Showing posts with label Behavioural Economics. Show all posts
Showing posts with label Behavioural Economics. Show all posts

Tuesday, April 11, 2023

‘I’ll take cabs but eat hawker food most days’: Millennials’ spending choices spark debate

One millennial could spend up to S$800 monthly on Grab rides; another buys make-up using ‘buy now, pay later’ schemes. Talking Point finds out why younger Singaporeans may be more at risk of getting into more debt than previous generations.




Neo Chai Chin
Chan Luo Er

09 Apr 2023 

Saturday, January 26, 2019

Denmark's free education policy has created 'eternity students' who never graduate




From Business Insider

Chris Weller 

Nov. 12, 2017 << Note Date>> 

  • Denmark has a term for people who don't graduate in the normal five-year track: eternity students.
  • Because Danish students receive a monthly grant and pay no tuition, some feel compelled to move through their studies without thinking about the future.
  • A 2015 amendment made it easier for universities to push students through, but the trend still exists.

Sunday, August 26, 2018

VERS announced at NDR 2018

NDR 2018: Scheme planned to redevelop more old HDB flats before leases end


CHANNELNEWSASIA



What the new housing announcements mean for the HDB resale market

By Christine Li

23 August, 2018

TODAY


The multi-pronged approach that the Government outlined this past week to resolve issues regarding the dwindling leases of HDB flats has by and large been well received by Singaporeans.

The new announcements by Prime Minister Lee Hsien Loong at the National Day Rally (NDR) could not have been more timely. Concerns over depleting leases have plagued the HDB resale market, with demand for ageing flats with leases of less than 60 years almost grounding to a halt. In some cases, home owners have had to reduce prices significantly before securing viewings.

In fact, over the last five years, the price gap between HDB resale flats and private properties has widened.

Based on the Housing Development Board (HDB) Resale Index and the Urban Redevelopment Authority Private Property Index, the gap between the two stands at 13.1 per cent in the second quarter of 2018.

Tuesday, August 14, 2018

The ineffectiveness of employer wellness programs and the importance of randomised trials

New York Times

07 August, 2018


NEW YORK — The gold standard of medical research, the randomised controlled trial, has been taking a bit of a beating lately.

An entire issue of the journal Social Science and Medicine was recently devoted to it, with many articles pointing to shortcomings. Others have argued that randomised controlled trials often can't address the questions that patients and physicians most want answered. I recently wrote about the limitations of the method in studying effectiveness, which is what we care about in real-world situations.

But the randomised controlled trial remains a powerful tool. It's still, perhaps, the best method for conducting explanatory research. In past articles, I have recounted numerous times when hypotheses from observational studies, those based solely on observations of particular groups, have failed to be confirmed by a controlled trial.
Perhaps the greatest strength of the randomised controlled trial is in combating what's known as selection bias. That occurs when groups being studied (intervention and control) are already significantly different after they are "selected" to be in the intervention or not. One of the most elegant examples of why we need such trials came recently in an examination of employer-sponsored wellness programs.

Wednesday, July 11, 2018

The extreme leadership that got the Thai soccer boys out of the cave alive

By Jena McGregor

July 10 2018

The incredible rescue of 12 boys and their soccer coach, the last of whom were brought to safety Tuesday after being trapped deep inside a cave in Northern Thailand for more than two weeks, has stunned the world with extraordinary feats of rescue coordination, cave diving expertise and medical know-how. But it has also required brave, steady leadership from a cast of officials, rescue workers, Thai navy SEAL divers and the boys' own trapped coach — both outside the cave and in interactions with the boys — who have worked tirelessly to turn a dire situation into a triumph of human skill and ingenuity while the whole world looked on.

Thomas Kolditz, a retired brigadier general
who is executive director of Rice University’s Doerr Institute for New Leaders and formerly led the Department of Behavioral Sciences and Leadership at the U.S. Military Academy, has a name for the kind of leadership shown in Thailand. He calls it “In Extremis” leadership, the title of his book published in 2007 and the focus of his research on what leaders experienced in life-or-death situations know about keeping people calm and resolving impossible situations. The Washington Post spoke with Kolditz about the role of the boys' coach, the five themes that define “in extremis” leaders, and what people most want to see from the people in charge when their life is on the line. The conversation below has been edited for length and clarity.

Monday, April 2, 2018

Commentary: Deactivate Facebook? Your online privacy depends also on your friends’ data habits


By Vincent Mitchell,
and Andrew Stephen
and Bernadette Kamleitner

31 Mar 2018

The silver lining to the Cambridge Analytica case is that more people are recognising that we pay for online services with not only our own privacy, but that of our friends, family and colleagues, say three observers.

Friday, March 23, 2018

The scary truth that Cambridge Analytica understands

By Ishaan Tharoor

March 22 2018




Cambridge Analytica, a London-based data firm that sold its services to political campaigns, has been thrust into the spotlight this week thanks to a number of startling exposés. Undercover footage, along with testimony and evidence provided by a former employee-turned-whistleblower, offered a glimpse of the company's shadowy dealings around the world. It secretly harvested the data of tens of millions of Facebook users and may have engaged in all sorts of offline skulduggery, including bribes and sexual blackmail, to help clients win elections.

Tuesday, November 28, 2017

At Yale, we conducted an experiment to turn conservatives into liberals. The results say a lot about our political divisions.

Inspired Life

By John Bargh

November 22 2017


Washington Post

When my daughter was growing up, she often wanted to rush off to do fun things with her friends — get into the water at the beach, ride off on her bike — without taking the proper safety precautions first. I’d have to stop her in her tracks to first put on the sunscreen, or her bike helmet and knee pads, with her standing there impatiently. “Safety first, fun second,” was my mantra.

Keeping ourselves and our loved ones safe from harm is perhaps our strongest human motivation, deeply embedded in our very DNA. It is so deep and important that it influences much of what we think and do, maybe more than we might expect. For example, over a decade now of research in political psychology consistently shows that how physically threatened or fearful a person feels is a key factor — although clearly not the only one — in whether he or she holds conservative or liberal attitudes.

Conservatives, it turns out, react more strongly to physical threat than liberals do. In fact, their greater concern with physical safety seems to be determined early in life: In one University of California study, the more fear a 4-year-old showed in a laboratory situation, the more conservative his or her political attitudes were found to be 20 years later. Brain imaging studies have even shown that the fear center of the brain, the amygdala, is actually larger in conservatives than in liberals. And many other laboratory studies have found that when adult liberals experienced physical threat, their political and social attitudes became more conservative (temporarily, of course). But no one had ever turned conservatives into liberals.

Until we did.

Tuesday, April 18, 2017

Solving the problem of overbooked flights

Mohamed A El-Erian

April 18, 2017

Given the deep mess that United Airlines created for itself after a passenger was dragged off a full flight last week, Delta said it could increase the incentives for “voluntary denied boarding”.

Agents will now be allowed to offer up to US$2,000 (S$2,800) to entice passengers to give up their seats, significantly more than the previous limit of US$800.

If that does not work, the agents’ supervisors can authorise payments of almost US$10,000.

Monday, February 20, 2017

Debating the real cost of drinking water

ASIT K. BISWAS
AND
CECILIA TORTAJADA

FEBRUARY 20, 2017

Singapore’s decision to raise water prices after 17 years is to be applauded. Studies show that pricing can affect behaviour, and there is strong evidence to suggest that under-priced or free water leads to very inefficient uses of water, including increased wastage.

Take the case of Doha, the capital of Qatar, where water is free. The average daily water consumption of residents is 1,200 litres.

In Singapore, domestic water consumption per capita is 151 litres, which is still relatively on the high side. According to the World Business Council for Sustainable Development, humans need a minimum of two litres of drinking water per day to survive.

Water should be priced accordingly to provide a sustainable financial model for the proper operation, maintenance, updating and construction of new facilities for water and wastewater treatment systems.

Thursday, December 8, 2016

Why conservatives might be more likely to fall for fake news

By Christopher Ingraham
December 7 2016

This week, a North Carolina man took an AR-15 rifle into DC's Comet Ping Pong pizza restaurant to "self-investigate" a fake internet conspiracy theory involving Hillary Clinton, John Podesta and a child sex ring.

It's the latest example of the impact that "fake news" -- untrue or wildly misleading stories masquerading as fact, usually to appeal to a particular worldview -- is having on the real world.

Numerous reports have highlighted how fake news creators began targeting conservative readers after finding them receptive to stories that reinforced their existing worldview. As one fake news creator told NPR, "We've tried to do [fake news with] liberals. It just has never worked, it never takes off. You'll get debunked within the first two comments and then the whole thing just kind of fizzles out."

A Buzzfeed analysis found that three main conservative Facebook pages were roughly twice as likely as three leading liberal Facebook pages to publish fake or misleading information.


Monday, November 28, 2016

When reality bites in a 'post-truth' world

Thinking Aloud


Warren Fernandez
Editor

NOV 27, 2016

Spread of fake news, shorter attention span and lack of engagement leave young vulnerable to being misled online

It used to be that black was black, and white was white.

Then came fifty shades of grey.

Next, someone insisted that it was actually a deep blue, or perhaps a murky green.

Beyond a point, it began to seem that the colour was whatever you said it was, provided you shouted loud enough or repeated it over and again. Eventually, people might believe you.

This, we are told, is the new "post-truth" world, where things are not always what they seem, and you neither have to mean what you say nor say what you mean.

In this new world, politicians have been busy reassuring the President-elect of the United States Donald Trump that no one really thought he would do as he pledged on the stump, and fewer still would mind if he simply forgot what he had said during the campaign.

The reason for this is simple: The alternative of him doing as he promised is just too scary to contemplate, so isn't it better if we let it slide, and all just get along?

That way, we might conclude that climate change is not a "hoax invented by China", as Mr Trump once claimed, and instead "keep an open mind, to study the issue very hard", as he now purports.


Friday, June 24, 2016

Brexit referendum: A question both naive and necessary

[The "Leave" votes may have it. ]

Janan Ganesh

June 23 2106

A decision can be reckless and unavoidable as a film can be lousy and underrated. When Mr David Cameron committed to a referendum on Britain's place in the European Union (EU) three years ago, allies of the Prime Minister - especially his nearest, Chancellor of the Exchequer George Osborne - feared for their Conservative Party. Economists anticipated an expensive chill on confidence and investment. Sticklers for representative democracy pictured a tawdry, unreflective campaign.

Their every dread has transpired, and even they did not expect a further problem that any advertising executive could have seen coming. A proposition, however barmy, gains a spurious credibility when offered in a side-by-side choice with something else. There was never a clamour to leave the EU. But once exit was tabled as an official option, it attained a rough parity of esteem with the status quo, and not just because broadcast media had to give each side equal weight. It is hard to damn a course of action as unthinkable when you have just opened it to the country. The vagaries of choice architecture should engage politicians as much as the peddlers of washing powder and brands of cola.

A naive referendum, then, that has left Britain with a material chance of exit. Yet it made all the sense in the world. Without that pledge, Mr Cameron would certainly have succumbed to mutinous forces in his party before the 2015 general election. The Tories would have fallen to right-wing leadership. A referendum would have been held eventually anyway, most likely by a Conservative prime minister set on leaving. All else being equal, the campaign for exit would have stood a better chance than it does today.

Friday, May 13, 2016

How grade obsession harms children

David Brooks

May 13, 2016

We all know why it exists, but the grade point average (GPA) is one of the more destructive elements in American education.

Success is about being passionately good at one or two things, but students who want to get close to that 4.0 have to be prudentially balanced about every subject. In life, we want independent thinking and risk-taking, but the GPA system encourages students to be deferential and risk-averse, giving their teachers what they want.

Creative people are good at asking new questions, but the GPA rewards those who can answer other people's questions. The modern economy rewards those who can think in ways computers can't, but the GPA rewards people who can grind away at mental tasks they find boring. People are happiest when motivated intrinsically, but the GPA is the mother of all extrinsic motivations.

Wednesday, May 4, 2016

The choice explosion

David Brooks

May 4 2016

A few years ago, social psychologist Sheena Iyengar asked 100 American and Japanese college students to take a piece of paper. On one side, she had them write down the decisions in life they would like to make for themselves. On the other, they wrote the decisions they would like to pass on to others.

The Americans filled up the side for decisions they want to decide for themselves. Where to live. What job to take. The other side was almost blank. The only "decision" they commonly wanted to hand off to others was, "When I die."

The Japanese filled up the back side of the sheet with things they wanted others to decide: what they wore; what time they woke up; what they did at their job. The Americans desired choice in four times more domains than the Japanese.

Tuesday, April 19, 2016

Uber submits 800 COE bids, changes the game for cars

April 16 2016

Just over three years ago, the Transport Ministry removed taxis from the certificate of entitlement (COE) bidding process to take some heat off car bidders.

Now, three years after third-party taxi app provider Uber arrived, the heat is back on.

During last week's COE tender, Uber-owned Lion City Rental submitted more than 800 bids, which accounted for 11 per cent of the total bids made for car COEs.

According to market talk, Lion City is looking to put 1,800 new cars on the road in anticipation of growing demand.


Rival company Grab is also expected to do the same.

SDP’s Chee says he will push for retrenchment insurance if elected

Kenneth Cheng

April 17, 2016


SINGAPORE — Retrenchment insurance to help laid-off workers tide over periods of unemployment is a measure Dr Chee Soon Juan will push for in Parliament if he wins the Bukit Batok by-election, the Singapore Democratic Party (SDP) chief said on Sunday (April 17).

Citing retrenchment as the “number one concern” among the area’s residents, Dr Chee said that under the proposed scheme, retrenched workers would receive three-quarters of their last-drawn salary – capped at the prevailing median wage – for the first six months of unemployment.

Workers still unemployed after half a year would receive half of their last-drawn salary for the next six months. This would be further reduced to a quarter of their last-drawn wage if they are subsequently still out of a job.

This, he said, would provide temporary respite to workers, giving them “sanity” and allowing them to find jobs without panicking.

Monday, March 21, 2016

The Low Income Singaporeans

[A collection of articles on low income families and profiles of some of these low income families and individuals.]

The really shameful thing about poverty

Chua Mui Hoong
Opinion Editor

Mar 13 2016

When I first started coming across commentaries a few years ago about a new school of research that linked poverty to poor behavioural patterns, my initial reaction was one of indignation.

Talk about blaming the victim, I muttered under my breath, as yet another op-ed filtered onto my computer screen suggesting this.

Thursday, February 18, 2016

S’pore’s complex challenges defy solutions of yore

ADRIAN W J KUAH

FEBRUARY 18, 2016

The Committee on the Future Economy (CFE), announced by Prime Minister Lee Hsien Loong last October, is finally off and running.

It has five sub-committees looking at a broad range of issues — corporate capabilities and innovation, new growth industries and markets, connectivity, all things “city”, and jobs and skills.

Each sub-committee is helmed by political heavyweights and business leaders. In short, the CFE promises to be another high-profile exercise in intensive research, rigorous analysis, and whole-of-government coordination of the kind in which Singapore excels.

The CFE is, of course, the latest in a line of high-powered committees — for example, 1985’s Economic Committee through to 2009’s Economic Strategies Committee — convened every so often to answer the critical question, “What’s next for the Singapore economy?”