London Business School

About: London Business School is a education organization based out in London, England, United Kingdom. It is known for research contribution in the topics: Portfolio & Equity (finance). The organization has 1138 authors who have published 5118 publications receiving 437980 citations. The organization is also known as: LBS.

Fast and frugal heuristics are plausible models of cognition: Reply to Dougherty, Franco-Watkins, and Thomas (2008).

Abstract: M. R. Dougherty, A. M. Franco-Watkins, and R. Thomas (2008) conjectured that fast and frugal heuristics need an automatic frequency counter for ordering cues. In fact, only a few heuristics order cues, and these orderings can arise from evolutionary, social, or individual learning, none of which requires automatic frequency counting. The idea that cue validities cannot be computed because memory does not encode missing information is misinformed; it implies that measures of co-occurrence are incomputable and would invalidate most theories of cue learning. They also questioned the recognition heuristic's psychological plausibility on the basis of their belief that it has not been implemented in a memory model, although it actually has been implemented in ACT-R (L. J. Schooler & R. Hertwig, 2005). On the positive side, M. R. Dougherty et al. discovered a new mechanism for a less-is-more effect. The authors of the present article specify minimal criteria for psychological plausibility, describe some genuine challenges in the study of heuristics, and conclude that fast and frugal heuristics are psychologically plausible: They use limited search and are tractable and robust.

The tale of a committee that never reported: Disagreements on intertwining accounting with the social

Abstract: The efforts of a committee which never finally reported provided an interesting insight into the problems involved in a social analysis of the accounting craft. In this tale of the deliberations on this committee both its mobilising concerns and bases for disagreement are emphasised. The latter are shown to be of wider significance to the accounting research community, related as they are to substantive debates in the social sciences generally.

Evaluating Individual Market Power in Electricity Markets via Agent-Based Simulation

Abstract: We use agent-based simulation in a coordination game to analyse the possibility of market power abuse in a competitive electricity market. The context of this was a real application to the England and Wales electricity market as part of a Competition Commission Inquiry into whether two particular generators could profitably influence wholesale prices. The research contributions of this paper are both in the areas of market power and market design policy issues for electricity markets, and in the methodological use of large industry-wide evolutionary simulation models.