Cognitive finance: Behavioural strategies of spending, saving, and investing.

Research in economics is increasingly open to empirical results. The advances in behavioural approaches are expanded here by applying cognitive methods to financial questions. The field of "cognitive finance" is approached by the exploration of decision strategies in the financial settings of spending, saving, and investing. Individual strategies in these different domains are searched for and elaborated to derive explanations for observed irregularities in financial decision making. Strong context-dependency and adaptive learning form the basis for this cognition-based approach to finance. Experiments, ratings, and real world data analysis are carried out in specific financial settings, combining different research methods to improve the understanding of natural financial behaviour. People use various strategies in the domains of spending, saving, and investing. Specific spending profiles can be elaborated for a better understanding of individual spending differences. It was found that people differ along four dimensions of spending, which can be labelled: General Leisure, Regular Maintenance, Risk Orientation, and Future Orientation. Saving behaviour is strongly dependent on how people mentally structure their finance and on their self-control attitude towards decision space restrictions, environmental cues, and contingency structures. Investment strategies depend on how companies, in which investments are placed, are evaluated on factors such as Honesty, Prestige, Innovation, and Power. Further on, different information integration strategies can be learned in decision situations with direct feedback. The mapping of cognitive processes in financial decision making is discussed and adaptive learning mechanisms are proposed for the observed behavioural differences. The construal of a "financial personality" is proposed in accordance with other dimensions of personality measures, to better acknowledge and predict variations in financial behaviour. This perspective enriches economic theories and provides a useful ground for improving individual financial services

Why Boltzmann Brains Are Bad

Some modern cosmological models predict the appearance of Boltzmann Brains: observers who randomly fluctuate out of a thermal bath rather than naturally evolving from a low-entropy Big Bang. A theory in which most observers are of the Boltzmann Brain type is generally thought to be unacceptable, although opinions differ. I argue that such theories are indeed unacceptable: the real problem is with fluctuations into observers who are locally identical to ordinary observers, and their existence cannot be swept under the rug by a choice of probability distributions over observers. The issue is not that the existence of such observers is ruled out by data, but that the theories that predict them are cognitively unstable: they cannot simultaneously be true and justifiably believed

Giving land back or righting wrongs? Comparative issues in the study of land restitution

Land is a significant and controversial topic in South Africa. Addressing the land claims of those dispossessed in the past has proved to be a demanding, multidimensional process. In many respects the land restitution program that was launched as part of the county’s transition to democracy in 1994 has failed to meet expectations, with ordinary citizens, policymakers, and analysts questioning not only its progress but also its outcomes and parameters

Enabling Fine-Grain Restricted Coset Coding Through Word-Level Compression for PCM

Phase change memory (PCM) has recently emerged as a promising technology to meet the fast growing demand for large capacity memory in computer systems, replacing DRAM that is impeded by physical limitations. Multi-level cell (MLC) PCM offers high density with low per-byte fabrication cost. However, despite many advantages, such as scalability and low leakage, the energy for programming intermediate states is considerably larger than programing single-level cell PCM. In this paper, we study encoding techniques to reduce write energy for MLC PCM when the encoding granularity is lowered below the typical cache line size. We observe that encoding data blocks at small granularity to reduce write energy actually increases the write energy because of the auxiliary encoding bits. We mitigate this adverse effect by 1) designing suitable codeword mappings that use fewer auxiliary bits and 2) proposing a new Word-Level Compression (WLC) which compresses more than 91% of the memory lines and provides enough room to store the auxiliary data using a novel restricted coset encoding applied at small data block granularities. Experimental results show that the proposed encoding at 16-bit data granularity reduces the write energy by 39%, on average, versus the leading encoding approach for write energy reduction. Furthermore, it improves endurance by 20% and is more reliable than the leading approach. Hardware synthesis evaluation shows that the proposed encoding can be implemented on-chip with only a nominal area overhead.Comment: 12 page