Learning the value of money from stochastically varying prices

In 3 experiments, the authors investigated learning of the value of money from product prices in an unfamiliar currency when the prices are proportional to quantity. In support of the second stage of a hypothesized 2-stage process of learning, Experiment 1, in which 32 undergraduates participated, shows that response times for inferences of quantity are longer when participants are presented with quantity-price pairs than when they are presented with price-quantity pairs. Experiments 2 and 3, in which 54 and 34 undergraduates participated, respectively, show that (a) stochastic price variation causes systematic errors in the learning of unit prices from quantity-price pairs as a result of judgmental regression effects and (b) in support of the 2-stage learning hypothesis, inferences of quantity are the inverse of the learned unit prices.     

Learning from experience: The value of analysing Avalon

In this article some of the experiences and insights gained from roughly fifteen years of conducting a long term study of Glastonbury are examined. Glastonbury, a small town in the south west of England, has become a multivalent pilgrimage site for a variety of spiritual seekers, and an icon of integrative spirituality (my preferred term for ‘alternative’ or ‘New Age’ spirituality).The concept of vernacular religion is explained, and its appropriateness in relation to both place-centred study and research into integrative spirituality is demonstrated. The rationale and some of the methodological complexities underlying this type of study are explored, and some of the trends and phenomena that the long term observation of one location has revealed are considered. The contextual detail and depth of knowledge gained from such long term study feed into an appreciation of both the internal dynamics of Christianity in Glastonbury, for example, and the growing institutionalisation of the Glastonbury Goddess movement and the spread of its influence through a variety of conduits. The role of the internet in framing expectations and presentations of Glastonbury is examined, and research relating to its unique spiritual service industry is briefly summarised.While Glastonbury is by no means ‘typical’, it is indicative of a number of trends in relation to ‘integrative’ spirituality and therefore lessons learned from there can have wider implications for the study of phenomena increasingly common in the contemporary milieu.     

Learning new word meanings from context: a study of eye movements

This study examined how readers establish the meaning of a new word from the sentence context during silent reading. Readers' eye movements were monitored while they read pairs of sentences containing a target word, context, and a word related to the target word. The target word varied in familiarity (high, low, or novel). The context varied in informativeness about the meaning of the target word (informative or neutral). The amount of time readers spent on the context depended on both the familiarity of the target word and the informativeness of the context. Readers spent additional time on the related word only when the context was neutral and the target was novel. These results indicate that readers were able to determine which areas of text were relevant and used the information to infer a meaning for the novel word.     

Losing more than gaining from overall stable prices: the differential perception of increasing versus decreasing prices made the Euro look like a price booster

The present research examined whether price trend misperceptions can be explained by the differential perception of increasing versus decreasing prices. We expected price increases (losses to consumers) to be perceived as being more intense than price decreases (gains to consumers) of the same magnitude. This tendency, in turn, should be positively associated with how people perceive the overall price trend. To test this reasoning, participants in the first two studies were asked to compare German Mark (DM) and Euro prices. First, participants received a menu containing 21 dishes with DM prices, and their price trend expectations were assessed. Then, participants indicated for each dish to what extent the price had changed. Finally, participants' overall price trend judgments were assessed. In both studies, results indicate that price trend judgments were biased toward rising prices. In addition, price increases were perceived as rising more than price decreases of the same magnitude were perceived as falling. This tendency was positively associated with overall price trend judgments, even after controlling for expectations. Study 3 was to replicate these findings in a different domain to demonstrate the general nature and impact of the hypothesized effect. Copyright © 2007 John Wiley & Sons, Ltd.     

Learning a new human-computer alphabet: the role of similarity and practice

Two purposes motivated this study: (a) to quantify the difficulty in learning various symbols of the alphabet used to enter data into a personal digital assistant (PDA), and (b) to investigate the interaction of item difficulty with practice conditions that promote varying levels of cognitive effort. Levels of compatibility between members of the PDA alphabet and English were quantified through introspective ratings in Experiment 1 and objective performance measures in Experiment 2. Three levels of item compatibility were learned under conditions of proactive or retroactive augmented information in Experiment 3. Contrary to expectations, the item similarity effect did not interact with practice schedules—a retroactive augmented information condition resulted in degraded levels of acquisition performance, but superior retention levels, compared to the proactive condition. These findings are discussed in terms of the relative merits of cognitive effort in skill acquisition.     

The currency of procurement cost

As the number of instrtumental responses required to procure access to food is increased, animals decrease the frequency of initiating meals and increase meal size, conserving total intake while limiting the increase in the overall cost of feeding. In two studies, one using wheel turns and one using bar presses as the instrumental response, we asked whether freely feeding laboratory rats measure cost according to the energy or the time they expend. In each study we varied both the price (i.e., number of wheel turns or bar presses) and the force required to make a response (i.e., torque on the wheel or weight of the bar). Price affected both procurement time (from the first to the last procurement response) and procurement work, whereas torque and bar weight affected work without altering time in most cases. Meal patterns were altered by all manipulations of price, but changes in torque and bar weight had little effect on meal patterns, except in the conditions in which they altered procurement time. These results suggest that time is a critical currency of procurement cost in rats.     

Mea culpa: predicting stock prices from organizational attributions

People's causal attributions for events in their lives have been shown to relate to individual and interpersonal outcomes. Groups and organizations also make causal attributions, and this article examines whether their publicly communicated attributions predict organizational-level outcomes. By content analyzing attributions contained in corporate annual reports from 14 companies during a 21-year period, the authors found that organizations that made "self disserving" attributions- internal and controllable attributions for negative events-had higher stock prices 1 year later. The authors argue that claiming personal responsibility for negative events made the organizations appear more in control, leading to more positive impressions.     

Housing prices and the subjective well-being of migrant workers: evidence from China

Journal of Happiness Studies - Owning a house is important for most young people in urban China, especially for migrants. For migrants who want to settle in their working city, high housing prices...     

Spatial Learning from Different Positions in a Room

Communication and role-taking skills were hypothesized to be positively affected by amount of preschool peer experience. Twenty Ss comprised two groups of 4-year-old boys and girls who differed in amount of preschool peer experience but were similar in age and verbal IQ. Intercorrelations among measures, as well as group differences, were assessed for two role-taking measures, a referential communication task, verbal expressive abilities, and peer-reported popularity. Cognitive egocentrism was low across tasks for both groups. Support for the role-taking construct was provided by significant correlations between tasks with IQ partialled out. Role-taking and communication skills were significantly related, although the contribution of verbal IQ to both was substantial. Significant group differences occurred in communication, but not role-taking skills. Findings are interpreted in terms of generalization of social experience to social tasks.     

Learning and transfer from a simple dynamic system

The amount of learning gained from being assisted in completing the task of bringing a predator-prey system into equilibrium by controlling the predator population was investigated. Learning was explored both by post-task questioning and by testing for transfer to another predator-prey task. Participants were 28 undergraduate psychology students, all female. They were randomly and evenly split into an experiment group that was subjected to a learning session with the first task before being tested in the second task, and a control group that only performed the second task. What was most needed in the first task was help in sticking to analytically derived conclusions by resisting "common sense" responses. There was a significant transfer effect on performance to the second task, stemming from learning shown by half the participants in the experiment group. The other half showed hardly any learning. Learning in about half the subjects has proven a stable finding.     

Learning what children know about space from looking at their hands: the added value of gesture in spatial communication

This article examines two issues: the role of gesture in the communication of spatial information and the relation between communication and mental representation. Children (8-10 years) and adults walked through a space to learn the locations of six hidden toy animals and then explained the space to another person. In Study 1, older children and adults typically gestured when describing the space and rarely provided spatial information in speech without also providing the information in gesture. However, few 8-year-olds communicated spatial information in speech or gesture. Studies 2 and 3 showed that 8-year-olds did understand the spatial arrangement of the animals and could communicate spatial information if prompted to use their hands. Taken together, these results indicate that gesture is important for conveying spatial relations at all ages and, as such, provides us with a more complete picture of what children do and do not know about communicating spatial relations.     

Making a good decision: value from fit

The classic answer to what makes a decision good concerns outcomes. A good decision has high outcome benefits (it is worthwhile) and low outcome costs (it is worth it). I propose that, independent of outcomes or value from worth, people experience a regulatory fit when they use goal pursuit means that fit their regulatory orientation, and this regulatory fit increases the value of what they are doing. The following postulates of this value from fit proposal are examined: (a) People will be more inclined toward goal means that have higher regulatory fit, (b) people's motivation during goal pursuit will be stronger when regulatory fit is higher, (c) people's (prospective) feelings about a choice they might make will be more positive for a desirable choice and more negative for an undesirable choice when regulatory fit is higher, (d) people's (retrospective) evaluations of past decisions or goal pursuits will be more positive when regulatory fit was higher, and (e) people will assign higher value to an object that was chosen with higher regulatory fit. Studies testing each of these postulates support the value-from-fit proposal. How value from fit can enhance or diminish the value of goal pursuits and the quality of life itself is discussed.     

Associations to unfamiliar words: Learning the meanings of new words

Five experiments were designed to examine whether subjects attend to different aspects of meaning for familiar and unfamiliar words. In Experiments 1–3, subjects gave free associations to high- and low-familiarity words from the same taxonomic category (e.g.,seltzer:sarsparilla; Experiment 1), from the same noun synonym set (e.g.,baby:neonate; Experiment 2), and from the same verb synonym set (e.g.,abscond:escape; Experiment 3). In Experiments 4 and 5, subjects first read a context sentence containing the stimulus word and then gave associations; stimuli were novel words or either high- or low-familiarity nouns. Low-familiarity and novel words elicited more nonsemantically based responses (e.g.,engram:graham) than did high-familiarity words. Of the responses semantically related to the stimulus, low-familiarity and novel words elicited a higher proportion of definitional responses [category (e.g.,sarsparilla:soda), synonym (e.g.,neonate:newborn), and coordinate (e.g.,armoire:dresser)], whereas high-familiarity stimuli elicited a higher proportion of event-based responses [thematic (e.g.,seltzer:glass) and noun:verb (e.g.,baby:cry)]. Unfamiliar words appear to elicit a shift of attentional resources from relations useful in understanding the message to relations useful in understanding the meaning of the unfamiliar word.