Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Business (9)
- Growth and Development (8)
- Economic Theory (7)
- Communication (6)
- Econometrics (6)
-
- International and Area Studies (6)
- Law (6)
- Asian Studies (5)
- Law and Economics (5)
- Macroeconomics (5)
- Political Economy (5)
- Psychology (5)
- Agricultural and Resource Economics (4)
- Labor Economics (4)
- Public Affairs, Public Policy and Public Administration (4)
- Regional Economics (4)
- Sociology (4)
- Arts and Humanities (3)
- Industrial Organization (3)
- Other Economics (3)
- Public Economics (3)
- Science and Technology Studies (3)
- Communication Technology and New Media (2)
- Contracts (2)
- Entrepreneurial and Small Business Operations (2)
- International Economics (2)
- Law and Psychology (2)
- Institution
-
- Singapore Management University (14)
- University of Nebraska - Lincoln (8)
- Pepperdine University (3)
- University of Pennsylvania Carey Law School (3)
- West Virginia University (3)
-
- Bryant University (2)
- Chapman University (2)
- Duke Law (2)
- Sacred Heart University (2)
- University of Connecticut (2)
- College of the Holy Cross (1)
- Gettysburg College (1)
- La Salle University (1)
- Lawrence University (1)
- Liberty University (1)
- Lindenwood University (1)
- Rollins College (1)
- SIT Graduate Institute/SIT Study Abroad (1)
- Trinity College (1)
- University of Kentucky (1)
- W.E. Upjohn Institute for Employment Research (1)
- Keyword
-
- Business confidence (3)
- Consumer confidence (3)
- Entrepreneurship (3)
- Regional economics (3)
- Broadband (2)
-
- Cost effectiveness (2)
- Economics (2)
- Football (2)
- Game theory (2)
- India (2)
- Morality (2)
- 2018 academic conference (1)
- Adult (1)
- Ageing (1)
- Agency cost (1)
- Alcohol consumption (1)
- Ambiguity (1)
- Attendance (1)
- Azerbaijan (1)
- Bangladesh (1)
- Banking (1)
- Behavioral Economics (1)
- Behavioral Finance (1)
- Behavioral sciences (1)
- Block-adjacency (1)
- Block-connected domains (1)
- Case-Control Studies (1)
- Cautionary (1)
- Child morality (1)
- China (1)
- Publication
-
- Research Collection School Of Economics (10)
- Perspectives@SMU (4)
- All Faculty Scholarship (3)
- Economics Faculty Working Papers Series (3)
- Faculty Scholarship (3)
-
- Leading Economic Indicator Reports (3)
- School of Public Policy Working Papers (3)
- CAFIO: Policy Research Group Policy Pagers (2)
- Department of Agricultural Economics: Dissertations, Theses, and Student Research (2)
- Honors Scholar Theses (2)
- Accounting Faculty Articles and Research (1)
- Catholic Studies Faculty Publications (1)
- Center for Applied Economics (1)
- Economics Department Student Scholarship (1)
- Economics Faculty Articles and Research (1)
- Economics Faculty Publications (1)
- Explorer Café (1)
- Faculty Publications (1)
- Honors Projects in Finance (1)
- Honors Projects in Marketing (1)
- Independent Study Project (ISP) Collection (1)
- Lawrence University Honors Projects (1)
- Psychology Faculty Publications (1)
- School of Natural Resources: Dissertations, Theses, and Student Research (1)
- Senior Honors Theses (1)
- Upjohn Institute Working Papers (1)
- WCBT Faculty Publications (1)
Articles 1 - 30 of 52
Full-Text Articles in Behavioral Economics
Fake News: Can We Correct It All And Does It Matter If We Don't?, Emma C. Brickfield
Fake News: Can We Correct It All And Does It Matter If We Don't?, Emma C. Brickfield
Economics Department Student Scholarship
This paper looks to identify if correcting fake news articles is sufficient to prevent people from making decisions based on factually incorrect information. Through an experiment, I find that correcting a fake news article makes a person less likely to put money towards the issue that the fake story supported. I also find that over time people are more likely to forget the corrections but that it does not change their economic decision at a statistically significant rate.
Nebraska Business And Consumer Confidence Index: December 1, 2017, Eric Thompson
Nebraska Business And Consumer Confidence Index: December 1, 2017, Eric Thompson
Leading Economic Indicator Reports
Consumer and business confidence surged in Nebraska during November. The Consumer Confidence Index – Nebraska (CCI-N) rose to 106.2 in November from 95.1 in October. The November value is well above the neutral level of 100.0. Likewise, the Business Confidence Index – Nebraska (BCI-N) rose from 102.7 in October to 114.1 in November, which is also well above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 32 percent of respondents. Nearly as many businesses mentioned workforce issues. In particular, the availability and quality of labor was mentioned as …
Nebraska Business And Consumer Confidence Indexes: November 3, 2017, Eric Thompson
Nebraska Business And Consumer Confidence Indexes: November 3, 2017, Eric Thompson
Leading Economic Indicator Reports
Nebraska’s consumer confidence remained weak during October while business confidence remained strong. The Consumer Confidence Index – Nebraska (CCI-N) stood at 95.1 in October, below the neutral value of 100.0. By contrast, the Nebraska business confidence remained strong. The Business Confidence Index – Nebraska (BCI-N) stood at 102.7 in October, below the September level of 105.2 but above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 31 percent of business respondents. Businesses also faced growing competition in both the labor and product markets. The availability and quality of …
The Effectiveness And Effects Of Alcohol Regulation: Evidence From India, Dara Lee Luca, Emily Owens, Gunjan Sharma
The Effectiveness And Effects Of Alcohol Regulation: Evidence From India, Dara Lee Luca, Emily Owens, Gunjan Sharma
WCBT Faculty Publications
We provide quasi-experimental evidence on the effects of alcohol regulation on alcohol consumption and associated public health outcomes using detailed individual level and aggregate data from India, where state level laws generate substantial variation in the availability of commercially produced alcohol across people of different ages. We find that despite significant law evasion, men who are legally allowed to drink are substantially more likely to consume alcohol. Further, men who are legally allowed to drink are significantly more likely to commit violence against their partners, suggesting a causal channel between alcohol consumption and domestic violence. We also examine the effects …
The Weekend Effect In Television Viewership And Prime-Time Scheduling, Jung Won Yeo
The Weekend Effect In Television Viewership And Prime-Time Scheduling, Jung Won Yeo
Research Collection School Of Economics
The observed drops in the ratings of television programs on Fridays and Saturdays are likely a result of two factors: intrinsic contraction in demand for television watching and endogenous scheduling. I decompose the observed weekend effect into the effects from these two factors. To this end, I estimate a viewer choice model that uses aggregate Nielsen ratings data for prime-time network television shows over 11 years. The long span of the data enables me to control for television series qualities. The estimation results reveal that the estimated weekend effect is dampened as the empirical model accounts for variation in the …
Does "America First" Help America? The Impact Of Country Image On Exports And Welfare, Pao-Li Chang, Tomoki Fujii, Wei Jin
Does "America First" Help America? The Impact Of Country Image On Exports And Welfare, Pao-Li Chang, Tomoki Fujii, Wei Jin
Research Collection School Of Economics
This paper estimates the effects of bilateral and time-varying preference bias on trade flows and welfare. We use a unique dataset from the BBC World Opinion Poll that surveys (annually during 2005-2017 with some gaps) the populations from a wide array of countries on their views of whether an evaluated country is having a mainly positive or negative influence in the world. We identify the effects on bilateral preference parameters due to shifts in these country image perceptions, and quantify their general equilibrium effects on bilateral exports and welfare (each time for an evaluated exporting country, assuming that the exporting …
Mobile Banking As A Mechanism To Increase Access To Financial Services, Luisa Blanco, C. Andrew Bosque, Xizhu Wang
Mobile Banking As A Mechanism To Increase Access To Financial Services, Luisa Blanco, C. Andrew Bosque, Xizhu Wang
School of Public Policy Working Papers
We study the determinants of mobile banking adoption, with a special interest on how mobile banking can increase access to financial services among racial and ethnic minorities in the United States. In our analysis, we use survey data from two different sources: 1) Survey of Consumers' Use of Mobile Financial Services (SCUMFS) We conduct a regression analysis and Oaxaca Decomposition to determine the explanatory factors of racial and ethnic gaps in bank account ownership. We find that minorities are less likely to use mobile banking than Whites in the NSUUH, but more likely to adopt mobile banking according to SCUMFS, …
The Importance Of Transportation, Broadband, And Intellectual Infrastructure For Entrepreneurship, James E. Prieger, Heng Lu, Habi Zhang
The Importance Of Transportation, Broadband, And Intellectual Infrastructure For Entrepreneurship, James E. Prieger, Heng Lu, Habi Zhang
School of Public Policy Working Papers
This empirical study uses a unique panel dataset to investigate the link between regional entrepreneurship and infrastructure. This topic is vital for understanding the factors that facilitate entrepreneurship, yet it receives scant scholarly attention. It is of particular value to policy makers because entrepreneurship is crucial for economic growth. We therefore examine how broadband infrastructure (internet connectivity), intellectual infrastructure (human capital), and transportation infrastructure (roads, bridges, and intermodal facilities) affect the establishment of new businesses in the United States. We primarily focus on broadband infrastructure, which is the least explored of these factors in the literature. We find that all …
Mobile Data Roaming And Incentives For Investment In Rural Broadband Infrastructure, James Prieger
Mobile Data Roaming And Incentives For Investment In Rural Broadband Infrastructure, James Prieger
School of Public Policy Working Papers
Mobile broadband Internet access is highly important to the American economy and millions of users. There were almost 200 million mobile broadband connections by the end of 2013 in the United States, far more than the number of fixed broadband connections (FCC, 2014a, Table 1). The economic activity created by the provision and usage of mobile broadband is sizeable, and has been documented at the national level (Gruber and Koutroumpis, 2011; Thompson and Garbacz, 2011; Katz, 2012) and specifically for rural areas (Whitacre, Gallardo, and Strover, 2014). The benefits of mobile broadband—and indeed the entire broadband ecosystem—depend on investment in …
Nebraska Business And Consumer Confidence Indexes: October 6, 2017, Eric Thompson
Nebraska Business And Consumer Confidence Indexes: October 6, 2017, Eric Thompson
Leading Economic Indicator Reports
Nebraska’s consumer confidence tumbled during September while business confidence held steady. The Consumer Confidence Index – Nebraska (CCI-N) fell to 93.5 in September, well below the reading of 100.9 in August and the neutral value of 100.0. Consumer confidence is now weak in Nebraska. By contrast, the Nebraska business confidence remained strong. The Business Confidence Index – Nebraska (BCI-N) stood at 105.2 in September, slightly above the August value of 104.2, and well above the neutral value of 100.0. When asked about the most important issue facing their business, customer demand was mentioned by 37 percent of business respondents. Businesses …
Endowment Effects And Contribution Strategies In Public Good Experiments, John P. Weis, John J. Cadigan, Pamela Schmitt, Kurtis Swope
Endowment Effects And Contribution Strategies In Public Good Experiments, John P. Weis, John J. Cadigan, Pamela Schmitt, Kurtis Swope
Economics Faculty Publications
We investigate behavior in a laboratory public good experiment with unique endowment schemes that allow a wider range of contribution strategies than in standard voluntary contribution mechanism (VCM) experiments. A baseline treatment follows a standard VCM design (subjects receive 10 tokens in each of 10 rounds that may be allocated between a private account and a group account). In a new carry-over treatment, any tokens not allocated to the group account in the current period are made available for contributions in future periods. Under full endowment, subjects receive 100 tokens in round one (rather than 10 tokens per …
Random Mechanism Design On Multidimensional Domains, Shurojit Chatterji, Huaxia Zeng
Random Mechanism Design On Multidimensional Domains, Shurojit Chatterji, Huaxia Zeng
Research Collection School Of Economics
We study random mechanism design in an environment where the set of alternatives has a Cartesian product structure. We first show that all generalized random dictatorships are strategy-proof on a minimally rich domain if and only if the domain is a top-separable domain. We next generalize the notion of connectedness (Monjardet, 2009) to establish a particular class of top-separable domains: connected domains, and show that in the class of minimally rich and connected domains, the multidimensional single-peakedness restriction is necessary and sufficient for the design of a flexible random social choice function that is unanimous and strategy-proof. Such a flexible …
The Role Of Safety First Risk Preferences In Grain Marketing: A Laboratory Economic Experiment Using A Grain Marketing Simulation Game, Stamatina Kotsakou
The Role Of Safety First Risk Preferences In Grain Marketing: A Laboratory Economic Experiment Using A Grain Marketing Simulation Game, Stamatina Kotsakou
Department of Agricultural Economics: Dissertations, Theses, and Student Research
In this study, the Marketing in a New Era (MINE) grain marketing simulation game is used to carry out a context-rich economic experiment to evaluate the role of risk preferences in grain marketing decisions. The model of risk preferences that we consider is an improved Safety First decision rule model proposed by Levy and Levy (2009). We experimentally test if Safety First decision rule describes individuals’ post-harvest marketing decisions. In our experiment, we incorporate real-world features which are usually omitted in marketing studies such as: multiple storage decisions, storage cost, actual price series and multiple contract frequency. MINE plays a …
Mapping The Ecology Of Information: Hierarchical Habitat Selection By Nebraska Pheasant Hunters, Lyndsie Wszola
Mapping The Ecology Of Information: Hierarchical Habitat Selection By Nebraska Pheasant Hunters, Lyndsie Wszola
School of Natural Resources: Dissertations, Theses, and Student Research
Hunting regulations are assumed to moderate the effects of hunting consistently across a game population. A growing body of evidence suggests that hunter effort varies temporally and spatially, and that variation in effort at multiple spatial scales can affect game populations in unexpected ways. We set out to determine the causes of variation in hunting effort among ring-necked pheasant (Phasianus colchicus) hunters at four spatial scales: among regions within the state of Nebraska, among sites within a given region, among access points at a given site, and among habitat patches within a site. At each scale, pheasant hunters used direct …
On The Relationship Between Household Wealth And Entrepreneurship, Jungho Lee
On The Relationship Between Household Wealth And Entrepreneurship, Jungho Lee
Research Collection School Of Economics
Motivated by a substantial number of startup owners with negative household net worth, I present a model that incorporates credit borrowing into Evans and Jovanovic [1989]. The estimated model generates no relationship between household wealth and the propensity for business entry. Ignoring credit borrowing for potential business owners substantially overstates the efficiency loss from financial constraints in business entry. However, the efficiency loss in investments by the entrants is large even if credit borrowing is allowed. Individuals who start a business once credit borrowing is available are those whose business ideas are of a high-enough quality to compensate high financing …
Unique Prediction Of Cannabis Use Severity And Behaviors By Delay Discounting And Behavioral Economic Demand, Justin C. Strickland, Joshua A. Lile, William W. Stoops
Unique Prediction Of Cannabis Use Severity And Behaviors By Delay Discounting And Behavioral Economic Demand, Justin C. Strickland, Joshua A. Lile, William W. Stoops
Psychology Faculty Publications
Few studies have simultaneously evaluated delay discounting and behavioral economic demand to determine their unique contribution to drug use. A recent study in cannabis users found that monetary delay discounting uniquely predicted cannabis dependence symptoms, whereas cannabis demand uniquely predicted use frequency. This study sought to replicate and extend this research by evaluating delay discounting and behavioral economic demand measures for multiple commodities and including a use quantity measure. Amazon.com’s Mechanical Turk was used to sample individuals reporting recent cannabis use (n = 64) and controls (n = 72). Participants completed measures of monetary delay discounting as well as alcohol …
Fertility And Rural Electrification In Bangladesh, Tomoki Fujii, Abu S. Shonchoy
Fertility And Rural Electrification In Bangladesh, Tomoki Fujii, Abu S. Shonchoy
Research Collection School Of Economics
We use a household-level panel dataset from Bangladesh to examine the household-level relationship between fertility and the access to electricity. We find that the household's access to electricity reduces the change in the number of children by about 0.1 to 0.25 children in a period of five years in most estimates. This finding also applies to retrospective panel data and is robust to the choice of covariates and estimation methods. Our finding passes falsification test and corroborates with the predictions of our theoretical model on the households' time use and consumption pattern.
The Effect Of Public Pension Wealth On Saving And Expenditure, Marta Lachowska, Michał Myck
The Effect Of Public Pension Wealth On Saving And Expenditure, Marta Lachowska, Michał Myck
Upjohn Institute Working Papers
This paper examines the degree of substitution between public pension wealth and private saving by studying Poland’s 1999 pension reform. The analysis identifies the effect of pension wealth on private saving using cohort-by-time variation in pension wealth induced by the reform. The estimates, which are based on the 1997–2003 Polish Household Budget Surveys, show that 1 Polish zloty (PLN) less of pension wealth increases household saving by 0.3 PLN. Among highly-educated households, pension wealth and private saving appear to be close substitutes.
The Inevitability And Ubiquity Of Cycling In All Feasible Legal Regimes: A Formal Proof, Leo Katz, Alvaro Sandroni
The Inevitability And Ubiquity Of Cycling In All Feasible Legal Regimes: A Formal Proof, Leo Katz, Alvaro Sandroni
All Faculty Scholarship
Intransitive choices, or cycling, are generally held to be the mark of irrationality. When a set of rules engenders such choices, it is usually held to be irrational and in need of reform. In this article, we prove a series of theorems, demonstrating that all feasible legal regimes are going to be rife with cycling. Our first result, the legal cycling theorem, shows that unless a legal system meets some extremely restrictive conditions, it will lead to cycling. The discussion that follows, along with our second result, the combination theorem, shows exactly why these conditions are almost impossible to meet. …
Everybody Wants To Belong: Comparing The Relative Impact Of Social Capital On Happiness At An International Level, Elana Lambert
Everybody Wants To Belong: Comparing The Relative Impact Of Social Capital On Happiness At An International Level, Elana Lambert
Lawrence University Honors Projects
Subjective well-being has become increasingly more important as a guide for policy and welfare. This paper uses data from the World Bank Indicators and the World Values Survey to look at the intricate relationship between subjective well-being data, social capital, and the relative nature of human happiness. Subjective well-being data has recently become widely accepted in economics research and analyzed using econometric methods. In this study, I look at specific aspects of social capital across countries to easily compare individuals within countries with a standardized scale. I look at economic determinants and social capital determinants and their impact on happiness. …
Social Innovation, Gender, And Technology: Bridging The Resource Gap, Tonia Warnecke
Social Innovation, Gender, And Technology: Bridging The Resource Gap, Tonia Warnecke
Faculty Publications
Some of the most important resources are intangible, such as knowledge and access to networks. In the developing world, technology can facilitate these resources and address basic human needs in a variety of ways: from provision of farmer training and cloud-controlled clean water systems to health information and mobile money services. Some of these services expand access to resources in ways that particularly benefit women. In environments where women are disadvantaged socially and economically, information and communications technologies (ICT) can enable women to access valuable information, consider a broader range of business opportunities, access wider markets, partake in educational programs, …
How To Measure Well-Being At Work And Why It Matters, Singapore Management University
How To Measure Well-Being At Work And Why It Matters, Singapore Management University
Perspectives@SMU
Supported staff are key drivers of high performing workplaces
Exploring Investor Attention In Financial Models, Anna Rodier
Exploring Investor Attention In Financial Models, Anna Rodier
Honors Projects in Finance
The purpose of this study is to investigate whether stock prices are influenced by investor attention and how this, in turn, can be used to better advise the financial decisions of the everyday investor. Using weekly adjusted close data, weekly traded volumes, and weekly company searches using Google Trends, I tested my hypothesis that including the frequency of company searches, found through consumers using Google, in financial models will help better predict stock returns. Using S&P 500 company data from February 2012 to February 2017, frequency is a better predictor of price in comparison to trading volumes. But, to maximize …
Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist
Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist
Honors Scholar Theses
In this paper I attempt to answer the question of whether or not teams in the National Football League (NFL) rush less with a better running back. This seems counterintuitive, but game theory supposes that this is true. Defenses facing a better running back will generally expect the offense to rush more and therefore defend the run more often. The offense, foreseeing the defense’s actions, will choose to pass more to counteract the run defense. This is the basis of the difference between the strategic effect and the direct effect in mixed strategies. The direct effect is when a player …
Consumer Perceptions Of Food Safety And Preferences For Food Safety Interventions, Kofi Britwum
Consumer Perceptions Of Food Safety And Preferences For Food Safety Interventions, Kofi Britwum
Department of Agricultural Economics: Dissertations, Theses, and Student Research
This dissertation consists of three essays that investigate consumers’ response to technologies that mitigate food safety risks: cattle vaccines against E. coli and direct-fed microbials.
The first essay examines the influence of information framing and issue involvement on perceptions of the two food safety technologies. This essay also examines the role of issue involvement on food safety perceptions. A hypothetical survey which includes six information treatments was developed, and targeted a representative, random sample of U.S consumers. Participants were exposed to general information about E. coli and the two food safety technologies, a gain-framed message, a loss-framed message, a media …
Love, Money, And Parental Goods: Does Parental Matchmaking Matter?, Fali Huang, Ginger Zhe Xu, Lixin Colin Xu
Love, Money, And Parental Goods: Does Parental Matchmaking Matter?, Fali Huang, Ginger Zhe Xu, Lixin Colin Xu
Research Collection School Of Economics
While parental matchmaking has been widespread throughout history and across countries, we know little about the relationship between parental matchmaking and marriage outcomes. Does parental involvement in matchmaking help ensure their needs are better taken care of by married children? This paper finds supportive evidence using a survey of Chinese couples. In particular, parental involvement in matchmaking is associated with having a more submissive wife, a greater number of children, a higher likelihood of having any male children, and a stronger belief of the husband in providing old age support to his parents. These benefits, however, are achieved at the …
A Martingale Difference-Divergence-Based Test For Specification, Liangjun Su, Xin Zheng
A Martingale Difference-Divergence-Based Test For Specification, Liangjun Su, Xin Zheng
Research Collection School Of Economics
In this paper we propose a novel consistent model specification test based on the martingale difference divergence (MDD) of the error term given the covariates. The MDD equals zero if and only if error term is conditionally mean independent of the covariates. Our MDD test does not require any nonparametric estimation under the alternative and it is applicable even if we have many covariates in the regression model. We establish the asymptotic distributions of our test statistic under the null and a sequence of Pitman local alternatives converging to the null at the usual parametric rate. Simulations suggest that our …
Singapore’S Life Program: Actuarial Framework, Longevity Risk And Impact Of Annuity Fund Return, Koon Shing Kwong, Yiu Kuen Tse, Wai-Sum Chan
Singapore’S Life Program: Actuarial Framework, Longevity Risk And Impact Of Annuity Fund Return, Koon Shing Kwong, Yiu Kuen Tse, Wai-Sum Chan
Research Collection School Of Economics
The Central Provident Fund (CPF) is a defined-contribution savings plan forming the key pillar of the pension system in Singapore. The CPF Lifelong Income For the Elderly (LIFE) program, which provides lifetime income for retirees, is a mandatory pension scheme for all Singapore residents. In this paper we construct an actuarial framework to analyze the LIFE program. We use this framework to study the plan payout outcomes with respect to changes in mortality and annuity fund return assumptions. We also examine the effects of some possible changes in the program on the payouts and bequests.
The Retirement Strategy Of Supreme Court Justices: An Economic Approach, Kayla M. Joyce
The Retirement Strategy Of Supreme Court Justices: An Economic Approach, Kayla M. Joyce
Honors Scholar Theses
Previous research has identified strategic behavior in the nomination, confirmation, and retirement processes of the Supreme Court, each independently. This paper analyzes the interaction between the justices, the president, and the Senate in these processes. I constructed a game theoretic model to consider the nomination and approval process of Supreme Court justices and the change in dynamics that might result from an impending election. I hypothesize that sitting justices take into account the party affiliations of the president and the Senate when they are deciding whether it is the optimal time to retire to achieve their own strategic objectives. The …
Behavioral Finance And Its Impact On Investing, Jordan Fieger
Behavioral Finance And Its Impact On Investing, Jordan Fieger
Senior Honors Theses
The field of behavioral finance has seen incredible growth over the past half century as it has explored the effect that cognitive psychological biases can have on investors’ financial decisions. Behavioral finance stands in stark contrast to the efficient market hypothesis, as it attributes market inefficiencies to investors who are not perfectly rational human beings. It offers a solution to the observed 3.5% gap that active equity investors miss out on in the market compared to passive index funds, which it attributes to their emotions and psychological biases. These common human biases can be grouped into five major categories: heuristics, …