Learning the value of a new currency from prices

In European countries, field studies investigate how citizens acquire knowledge of the new currency, the euro. In 3 laboratory experiments, the authors recruited 168 undergraduates to examine whether such accurate knowledge is acquired from learning prices in the new currency. The results show fast learning of prices of duration of cellular phone calls (quantity) when the prices were proportional to quantity. Inferences of call duration from given prices were likewise found to be accurate. Lower accuracy was however observed for one-to-many mappings of quantity on price and the inverse one-to-many mappings of price on quantity. Price variation may be an important reason for the difficulty in learning the value of the new currency observed in field studies.     

Obtaining the best value for money in adaptive sequential estimation

In [Kujala, J. V., Richardson, U., &; Lyytinen, H. (2010). A Bayesian-optimal principle for learner-friendly adaptation in learning games. Journal of Mathematical Psychology, 54(2), 247–255], we considered an extension of the conventional Bayesian adaptive estimation framework to situations where each observable variable is associated with a certain random cost of observation. We proposed an algorithm that chooses each placement by maximizing the expected gain in utility divided by the expected cost. In this paper, we formally justify this placement rule as an asymptotically optimal solution to the problem of maximizing the expected utility of an experiment that terminates when the total cost overruns a given budget. For example, the cost could be defined as the random time taken by each trial in an experiment, and one might wish to maximize the expected total information gain over as many trials as can be completed in 15 min. A simple, analytically tractable example is considered.     

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 to vary and varying to learn

We compared two sources of behavior variability: decreased levels of reinforcement and reinforcement contingent on variability itself. In Experiment 1, four groups of rats were reinforced for different levels of response-sequence variability: one group was reinforced for low variability, two groups were reinforced for intermediate levels, and one group was reinforced for very high variability. All of the groups experienced three different reinforcement frequencies for meeting their respective variability contingencies. Results showed that reinforcement contingencies controlled response variability more than did reinforcement frequencies. Experiment 2 showed that only those animals concurrently reinforced for high variability acquired a difficult-to-learn sequence; animals reinforced for low variability learned little or not at all. Variability was therefore controlled mainly by reinforcement contingencies, and learning increased as a function of levels of baseline variability. Knowledge of these relationships may be helpful to those who attempt to condition operant responses.     

The effect of temporal constraints on the value of money and other commodities

The value of hypothetical rewards of various delays and durations, consisting of money or other commodities, such as automobile use and vacations, was measured by the psychophysical up-down staircase method using an amount of unrestricted immediate money as the titrated variable. A model of temporal discounting based on implied constraints on anticipated consumption rate described the data. Further explicit constraints on consumption produced predictable deviations from the model. The concept that consumption is normally constrained together with time discounting may also explain the interaction between amount and delay of monetary reward in determining value and may provide the basis for a theory of addiction based on learning to increase consumption rate.     

Learning from lectures: The effect of varying the detail in lecture handouts on note-taking and recall

Previous research on the effect of lecture handouts on student learning indicates that students who are given skeletal handouts usually perform better in course examinations than students who take all their own notes. The present study investigates whether the amount of detail in the handout is a critical factor in this. A randomized groups experiment was conducted in the context of a course on dental surgery. Four lecture handout conditions (headings and full text; headings and key points; headings only; no supplementary materials) were compared on tests 2 days and 2 weeks after the lecture. The significant differences between conditions were: ‘headings only’ better than ‘headings and key points’ on the first test; ‘headings only’ better than ‘no supplementary materials’ on the second test; and ‘headings and full text’ better than ‘no supplementary materials’ on the second test. These results indicate that the amount of detail is a critical factor in handout effectiveness.     

The problem of R in the Rorschach: the value of varying responses

A subject's freedom to give different numbers of responses to each inkblot has always been part of the Rorschach tradition. However, frequency of response (R) as a variable rather than a constant requires special attention when using the Rorschach psychometrically and when making clinical evaluations based in part or entirely on normative scores. In this article, I discuss the Rorschach tradition; the distinctiveness of the procedure; and the complexity of the technical, methodological, and theoretical problems. issues related to the integration of the empirical and conceptual approaches are discussed.     

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...     

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 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.     

The morality of money

Pastoral Psychology -     

Further developmental stages of the interest in money

Ferenczi, in his psychoanalytic classic on the ontogenesis (development in the individual) of the interest in money, without designating it as such, traced a phylogenetic or evolutionary sequence that took us by a series of transformations from the anal-cloacal erotism of valuation of a fecal body product (the infant's love of feces) to deodorized (like mud), dehydrated (like sand), decolorized, hardened, smooth (like stones and buttons) fecal substitutes that finally as coins are made to shine. This is to consider money as shiny possessable objects that would be of equal interest to simian species. Surely money can be analogized to other body products; and I have previously suggested (1969) that words also are a treasury of wealth that are valued as body products and also archaically associated with feces. But the youngest of the 18 suburban children in this pilot study seemed already to have related money to the love of their parents and grandparents. Further developmental stages of the human interest in money, here only suggested, appear to proceed as follows: curiosity about money as a belonging of the parents in oedipal-stage grasp of family politics (which may persist if childhood selfishness remains unleavened); money as a reward and exchange in latency trading (whether by boys and girls or grown-up "traders" in the financial "game"); money as a measure of status and class and as an indication of group identity in adolescence (which may persist in senses of group entitlement); and various levels of mature appreciation of money as a system of universal agreement, as a translatable, fungible form of information to register relative value, and as capital, an ingredient of productivity. Further study of the mental stages of the appreciation of money is warranted, but the social context appears unavoidably central. Ultimately money may be purely a mean that finally (harking back to its symbolic body origin) will be fully separated from the self in acts of riddance and gifting that vary from exercising power to loving bestowal (Kolb), and from jealous greed to generosity. Piagetian cognitive stages are exemplified by the children's approach to money at different ages; for example, even in this limited sample there is indication of a principle of conservation of value (here proposed) that appears in latency as an equivalent of the principle of conservation of volume. Neuropsychiatric impairment may lead to increasing concreteness in the representation of money as feces (which I have termed "the return of Ferenczi").(ABSTRACT TRUNCATED AT 400 WORDS)