Discounts and consumer search behavior : the role of framing

This paper studies the pure framing effect of price discounts, focusing on its impact on consumer search behavior. In a simple two-shop search experiment, we compare search behavior in base treatments (where both shops post net prices without discounts) to discount treatments (where either the first shop or the second shop posts gross prices with separate discount offers, keeping the net prices constant). Although the objective search problems are identical across treatments, subjects search less in discount frames, irrespective where the discount is offered. There is evidence showing that subjects only base their decisions on salient characteristics of the situation rather than on the objective price information.

Cortisol shifts financial risk preferences

Risk taking is central to human activity. Consequently, it lies at the focal point of behavioral sciences such as neuroscience, economics, and finance. Many influential models from these sciences assume that financial risk preferences form a stable trait. Is this assumption justified and, if not, what causes the appetite for risk to fluctuate? We have previously found that traders experience a sustained increase in the stress hormone cortisol when the amount of uncertainty, in the form of market volatility, increases. Here we ask whether these elevated cortisol levels shift risk preferences. Using a double-blind, placebo-controlled, cross-over protocol we raised cortisol levels in volunteers over eight days to the same extent previously observed in traders. We then tested for the utility and probability weighting functions underlying their risk taking, and found that participants became more risk averse. We also observed that the weighting of probabilities became more distorted among men relative to women. These results suggest that risk preferences are highly dynamic. Specifically, the stress response calibrates risk taking to our circumstances, reducing it in times of prolonged uncertainty, such as a financial crisis. Physiology-induced shifts in risk preferences may thus be an under-appreciated cause of market instability.

A psychology student’s reflections on learning psychodynamic psychotherapy in the classroom

A graduate psychology student reflects upon the experience of learning psychodynamic psychotherapy exclusively in the classroom. The majority of undergraduate psychology students have scant, and frequently inaccurate, exposure to psychodynamic psychotherapy. This appears to heavily influence students’ choice of postgraduate programs, and to reduce the likelihood that they will expose themselves to psychodynamic therapy at any stage of their careers. It is hoped that the original insights provided by this reflection will inform the development of psychodynamic psychotherapy teaching material that can be imparted effectively in undergraduate programs, even when access to patients and supervisors is not possible, so that more students are inspired to study psychodynamic psychotherapy in postgraduate programs.

Occupational health psychology

In this chapter, the occupational stress process and implications for the management of occupational health and safety in organisations are discussed. The chapter begins by introducing occupational stress as a process by which stressors (e.g. time pressure) result in strains (e.g. ill health). The consequences of stress, to both the individual and the organisation are discussed, and several key sources of occupational stress are also described. Theories of occupational stress that attempt to explain how stressors lead to strain and also describe different job resources (e.g. autonomy, support, and security) that can alleviate the detrimental effects of occupational stressors are then presented. The management of occupational stress at both the individual and organisational levels is also discussed. In the subsequent section, work-life balance and various ways work impacts on life and vice versa are described. The management of work-life conflict and the effectiveness of initiatives designed to address imbalance between work and life are then discussed. Finally, occupational health and safety is described with a particular focus on primary prevention as well as the legislative frameworks that guide psychosocial risk management in Australian organisations.

Multi-utility finance : a problematic case

This paper treats one particular version of the multi-utility strategy as experienced by the Hyder Group. We examine some aspectw of the company's financial performance and consider the implications.

Basic finance made accessible in Excel 2007 : "the big 5, plus 2"

The basic principles and equations are developed for elementary finance, based on the concept of compound interest. The five quantities of interest in such problems are present value, future value, amount of periodic payment, number of periods and the rate of interest per period. We consider three distinct means of computing each of these five quantities in Excel 2007: (i) use of algebraic equations, (ii) by recursive schedule and the Goal Seek facility, and (iii) use of Excel's intrinsic financial functions. The paper is intended to be used as the basis for a lesson plan and contains many examples and solved problems. Comment is made regarding the relative difficulty of each approach, and a prominent theme is the systematic use of more than one method to increase student understanding and build confidence in the answer obtained. Full instructions to build each type of model are given and a complete set of examples and solutions may be downloaded (Examples.xlsx and Solutions.xlsx).

Teaching basic finance with Excel, and without pain

The five quantities of interest in elementary finance problems are present value, future value, amount of periodic payment, number of periods and the rate of compound interest per period. A recursive approach to computing each of these five quantities in a modern version of Excel, for the case of ordinary annuities, is described. The aim is to increase student understanding and build confidence in the answer obtained, and this may be achieved with only linear relationships and in cases where student knowledge of algebra is essentially zero. Annuity problems may be solved without use of logarithms and black-box intrinsic functions; these being used only as check mechanisms. The author has had success with the method at Bond University and surrounding high schools in Queensland, Australia.

Public Finance for REDD+ in Kenya

Kenya aims to prepare for both public and private Reduced Emission from Deforestation and Degradation (REDD+) investment flows. This chapter examines how current Kenyan law can be used as a starting point for building a regulatory regime to support public sector finance. For present purposes, ‘public sector finance’ is defined as money flowing from multilateral international institutions and bi-lateral donor funds. Key issues addressed by this chapter • The nature and form of public sector finance for REDD+ in Kenya. • The management and laws relating to public funds in Kenya; • Mechanisms that can be utilised to manage risk associated with REDD+ investments with a focus on Kenyan anti-corruption laws and policies; • The regulatory regime for distributing the benefits from REDD+ investment to relevant forest stakeholders.

Current trends and challenges for sport and exercise psychology – What now for our discipline?

With an ever changing landscape including National Registration, endorsed areas of practice, establishment of Sport and Exercise Psychology coordinators within National Sporting Organisations, changes to the National and State Sporting Insitutions, this forum looks to explore through collegiate discussion the impacts, current and future implications for our profession across training, supervision, research and applied practice in Australia.

Performance psychology applied to dance

The recent interest in the area of performance psychology has included a focus on applied practice within the performing arts. The use of psychology within this field has been occurring for many years, although practice has been observed to originate primarily from within clinical psychology in dealing with ‘problems’ (e.g. eating disorders). During the past 15 years, increased interest and focus has come from the field of sport psychology and its application to fields such as dance. Experience with the application of sport psychology in the dance profession has shown that dancers identify primarily with the concept of performance psychology. The focus of applied performance psychology practice with dancers has been observed to incorporate principles from across sport, clinical and organisational psychology, yet packaged together in such a way that the focus is on performance enhancement – whether that be in terms of dance technique, artistry, creativity, or personal skill development both on and off the stage. This paper focuses upon sharing the practitioner’s experience of the delivery of performance psychology to dancers (both professionals and dancers-in-training), and discussion of the considerations related to this undertaking within this unique population.

Learnings from the implementation of performance psychology as a subject within a university dance program

Similar to the focus on training in the technical, physical and artistic areas of dance, dance professionals, students and educators alike appear to be developing an increased awareness of how important training in psychology is to their success within dance. Over the past 4 years, lectures in performance psychology have been incorporated as part of a compulsory professional skills subject for second and third year students within a University dance program. The following presentation aims to share practitioner experience and learnings regarding the implementation of this subject within this context, its perceived effectiveness, and recommendations for future use.

The contribution of sport and performance psychology to coaching

The role of the sport and performance psychologists offers an historical base to many of the conceptualizations, strategies and tools currently utilized by coaches and coaching psychologists. The world of elite sport and performance offers little room for negativity, little tolerance for cognitions, emotions and behaviours that are less than optimal; in an environment that sets high expectation, makes obvious comparisons and is driven by competition; all within inflexible timelines and with harsh consequences for those that don’t make the grade. From this context the presenters will reflect on their development, challenges and expertise; offering ideas and tools that translate into the coaching arena.