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The Relationship between Decision-Making Heuristics and Perceived Quality of Life
Nahid Unkic and Jasmina Okicic
DOI: 10.15604/ejbm.2021.09.02.001
Abstract
The purpose of this research is to provide some insights into relationship between decision-making heuristics and perceived quality of life. Using the purposive sampling technique, data collection was carried out, in Bosnia and Herzegovina, from June to October 2020, yielding a sample of 319 valid responses. To gain a better understanding of the relationship between decision-making heuristics and the perceived quality of life, we, primarily, use descriptive statistical analysis, chi-square test and probit regression model. The research findings have revealed positive association between all three decision-making heuristics, i.e. representativeness, anchoring, availability, and perceived quality of life. Furthermore, the group with above-average perceived quality of life have higher representativeness, anchoring, and availability scores comparing to the group with below-average perceived quality of life. These differences are statistically significant. Furthermore, out of three decision-making heuristics components, availability, or a heuristic whereby people make judgments about the likelihood of an event based on how easily a similar example comes to mind, seems to be the strongest predictor of the perceived quality of life. Memories that are easily recalled are often insufficient for estimating likelihood of occurring similar events again in the future. In that respect, availability may produce low-quality information in the decision making process. Ultimately, this may lead to bad decisions.
Keywords: Heuristics, Perceived Quality of Life, Decision-Making
Temporal and Spatial Perception in Purchase Choice
Katarina Kostelic
DOI: 10.15604/ejbm.2021.09.02.002
Abstract
Time and space are thoroughly interlinked, not only in human perception, but in everyday life. While it may still be unclear where the time and distance perception originates and what function can be assigned to their relationship, the behavioral point of view demonstrates enough evidence of similar patterns. The aim of this research is to make another step in the direction of connecting those constructs and offer a research example with application. The objective of this research is to examine time and distance preferences in purchase situations where additional unit of time or distance saves respondent’s money, and to offer a research example with application in consumer choice. Two sets of survey data of responses to hypothetical situations enable response examination. Descriptive statistical analysis is followed with the cluster analysis, multidimensional scaling and unfolding, and nonparametric tests. The results are discussed in terms of possible extension of the intertemporal choice terminology and findings to the spatio-temporal context. The findings indicate dominant susceptibility to discount amount, but also reveal similarity in responses involving the time and space distances at the similar construal level. Practical implications indicate possibility for application of space and time interchangeably in discount management, which might enable higher flexibility in the supply and decrease the customer clustering on the discount days.
Keywords: Time-Distance, Space-Distance, Decision-Making, Spatio-Temporal Choice, Consumer Choice
The Impact of Transactional Leadership as a Strategic Imperative in Project Execution at a Mobile Company in the Gaza Strip, Palestine
Larry Enoch Jowah and Ihab Alagha
DOI: 10.15604/ejbm.2021.09.02.003
Abstract
Leadership is critical for the functioning of society and of any organization, and the effectiveness is incumbent on leader and follower congruence. The effectiveness of a leader is therefore inevitably contingent to the leader’s ability to develop a balance between the objectives of the followers, the leader and the organization. This is compounded by the factors that inform leader behavior, follower expectation and the tasks to be performed. Chief amongst these would be culture, religion, levels of follower education, and the tasks to be performed. The Gaza Strip is a heavily militarized, paternalistic and strongly religious environment, allowing for an environment that encourages transactional leadership. The research sought to establish the acceptability of transactional leadership at a large telecommunications organization in the Gaza Strip. The target population was employees of the organization and their perceptions about transactional leadership. The findings indicate a high acceptability of transactional leadership style by the employees of the organization.
Keywords: Leadership, Transactional Leadership, Strategy, Project, Project Execution and Job Satisfaction
Quantile Probability Predictions: A Demonstrative Performance Analysis of Forecasts of US COVID-19 Deaths
Mary E. Thomson, Andrew C. Pollock, and Jennifer Murray
DOI: 10.15604/ejbm.2021.09.02.004
Abstract
An analytical framework is presented for the evaluation of quantile probability forecasts. It is demonstrated using weekly quantile forecasts of changes in the number of US COVID-19 deaths. Empirical quantiles are derived using the assumption that daily changes in a variable follow a normal distribution with time varying means and standard deviations, which can be assumed constant over short horizons such as one week. These empirical quantiles are used to evaluate quantile forecasts using the Mean Squared Quantile Score (MSQS), which, in turn, is decomposed into sub-components involving bias, resolution and error variation to identify specific aspects of performance, which highlight the strengths and weaknesses of forecasts. The framework is then extended to test if performance enhancement can be achieved by combining diverse forecasts from different sources. The demonstration illustrates that the technique can effectively evaluate quantile forecasting performance based on a limited number of data points, which is crucial in emergency situations such as forecasting pandemic behavior. It also shows that combining the predictions with quantile probability forecasts generated from an Autoregressive Order One, AR(1) model provided substantially improved performance. The implications of these findings are discussed, suggestions are offered for future research and potential limitations are considered.
Keywords: Forecasts, Accuracy, Probability Forecasting, Composite Forecasts, Coherence, Covid-19
The Development of the Automotive Industry in Post-Soviet Countries since 1991
Sardor Tadjiev and Pierre-Yves Donze
DOI: 10.15604/ejbm.2021.09.02.005
Abstract
This paper discusses the impact of industrial policy on the development of the automotive industry in five post-Soviet countries since 1991 (Russia, Ukraine, Belarus, Uzbekistan, and Kazakhstan). By using foreign trade and production statistics as well as qualitative data on automobile companies from business news, this paper highlights three different paths: success in post-2000 Russia and Uzbekistan, stagnation and struggle for survival in Belarus and Kazakhstan, and failure in pre-2000 Russia and Ukraine. The existence of an automotive industry before 1991 was not a factor in success because most pre-existing firms collapsed after the break-up of the Soviet Union. Instead, the growth of these post-Soviet automotive industries has essentially relied on the presence of global car makers. This research demonstrates that inward foreign direct investment and licensing agreements were fostered by the combination of protectionist policies that made importation uncompetitive and access of global firms to the large Russian market (both direct access and indirect access via a country with privileged access to Russia). This paper also highlights different strategies adopted by foreign firms: whereas the largest Western and Japanese companies invested directly in Russia, companies from China and Korea used Central Asia and Belarus as back doors to enter the Russian market.
Keywords: Industrial Policy, Transition Economies, Automotive Industry, Post-Soviet Countries
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