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

Stiffening of Red Blood Cells Induced by Disordered Cytoskeleton Structures: A Joint Theory-experiment Study

The functions and elasticities of the cell are largely related to the structures of the cytoskeletons underlying the lipid bi-layer. Among various cell types, the Red Blood Cell (RBC) possesses a relatively simple cytoskeletal structure. Underneath the membrane, the RBC cytoskeleton takes the form of a two dimensional triangular network, consisting of nodes of actins (and other proteins) and edges of spectrins. Recent experiments focusing on the malaria infected RBCs (iRBCs) showed that there is a correlation between the elongation of spectrins in the cytoskeletal network and the stiffening of the iRBCs. Here we rationalize the correlation between these two observations by combining the worm-like chain (WLC) model for single spectrins and the Effective Medium Theory (EMT) for the network elasticity. We specifically focus on how the disorders in the cytoskeletal network affect its macroscopic elasticity. Analytical and numerical solutions from our model reveal that the stiffness of the membrane increases with increasing end-to-end distances of spectrins, but has a non-monotonic dependence on the variance of the end-to-end distance distributions. These predictions are verified quantitively by our AFM and micropipette aspiration measurements of iRBCs. The model may, from a molecular level, provide guidelines for future identification of new treatment methods for RBC related diseases, such as malaria infection.Comment: 8 pages, 4 figures; 3 supporting figure

Effect of varied music applications in cycle ergometry

This thesis was submitted for the degree of Doctor of Philosophy and was awarded by Brunel UniversityThe aim of this research programme was to investigate the effects of different music applications: The differentiated exposure of music and the synchronous application of music. In Study 1, participants completed a series of 10-km cycling time trials under four single-blinded conditions: No-music control, music 0-10 km (M1), music 0-5 km (M2), and music 5-10 km (M3). The largest performance gains were noticed under M1, followed by M3, when compared to control, while the most positive psychological response was observed only in M3. Study 2 further examined the notion of differentiated music exposure by incorporating both quantitative and qualitative modes of inquiry. In addition, participants were given foreknowledge of the experimental conditions. Although no performance gains were found across conditions, M3 significantly reduced perceived exertion and prevented affective decline. Qualitative findings suggest that prolonged exposure to music may have negative psychological and psychophysical consequences. The last study contrasted the effects of synchronous and asynchronous application of music in a 6-min submaximal cycling task. Synchronous music was more effective than asynchronous music in terms of reducing perceptions of exertion and increasing subjective arousal. Although no changes in oxygen uptake were found across conditions, auditory-motor synchronisation appeared to reduce heart rate. The contribution of this thesis is twofold. Firstly, the provision of music in the latter stages of a task appears to have significant psychological and psychophysical benefits when compared against constant music exposure. Secondly, more positive effects, in terms of perceived exertion and subjective arousal, are observed when music is applied synchronously compared to asynchronously; this suggests a need for a separate conceptual framework for the application of synchronous music

Dyed Wastewater Treatment via Ionic Liquids

Currently, Waste water generated by the textile industry is one of the main issues that contribute to the water pollution. This is due to the fact that, this type of industry consumes large amount of process water and chemicals and therefore, produces high volume of highly polluted discharged water. Due to its dreadful impacts towards the environment and aquatic livings, various researches have been conducted to treat these effluents. Presently, various methods have been established by the researchers such as the biological, chemical and physical treatment. Associated with that, removal of dyes via ionic liquids is one of the techniques, which is still not widely applied by industries but it has been discovered to be able to treat dyed wastewaters. Since the research of ionic liquid for this application is still at surface level, the major concerns such as process efficiency in terms of economic and residual water quality and at the same time, to improve the amount of dye removal with minimal usage of ionic liquids. In this research project, experiments have to be carried out by varying few parameters, which are concentration of dyes in waste water, pH, temperature and effect of types of ionic liquids. Results from the parameters tested will be analyzed quantitatively in percentage of dye removed per unit mass of ionic liquids with the help of UV-Vis spectrophotometer

Organizational commitment as a moderator of the effect of training on service performance: An empirical study of small to medium-sized enterprises in Malaysia

This paper seeks to examine the relationship between training approaches and organizational performance among 150 service personnel from 10 Small Medium Enterprises (SEMs) in Klang Valley Malaysia. Formal training approaches used in this study are college education, formal courses run by outside providers, distance learning courses, formal in-house courses, and Internet-based courses, whereas informal training approaches are appraisal, coaching, promotion on a temporary basis, informal seminars. Regression results show that there are positive and significant relationships between both formal and informal training and service performance. When there is a presence of moderating effect of organization commitment to employees, only informal training contributes to the success of the service firm based on a higher adjusted R-square. Senior management of SMEs can benefit from this study through recognition of the role of organizational commitment to employees as a key driver to strengthen the relationship between informal training and service performances further

Entrepreneurial Inclination Among Business Students: a Malaysian Study

Entrepreneurship has been the fundamental topics of discussion among the politicians, economists, and academics. Business creation is especially critical in developing countries to stimulate economic growth. The present study attempts to examine entrepreneurial inclination among students who are a potential source of entrepreneurs. The fi ndings of the present research study indicate that majority of our business students are not entrepreneurial-inclined. They do not seem to possess strong entrepreneurial characteristics and entrepreneurial skills, and they are not keen in starting a new business. The roles of higher institutes of education and the government in promoting entrepreneurship are discussed

Profiling Circulating Tumour Cells for Clinical Applications

Circulating tumour cells (CTCs) refer to cells found in the peripheral blood, which are derived from the primary or secondary tumour. They serve as an alternative to study the biology of the primary tumour especially when tissue biopsy is not available. However, major challenges in CTC analysis are the rarity of these cells and the purity of the isolated population. The advancement in technologies allows detection and enrichment of sufficiently pure CTCs at the single-cell level, facilitating downstream molecular characterisation. Single CTC analysis allows detection of key mutations that may be critical to disease management and helps to address the intercellular differences among tumour cells. In this chapter, we discuss the technologies for CTC isolation and the use of CTCs in achieving early detection and prognosis of cancer, real-time monitoring of cancer therapy and tailoring of personalised treatments

Single molecule and multiple bond characterization of catch bond associated cytoadhesion in malaria

The adhesion of malaria infected red blood cells (iRBCs) to host endothelial receptors in the microvasculature, or cytoadhesion, is associated with severe disease pathology such as multiple organ failure and cerebral malaria. Malaria iRBCs have been shown to bind to several receptors, of which intercellular adhesion molecule 1 (ICAM-1) upregulation in brain microvasculature is the only one correlated to cerebral malaria. We utilize a biophysical approach to study the interactions between iRBCs and ICAM-1. At the single molecule level, force spectroscopy experiments reveal that ICAM-1 forms catch bond interactions with Plasmodium falciparum parasite iRBCs. Flow experiments are subsequently conducted to understand multiple bond behavior. Using a robust model that smoothly transitions between our single and multiple bond results, we conclusively demonstrate that the catch bond behavior persists even under flow conditions. The parameters extracted from these experimental results revealed that the rate of association of iRBC-ICAM-1 bonds are ten times lower than iRBC-CD36 (cluster of differentiation 36), a receptor that shows no upregulation in the brains of cerebral malaria patients. Yet, the dissociation rates are nearly the same for both iRBC-receptor interactions. Thus, our results suggest that ICAM-1 may not be the sole mediator responsible for cytoadhesion in the brain

Changes in Job Situations for Women Workforce in Construction during the COVID-19 Pandemic

The COVID-19 pandemic has introduced unique circumstances to women workforce in construction including the need to work from home, changes in job situations and family responsibilities following the lockdowns. This exploratory study was conducted around six months into the pandemic in examining the changes of their job situations, and their perceptions of career aspects during the pandemic. The results show that most respondents were employed full-time at the time of survey, and that there were profound changes to their work location and working hours including working from home and worked more hours than usual. Their perceived negative impacts of the pandemic on their capacity to engage in paid work activities due to caring responsibilities, pay or earnings, job security, and career progression and advancement are modest. They were also seemingly confident in staying in their job in the next 12-month. Their perceptions have been found significantly associated with their age, education level, and years of experience in the industry. These findings provide a critical insight on women’s job situations in the industry during the pandemic, with implications for human resource practices towards addressing the challenges in retention of women workforce during and post COVID-19 pandemic