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The Psychology and Neuroscience of Financial Decision Making
January 13, 2018
Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have under-diversified stock holdings and low retirement savings rates. Investors over-extrapolate from past returns and trade too often. Even top corporate...
January 13, 2018
Financial decisions are among the most important life-shaping decisions that people make. We review facts about financial decisions and what cognitive and neural processes influence them. Because of cognitive constraints and a low average level of financial literacy, many household decisions violate sound financial principles. Households typically have under-diversified stock holdings and low retirement savings rates. Investors over-extrapolate from past returns and trade too often. Even top corporate...
Choice Overload in Online Platforms
January 12, 2018
The choice overload effect refers to the experimental finding that a larger choice set may in fact yield fewer overall purchases than would be observed with a smaller set. The effect has received much attention, but empirical evidence has been mixed so far. We describe the first study that attempts to confirm choice overload in a large online experiment, involving thousands of households making major purchases. The experiment was conducted by an online travel and price aggregator company, which offered...
January 12, 2018
The choice overload effect refers to the experimental finding that a larger choice set may in fact yield fewer overall purchases than would be observed with a smaller set. The effect has received much attention, but empirical evidence has been mixed so far. We describe the first study that attempts to confirm choice overload in a large online experiment, involving thousands of households making major purchases. The experiment was conducted by an online travel and price aggregator company, which offered...
Wisdom of the Crowd Accurately Predicts Supreme Court Decisions
January 11, 2018
FantasySCOTUS is an online fantasy league in which contestants compete by predicting decisions made by the U.S. Supreme Court. Players are ranked as in any fantasy league, and the best performers can win prizes such as a “Golden Gavel” and even $10,000 in cash. Since 2011, some 7,000 players have made over 600,000 predictions about the outcome of over 400 Supreme Court decisions. These people do not need any special qualification and entry is free, although prizes are limited to U.S. citizens....
January 11, 2018
FantasySCOTUS is an online fantasy league in which contestants compete by predicting decisions made by the U.S. Supreme Court. Players are ranked as in any fantasy league, and the best performers can win prizes such as a “Golden Gavel” and even $10,000 in cash. Since 2011, some 7,000 players have made over 600,000 predictions about the outcome of over 400 Supreme Court decisions. These people do not need any special qualification and entry is free, although prizes are limited to U.S. citizens....
Conflict Resolution by the Numbers
January 10, 2018
This essay of memorial appreciation of mathematician, game theorist, decision scientist and negotiation analyst Harvard professor Howard Raiffa explores some of Raiffa’s contributions to multi-party negotiations, as the number of negotiators (N …) and issues affect process choices in structuring negotiation. Howard Raiffa was an intellectual giant and a wise and kind man who influenced many decision scientists, negotiators, academics in many fields and practitioners of the art and science of decision...
January 10, 2018
This essay of memorial appreciation of mathematician, game theorist, decision scientist and negotiation analyst Harvard professor Howard Raiffa explores some of Raiffa’s contributions to multi-party negotiations, as the number of negotiators (N …) and issues affect process choices in structuring negotiation. Howard Raiffa was an intellectual giant and a wise and kind man who influenced many decision scientists, negotiators, academics in many fields and practitioners of the art and science of decision...
Tacotron 2: Generating Human-like Speech from Text
January 7, 2018
Generating very natural sounding speech from text (text-to-speech, TTS) has been a research goal for decades. There has been great progress in TTS research over the last few years and many individual pieces of a complete TTS system have greatly improved. Incorporating ideas from past work such as Tacotron and WaveNet, we added more improvements to end up with our new system, Tacotron 2. Our approach does not use complex linguistic and acoustic features as input. Instead, we generate human-like...
January 7, 2018
Generating very natural sounding speech from text (text-to-speech, TTS) has been a research goal for decades. There has been great progress in TTS research over the last few years and many individual pieces of a complete TTS system have greatly improved. Incorporating ideas from past work such as Tacotron and WaveNet, we added more improvements to end up with our new system, Tacotron 2. Our approach does not use complex linguistic and acoustic features as input. Instead, we generate human-like...
How Robots May Make Radiologists’ Jobs Easier, Not Redundant
January 6, 2018
Artificial intelligence programs that diagnose disease by analyzing images still require human judgment Earlier this month a team of computer scientists at Stanford University announced that their artificial intelligence program had diagnosed pneumonia on chest X-rays more accurately than human radiologists. “Should radiologists be worried about their jobs?” one of the scientists, Andrew Ng,tweeted. Probably not. In fact, they ought to be relieved: AI is more likely to make...
January 6, 2018
Artificial intelligence programs that diagnose disease by analyzing images still require human judgment Earlier this month a team of computer scientists at Stanford University announced that their artificial intelligence program had diagnosed pneumonia on chest X-rays more accurately than human radiologists. “Should radiologists be worried about their jobs?” one of the scientists, Andrew Ng,tweeted. Probably not. In fact, they ought to be relieved: AI is more likely to make...
How to Be Healthier, Happier and More Productive: It’s All in the Timing
January 1, 2018
When is the best time to exercise or do creative work? Research on the science of timing has answers You’re probably getting ready to make a few New Year’s resolutions, solemn promises to yourself to behave better in 2018. You might have pondered how you’re going to accomplish those goals, who could help you and why you need to change. But if you’re like most people—and social science suggests that you and I are like most people—you’ve neglected a question that could help you actually...
January 1, 2018
When is the best time to exercise or do creative work? Research on the science of timing has answers You’re probably getting ready to make a few New Year’s resolutions, solemn promises to yourself to behave better in 2018. You might have pondered how you’re going to accomplish those goals, who could help you and why you need to change. But if you’re like most people—and social science suggests that you and I are like most people—you’ve neglected a question that could help you actually...
Chief Justice Roberts Issues 2017 Year-End Report
January 1, 2018
In the 12-month period ending September 30, 2017, the number of cases filed in the Supreme Court decreased. The number of cases filed in the regional appellate courts, the district courts, and bankruptcy courts also decreased. The Supreme Court of the United States The number of cases filed in the Court’s paid docket increased from 1,549 filings in the 2015 Term to 1,550 filings in the 2016 Term. During the 2016 Term, 71 cases were argued and 68 were disposed of in 61 signed opinions, compared...
January 1, 2018
In the 12-month period ending September 30, 2017, the number of cases filed in the Supreme Court decreased. The number of cases filed in the regional appellate courts, the district courts, and bankruptcy courts also decreased. The Supreme Court of the United States The number of cases filed in the Court’s paid docket increased from 1,549 filings in the 2015 Term to 1,550 filings in the 2016 Term. During the 2016 Term, 71 cases were argued and 68 were disposed of in 61 signed opinions, compared...
Can Computers Be Fair? How Automated and Human-Powered Online Dispute Resolution Affect Procedural Justice in Mediation and Arbitration
December 28, 2017
Ayelet Sela, Post-Doctoral Research Fellow, Bar Ilan University Faculty of Law, has published “Can Computers Be Fair? How Automated and Human-Powered Online Dispute Resolution Affect Procedural Justice in Mediation and Arbitration,” Ohio State Journal on Dispute Resolution, Forthcoming. In her research paper, Dr. Sela examines the relationship between automated dispute resolution processes and procedural justice. Here is the abstract: In both private and public justice systems, online...
December 28, 2017
Ayelet Sela, Post-Doctoral Research Fellow, Bar Ilan University Faculty of Law, has published “Can Computers Be Fair? How Automated and Human-Powered Online Dispute Resolution Affect Procedural Justice in Mediation and Arbitration,” Ohio State Journal on Dispute Resolution, Forthcoming. In her research paper, Dr. Sela examines the relationship between automated dispute resolution processes and procedural justice. Here is the abstract: In both private and public justice systems, online...
How Can Groups Make Good Decisions?
December 26, 2017
We all know that when we make decisions in groups, they don't always go right -- and sometimes they go very wrong. How can groups...
December 26, 2017
We all know that when we make decisions in groups, they don't always go right -- and sometimes they go very wrong. How can groups...
