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xDelia final report: emotion-centred financial decision making and learning
xDelia is a 3-year pan-European project building on the knowledge, skills, and competences of seven partner organisations from a variety of research disciplines and from business. The principal objective of xDelia is to develop technology-enhanced learning approaches that help improve the financial decision making of investors who trade frequently using an electronic trading platform. We focus on emotions, and how they affect maladaptive decision biases and trading performance. Our earlier field work with traders has shown that the development of emotion regulation skills is a key facet of trader expertise. For that reason we consider expert traders our benchmark for adaptive behaviour rather than normative rationality. Our goal is to provide investors with the tools and techniques to develop greater self-awareness of internal states, increase their ability to reflect critically on emotion-informed choices, develop emotion management skills, and support the transfer of these skills to the real-world practice setting of financial trading.
This report provides a comprehensive overview of what xDelia is about and what we have achieved over the life of the project. In the sections that follow, we explain the decision problems investors are faced with in a fast paced environment and the limitations of traditional approaches to reduce cognitive errors; introduce an alternative, technology-enhanced learning approach of diagnosis and feedback, skill development, and transfer; describe the learning intervention comprising twelve autonomous learning elements that we have developed; and present evidence from thirty-five studies we have conducted on learning effects and stakeholder acceptance
A game based approach to improve traders' decision-making
Purpose: The development of a game based approach to improving the decision-making capabilities of financial traders through attention to improving the regulation of emotions during trading.
Design/methodology/approach: The project used a design-based research approach to integrate the contributions of a highly inter-disciplinary team. The approach was underpinned by considerable stakeholder engagement to understand the âecology of practicesâ in which this learning approach should be embedded.
Findings: Taken together, our 35 laboratory, field and evaluation studies provide much support for the validity of our game based learning approach, the learning elements which make it up, and the value of designing game-based learning to fit within an ecology of existing practices.
Originality/value: The novelty of the work described in the paper comes from the focus in this research project of combining knowledge and skills from multiple disciplines informed by a deep understanding of the context of application to achieve the successful development of a Learning Pathway, which addresses the transfer of learning to the practice environment
Key words: Design-based research, emotion-regulation, dispositionâeffect, financial traders, serious games, sensor-based game
Level up learning: a national survey on teaching with digital games
Digital games have the potential to transform K-12 education as we know it. But what has been the real experience among teachers who use games in the classroom? In 2013, the Games and Learning Publishing Council conducted a national survey among nearly 700 K-8 teachers. The report reveals key findings from the survey, and looks at how often and why teachers use games in the classroom, as well as issues they encounter in their efforts to implement digital games into their practice
The students' perceptions of digital game-based learning
This paper provides a critical analysis on the rationale behind the utilisation of educational technologies, including; digital learning resources. A qualitative research sheds light on the studentsâ discernment and preconceptions toward the use of digital games, stories and simulations, in-class. Semi-structured, face-to-face interview sessions among secondary school students suggest that students are increasingly acquiring skills and competences from blended learning. Their engagement with educational applications (apps) is improving their critical thinking as it helps them make evaluative decisions to solve problems. At the same time, the results reveal that most of these students are developing their interpersonal skills as they collaborate in teams and work in tandem with their peers, during their formative activities. However, there are also a few students who are not perceiving the usefulness and the ease of use of playing digital games at school. This study postulates that students seem to possess dissimilar skills as they exhibit different learning abilities. The studentsâ gender, age as well as their position in the social strata could possibly influence their disposition to engage with others. These findings imply that practitioners in education ought to consider taking an iterative approach as they identify what, where, when and how digital games are (or are not) consistent with the coursesâ learning outcomes and curriculum programmes. In conclusion, this paper opens-up some avenues for future research in the promising field of digital game-based learning.peer-reviewe
Flow and cooperative learning in civic game play
Flow theory offers an individualistic explanation of media enjoyment, while cooperative learning theory posits a social explanation for enhanced learning in groups. This classroom-based experimental study examines whether game players can experience both conditions and the influence of each on several types of civic knowledge, skills, and dispositions. We find that high quality cooperative learning contributed to acquiring civic knowledge and skills. In contrast, flow was more influential for developing dispositions to empathy and interest in learning more about the game topics. Thus, we conclude that players can experience flow while engaged in cooperative learning, but that these two conditions may support different kinds of civic learning
Assessing the validity of using serious game technology to analyze physician decision making
Background: Physician non-compliance with clinical practice guidelines remains a critical barrier to high quality care. Serious games (using gaming technology for serious purposes) have emerged as a method of studying physician decision making. However, little is known about their validity. Methods: We created a serious game and evaluated its construct validity. We used the decision context of trauma triage in the Emergency Department of non-trauma centers, given widely accepted guidelines that recommend the transfer of severely injured patients to trauma centers. We designed cases with the premise that the representativeness heuristic influences triage (i.e. physicians make transfer decisions based on archetypes of severely injured patients rather than guidelines). We randomized a convenience sample of emergency medicine physicians to a control or cognitive load arm, and compared performance (disposition decisions, number of orders entered, time spent per case). We hypothesized that cognitive load would increase the use of heuristics, increasing the transfer of representative cases and decreasing the transfer of non-representative cases. Findings: We recruited 209 physicians, of whom 168 (79%) began and 142 (68%) completed the task. Physicians transferred 31% of severely injured patients during the game, consistent with rates of transfer for severely injured patients in practice. They entered the same average number of orders in both arms (control (C): 10.9 [SD 4.8] vs. cognitive load (CL):10.7 [SD 5.6], p = 0.74), despite spending less time per case in the control arm (C: 9.7 [SD 7.1] vs. CL: 11.7 [SD 6.7] minutes, p<0.01). Physicians were equally likely to transfer representative cases in the two arms (C: 45% vs. CL: 34%, p = 0.20), but were more likely to transfer non-representative cases in the control arm (C: 38% vs. CL: 26%, p = 0.03). Conclusions: We found that physicians made decisions consistent with actual practice, that we could manipulate cognitive load, and that load increased the use of heuristics, as predicted by cognitive theory. © 2014 Mohan et al
Transformative Expression
The hope that art could be personally or socially transformational is an important part of art history and contemporary art practice. In the twentieth century, it shaped a movement away from traditional media in an effort to make social life a medium. Artists imagined and created participatory situations designed to facilitate potentially transformative expression in those who engaged with the works. This chapter develops the concept of âtransformative expression,â and illustrates how it informs a diverse range of such works. Understanding these artworks in this way raises two interesting questions, one about the nature of aesthetic value and the other about the nature of action. Answers to these questions lie in understanding the social and aesthetic character of our capacity to distance ourselves from our commitments and act in the expressive, playful, spontaneous, or imaginative ways that participatory art invites
Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics
Marketing is an applied science that tries to explain and influence how firms and
consumers actually behave in markets. Marketing models are usually applications of
economic theories. These theories are general and produce precise predictions, but they
rely on strong assumptions of rationality of consumers and firms. Theories based on
rationality limits could prove similarly general and precise, while grounding theories in
psychological plausibility and explaining facts which are puzzles for the standard
approach.
Behavioral economics explores the implications of limits of rationality. The goal is to
make economic theories more plausible while maintaining formal power and accurate
prediction of field data. This review focuses selectively on six types of models used in
behavioral economics that can be applied to marketing.
Three of the models generalize consumer preference to allow (1) sensitivity to reference
points (and loss-aversion); (2) social preferences toward outcomes of others; and (3)
preference for instant gratification (quasi-hyperbolic discounting). The three models are
applied to industrial channel bargaining, salesforce compensation, and pricing of virtuous
goods such as gym memberships. The other three models generalize the concept of gametheoretic
equilibrium, allowing decision makers to make mistakes (quantal response
equilibrium), encounter limits on the depth of strategic thinking (cognitive hierarchy),
and equilibrate by learning from feedback (self-tuning EWA). These are applied to
marketing strategy problems involving differentiated products, competitive entry into
large and small markets, and low-price guarantees.
The main goal of this selected review is to encourage marketing researchers of all kinds
to apply these tools to marketing. Understanding the models and applying them is a
technical challenge for marketing modelers, which also requires thoughtful input from
psychologists studying details of consumer behavior. As a result, models like these could
create a common language for modelers who prize formality and psychologists who prize
realism
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