Observing human behavior in laboratories reveals time and again the undeniable influence of social components, even in the isolation of carefully designed experiments. Clearly, social and cultural constructs shape human cognition. The study of ecological rationality recognizes the importance of...

This paper offers a procedure for specifying probabilities for students to select answers on a multiple-choice test that, unlike previous procedures, satisfies all three of the following structural consistency conditions: (1) for any student, the sum over questions of the probabilities that the...

Purpose This study aims to investigate the effect of the COVID-19 pandemic on K-12 education using County level data. Design/methodology/approach The authors use County-level data and charts to look at enrollment, performance in different grade levels, poverty measures, access to internet, etc.,...

Nearly a century ago, Frank Knight famously distinguished between risk and uncertainty with respect to the nature of decisions made in a business enterprise. He associated generating economic profit with making entrepreneurial decisions in the face of fundamental uncertainties. This uncertainty...

This paper poses a Deweyan challenge to both the neoclassical framework of rational choice and models of bounded rationality and deliberation, especially the procedural theory of rationality advanced by Herbert Simon. We demonstrate how modern theories on procedural or instrumental rationality...

Contents: Salvatore Rossi -- Foreword -- Introduction / Barbara Alemanni, Umberto Filotto, Shabnam Mousavi, Riccardo Viale -- Part I -- The many faces of finance in the academia -- 1. Understanding financial behaviour for better policy making: an introduction / Riccardo Viale -- 2. Behavioral...

Heuristics are commonly viewed in behavioral economics as inferior strategies resulting from agents’ cognitive limitations. Uncertainty is generally reduced to a form of risk, quantifiable in some probabilistic format. We challenge both conceptualizations and connect heuristics and uncertainty...

Contents: Foreword by Salvatore Rossi -- Introduction / Riccardo Viale and Umberto Filotto -- PART I FINANCIAL LITERACY AND FINANCIAL EDUCATION: RECOMMENDATIONS, EVIDENCE AND POLICY IMPLICATIONS -- 1 Broadening the scope of financial literacy to incorporate self-control, budgeting and heuristics...