Search results for: prospect theory

Authors: Zhengyang Ma, Zhiyao Li, Jiayi Zhang

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This article examines the prospect theory’s arguments about decision-making through two case studies, the First Gulf War and Russia’s annexation of Crimea. The article uses the methods of comparative case analysis and process tracing to investigate the prospect theory’s fundamental arguments. Through evidence derived from existing primary and secondary sources, this paper argues that both former U.S. President Bush and Russian President Putin viewed their situations as a domain of loss and made risky decisions to prevent further deterioration, which attests the arguments of the prospect theory. After the two case studies, this article also discusses how the prospect theory could be used in analyzing the decision-making process that led to the current Russia-Ukraine War.

Keywords: the prospect theory, international relations, the first gulf war, the crimea crisis

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Authors: Elzbieta Babula, Juhyun Park

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Tversky and Kahneman’s cumulative prospect theory assumes symmetric probability cumulation with regard to the reference point within decision weights. Theoretically, this model should be invariant under the change of the direction of probability cumulation. In the present study, this phenomenon is being investigated by creating a reference model that allows verifying the parameter interactions in the cumulative prospect theory specifications. The simultaneous parametric fitting of utility and weighting functions is applied to binary choice data from the experiment. The results show that the flexibility of the probability weighting function is a crucial characteristic allowing to prevent parameter interactions while estimating cumulative prospect theory.

Keywords: binary choice experiment, cumulative prospect theory, decision weights, parameter interactions

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Authors: Sahar Dehghan, Yeganeh Mousavi Jahromi, Ghahraman Abdoli

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Since tax revenues are one of the most important sources of government revenue, it is essential to consider increasing taxpayers' compliance. One of the factors that can affect the taxpayers' compliance is the structure of the crimes and incentives envisaged in the tax law. In this research, by using the 'prospect theory', the effects of changes in the rate of crimes and the tax incentive in the direct tax law on the taxpayer’s compliance behavior have been investigated. To determine the preferences and preferences of taxpayer’s in the business sector and their degree of sensitivity to fines and incentives, a questionnaire with mixed gamble structure is designed. Estimated results using the Hierarchical Bayesian method indicate that the taxpayer’s that have been tested in this study are more sensitive to the incentives in the direct tax law, and the tax administration can use this to increase the level of collected tax and increase the level of compliance.

Keywords: tax compliance, prospect theory, value function, mixed gamble

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Authors: Jihene Jebeniani

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We proposed an approach combining both the techniques of experimental economy and the flexibility of discrete choice models in order to test the loss aversion. Our main objective was to test the loss aversion of the Cumulative Prospect Theory (CPT). We developed an experimental laboratory in the context of the financial investments that aimed to analyze the attitude towards the risk of the investors. The study uses the lotteries and is basing on econometric modeling. The estimated model was the ordered probit.

Keywords: risk aversion, behavioral finance, experimental economic, lotteries, cumulative prospect theory

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Authors: Yeganeh Mousavi Jahromi, Sahar Dehghan

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In Direct Tax Act, penalties and incentives are two strategies for realization of the expected tax revenues. In this study, the interaction between individual businesses' taxpayers' behaviors and National Tax Administration is investigated by using prospect theory which is based on behavioral economics approach. For this purpose, the structure of the tax compliance of the mentioned taxpayers is evaluated via the changes in penalty and incentive rates. In this way, a special questionnaire regarding the items of individual businesses sector of Direct Tax Act was designed for tax compliance evaluation, and the results were obtained using Bayesian Hierarchical method. The results indicate that the investigated individual business taxpayers, at all income levels, were more sensitive toward incentive rates so that this result can be useful for tax policymakers.

Keywords: behavioral economics, prospect theory, tax compliance, penalties, incentives

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Authors: Ezgi Nevruz, Kasirga Yildirak, Ashis SenGupta

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Comparing or ranking risks is the main motivating factor behind the human trait of making choices. Cumulative prospect theory (CPT) is a preference theory approach that evaluates perception and bias in decision making under risk and uncertainty. We aim to investigate the aggregate claims of different risk classes in terms of their comparability and amenability to ordering when the impact of risk perception is considered. For this aim, we prioritize the aggregate claims taken as actuarial risks by using various stochastic ordering relations. In order to prioritize actuarial risks, we use stochastic relations such as stochastic dominance and stop-loss dominance that are proposed in the frame of partial order theory. We take into account the dependency of the individual claims exposed to similar environmental risks. At first, we modify the zero-utility premium principle in order to obtain a solution for the stop-loss premium under CPT. Then, we propose a stochastic stop-loss dominance of the aggregate claims and find a relation between the stop-loss dominance and the first-order stochastic dominance under the dependence assumption by using properties of the familiar as well as some emerging multivariate claim distributions.

Keywords: cumulative prospect theory, partial order theory, risk perception, stochastic dominance, stop-loss dominance

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Authors: Jing Zhang

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Sustainable development in the new energy vehicles field is the requirement of the net zero aim. Green bonds are accepted as a practical financial tool to boost the transformation of relevant enterprises. The paper analyzes the interactions among governments, enterprises of new energy vehicles, and financial institutions by an evolutionary game theory model and offers advice to stakeholders in China. The decision-making subjects of green behavior are affected by experiences, interests, perception ability, and risk preference, so it is difficult for them to be completely rational. Based on the bounded rationality hypothesis, this paper applies prospect theory in the evolutionary game analysis framework and analyses the costs of government regulation of enterprises adopting green bonds. The influence of the perceived value of revenue prospect and the probability and risk transfer coefficient of the government's active regulation on the decision-making agent's strategy is verified by numerical simulation. Finally, according to the research conclusions, policy suggestions are given to promote green bonds.

Keywords: green bonds, new energy vehicles, sustainable development, evolutionary Game Theory model

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Authors: Rifqi Alfadhillah Sentosa, Hasbi Fikru Syabi, Stephen

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West Java is a province in Indonesia which has a number of volcanoes. One of those volcanoes is Mt. Ciremai, located administratively at Kuningan and Majalengka District, and is known for its significant geothermal potential in Java Island. This research aims to assume geothermal prospects at Mt. Ciremai using Fault and Fracture Density (FFD) Method, which is correlated to the geochemistry of geothermal manifestations around the mountain. This FFD method is using SRTM data to draw lineaments, which are assumed associated with fractures and faults in the research area. These faults and fractures were assumed as the paths for reservoir fluids to reached surface as geothermal manifestations. The goal of this method is to analyze the density of those lineaments found in the research area. Based on this FFD Method, it is known that area with high density of lineaments located on Mt. Kromong at the northern side of Mt. Ciremai. This prospect area is proven by its higher geothermometer values compared to geothermometer values calculated at the south area of Mt. Ciremai.

Keywords: geothermal prospect, fault and fracture density, Mt. Ciremai, surface manifestation

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Authors: Anthonia Emmanuel Inaja

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The role of the counseling services by Special Educators, Guidance Counsellors and psychologists alike to Families and Parents of children with special needs cannot be over-emphasized. This paper examined the vital role of counseling services and its impact on the emotional and physical readiness of parents to initiate and support the education and rehabilitation needs of their children. The paper considered the importance of counseling, when counseling services are best required preparing the mindset of parents and family members as well as the immediate community of the social needs child.

Keywords: counseling, families, special, needs, children, problems, prospect

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Authors: Kefi Rahmadio, Filipus Armando Ginting, Richard Nainggolan

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This research shows the formation of the West Buru Basin and the potential utilization of this West Buru Basin as a geothermal potential. The research area is West Buru Island which is part of the West Buru Basin. The island is located in Maluku Province, with its capital city named Namlea. The island is divided into 10 districts, namely District Kepalamadan, Airbuaya District, Wapelau District, Namlea District, Waeapo District, Batabual District, Namrole District, Waesama District, Leksula District, and Ambalau District. The formation in this basin is Permian-Quarter. They start from the Formation Ghegan, Dalan Formation, Mefa Formation, Kuma Formation, Waeken Formation, Wakatin Formation, Ftau Formation and Leko Formation. These formations are composing this West Buru Basin. Determination of prospect area in the geothermal area with preliminary investigation stage through observation of manifestation, topographic shape and structure are found around prospect area. This is done because there is no data of earth that support the determination of prospect area more accurately. In Waepo area, electric power generated based on field observation and structural analysis, geothermal area of ​Waeapo was approximately 6 km², with reference to the SNI 'Classification of Geothermal Potential' (No.03-5012-1999), an area of ​​1 km² is assumed to be 12.5 MWe. The speculative potential of this area is (Q) = 6 x 12.5 MWe = 75 MWe. In the Bata Bual area, the geothermal prospect projected 4 km², the speculative potential of the Bata Bual area is worth (Q) = 4 x 12.5 MWe = 50 MWe. In Kepala Madan area, based on the estimation of manifestation area, there is a wide area of ​​prospect in Kepala Madan area about 4 km². The geothermal energy potential of the speculative level in Kepala Madan district is (Q) = 4 x 12.5 MWe = 50 MWe. These three areas are the largest geothermal potential on the island of West Buru. From the above research, it can be concluded that there is potential in West Buru Island. Further exploration is needed to find greater potential. Therefore, researchers want to explain the geothermal potential contained in the West Buru Basin, within the scope of West Buru Island. This potential can be utilized for the community of West Buru Island.

Keywords: West Buru basin, West Buru island, potential, Waepo, Bata Bual, Kepala Madan

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Authors: Igor Vladimirovich Kuzminov

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The proposed article is an alternative version of the Theory of Relativity. The version is based on the concepts of classical Newtonian physics and does not deny the existing calculation base. The proposed theory completely denies Einstein's existing Theory of Relativity. The only thing that connects these theories is that the proposed theory is also built on postulates. The proposed theory is intended to establish the foundation of classical Newtonian physics. The proposed theory is intended to establish continuity in the development of the fundamentals of physics and is intended to eliminate all kinds of speculation in explanations of physical phenomena. An example of such speculation is Einstein's Theory of Relativity (E).

Keywords: the theory of relativity, postulates of the theory of relativity, criticism of Einstein's theory, classical physics

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Authors: Daniel Nkrumah

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The Magic Bullet theory was a popular media effect theory that defined the power of the mass media in altering beliefs and perceptions of its audiences. However, following the People's Choice study, the theory was said to have been disproved and was supplanted by the Two-Step Flow Theory. This paper examines the relevance of the Magic Bullet theory in Africa and establishes whether it is still relevant in Africa's media spaces and societies. Using selected cases on the continent, it adopts a grounded theory approach and explores a new theoretical model that attempts to enforce an argument that the Two-Step Flow theory though important and valid, was ill-conceived as a direct replacement to the Magic Bullet theory.

Keywords: magic bullet theory, two-step flow theory, media effects, african media

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Authors: Gultekin Gurcay

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It is known that the most crucial influence of the psychological, social and emotional factors that affect any human behavior is to corrupt the rational decision making mechanism of the individuals and cause them to display irrational behaviors. In this regard, the social context of human beings influences the rationality of our decisions, and people tend to display different behaviors when they were alone compared to when they were surrounded by others. At this point, the interaction and interdependence of the behavioral finance and economics with the area of social psychology comes, where intentions and the behaviors of the individuals are being analyzed in the actual or implied presence of others comes into prominence. Within the context of this study, the prevalent theories of behavioral finance, which are The Prospect Theory, The Utility Theory Given Uncertainty and the Five Axioms of Choice under Uncertainty, Veblen’s Hidden Utility Theory, and the concept of ‘Overreaction’ has been examined and demonstrated; and the meaning, existence and validity of these theories together with the social context has been assessed. Finally, in this study the behavior of the individuals in financial crisis situations where the majority of the society is being affected from the same negative conditions at the same time has been analyzed, by taking into account how individual behavior will change according to the presence of the others.

Keywords: conditional variance coefficient, financial crisis, garch model, stock market

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Authors: Dominic Roulx

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Many scholars have in the past decade emphasized the relevance of Adorno’s criticism of the rationalized domination of nature (Naturbeherrschung) for thinking the environmental crisis. Beyond the intersubjective critical models of thinkers such as Habermas and Honneth, Adorno’s critical theory has the benefit, according to them, of disclosing the entwinement of social and natural domination in a critically productive way. The author will be arguing in this paper that Adorno’s model of critical theory displays a theoretical framework that is both original and relevant for thinking the ins and outs of the currentenvironmental crisis. To do so, he first construe Adorno’s understanding of the historical domination of nature and argue that Adorno’s method for its criticizing is immanent critique. He puts emphasis on how his understanding of the domination of nature implicitly implies an account of thedialectical relationship between reason and nature. In doing so, he presents a naturalistic understanding of his idea of the primacy of the object. Second, regarding Adorno’s concept of nature, he discusses what he sees as the shortcomings of many commentators’ understanding of the concept of nature in Adorno. He contends that they tend to fall short of Adorno’s concept of nature in failing to make sense of its thoroughly negative signification, thereby falling into an uncritical and fetichized comprehension of “nature. Third, he discusses the prospect for a possible “reconciliation” (Versöhnung) of nature with society. Highlighting how the domination of nature proves to produce the necessary conditions for its own overcoming, he contends that reconciliation with nature relies mainly on the subject’s capacity for critical self-reflection.

Keywords: german philosophy, adorno, nature, environmental crisis

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Authors: Arne Fagerstrom, Gary Cunningham, Fredrik Hartwig

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In this paper, a theory of sustainable enterprises, sustainable enterprise theory (SET), is developed. The sustainable enterprise theory can only be a valid theory if knowledge about life and nature is complete. Knowledge limitations should not stop enterprises from doing business with a goal of better long-term life on earth. Life demands stewardship of the resources used during one’s lifetime. This paper develops a model influenced by (the classical) enterprise theory and resource theory that includes more than money in the business activities of an enterprise. The sustainable enterprise theory is then used in an analysis of accountability and in discussions about sustainable businesses.

Keywords: sustainable business, sustainability reporting, sustainable values, theory of the firm

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Authors: Sania Sana, Afnan Nasim, Usman Malik, Maroof Tahir

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The aim of this research is to scrutinize the interdependent relationship between terrorism and behavioral changes in the tourism activities in Pakistan with the moderating impact of a unique variable titled 'Financial Risk Tolerance'. The article looks at the inter-reliant relationship with the alleged political and economic aspects and behavioral changes in the tourists and the consumers by these variables over time. The researchers used many underlying theories like the catastrophe theory by (Svyantek, Deshon and Siler 1991), information integration theory (Anderson 1981, 1982) and prospect theory (Kahneman and Tversky 1979) to shape the study’s framework as per tourist decision making model. A sample of around 110 locals was used for this purpose and the data was gathered by convenience sampling. The responses were analyzed using regression analysis. The results exhibited how terrorism along with the influence of financial risk tolerance had inclined a behavioral shift in the travelling patterns and vacation destination choice of the local tourists. Lastly, the paper proposes a number of suggestive measures for the tourism industry and the legislative bodies to ensure the safety of travelers and to boost the tourist activities in the vacation industry of Pakistan.

Keywords: terrorism, tourism, financial risk tolerance, tourist decision-making, destination choice

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Authors: Athina Thanou, Eirini Eleni Tsiropoulou, Symeon Papavassiliou

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The problem of museum visitor experience and congestion management – in various forms - has come increasingly under the spotlight over the last few years, since overcrowding can significantly decrease the quality of visitors’ experience. Evidence suggests that on busy days the amount of time a visitor spends inside a crowded house museum can fall by up to 60% compared to a quiet mid-week day. In this paper we consider the aforementioned problem, by treating museums as evolving social systems that induce constraints. However, in a cultural heritage space, as opposed to the majority of social environments, the momentum of the experience is primarily controlled by the visitor himself. Visitors typically behave selfishly regarding the maximization of their own Quality of Experience (QoE) - commonly expressed through a utility function that takes several parameters into consideration, with crowd density and waiting/visiting time being among the key ones. In such a setting, congestion occurs when either the utility of one visitor decreases due to the behavior of other persons, or when costs of undertaking an activity rise due to the presence of other persons. We initially investigate how visitors’ behavioral risk attitudes, as captured and represented by prospect theory, affect their decisions in resource sharing settings, where visitors’ decisions and experiences are strongly interdependent. Different from the majority of existing studies and literature, we highlight that visitors are not risk neutral utility maximizers, but they demonstrate risk-aware behavior according to their personal risk characteristics. In our work, exhibits are organized into two groups: a) “safe exhibits” that correspond to less congested ones, where the visitors receive guaranteed satisfaction in accordance with the visiting time invested, and b) common pool of resources (CPR) exhibits, which are the most popular exhibits with possibly increased congestion and uncertain outcome in terms of visitor satisfaction. A key difference is that the visitor satisfaction due to CPR strongly depends not only on the invested time decision of a specific visitor, but also on that of the rest of the visitors. In the latter case, the over-investment in time, or equivalently the increased congestion potentially leads to “exhibit failure”, interpreted as the visitors gain no satisfaction from their observation of this exhibit due to high congestion. We present a framework where each visitor in a distributed manner determines his time investment in safe or CPR exhibits to optimize his QoE. Based on this framework, we analyze and evaluate how visitors, acting as prospect-theoretic decision-makers, respond and react to the various pricing policies imposed by the museum curators. Based on detailed evaluation results and experiments, we present interesting observations, regarding the impact of several parameters and characteristics such as visitor heterogeneity and use of alternative pricing policies, on scalability, user satisfaction, museum capacity, resource fragility, and operation point stability. Furthermore, we study and present the effectiveness of alternative pricing mechanisms, when used as implicit tools, to deal with the congestion management problem in the museums, and potentially decrease the exhibit failure probability (fragility), while considering the visitor risk preferences.

Keywords: museum resource and visitor management, congestion management, propsect theory, cyber physical social systems

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Authors: Youness Laaroussi, Zine Elabidine Guennoun, Amine Amar

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Modeling and forecasting dynamics of rainfall occurrences constitute one of the major topics, which have been largely treated by statisticians, hydrologists, climatologists and many other groups of scientists. In the same issue, we propose in the present paper a new hybrid method, which combines Extreme Values and fractal theories. We illustrate the use of our methodology for transformed Emberger Index series, constructed basing on data recorded in Oujda (Morocco). The index is treated at first by Peaks Over Threshold (POT) approach, to identify excess observations over an optimal threshold u. In the second step, we consider the resulting excess as a fractal object included in one dimensional space of time. We identify fractal dimension by the box counting. We discuss the prospect descriptions of rainfall data sets under Generalized Pareto Distribution, assured by Extreme Values Theory (EVT). We show that, despite of the appropriateness of return periods given by POT approach, the introduction of fractal dimension provides accurate interpretation results, which can ameliorate apprehension of rainfall occurrences.

Keywords: extreme values theory, fractals dimensions, peaks Over threshold, rainfall occurrences

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Authors: Pimploi Tirastittam, Phutthiwat Waiyawuththanapoom

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Nowadays the promotion of the public transportation system in the Bangkok Metropolitan Area is increased such as the “Free Bus for Thai Citizen” Campaign and the prospect of the several MRT routes to increase the convenient and comfortable to the Bangkok Metropolitan area citizens. But citizens do not make full use of them it because the citizens are lack of the data and information and also the confident to the public transportation system of Thailand especially in the time and safety aspects. This research is the Public Transport Planning System by Dijkstra Algorithm: Case Study Bangkok Metropolitan Area by focusing on buses, BTS and MRT schedules/routes to give the most information to passengers. They can choose the way and the routes easily by using Dijkstra STAR Algorithm of Graph Theory which also shows the fare of the trip. This Application was evaluated by 30 normal users to find the mean and standard deviation of the developed system. Results of the evaluation showed that system is at a good level of satisfaction (4.20 and 0.40). From these results we can conclude that the system can be used properly and effectively according to the objective.

Keywords: Dijkstra algorithm, graph theory, public transport, Bangkok metropolitan area

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Authors: Pauline E. Ngo-Henha

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Existing turnover intention theories are reviewed in this paper. This review was conducted with the help of the search keyword “turnover intention theories” in Google Scholar during the month of July 2017. These theories include: The Theory of Organizational Equilibrium (TOE), Social Exchange Theory, Job Embeddedness Theory, Herzberg’s Two-Factor Theory, the Resource-Based View, Equity Theory, Human Capital Theory, and the Expectancy Theory. One of the limitations of this review paper is that data were only collected from Google Scholar where many papers were sometimes not freely accessible. However, this paper attempts to contribute to the research in clarifying the distinction between theories and models in the context of turnover intention.

Keywords: Literature Review, Theory, Turnover, Turnover intention

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Authors: Peter J. Robinson, W. J. Wouter Botzen

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Individuals often over-weight low probabilities and under-weight moderate to high probabilities, however very low probabilities are either significantly over-weighted or neglected. Little is known about factors affecting probability weighting in Prospect Theory related to emotions specific to risk (anticipatory and anticipated emotions), the threshold of concern, as well as personality traits like locus of control. This study provides these insights by examining factors that influence probability weighting in the context of flood insurance demand in an economic experiment. In particular, we focus on determinants of flood probability neglect to provide recommendations for improved risk management. In addition, results obtained using real incentives and no performance-based payments are compared in the experiment with high experimental outcomes. Based on data collected from 1’041 Dutch homeowners, we find that: flood probability neglect is related to anticipated regret, worry and the threshold of concern. Moreover, locus of control and regret affect probabilistic pessimism. Nevertheless, we do not observe strong evidence that incentives influence flood probability neglect nor probability weighting. The results show that low, moderate and high flood probabilities are under-weighted, which is related to framing in the flooding context and the degree of realism respondents attach to high probability property damages. We suggest several policies to overcome psychological factors related to under-weighting flood probabilities to improve flood preparations. These include policies that promote better risk communication to enhance insurance decisions for individuals with a high threshold of concern, and education and information provision to change the behaviour of internal locus of control types as well as people who see insurance as an investment. Multi-year flood insurance may also prevent short-sighted behaviour of people who have a tendency to regret paying for insurance. Moreover, bundling low-probability/high-impact risks with more immediate risks may achieve an overall covered risk which is less likely to be judged as falling below thresholds of concern. These measures could aid the development of a flood insurance market in the Netherlands for which we find to be demand.

Keywords: flood insurance demand, prospect theory, risk perceptions, risk preferences

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Authors: Sarah Mueller-Saegebrecht, André Brendler

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Business model innovation (BMI) as an intentional change of an existing business model (BM) or the design of a new BM is essential to a firm's development in dynamic markets. The relevance of BMI is also evident in the ongoing COVID-19 pandemic, in which start-ups, in particular, are affected by limited access to resources. However, first studies also show that they react faster to the pandemic than established firms. A strategy to successfully handle such threatening dynamic changes represents BMI. Entrepreneurship literature shows how and when firms should utilize BMI in times of crisis and which barriers one can expect during the BMI process. Nevertheless, research merging BMI barriers and crises is still underexplored. Specifically, further knowledge about antecedents and the effect of moderators on the BMI process is necessary for advancing BMI research. The addressed research gap of this study is two-folded: First, foundations to the subject on how different crises impact BM change intention exist, yet their analysis lacks the inclusion of barriers. Especially, entrepreneurship literature lacks knowledge about the individual perception of BMI barriers, which is essential to predict managerial reactions. Moreover, internal BMI barriers have been the focal point of current research, while external BMI barriers remain virtually understudied. Second, to date, BMI research is based on qualitative methodologies. Thus, a lack of quantitative work can specify and confirm these qualitative findings. By focusing on the crisis context, this study contributes to BMI literature by offering a first quantitative attempt to embed BMI barriers into a structural equation model. It measures managers' perception of BMI development and implementation barriers in the BMI process, asking the following research question: How does a manager's perception of BMI barriers influence BMI development and implementation in times of crisis? Two distinct research streams in economic literature explain how individuals react when perceiving a threat. "Prospect Theory" claims that managers demonstrate risk-seeking tendencies when facing a potential loss, and opposing "Threat-Rigidity Theory" suggests that managers demonstrate risk-averse behavior when facing a potential loss. This study quantitively tests which theory can best predict managers' BM reaction to a perceived crisis. Out of three in-depth interviews in the German chemical industry, 60 past BMIs were identified. The participating start-up managers gave insights into their start-up's strategic and operational functioning. After, each interviewee described crises that had already affected their BM. The participants explained how they conducted BMI to overcome these crises, which development and implementation barriers they faced, and how severe they perceived them, assessed on a 5-point Likert scale. In contrast to current research, results reveal that a higher perceived threat level of a crisis harms BM experimentation. Managers seem to conduct less BMI in times of crisis, whereby BMI development barriers dampen this relation. The structural equation model unveils a mediating role of BMI implementation barriers on the link between the intention to change a BM and the concrete BMI implementation. In conclusion, this study confirms the threat-rigidity theory.

Keywords: barrier perception, business model innovation, business model innovation barriers, crises, prospect theory, start-ups, structural equation model, threat-rigidity theory

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Authors: Sunday Ose Ugadu

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Unemployment, especially graduate unemployment is, for now, the greatest problem facing Nigeria as a nation. It is responsible for most of the other ills of the country, including kidnapping, armed robbery, youth restiveness, thuggery, to mention but a few. More and more people in Nigeria are now losing confidence in the prospect of tertiary education as an instrument par excellence for effecting national development. This paper, therefore, critically examined the problem of graduate unemployment in Nigeria. It briefly traced the history of university education in Nigeria. The rate and causes of graduate unemployment in Nigeria were also discussed. Previous attempts made by the government to solve the problem of unemployment were highlighted. The paper also harped on the prospect of entrepreneurship education as an instrument for fighting graduate unemployment identifying obstacles to entrepreneurship education in Nigeria. The paper drew conclusion, and major recommendation made was a call for converting the National Youth Service Corps Scheme in Nigeria to entrepreneurship and skills acquisition scheme as soon as possible.

Keywords: graduate, unemployment, entrepreneurship education, national development

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Authors: Adhitya Mangala, Yobel

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Bittuang geothermal prospect area located at Tana Toraja district, South Sulawesi. The geothermal system of the area related to Karua Volcano eruption product. This area has surface manifestation such as fumarole, hot springs, sinter silica and mineral alteration. Those prove that there are hydrothermal activities in the subsurface. However, the project and development of the area have not implemented yet. One of the important elements in geothermal exploration is to determine upflow and outflow zone. This information very useful to identify the target for geothermal wells and development which it is a risky task. The methods used in this research were Mercury (Hg) anomalies in soil, soil and manifestation temperature distribution and fault fracture density from 93 km² research area. Hg anomalies performed to determine the distribution of hydrothermal alteration. Soil and manifestation temperature distribution were conducted to estimate heat distribution. Fault fracture density (FFD) useful to determine fracture intensity and trend from surface observation. Those deliver Hg anomaly map, soil and manifestation temperature map that combined overlayed to fault fracture density map and geological map. Then, the conceptual model made from north – south, and east – west cross section to delineate upflow and outflow zone in this area. The result shows that upflow zone located in northern – northeastern of the research area with the increase of elevation and decrease of Hg anomalies and soil temperature. The outflow zone located in southern - southeastern of the research area which characterized by chloride, chloride - bicarbonate geothermal fluid type, higher soil temperature, and Hg anomalies. The range of soil temperature distribution from 16 – 19 °C in upflow and 19 – 26.5 °C in the outflow. The range of Hg from 0 – 200 ppb in upflow and 200 – 520 ppb in the outflow. Structural control of the area show northwest – southeast trend. The boundary between upflow and outflow zone in 1550 – 1650 m elevation. This research delivers the conceptual model with innovative methods that useful to identify a target for geothermal wells, project, and development in Bittuang geothermal prospect area.

Keywords: Bittuang geothermal prospect area, Hg anomalies, soil temperature, upflow and outflow zone

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Authors: Raya A. Jones

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This paper interrogates online representations of robot companions for children, including promotional material by manufacturers, media articles and technology blogs. The significance of the study lies in its contribution to understanding attitudes to robots. The prospect of childcare robots is particularly controversial ethically, and is associated with emotive arguments. The sampled material is restricted to relatively recent posts (the past three years) though the analysis identifies both continuous and changing themes across the past decade. The method extrapolates social representations theory towards examining the ways in which information about robotic products is provided for the general public. Implications for social acceptance of robot companions for the home and robot ethics are considered.

Keywords: acceptance of robots, childcare robots, ethics, social representations

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Authors: Oluseun A. Sanuade, Sanlinn I. Kaka, Adesoji O. Akanji, Olukole A. Akinbiyi

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Prospect evaluation of ‘the ‘ADE’ field was done using 3D seismic data and well log data. The field is located in the offshore Niger Delta where water depth ranges from 450 to 800 m. The objectives of this study are to explore deeper prospects and to ascertain the kind of traps that are favorable for the accumulation of hydrocarbon in the field. Six horizons with major and minor faults were identified and mapped in the field. Time structure maps of these horizons were generated and using the available check-shot data the maps were converted to top structure maps which were used to calculate the hydrocarbon volume. The results show that regional structural highs that are trending in northeast-southwest (NE-SW) characterized a large portion of the field. These highs were observed across all horizons revealing a regional post-depositional deformation. Three prospects were identified and evaluated to understand the different opportunities in the field. These include stratigraphic pinch out and bi-directional downlap. The results of this study show that the field has potentials for new opportunities that could be explored for further studies.

Keywords: hydrocarbon, play, prospect, stratigraphy

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Authors: WooJin KANG

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Contrary to the ideal, in the cartelized democracy, meritocracy is revealed to be a system that gives arrogance to the winners and humiliation to the losers, and more and more studies are asserting the upper-class bias of meritocracy. However, only some studies have analyzed the determinants of the perception of meritocracy and fairness among young people. This article was an attempt to fill this gap. According to the empirical results of this article, the determinants of fairness of the meritocracy in the youth were multidimensional. The social status model, the political ideology model, and the future prospect model all significantly impacted the perception of meritocracy fairness among young people. Contrary to the predictions of the system justification theory and the compensatory control theory of previous studies, the lower-class youth were critical of meritocracy. In addition, the more negative the future outlook, the less they accepted the fairness of meritocracy. In addition, ideological debates over solutions to inequality of opportunity, which began in earnest during the 20th presidential election, turned out to be a variable that significantly influenced the perception of fairness based on meritocracy among young people. The results of the empirical analysis in this article reaffirmed the multidimensional structure of the youth. This suggests the need for policy responses leading to education tailored to various subgroups within the youth.

Keywords: Meritocracy, Exam-Meritocracy, Fairness, Multiple-inequality

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Authors: Michael Mihalicz, Aziz Guergachi

Abstract:

Background: The science of modelling choice preferences has evolved over centuries into an interdisciplinary field contributing to several branches of Microeconomics and Mathematical Psychology. Early theories in Decision Science rested on the logic of rationality, but as it and related fields matured, descriptive theories emerged capable of explaining systematic violations of rationality through cognitive mechanisms underlying the thought processes that guide human behaviour. Cognitive limitations are not, however, solely responsible for systematic deviations from rationality and many are now exploring the effect of visceral factors as the more dominant drivers. The current study builds on the existing literature by exploring sleep deprivation, thermal comfort, stress, hunger, fear, anger and sadness as moderators to three distinct elements that define individual risk preference under Cumulative Prospect Theory. Methodology: This study is designed to compare the risk preference of participants experiencing an elevated affective or visceral state to those in a neutral state using nonparametric elicitation methods across three domains. Two experiments will be conducted simultaneously using different methodologies. The first will determine visceral states and risk preferences randomly over a two-week period by prompting participants to complete an online survey remotely. In each round of questions, participants will be asked to self-assess their current state using Visual Analogue Scales before answering a series of lottery-style elicitation questions. The second experiment will be conducted in a laboratory setting using psychological primes to induce a desired state. In this experiment, emotional states will be recorded using emotion analytics and used a basis for comparison between the two methods. Significance: The expected results include a series of measurable and systematic effects on the subjective interpretations of gamble attributes and evidence supporting the proposition that a portion of the variability in human choice preferences unaccounted for by cognitive limitations can be explained by interacting visceral states. Significant results will promote awareness about the subconscious effect that emotions and other drive states have on the way people process and interpret information, and can guide more effective decision making by informing decision-makers of the sources and consequences of irrational behaviour.

Keywords: decision making, emotions, prospect theory, visceral factors

Procedia PDF Downloads 149

Authors: Mohammad Ahmadi

Abstract:

Argumentative writing is a highly opinion-based form of discourse that necessitates the ability to address commonly held opinions (endoxa). To enhance the development of persuasive, argumentative essays, the incorporation of classical rhetorical theory, with a specific focus on topics related to the canon of Invention (inventio), can be advantageous. This research investigates the practical application of rhetorical theory in teaching students how to construct compelling argumentative essays. The fundamental premise of this study is the limited familiarity of rhetoric and composition students with rhetorical theory. Consequently, this paper presents an effective pedagogical approach to introduce rhetorical theory to students, beginning from a foundational level. It delineates the procedures and progression that educators should adopt to elucidate and facilitate students' comprehension of rhetorical theory while demonstrating its utilization in the writing of an argumentative essay.

Keywords: argumentative essay, rhetorical theory, pedagogy, invention

Procedia PDF Downloads 79

Authors: Pius Agbebi Alaba

Abstract:

The study emphasized on the effects of contemporary and prospect trends on the development of Hospitality and Tourism in Nigeria. Specifically, the study examined globalization, safety and security, diversity, service, technology, demographic changes and price–value as contemporary trends while prospect trends such as green and Eco-lodgings, Development of mega hotels, Boutique hotels, Intelligent hotels with advanced technology using the guest’s virtual fingerprint in order to perform all the operations, increasing employee salaries in order retain the existing Staff, More emphasis on the internet and technology, Guests’ virtual and physical social network were equally examined. The methodology for the study involved review of existing related study, books, journal and internet. The findings emanated from the exercise showed clearly that the impact of both trends on the development of Hospitality and Tourism in Nigeria would bring about rapid positive transformation of her socio-economic, political and cultural environment. The implication of the study is that it will prepare both private and corporate individuals in hospitality and tourism business for the challenges inherent in both trends.

Keywords: hospitality and tourism, Nigeria's centenary, trends, implications

Procedia PDF Downloads 335