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The present study revolves around the question of the appropriateness of “the White Elephant syndrome” to characterise the nature of the planned trans-Baltic railway project Rail Baltica (RB) in terms of its initial financing, long-term profitability and symbolic importance. Whereas, in general, the expected outcome of the project goes well together with the EU Cohesion Policy goals, in its concrete application RB could serve as an example of the tendency of politicians and public servants to institutionally lock themselves into certain irrational choices about publicly financed mega-projects. This is what “the White Elephant syndrome” metaphor illustrates. Methodologically, this paper aims to analyse whether RB meets the common criteria of “the White Elephant syndrome” of public investments or if it can be seen as a sustainable and profitable long-term project after the initial investment.

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. Vissing-Jorgensen , A. ( 2003 ): Perspectives on Behavioral Finance: Does “Irrationality” Disappear with Wealth? Evidence from Expectations and Action . NBER Macroeconomics Annual , No. 18

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. Economist ( 2001 b): Statistical Illusions. 8 November. Economist ( 2001 c): Irrational Pessimism. 6 December. EITO ( 2002 ): European Information Technology Observatory 2002

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utility theory have been used to explain that people's decision-making behaviour is irrational contrary to the expected utility hypothesis. Yet, using the subjective weights or subjectively weighted utilities to analyse the decision-making behaviour of

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poverty effect by declining prices. Indeed, the psychological insights help to explain an “irrational” deflation phobia. The endowment effect makes people more resistant to price deflation than price inflation as they do not want to lose assets they

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In this study I make an effort to prove that market price signals are less subject to individual behavioural distortion than those sharing the idea of prevailing irrational investor behaviour, and that intrinsic value plays a major role in the market price. With stock market bubbles, the balance between market and intrinsic value temporarily splits: during a crisis many stocks become overvalued, their prices being higher than their intrinsic value. Furthermore, among the reasons for market anomalies short-termism can be mentioned which indirectly leads to misjudgement of the underlying risk as investors pay less attention to low probability outcomes.

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Society and Economy
Authors: Attila Forgács, Enikő Bóna, Tímea Csíkos, and Helga Metercsik

Eating habits have become increasingly irrational in the last century; a variety of eating disorders have appeared. Obesity seems to be impossible to cure. Nowadays, the impact of media-marketing is the most powerful social influence on eating habits. Media has five main messages on eating and the body: 1. “Be thin!” 2. “Consume and eat!” 3. “Be afraid of food!” 4. “Food will disappear!” 5. “You are not feminine / masculine enough!” Most of these messages and directions are inconsistent with each other: e.g. “Buy and eat more, but remain thin!” The double-bind communication of media-marketing is pathogenic and schizoid. Food-related media messages are multi-layered and contradictory on many levels, so it would be more appropriate to talk about a multiple bind. The paper offers new communication strategies in order to manage the chaotic information on eating and to decrease the inconsistencies on the topic.

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.06.2015. Lessig , L. ( 2012 ): Republic, Lost. New York, NY: Hachette Book Group. Mackintosh , J. ( 2011 ): Irrational Regard for Economic Models . Financial Times

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. Elliott , R. ( 1997 ): Existentional Consumption and Irrational Desire . European Journal of Marketing 31 ( 3-4 ): 285 – 296 . Garai , L. ( 2003

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Shiller, R.J. (2000): Irrational Exuberance . New Jersey: Princeton University Press. Shiller R.J. Irrational Exuberance 2000

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