A Mathematical Foundation for Foundation Paper Pieceable ...
A Mathematical Foundation: Sophie Dundovic
Transcript of A Mathematical Foundation: Sophie Dundovic
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A Mathematical Foundation
Sophie Dundovic
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Part IBehavioural Economics
Economics + Psychology “Irrational” Behaviour
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Quick ExperimentWould you rather have £100 now or £105
tomorrow?
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Would you rather have £100 in one year or £105 in one year and one day?
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Same question, waiting one day = £5
Many people have inconsistent answers
Discounting
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Risk Preferences affect Behaviour
Novelty seekers are more likely to exercise an anti – endowment effect than their risk averse counterparts
Impact in career choices, relationships and addictive/ impulsive behaviours.
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Novelty Seeking Behaviour
Risk Averse
Novelty
Seeking
Status Quo, security
Newness, uncertainty, risk
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Endowment EffectWillingness to pay is not equal to willingness to
acceptThis is ‘irrational’
WHY? Loss aversionStatus Quo bias
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Investigating the linkMeasuring personality spectrum
Repeating and adapting classic endowment effect experiments
Newness and Uncertainty
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Treatment GroupsNewness
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Uncertainty
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Results and limitationsPeople scoring higher on the novelty seeking
scale were more likely to ‘switch’Most people will stay put
Experimental setting in the labNeed to test with greater sample size
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Part II Technology Start - Ups
New sectorMany problems that are solved through
computer scienceRanges from consumer facing (eg snapchat) to
making business processes more efficient (eg automating tasks/ getting more accurate measurements using computers)
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Mental Health TechPlatform connecting Psychologists and Patients
outside of treatment sessions
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ProblemMental health a 24/7 problemTreatment is hard to come by/ expensiveOnce a weekPaper based tasks
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SolutionPsychologists can set ready tailor made
treatment program with a few clicks
Patients get messages to their phone at appropriate times
Both can track progress
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SummaryMany exciting options with a mathematical
foundationQuantitative skills and problem solving are
important
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