We report the results of an experiment where management discloses in the audited financial statements a firm-specific capital structure that is susceptible to manipulation (i.e., subjective). This disclosure is allowed under current IAS 1 rules. In our study, if used by nonprofessional investor participants, the firm-specific capital structure disclosure will lead to higher firm values than would capital structures commonly determined from the firm’s balance sheet. Our results show that when participants received the disclosure it was used to determine firm value; this was despite the participants recognizing the bias in the disclosure. We also found that when the participants who received the disclosure were cautioned of management’s ability to manipulate the disclosure, the warning had no effect. This finding differs from prior research. Explanatory analysis reveals that the disclosure itself activated participant skepticism removing a mechanism by which cautionary guidance can help protect nonprofessional investors from misleading management disclosures. A mediation analysis reveals that a misleading disclosure impacts investor stock purchasing decisions through investment attractiveness. Our study adds to the disclosure literature and has important implications for investors, standard setters, and auditors.
{"title":"Nonprofessional Investors Use of Biased Disclosures in Decision Making","authors":"Hamilton Elkins, G. Entwistle, Regan N. Schmidt","doi":"10.2139/ssrn.3198868","DOIUrl":"https://doi.org/10.2139/ssrn.3198868","url":null,"abstract":"We report the results of an experiment where management discloses in the audited financial statements a firm-specific capital structure that is susceptible to manipulation (i.e., subjective). This disclosure is allowed under current IAS 1 rules. In our study, if used by nonprofessional investor participants, the firm-specific capital structure disclosure will lead to higher firm values than would capital structures commonly determined from the firm’s balance sheet. Our results show that when participants received the disclosure it was used to determine firm value; this was despite the participants recognizing the bias in the disclosure. We also found that when the participants who received the disclosure were cautioned of management’s ability to manipulate the disclosure, the warning had no effect. This finding differs from prior research. Explanatory analysis reveals that the disclosure itself activated participant skepticism removing a mechanism by which cautionary guidance can help protect nonprofessional investors from misleading management disclosures. A mediation analysis reveals that a misleading disclosure impacts investor stock purchasing decisions through investment attractiveness. Our study adds to the disclosure literature and has important implications for investors, standard setters, and auditors.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80680865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We use a representative survey to study economic and non-economic factors that affect stock market participation. We find that the Perceived Equity Risk Premium (PERP), defined as the difference between the individual’s expected stock market return and her personal opportunity cost of capital, is positively related to stock market participation. A high percentage of non-investors (66%) assert that they will never invest in stocks. This attitude is more likely for individuals who have a lower PERP, are less financially literate, and suffer more from inertia.
{"title":"Why Do Individuals Not Participate in the Stock Market?","authors":"Stephen J. Brown, C. Veld, Y. Veld-Merkoulova","doi":"10.2139/ssrn.2822094","DOIUrl":"https://doi.org/10.2139/ssrn.2822094","url":null,"abstract":"We use a representative survey to study economic and non-economic factors that affect stock market participation. We find that the Perceived Equity Risk Premium (PERP), defined as the difference between the individual’s expected stock market return and her personal opportunity cost of capital, is positively related to stock market participation. A high percentage of non-investors (66%) assert that they will never invest in stocks. This attitude is more likely for individuals who have a lower PERP, are less financially literate, and suffer more from inertia.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"112 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79682727","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
There is evidence that income and wealth inequalities are positively associated with happiness, as measured by the happiness index, and negatively associated with the suicide rate (that is considered an objective indicator of unhappiness). Moreover, there is some evidence that happiness is also positively linked the murder rate, especially when it goes hand in hand with inequalities. The possible explanation – competitive nature of human beings (a modification of a “big fish in the small pond” story) and perceptions of social justice: not only people enjoy the better than average position more than an even higher, but below the average position, but they also cherish the dream of becoming better than average. Greater equality that undermines the dream of becoming higher than average turns out to be disappointing for many. If murders occur without high income inequalities (i.e. murders are “unjustified”) and/or inequalities exist without high murders (inequalities are not perceived as unfair and do not cause social tension), then happiness is not affected.
{"title":"Paradoxes of Happiness: Why People Feel More Comfortable With High Inequalities and High Murder Rates?","authors":"V. Popov","doi":"10.2139/ssrn.3189030","DOIUrl":"https://doi.org/10.2139/ssrn.3189030","url":null,"abstract":"There is evidence that income and wealth inequalities are positively associated with happiness, as measured by the happiness index, and negatively associated with the suicide rate (that is considered an objective indicator of unhappiness). Moreover, there is some evidence that happiness is also positively linked the murder rate, especially when it goes hand in hand with inequalities. The possible explanation – competitive nature of human beings (a modification of a “big fish in the small pond” story) and perceptions of social justice: not only people enjoy the better than average position more than an even higher, but below the average position, but they also cherish the dream of becoming better than average. Greater equality that undermines the dream of becoming higher than average turns out to be disappointing for many. If murders occur without high income inequalities (i.e. murders are “unjustified”) and/or inequalities exist without high murders (inequalities are not perceived as unfair and do not cause social tension), then happiness is not affected.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"20 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91183688","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims at appreciating the need for and relevance of understanding conceptual paradigm of Work-Life Balance, and Rural Entrepreneurs who are conceptualized as Micro and Small Village Entrepreneurs (MSVEs). Enterprises in rural environments are operating in an arena of extreme and rapid change. In India, entrepreneurship has traditionally been considered a prerogative of affluent urban people. However, in tandem with a changing socio-cultural environment and an increase in educational opportunities, people from rural context have started recognizing their inherent talents and business skills. With the help of various governmental and non-governmental agencies, growing numbers of people from small villages and towns in the country are joining the ranks of entrepreneurs. However, in the existing familial and societal setup, such Micro and Small Village Entrepreneurs (MSVEs) are overburdened and find it increasingly difficult to balance their work and life roles. Therefore, the major objective of the present study was to understand and illustrate the work-life balance (WLB) issues faced by such Micro and Small Village Entrepreneurs (MSVEs) of the states of Haryana and Rajasthan in India. In this context, data has been collected by area sampling (cluster-random) paired with semi-structured interviews and a questionnaire. This study revealed that role overload, dependent care issues, quality of health, problems in time management and lack of proper social support are the major factors influencing the WLB of MSVEs entrepreneurs in India. Furthermore, even though the vast majority of the entrepreneurs examined in this study suffer from WLB issues, there are significant differences in the level of WLB issues faced by the various categories of MSVEs entrepreneurs.
{"title":"A Study on the Work-Life Balance Issues Faced by Micro and Small Village Entrepreneurs (MSVEs) in India","authors":"A. Aggarwal","doi":"10.2139/ssrn.3183655","DOIUrl":"https://doi.org/10.2139/ssrn.3183655","url":null,"abstract":"This paper aims at appreciating the need for and relevance of understanding conceptual paradigm of Work-Life Balance, and Rural Entrepreneurs who are conceptualized as Micro and Small Village Entrepreneurs (MSVEs). Enterprises in rural environments are operating in an arena of extreme and rapid change. In India, entrepreneurship has traditionally been considered a prerogative of affluent urban people. However, in tandem with a changing socio-cultural environment and an increase in educational opportunities, people from rural context have started recognizing their inherent talents and business skills. With the help of various governmental and non-governmental agencies, growing numbers of people from small villages and towns in the country are joining the ranks of entrepreneurs. However, in the existing familial and societal setup, such Micro and Small Village Entrepreneurs (MSVEs) are overburdened and find it increasingly difficult to balance their work and life roles. Therefore, the major objective of the present study was to understand and illustrate the work-life balance (WLB) issues faced by such Micro and Small Village Entrepreneurs (MSVEs) of the states of Haryana and Rajasthan in India. In this context, data has been collected by area sampling (cluster-random) paired with semi-structured interviews and a questionnaire. This study revealed that role overload, dependent care issues, quality of health, problems in time management and lack of proper social support are the major factors influencing the WLB of MSVEs entrepreneurs in India. Furthermore, even though the vast majority of the entrepreneurs examined in this study suffer from WLB issues, there are significant differences in the level of WLB issues faced by the various categories of MSVEs entrepreneurs.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83179095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Prosociality is fundamental to human social life, and, accordingly, much research has attempted to explain human prosocial behavior. Capraro and Rand (Judgment and Decision Making, 13, 99-111, 2018) recently provided experimental evidence that prosociality in anonymous, one-shot interactions (such as Prisoner’s Dilemma and Dictator Game experiments) is not driven by outcome-based social preferences – as classically assumed – but by a generalized morality preference for “doing the right thing”. Here we argue that the key experiments reported in Capraro and Rand (2018) comprise prominent methodological confounds and open questions that bear on influential psychological theory. Specifically, their design confounds: (i) preferences for efficiency with self-interest; and (ii) preferences for action with preferences for morality. Furthermore, their design fails to dissociate the preference to do “good” from the preference to avoid doing “bad”. We thus designed and conducted a preregistered, refined and extended test of the morality preference hypothesis (N=801). Consistent with this hypothesis, our findings indicate that prosociality in the anonymous, one-shot Dictator Game is driven by preferences for doing the morally right thing. Inconsistent with influential psychological theory, however, our results suggest the preference to do “good” was as potent as the preference to avoid doing “bad” in this case.
亲社会性是人类社会生活的基础，因此，许多研究试图解释人类的亲社会行为。Capraro和Rand (Judgment and Decision Making, 13,99 -111, 2018)最近提供的实验证据表明，匿名、一次性互动(如囚徒困境和独裁者游戏实验)中的亲社会性不是由基于结果的社会偏好驱动的——正如经典假设的那样——而是由“做正确的事”的普遍道德偏好驱动的。在这里，我们认为，在卡普拉罗和兰德(2018)报告的关键实验包括突出的方法混淆和开放性问题，这些问题与有影响力的心理学理论有关。具体来说，它们的设计混淆了:(1)效率偏好与自身利益;(2)行为偏好与道德偏好。此外，他们的设计未能将做“好事”的偏好与避免做“坏事”的偏好分离开来。因此，我们设计并进行了一个预先登记的、完善的和扩展的道德偏好假设的测试(N=801)。与这一假设一致，我们的研究结果表明，匿名、一次性独裁者游戏中的亲社会行为是由做道德上正确的事情的偏好所驱动的。然而，与有影响力的心理学理论不一致的是，我们的结果表明，在这种情况下，做“好事”的偏好与避免做“坏事”的偏好同样有效。
{"title":"Doing Good vs. Avoiding Bad in Prosocial Choice: A Refined Test and Extension of the Morality Preference Hypothesis","authors":"Ben M. Tappin, V. Capraro","doi":"10.2139/ssrn.3175207","DOIUrl":"https://doi.org/10.2139/ssrn.3175207","url":null,"abstract":"Prosociality is fundamental to human social life, and, accordingly, much research has attempted to explain human prosocial behavior. Capraro and Rand (Judgment and Decision Making, 13, 99-111, 2018) recently provided experimental evidence that prosociality in anonymous, one-shot interactions (such as Prisoner’s Dilemma and Dictator Game experiments) is not driven by outcome-based social preferences – as classically assumed – but by a generalized morality preference for “doing the right thing”. Here we argue that the key experiments reported in Capraro and Rand (2018) comprise prominent methodological confounds and open questions that bear on influential psychological theory. Specifically, their design confounds: (i) preferences for efficiency with self-interest; and (ii) preferences for action with preferences for morality. Furthermore, their design fails to dissociate the preference to do “good” from the preference to avoid doing “bad”. We thus designed and conducted a preregistered, refined and extended test of the morality preference hypothesis (N=801). Consistent with this hypothesis, our findings indicate that prosociality in the anonymous, one-shot Dictator Game is driven by preferences for doing the morally right thing. Inconsistent with influential psychological theory, however, our results suggest the preference to do “good” was as potent as the preference to avoid doing “bad” in this case.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89647273","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper investigates the role of loss-aversion in affecting the long-run equilibria of stochastic evolutionary dynamics. We consider a finite population of loss-averse agents who are repeatedly and randomly matched to play a symmetric two-player normal form game. When an agent revises her strategy, she compares the payoff from each strategy to a reference point. Based on the comparison, she makes a (possibly stochastic) choice. Under the resulting dynamics, called prospect dynamics, risk-dominance is no longer sufficient to guarantee stochastic stability in 2 by 2 coordination games. We propose a stronger concept, loss-dominance: a strategy is loss-dominant if it is both a risk-dominant strategy and a maximin strategy. This concept captures people's psychological needs to avoid not only risks but also losses. In a 2 by 2 coordination game, the state in which all agents play the loss-dominant strategy (if exists) is uniquely stochastically stable under prospect dynamics for any degree of loss-aversion and all types of reference points. We generalize the concept for symmetric two-player normal form games and show that generalized loss-dominance gives a sufficient condition for stochastic stability with loss-averse agents.
{"title":"Prospect Dynamic and Loss Dominance","authors":"Ryoji Sawa, Jiabin Wu","doi":"10.2139/ssrn.2804852","DOIUrl":"https://doi.org/10.2139/ssrn.2804852","url":null,"abstract":"This paper investigates the role of loss-aversion in affecting the long-run equilibria of stochastic evolutionary dynamics. We consider a finite population of loss-averse agents who are repeatedly and randomly matched to play a symmetric two-player normal form game. When an agent revises her strategy, she compares the payoff from each strategy to a reference point. Based on the comparison, she makes a (possibly stochastic) choice. Under the resulting dynamics, called prospect dynamics, risk-dominance is no longer sufficient to guarantee stochastic stability in 2 by 2 coordination games. We propose a stronger concept, loss-dominance: a strategy is loss-dominant if it is both a risk-dominant strategy and a maximin strategy. This concept captures people's psychological needs to avoid not only risks but also losses. In a 2 by 2 coordination game, the state in which all agents play the loss-dominant strategy (if exists) is uniquely stochastically stable under prospect dynamics for any degree of loss-aversion and all types of reference points. We generalize the concept for symmetric two-player normal form games and show that generalized loss-dominance gives a sufficient condition for stochastic stability with loss-averse agents.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"16 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86048778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The previously unchosen options that people consider shapes how they interpret what they didchoose. Beyond previous research showing that foregone alternatives influences consumers’experiences of a chosen option, the current research suggests that how consumers mentallyconstrue goal-inconsistent alternatives they could have chosen impacts how they evaluate theirgoal-consistent choice, which will in turn impact their motivation to continue goal-directedbehaviors subsequently. Specifically, we find that when consumers consider having foregonedissimilar (vs. similar) goal-inconsistent alternatives that they could have chosen instead of thegoal-consistent actions they did take, they believe that they have made higher impact on theiractive goals. As a result, they are then more likely to subsequently make goal-consistent choices.However, considering dissimilar (vs. similar) unchosen options only impacts goal perceptionswhen the focal goal is subjectively important. Our findings hold across different types of goals(saving vs. spending: study 1, donating vs. spending: study 2, healthy vs. tasty food: studies 3 to5), and extend to real choices (study 5).
{"title":"The Different Roads Not Taken: Considering Dissimilar Alternatives Motivates Goal Persistence","authors":"Hye-young Kim, Oleg Urminsky","doi":"10.2139/ssrn.3448170","DOIUrl":"https://doi.org/10.2139/ssrn.3448170","url":null,"abstract":"The previously unchosen options that people consider shapes how they interpret what they didchoose. Beyond previous research showing that foregone alternatives influences consumers’experiences of a chosen option, the current research suggests that how consumers mentallyconstrue goal-inconsistent alternatives they could have chosen impacts how they evaluate theirgoal-consistent choice, which will in turn impact their motivation to continue goal-directedbehaviors subsequently. Specifically, we find that when consumers consider having foregonedissimilar (vs. similar) goal-inconsistent alternatives that they could have chosen instead of thegoal-consistent actions they did take, they believe that they have made higher impact on theiractive goals. As a result, they are then more likely to subsequently make goal-consistent choices.However, considering dissimilar (vs. similar) unchosen options only impacts goal perceptionswhen the focal goal is subjectively important. Our findings hold across different types of goals(saving vs. spending: study 1, donating vs. spending: study 2, healthy vs. tasty food: studies 3 to5), and extend to real choices (study 5).","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75641719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The main objective of this article was to identify any valid statistical correlations between two dimensions of transformational leadership, namely inspirational motivation and intellectual stimulation on employee’s profitability. In order to achieve this, a research was conducted on Romanian employees from companies located in the Maramureș County and a number of 98 valid questionnaires were gathered, which were analyzed using the IBM SPSS software. Two research hypotheses were formulated: H1: Intellectual stimulation positively influences employees’ profitability and H2: Inspirational motivation positively influences employees’ profitability. The findings of then research revealed that the participants obtained above average scores in terms of inspirational motivation and intellectual stimulation. Also, a valid statistical correlation was found between intellectual motivation and employees’ profitability, but when referred to the implication of inspirational motivation of profitability, we found out that the correlation between these two variables was not statistically valid. The findings allowed us to conclude that employee’s and consequently organizational profitability can be increased by encouraging people to think in an innovative, creative manner and by supporting them to become an active part in the decision making process.
{"title":"The Influences of Intellectual Stimulation and Inspirational Motivation on the Profitability of Romanian Employees","authors":"Cristian–Liviu Vele","doi":"10.2139/ssrn.3179040","DOIUrl":"https://doi.org/10.2139/ssrn.3179040","url":null,"abstract":"The main objective of this article was to identify any valid statistical correlations between two dimensions of transformational leadership, namely inspirational motivation and intellectual stimulation on employee’s profitability. In order to achieve this, a research was conducted on Romanian employees from companies located in the Maramureș County and a number of 98 valid questionnaires were gathered, which were analyzed using the IBM SPSS software. Two research hypotheses were formulated: H1: Intellectual stimulation positively influences employees’ profitability and H2: Inspirational motivation positively influences employees’ profitability. The findings of then research revealed that the participants obtained above average scores in terms of inspirational motivation and intellectual stimulation. Also, a valid statistical correlation was found between intellectual motivation and employees’ profitability, but when referred to the implication of inspirational motivation of profitability, we found out that the correlation between these two variables was not statistically valid. The findings allowed us to conclude that employee’s and consequently organizational profitability can be increased by encouraging people to think in an innovative, creative manner and by supporting them to become an active part in the decision making process.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81307230","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sub-Saharan Africa has witnessed technological growth for more than a decade now. Although, it is perceived that, the exponential growth in technology still does not comprehensively address the structural challenges the continent faces. However, there is growing concern in the global scene about rising automation. The advent of such technological innovations pose threats and avail new opportunities. In this paper, technological innovations such as; artificial intelligence, robotics, additive manufacturing, industrial internet, etc. can be deployed to address certain structural imbalances, improve economic performances and solve existing and emerging security issues Africa encounters. In doing so, public policy serves as an instrument to close the existing gaps such technological innovations poses. Also, public policy through formidable public and social institutions can adapt to automation in order to encourage innovation. Moreover, there can be stringencies in making regulatory policies to discourage emerging innovations, this paper gives a road map for “permissionless innovation�? to be at the heart of policymaking, to ensure these technologies serve the right purpose and can spur economic growth in Sub-Saharan Africa.
{"title":"Rising Automation in Sub-Saharan Africa: Harnessing Its Opportunities through Public Policy","authors":"Victor Famubode","doi":"10.2139/ssrn.3154359","DOIUrl":"https://doi.org/10.2139/ssrn.3154359","url":null,"abstract":"Sub-Saharan Africa has witnessed technological growth for more than a decade now. Although, it is perceived that, the exponential growth in technology still does not comprehensively address the structural challenges the continent faces. However, there is growing concern in the global scene about rising automation. The advent of such technological innovations pose threats and avail new opportunities. In this paper, technological innovations such as; artificial intelligence, robotics, additive manufacturing, industrial internet, etc. can be deployed to address certain structural imbalances, improve economic performances and solve existing and emerging security issues Africa encounters. In doing so, public policy serves as an instrument to close the existing gaps such technological innovations poses. Also, public policy through formidable public and social institutions can adapt to automation in order to encourage innovation. Moreover, there can be stringencies in making regulatory policies to discourage emerging innovations, this paper gives a road map for “permissionless innovation�? to be at the heart of policymaking, to ensure these technologies serve the right purpose and can spur economic growth in Sub-Saharan Africa.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75933245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In a multi-sender Bayesian persuasion game, Gentzkow and Kamenica (2012) show that increasing the number of senders cannot decrease the amount of information revealed. They assume: (i) senders reveal information simultaneously, (ii) senders’ information can be arbitrarily correlated, and (iii) senders play pure strategies. This paper shows that these three conditions are also necessary to the result. In sequential persuasion games, the order of moves matters, and we show that adding a sender as a first mover and keeping the order of moves fixed for the other senders cannot result in a loss of information.
{"title":"On Bayesian Persuasion with Multiple Senders","authors":"Fei Li, P. Norman","doi":"10.2139/ssrn.2505277","DOIUrl":"https://doi.org/10.2139/ssrn.2505277","url":null,"abstract":"In a multi-sender Bayesian persuasion game, Gentzkow and Kamenica (2012) show that increasing the number of senders cannot decrease the amount of information revealed. They assume: (i) senders reveal information simultaneously, (ii) senders’ information can be arbitrarily correlated, and (iii) senders play pure strategies. This paper shows that these three conditions are also necessary to the result. In sequential persuasion games, the order of moves matters, and we show that adding a sender as a first mover and keeping the order of moves fixed for the other senders cannot result in a loss of information.","PeriodicalId":10477,"journal":{"name":"Cognitive Social Science eJournal","volume":"85 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88234662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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