• Journal of Digital Convergence
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• v.19 no.1
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• pp.89-97
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• 2021

The purpose of this study is to verify the influence of the cognitive process related to the organizational citizenship behavior. The research method consisted of the cross-design of the prospect dimension and goal orientation dimension, and information security factors consisted of distributive justice, response efficacy, self efficacy, and organizational citizenship behavior. As a result of the study, the dimension of prospect had a significant effect on response efficacy and self efficacy, and it was found that the influence of the gain condition was greater than that of the loss condition. The goal orientation dimension had a significant effect on response efficacy and self efficacy, and it was found that the influence of the growth condition was greater than that of the validation condition. The research model that explained the relationship between information security factors appeared as a partial mediating model between distributive justice, response efficacy, and organizational citizenship behavior. The implications of this study suggest that it is necessary to establish an information security strategy in combination with individual decision-making factors and organizational culture factors.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.845-853
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• 2021

The stock market shows the current health of an economy, and investment performance represents it. This study aims to clarify the relationship between financial behavior and investment decisions as well as its impact on investment results. Determine the influence of behavioral factors on individual investors' investment decisions and investment performance on the Vietnam stock market. The study surveyed 250 investors. The main analytical methods used are Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA), and Structural Equation Modeling (SEM). Research results show that Heuristic, Prospect, Market, and Herding directly and positively affect investment decision-making. Besides, the above factors have a direct and positive effect on investment performance. In particular, the Prospect factor has the strongest influence on investment decision-making and investment performance. The major findings of this study suggested that the important role of Heuristic, Prospect, Market, and Herding on Investment Decision-making and Investment Performance. Prospect had the strongest impact on Investment decision-making (β = 0.275). Heuristic had the second strongest impact (β = 0.257), then Herding (β = 0.202), and finally Market (β = 0.189) had the weakest effect. Regarding Investment Performance, the Prospect factor has a higher degree of impact than Heuristic Herding and Market.

• Journal of Distribution Science
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• v.11 no.5
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• pp.63-76
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• 2013

Purpose - For the past several decades, behavioral economics or behavioral decision theory has undergone rapid development. This study provides a critical review of the development of behavioral economics with a focus on what are deemed to be core theories in the field. Starting from the utility function proposed by Daniel Bernoulli in the 18th century, the development history of utility functions until the emergence of the prospect theory is thoroughly reviewed. Some of the experimental results violating the traditionally assumed utility function and supporting the prospect theory value function are summarized. The most representative principles of rational choice are transitivity, independence from irrelevant alternatives (IIA), and regularity. The development of behavioral economics has been triggered by finding counter-examples to these principles. Some of the choice behaviors discussed in this study as counter-examples to the traditional theories of rational choice are the St. Petersburg paradox; the Allais paradox; gambling behavior; and the various context effects including the similarity effect, attraction effect, and the compromise effect. The Elimination-by-Aspects (EBA) model, which was proposed as an explanation for the similarity effect, is discussed in detail as well. Based on the literature review and further analysis, this study summarizes the relationship between the context effects, prospect theory, and EBA model. Research design, data, and methodology - This study provides an extensive literature review on several important theories in the field of behavioral decision theory and adds some critical comments to the theories and the relationships among them. This study first reviews the development of utility functions. Daniel Bernoulli introduced the concept of utility function to solve the St. Petersburg paradox. In the mid-20th century, Herbert Simon proposed the "satisficing" heuristic and presented a value function with a shape different from traditional utility functions. This study highlights the strengths and weaknesses of several utility functions proposed until the emergence of the prospect theory value function. Results - This study posits that prospect theory and EBA model are the two most important theories in the field of behavioral decision theory. They can explain various choice behaviors that traditional utility maximization analysis has been unable to. The application of these models to various fields is further increasing nowadays. This study explains how prospect theory and the EBA model can be used to explain the context effects. Conclusions - The traditional economic theory relies on a single variable called "utility" in explaining consumer choice. However, this study argues that, in investigating consumer choice, several other variables should also be considered. These are the similarity among alternatives, an alternative's prototypicality within the category, the dominance relationship between alternatives, and the reference point in evaluating alternatives. Due to the development of behavioral economics, we are now closer to a more complete understanding of consumer choice behavior than in the past when we had only a single tool called utility.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.635-645
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• 2020

This research was conducted to achieve several objectives and focus research was based on financial behavior theory and prospect theory as grounded theory e.g., investigate the financial decision-making behavior between financial and real assets investment, and confirm the relationship existing between herding behavior and overconfidence factors to the level of loss and regret aversion, and financial literacy into real assets investment decisions. The study used 220 real estate auction respondents as investor samples at the State Assets and Auction Service Office Makassar, South Sulawesi, Indonesia. Data was collected through the use of a questionnaire consisting of 23 questions to measure the variables. Moreover, the research data passed through several feasibility tests like the inner and outer modeling by Partial Least Square - Structural equation model (PLS-SEM) while the hypotheses formulated were also tested to determine the magnitude of the variable relationship. Through the use of the direct and intervening test, loss and regret aversion variables have a positive and significant effect while financial literacy variables have no significant effect. There is a slight difference in the decision-making process for real assets and financial assets investors. Investment decision making behavior in the financial assets sector requires less complicated decisions compared to the decisions related to real assets investments.

• Journal of Music and Human Behavior
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• v.3 no.1
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• pp.77-89
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• 2006

• Journal of Korea Game Society
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• v.14 no.4
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• pp.37-44
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• 2014

In this paper, we propose a NPC decision making model based on Prospect Theory which tries to model real-life choice, rather than optimal decision. For this purpose, we analyse the problems of reference point setting, diminishing sensitivity and loss aversion which are known as limitations of the utility theory and then apply these characteristics into the decision making in game. Dynamic Terrain Analysis is utilized to evaluate the proposed model and experimental result shows the method have effects on inducing diverse personality and emergent behavior on NPC.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2023.05a
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• pp.256-257
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• 2023

This paper aims to propose optimal method to assess and cumulate the daily profit for liner shipping to support the shipping lines in making optimal decision with the highest average daily profit. This paper not only explains the actual calculated results align with decision-makers' behavior from concepts indicated in cumulative prospect theory but also contributes to an easy-to-apply method for liner shipping network predictability in and provides optimal decision-making is helpful for shipping managers for the best effective selection of the most appropriate alternative under uncertainties.

• Korea Real Estate Review
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• v.27 no.1
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• pp.7-16
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• 2017

In this study, we examine whether there are prospect theory investment patterns for individual investors in the real estate market. We use the maximum potential profit rate and the maximum potential loss rate of individual investors as a research method and additionally analyze it using the Jeong and Park(2015) model. As a result of the analysis, it was found that the investment pattern according to the prospect theory and disposition effect for individual investors. And we find the difference between zoning areas. This difference in investment behavior is believed to be due to the purpose of the real estate and the existence of rent fee, which creates a difference in investment behavior depending on the purpose. The limitations of this study are the analysis measurement of potential profit and potential loss using the land price index like the study of jeong and Park(2015). This implies that a new property price index needs to be developed or a benchmark for real estate assets is needed for deeper study of real estate investment sentiment.

• Journal of the Korean Institute of Landscape Architecture
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• v.30 no.5
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• pp.1-15
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• 2002

The purpose of this study is to consider the relationship between point of view and prospect behavior occurring in the experience of a painted landscape. This study analyzes one hundred scenes from the 'real landscape painting' by Kyumjae, one of the most famous landscape painters in 18th century Korea. The results of the study are as follows: 1. It clarified that Kyumjae's real landscape painting's 100 scenes have many view points such as roads, bridges, pavilions, mansions, towers, terraces, hillsides, bases of mountains, broad flat roots, brooksides, and ferries that are apt to occur in the experience of a landscape. The spatial characteristics of view points are expanded fields of vision, evening and night scenes, edges of landforms and structures from which to improve ones vantage point. 2. It showed that 99 out of real landscape painting's 100 scenes depict a view point'to look'and 79 of 'to look through', 73 of 'look around'and 24 of 'to look over'. 3. It showed that real landscape painting's 100 scenes depict that the view point 'to look' is mainly upon a road from which people are looking over an elevated landscape such as the top of a mountain or rockwall. The view behaviors of looking down are depict 15 pavilions, 14 mansions, 2 broad rocks and 10 mountain tops on which people experience landscapes such as fields, rural communities and streams. The view behaviors to look depict 33 ships, 24 roads, 24 pavilions, 19 mansions and 12 terraces on which people experience landscapes such as distant views of mountains, rivers and landscapes. The view behaviors to look around to obtain orientation of landscape are depict 16 pavilions, 10 mountaintops. To glimpse on the way of journey depict 33 ships and 29 roads. To look over depict 11 mansions and 6 pavilions on which experience borrows the landscape. To look through landscapes such as rivers, mountains and rockwalls depict 15 roads, 14 pavilions and 11 mansions. To exchange looks depict 30 ships, 14 roads, 12 pavilions and 12 mansions. We expect that these results might give clues toward the experience of landscapes and the practice of landscape design methods which select viewpoints, and in the design of view points suitable to prospect behaviors.

• Journal of Families and Better Life
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• v.16 no.4
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• pp.233-250
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• 1998

This study describes the development of the scale for measuring soundness of family life in Korea. The scale developed by this study was composed of 52questions in 7categories selected from 110sentences,. Advertges by using this scale hereafter are as follows : This scale make itself useful as a guidline for managing family life in view of prospect to carry out the specifical and practical management behavior as a test materials for designing and bringing up the family life and finally first of all useful of describing and measuring the conditions and soundness of family life in view of Korean