Children\u2019s organic fruit nectar satisfaction: an experimental economics approach

Purpose: Over the past several decades, studies regarding consumer satisfaction for organic food (OF) have increased along with the rise in OF consumption. However, empirical research into satisfaction for organic products with respect to conventional goods is still needed. Along this line, the purpose of this paper is to understand the role of information in children\u2019s satisfaction for organic and conventional fruit nectar. Design/methodology/approach: A satisfaction questionnaire on 92 primary school pupils was collected during the tasting stages. A questionnaire surveying the participants\u2019 habits with respect to OF and fruit nectar consumption was also administered. Descriptive analysis and ordinal logistic regressions were used to investigate any correlation between the participants\u2019 evaluations of fruit nectar samples and the other variables investigated. Findings: According to the results of this paper, children\u2019s satisfaction scores are influenced by the information they learn regarding fruit nectar: satisfaction scores are higher when children know the fruit nectar is organic. Satisfaction is also influenced by age: older children are more likely to assign lower scores to fruit nectars. Also, the effect of information regarding the nature of fruit nectar (organic or conventional) on satisfaction scores is stronger in children whose families consume OF. Research limitations/implications: Due to financial constraints, this research was conducted on a non-probability convenience sample and on a single food product (i.e. fruit nectar). Practical implications: Regulatory policies should consider these influences when legislating on product labelling and the disclosure of product information. Consumer evaluations can be indeed influenced toward responsible, safe behaviour. Originality/value: This study contributes to the investigation of the connection between product labelling and children\u2019s food satisfaction. Particularly, this study has generated some important findings in the field of children\u2019s perceptions of OF

La mossa del cavallo. Simon tra economia comportamentale ed economia cognitiva

This article presents the main features of the thought of Simon in historical framework, comparing them with topics from behavioural and experimental economics in order to identify areas of mutual influence. Simon's direct impact on the development of experimental economics, or on contemporary behavioural economics more broadly, seems to be very limited. Simon is relatively little cited and even less known and applied by behavioural economists, who tend to be still close to the neoclassical approach, whether criticizing it or trying to preserve its \uabscientific\ubb nature. Indeed, the expression \uabbounded rationality\ubb is more often connected to the work of Kahneman if compared to Simon's one, and only few scholars - in general those who use the term cognitive economics - have sought a direct connection with Simon. However, the development of behavioural economics is opening new areas of research, some quite heterodox and far from the mainstream, in which Simon's insights are once again showing themselves to be useful

La mossa del cavallo. Simon tra economia comportamentale ed economia cognitiva

Questo articolo presenta le caratteristiche principali del pensiero di Simon in un quadro storico, confrontandoli con i temi di economia comportamentale e sperimentale al fine di individuarne le aree di influenza reciproca. L'impatto diretto di Simon sullo sviluppo dell'economia sperimentale, o più in generale dell'economia comportamentale contemporanea, sembra essere piuttosto limitato. Simon è relativamente poco citato e ancor meno conosciuto e applicato dagli economisti comportamentali, che tendono ad essere ancora vicino all'approccio neoclassico, per criticarlo o cercare di preservare il suo carattere «scientifico». In effetti, l'espressione «razionalità limitata» è più spesso collegata al lavoro di Kahneman rispetto a quello di Simon, e solo pochi studiosi - in generale coloro che utilizzano il termine "economia cognitiva" - hanno cercato un collegamento diretto con Simon. Tuttavia, lo sviluppo dell'economia comportamentale sta aprendo nuove aree di ricerca, alcune delle quali sono piuttosto eterodosse, lontane dal mainstream principale e per le quali le intuizioni di Simon mostrano ancora tutta la propria validità

Promises in group decision making

We assess in the laboratory the effect of promises on group decision-making. The gift-exchange game provides the testing ground for our experiment. When the game is played between groups, inter-group cooperation and reciprocity represent a condition for increasing total earnings as a measure of social efficiency. Our findings show that promises have positive effect on aggregate payoffs and that effect is reinforced when a group member is randomly selected as proposer to set forth an effort/transfer level that other group members can approve or reject. Promises and proposers elicit social conformity leading groups to exhibit more desirable social behavior

Color and abundance: Influencing children's food choices

Packaging color and product availability are factors influencing consumer preferences. However, their impact on children's choices is scarce. The current research examines whether the size of the set of items and the packaging color might shape children's choices. In three experiments (N = 887), we investigated the effect of these two variables on children's choices of food items in a laboratory setting. The results showed that food items provided in larger piles of identical products were preferred to those provided in smaller piles of identical products, even though children could only choose one item to take away, showing evidence of an "abundance bias". In addition, food products packaged in red were preferred to those packaged in green. A moderation effect was also observed whereby children preferred red-packaged items more when offered within a larger group of identical items (abundance) and less when offered within a smaller group of identical items. The findings provide insight into the psychology of color and abundance as choice attractors in children's consumer preferences for food products

Beyond the MiFID: Envisioning cognitively suitable and representationally supportive approaches to assessing investment preferences for more informed financial decisions

The recent introduction of the European Commission’s Markets in Financial Instruments Directive (MiFID) was intended to enhance assessment of consumers’ investment preferences, but it raises new challenges. The effectiveness of the MiFID as a tool to improve the relationships of investment service providers and their customers is questionable due to evident variability in implementation not only across most European countries but also across national financial institutions, as well. An inadequate questionnaire design induces mis-profiling of existing and potential clients, thus endangering the long-term relationships of financial institutions and their clients and affecting the future economic outcomes of the clientele, as well as the reputation of the company itself. To enhance our understanding of how best to assess investment preferences, with the goal of providing feasible solutions for improving MiFID questionnaires, we explored the relevant research on some important determinants, such as the financial agent–client relationship, risk assessment, validity and reliability of questionnaires, and information communication, including language fluency, visual framing, and financial literacy. Additionally, to assess common problems that have been noted with MiFID questionnaires, we conducted an experimental study in which we administered a questionnaire to 73 clients of two retail banks, inquiring mainly into their financial expertise, investment product knowledge, obstacles to and opportunities for better understanding an investment, risk perception, and relationship with a financial adviser. Fifty-eight percent of questionnaire respondents assessed their financial knowledge as poor, a result that could explain the clients’ reliance on financial advisers for investment decisions. The customers resorted to professionals mainly because they deemed professionals to be knowledgeable of financial markets and because of their own limited experience. Our results will be useful to policy makers, questionnaire designers, financial advisers, and the customers themselves. Aimed at protecting individual investors, the MiFID may achieve its objectives only for those consumers who have been properly profiled. As mis-profiling is quite common, it is imperative before launching a questionnaire to test the effects of the proposed questions across a range of consumer groups and to assess the risk of unintended consequences for particular customer populations. Financial institutions must then use the data they obtain to fulfill the one of the main goal of the Directive—protecting investors—by offering appropriate products to each client. We provide guidelines to help policy makers develop questionnaires that are comprehensible and valid and take into account consumers’ real investment preferences and their decision-making processes