Neuroeconomic and Behavioral Aspects of Decision Making: Proceedings of the 2016 Computational Methods in Experimental Economics (CMEE) Conference

409 Pages·2017·7.684 MB·English

by  Kesra Nermend, Małgorzata Łatuszyńska (eds.)

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
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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