In 1974 an article appeared in Science magazine with the dry-sounding title “Judgment Under Uncertainty: Heuristics and Biases” by a pair of psychologists who were not well known outside their discipline of decision theory. In it Amos Tversky and Daniel Kahneman introduced the world to Prospect Theory, which mapped out how humans actually behave when faced with decisions about gains and losses, in contrast to how economists assumed that people behave. Prospect Theory turned Economics on its head by demonstrating through a series of ingenious experiments that people are much more concerned with losses than they are with gains, and that framing a choice from one perspective or the other will result in decisions that are exactly the opposite of each other, even if the outcomes are monetarily the same. Prospect Theory led cognitive psychology in a new direction that began to uncover other human biases in thinking that are probably not learned but are part of our brain’s wiring.

Thinking fast and slow.

The COVID-19 (novel coronavirus disease 2019) has become a worldwide disaster This pandemic not only affected the world economy but also the family economy Good financial literacy will help individuals avoid financial problems, especially during the COVID-19 pandemic Financial literacy can facilitate individuals to manage their income well even in demanding situations This study aims to analyse how financial literacy helps in the depression condition of the COVID-19 pandemic This study takes a sample of 396 household heads This study uses partial least square (PLS) analysis to analyse the data Results show that all financial attitudes, behaviour and literacy variables positively affect financial literacy and wellbeing The implication of this research is that financial literacy, which is reflected by financial attitudes and behaviour plays a key role in public financial welfare

Financial literacy in the COVID-19 pandemic: pressure conditions in Indonesia

Due to digitalization today, we are more connected than ever before in human history. Access to the Internet has increased from 16 million in 1995 to 4157 million users by the end of December 2017. The industry which helped humanity connected and made the world a global village is the telecommunication industry. However, today the telecom companies are facing revenue losses; for instance, revenue of value-added services of telecom companies in Pakistan has reduced from Rs 5861 million in 2012 to 236 million by the end of 2017. Similarly, because of WhatsApp, Skype and Messenger usage, the long-distance call and SMS revenue of telecom companies in Pakistan have reduced from Rs 47,969 million in 2008 to 19,555 million at the end of 2017. With the empirical evidence from Pakistan and the literature from all over the world, this overview research paper summarizes the issues of the telecom sector and suggests a way forward to help the telecom companies to come out of this situation. For review paper, official telecom regulatory reports and GSMA reports have been referred. This study concluded that, on the one hand, telecom company’s revenue is decreasing and, on the other hand, it is bringing enormous opportunities to the companies. Telecom companies can get the benefit of changing customer preferences’ by understanding customers’ requirements, producing and selling Internet and digital value-added products and services in parallel with traditional telephony services

Impact of Over-the-Top (OTT) Services on the Telecom Companies in the Era of Transformative Marketing

Year 2020 has cultivated new arena in education. Covid-19 has not only reformed the world but also revived the process of operations. One among them is academics. Never in history of education was a lecture delivered without the physical presence of lecturers, in an academic environment. Even in present wildest innovative decade, the idea of eliminating the academia was not an option. However, after the pandemic encounter, it happened. These are not mere changes, but it is a transformation. While this phenomenon is getting acceptable gradually by takers, the mammoth turnaround is happening in Ph.D. final viva voce defenses too. Practice of online defense is approved by leading Universities so as to avoid stagnation of researchers in final stage. Question is, will it be appropriate to accept final defenses in online stream? and has the institutions developed rubrics to assess the researches which are presented online? Finally, if this is the only choice then how best we can use the technology to generalize it as a system? This research was executed through Delphi technique method from academia, research aspirants and policy-makers. Partial least square is used to quantify the data after interpreting qualitative data. Thirteen homogeneous University’s respondents were used as sample. Focus of this paper remains to substantiate the benefits of emerging technology and developing a scheme for virtual streaming, rather identifying reasons to avoid them.

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Implementing Flexible Systems in Doctoral Viva Defense Through Virtual Mechanism

Financial literacy is of utmost relevance in the field of entrepreneurship, especially in developing countries. However, what builds financial literacy and how it shapes investment decision-making ...

Is Awareness That Powerful? Women’s Financial Literacy Support to Prospects Behaviour in Prudent Decision-making:

Financial knowledge is empowering the new generation of the 21st century in the era of transformative marketing (Kumar, 2018), which leads to the well-planned financial structure for long terms. However, it is imperative to know that on what scales they are managing their budgets. Understanding the impact of selfcontrol, financial literacy, and financial behavior is very vital for living a successful life (SarstedtÂ et al., 2017). The literature shows, people with good self-control and financial literacy tend to behave well compared to people with less self-control and financial literacy. This study examines the relationship between self-control financial literacy, financial behavior and financial wellbeing. A survey was conducted on 416 people from educational institutions, corporate sectors and food courts in Pakistan to empirically examine the impact of self-control and financial literacy on financial behavior and financial well-being of people. Better self-control and financial literacy lead to greater financial well-being. This research paper concludes that self-control and financial literacy affect financial well-being through financial behavior. Financial literacy has a significant direct impact on financial wellbeing, however the direct impact of self-control on financial well-being is insignificant. Impact of financial behavior on financial well-being is stronger than the impacts of financial literacy and self-control on financial well-being. This paper will be useful for economists and companies in Pakistan to better understand consumer market and to make decisions accordingly.

Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being

Service quality is a critical component in any companyâ€™s performance. Bad service creates a lousy brand image in the eyes of customers which is difficult to remove. Pakistan International Airline (PIA), a well-known airline in Pakistan is receiving criticism from its passengerâ€™s regarding service quality. However, there are very few studies focusing on the improvement of service quality of PIA. In this research, the authors have identified the critical components of customer satisfaction with the help of Parasuraman service quality model. The authors have identified the desired and actual quality gap. The study concludes that reliability and empathy are the top most essential components of customer satisfaction. There is a significant difference in all desired and actual components of service quality. The components which PIA needs immediate improvement are its ability to provide dedicated services and better food quality during flight.

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Measuring and Comparing the Desired and Actual Service Quality of Pakistan International Airline

The purpose of the study is to compare the growth rate of commercial banks with microfinance banks, under the shadow of financial exclusion, and to provide a way forward for commercial banks. As we are living in the age of transformation, businesses cannot survive without evolution and necessary transformation. The Telecom sector of Pakistan suffered at the hands of Over-The-Top services, so is happening with the commercial banking. Telecom companies have chosen microfinance banking as their alternative revenue stream which is affecting commercial banks. Microfinance banks, typically mobile phone banking, are showing more growth in deposits and loans than commercial banks. Along with the analysis of industry reports, commercial banks’ managers are also interviewed to perform an accurate analysis of the situation. It has been concluded that commercial banks are suffering due to financial exclusion and their deposits and lending rates are also decreasing due to microfinance banks. It is important for commercial banks to formulate their strategies and introduce new services according to the needs and preferences of their customers and they also need to increase banking awareness of their potential customers.

K. Ramanathan Kalimuthu

Papers

Impact of Self-Control, Financial Literacy and Financial Behavior on Financial Well-Being

Measuring and Comparing the Desired and Actual Service Quality of Pakistan International Airline

Telecom microfinance banking versus commercial banking: a battle in the financial services sector