over the last six decades of research on human judgment and decision-making in cognitive science, social psychology, and behavioral economics. Kahneman and Tversky (1996) argue that cognitive biases have efficient practical implications for areas including clinical judgment, entrepreneurship, finance, and management.[11][12] Overview[edit] Types[edit] Biases can be distinguished on a number of dimensions. List[edit]

The Most Important Question You Can Ask - Tony Schwartz by Tony Schwartz | 8:52 AM February 9, 2012 Why are you here? It’s arguably life’s most important question, but is it one you ask yourself? I recognize it’s a question some people might view as self-indulgent, while others would see it primarily through a religious lens. But is there any part of an answer we could all agree on? I’ve found a very simple one for myself, and it’s provided me in recent years with an increasingly powerful sense of clarity, inspiration and even joy. I use up resources every day — the gas I burn driving my car, the heat and electricity for my house and office, the food I eat. I spent the first 45 years of my life accruing value — trying to earn enough money to feel financially secure, sufficient success to feel respected, and enough relationships to feel safe and loved. To the extent that I felt I didn’t have enough, I didn’t imagine I had a choice about how to live my life. I believe in the law of reciprocity. I’m inspired by her. I fall short, frequently.

New Orleans five years later FIVE YEARS AGO today, hell was unleashed on New Orleans. The storm surge created by the winds and rains of Hurricane Katrina overwhelmed the city's levee system, which the Army Corps of Engineers had poorly designed and poorly maintained. For days, with much of the city flooded, people pleaded for help from rooftops, the Superdome and the convention center. Scenes of depravation, desperation and death shocked the nation and the world. Of course, New Orleans wasn't the only site of devastation. Still, when Air Force One touches down Sunday, President Obama will alight on a New Orleans that is recovering -- from Hurricane Katrina, the recession and this year's oil spill in the Gulf of Mexico as well. People who fled are coming home. Potential improvements in the public education system are perhaps the most encouraging aspect of New Orleans's recovery. Many challenges remain. Coastal restoration is another challenge.

How to Start the Big Project You've Been Putting Off - Peter Bregman I want to write a screenplay. I wanted to write one last year, but other work took more time than I expected, and I kept pushing “write screenplay” off my to-do list. I know I’m not alone in struggling to make incremental progress on long-term projects or goals. How do you get started when you have “all the time in the world”? Maybe you have a project with no deadline, like my screenplay. Or maybe you have a deadline that’s months away — like preparing a speech, developing a business plan, or designing a training program. Doing something big and important is rarely as simple as just getting it done. I know the basic advice: break the work into smaller, more manageable chunks, focus on the next small step that will move you forward, set intermediate deadlines. It’s good advice. Because, ultimately, the reason we procrastinate on a big, long-term project isn’t just because we have too much time or don’t know where to start. I’ve never written a screenplay. I’m afraid. So what’s the antidote?

Choosing a Methodological Path: Reflections on the Constructivist Turn | Grounded Theory Jenna P. Breckenridge, Queen Margaret University, Derek Jones, Northumbria University, Ian Elliott, Queen Margaret University, Margaret Nicol, Queen Margaret University Abstract Researchers deciding to use grounded theory are faced with complex decisions regarding which method or version of grounded theory to use: Classic, straussian, feminist or constructivist grounded theory. Introduction Reflecting on the PhD process, it could be said that the decision to use grounded theory is only a starting point. By sharing the methodological reasoning developed by the first author during her own PhD study, the aim of this article is to assist novice researchers in understanding the differences between two of the main grounded theory versions: constructivist grounded theory and classic grounded theory. Constructivist grounded theory The interpretive understanding of subjects’ meanings A central tenet of constructivist grounded theory is to give voice to participants. The co-construction of data

The Disadvantages of an Elite Education Exhortation - Summer 2008 Print Our best universities have forgotten that the reason they exist is to make minds, not careers By William Deresiewicz June 1, 2008 It didn’t dawn on me that there might be a few holes in my education until I was about 35. It’s not surprising that it took me so long to discover the extent of my miseducation, because the last thing an elite education will teach you is its own inadequacy. I’m not talking about curricula or the culture wars, the closing or opening of the American mind, political correctness, canon formation, or what have you. The first disadvantage of an elite education, as I learned in my kitchen that day, is that it makes you incapable of talking to people who aren’t like you. But it isn’t just a matter of class. I also never learned that there are smart people who aren’t “smart.” What about people who aren’t bright in any sense? There is nothing wrong with taking pride in one’s intellect or knowledge.

Constructing Grounded Theory: A Practical Guide Through Qualitative Analysis - Kathy Charmaz Supplement Manufacturers, Vitamin Manufacturers - IIER 16: Moghaddam - coding issues in grounded theory Issues In Educational Research, Vol 16, 2006 [ Contents Vol 16 ] [ IIER Home ] Alireza Moghaddam The University of Western Ontario This paper discusses grounded theory as one of the qualitative research designs. It describes how grounded theory generates from data. Three phases of grounded theory - open coding, axial coding, and selective coding - are discussed, along with some of the issues which are the source of debate among grounded theorists, especially between its founders, Glaser and Strauss. Introduction Grounded theory refers to theory developed inductively from data. Grounded theory According to Strauss and Corbin (1990) a theory is a set of relationships that proposes a reasonable explanation of the phenomenon under study. Grounded theory was introduced by Glaser and Strauss in their 1967 book, The Discovery of Grounded Theory. Rationale of grounded theory The rationale of grounded theory studies is to investigate and recognise how complicated phenomena occur. Open coding

3 Words That Guarantee Failure People who fail to achieve goals almost always signal their intent to fail by using three little words: "I will try..." There are no three words in the English language that are more deceptive, both to the person who says them and the person who hears them. People who say "I will try" have given themselves permission to fail. No matter what happens, they can always claim that they "tried." People who hear "I will try" and don't realize what it really means are fooling themselves, by thinking there's a chance that the speaker will actually succeed. People who really and truly achieve goals never say "I will try." Instead, they always say "I will do" something–or, better yet, "I must do" whatever the task is. As a wise (though fictional) guru once said: "Do, or do not.

Sheridan Volume 10 , No. 1 , Art. 36 – January 2009 Linking the Intercultural and Grounded Theory: Methodological Issues in Migration Research Vera Sheridan & Katharina Storch Abstract : Connecting intercultural research with Grounded Theory was advocated in the early history of intercultural theorising and includes the development of researchers' intercultural competencies. Key words : cross-cultural adaptation; ethics; grounded theory; intercultural communication; migration; self-reflexivity Table of Contents 1. 2. 3. 4. 5. 6. 6.1 Reflecting on researching Polish migrant women (Katharina STORCH) 6.2 Reflecting on researching members of the "Vietnamese community" (Vera SHERIDAN) 7. Acknowledgements References Authors Citation The intersection between theoretical approaches and their applications in intercultural research are the focus of this paper. From her own research of migrant communities, Young Yun KIM (1989, p.103) writes: K: And are most of them women? T: Most of? T: Yes. K: Island. E: Z kim?

16 Things I Wish They Had Taught Me in School I am 28 now. I don’t think about the past or regret things much these days. But sometimes I wish that I had known some of things I have learned over the last few years a bit earlier. That perhaps there had been a self-improvement class in school. Because some of these 16 things in this article a teacher probably spoke about in class. Some of it would probably not have stuck in my mind anyway. But I still think that taking a few hours from all those German language classes and use them for some personal development classes would have been a good idea. So here are 16 things I wish they had taught me in school (or I just would like to have known about earlier). 1. This is one of the best ways to make better use of your time. So a lot of what you do is probably not as useful or even necessary to do as you may think. You can just drop – or vastly decrease the time you spend on – a whole bunch of things. 2. You can do things quicker than you think. So focus your time on finding solutions. 3. 4.

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