The Nature and Replication of Routines

This paper seeks to properly define routines to facilitate further empirical research into how routines are built and how routines can be changed. Broadly, it defines routines as dispositions that trigger patterns of behaviours in a group of individuals, following cues. This is in contrast to habits – which affect individuals but not necessarily groups.   Read full paper     Authors: Geoffrey M....

Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias

Anomalies are decisions that are hard to justify or rationalise. This paper discusses three: the endowment effect, status quo bias and loss aversion. The endowment effect is a bias for things you own, status quo bias is a bias for the current state of affairs and loss aversion is a disproportionate bias against loss. The implications of the anomalies in economics are discussed.     Read full paper     Authors: Daniel Kahneman, Jack L. Knetsch, Richard H....

Habit

This paper discusses three distinct concepts related to habits: the differences between habitual and non-habitual states of consciousness; a hierarchy of habits; and the development of habits which depends on repetition, attention, intensity of the experience, and the plasticity of the nervous system.   Read full paper     Authors: B. R....