We are exploring the decision making process

In the article for Perpetuum, Vojtech Zíka, Managing Director of the Center for Behavioral Experiments in Prague, answers questions about his job and about application of behavioral sciences. He explained the way of exploring the decission making process in economics and he introduced the new field of evidance-based management. Managers are very often doing important decisions based on their feelings, intuition and their expectations are overoptimistic. The knowledge from behavioral sciences can be used as a tool for making better decisions.

For more information click on the link below:

https://perpetuum.cz/2017/10/vojtech-zika-zkoumame-jak-se-lide-rozhoduji/

Replication crises: manipulation of experimental results in psychology

Marek Vranka, member of the Center for Behavioral Experiments in Prague and leader of experimatal laboratory PLESS is discussing the topic of replication crises in psychology. The results of many previous scientific studies and experiments in social sciences are very difficult or impossible to replicate. The article deals with the explanation of the crises and gives basic advices how to overcome this problems in scientific research.

For more information click on the link below:

http://finmag.penize.cz/kaleidoskop/326597-skandaly-s-falsovanim-vyzkumu-v-psychologii-cas-na-velkou-revizi

Petr Houdek in dennikn.sk: We don´t live in a selfish world

Petr Houdek has been interviewed by the dennikn.sk server speaking about whether or not people are rather selfish or they try to cooperate. This conclusion has been reached based on an experiment on which more than 20 laboratories around the world including the Center for Behavioral Sciences collaborated. The results have been published in the Perspectives on Psychological Science journal.

To read the entire article, follow this link: https://dennikn.sk/701801/cesky-vedec-nezijeme-vo-svete-sebcov-ktori-druhym-pomahaju-iba-vtedy-ked-sa-im-to-vyplati/

Managers in Russia have to cheat if they want to be profitable

Petr Houdek, founder of the Center for Behavioral Experiments in Prague, discusses the problem of dishonest behaviour and corruption. He is presenting the results of experiments from Czech Republic which are in contrast with the results from USA or Slovakia. The level of corruption in post communistic countries is usually higher. Consumer surveys shows that people in our country are willing to pay 5% more for the products from the socially responsible company, but real consumer behaviour shows that consumers usually ignore social responsibility of the company, like for instance: fair trade products or products from natural materials etc.

For more information click on the link below:

https://www.euro.cz/byznys/petr-houdek-manazer-v-rusku-ktery-neuplaci-zkrachuje-1184576

It is better to have 1000 educated consumers than 3 regulators

Petr Houdek explains psychological background of our decisions and importance of education about financial decisions for the web penize.cz.  Some government regulations are important but education about financial decisions and investing is essential. We spent more time for deciding which television we want to buy than for deciding about our retirement saving.

For more information click on the link below:

https://www.penize.cz/ekonomika/259742-petr-houdek-tisic-vzdelanych-spotrebitelu-je-lepsi-nez-tri-regulatori

Winning in lottery is useless if we do not know how to invest the money

Petr Houdek answers questions about behavioral economics and irrationality in decision making process for the website penize.cz. He explains the modern perspectives on consumer behavior based on the gender differences and the effect of different situations on decision making. Article also deals with the differences in investments from the winners of lottery in different states and irrationality in investing.

For more information click on the link below:

https://www.penize.cz/ekonomika/259414-petr-houdek-kdyz-neumite-hospodarit-je-vam-vyhra-v-loterii-na-nic

How do we support and harm others

Petr Houdek was discussing the topic of monetary incentives on human behaviour in TEDx Talk . He presented results of experiments for supporting the idea that we can be more productive and effective, even when we do not recieve a money for our work. In some cases, if we offer money for participating in blood donation, the willingness to participate is smaller because the financial incentive is in conflict with our moral norms. He also presented the hypothesis that salary can be perceived by employees as a gift and based on reciprocal altruism, employees are trying to return this favour to employer. The role of expectations plays an important role in this case. Results of some experiments shows, that if our salary expectations are not fulfilled, we are trying to revenge to our employer and we are less productive.

 

For more information click on the link below:

https://www.youtube.com/watch?v=QwTW_JL3yJM