Floor trading versus computer trading - Does it matter? Computer systems for securities trading date from the 1980s. These systems are large, costly and extremely complex. Outcomes from their introduction were unforeseen and the relevant research literature is sparse. This project will investigate experimentally with a simulated trading system the effects on trading behaviour of important system parameters. Intelligent support systems for traders will also be developed and tested. The project ....Floor trading versus computer trading - Does it matter? Computer systems for securities trading date from the 1980s. These systems are large, costly and extremely complex. Outcomes from their introduction were unforeseen and the relevant research literature is sparse. This project will investigate experimentally with a simulated trading system the effects on trading behaviour of important system parameters. Intelligent support systems for traders will also be developed and tested. The project team combines needed expertise from the areas of human decision making, finance, and advanced information technologies. Results will be important for theory of market microstructure and interactive intelligent systems and also for an important industry in Australia.Read moreRead less
Ethics and risk. This project aims to develop a theory of risk. From the extreme to the everyday, from warfare to the drive to work, the modern world is unimaginable without mutual imposition of risk. Philosophers must explain how risks can be justified, or risk irrelevance. This project will use the tools of ethics (the study of right and wrong action) and decision theory (the study of rational decision-making under uncertainty) to develop a comprehensive theory of the ethics of risk. This proj ....Ethics and risk. This project aims to develop a theory of risk. From the extreme to the everyday, from warfare to the drive to work, the modern world is unimaginable without mutual imposition of risk. Philosophers must explain how risks can be justified, or risk irrelevance. This project will use the tools of ethics (the study of right and wrong action) and decision theory (the study of rational decision-making under uncertainty) to develop a comprehensive theory of the ethics of risk. This project is expected to improve understanding of the risks people impose on others as individuals and as a society.Read moreRead less
Decision theory in crisis. Decision theory's goals are to characterise and to guide rational decision-making—from the minor decisions of daily life, to the major decisions of industry and government— which, in its current state, it is unfit to do. This project will refine decision theory so that it may better achieve these goals.
Improving novice drivers' speed and hazard management. The aim of the study is to extend the evidence-based approach we have developed for speed management (cognitive integration speed management training) to hazard management, thereby developing cognitive integration hazard management training for young drivers. Hence, this study is specifically designed to curb the alarming trend in young driver fatalities on Australian roads. The results of the research will provide clear direction to road au ....Improving novice drivers' speed and hazard management. The aim of the study is to extend the evidence-based approach we have developed for speed management (cognitive integration speed management training) to hazard management, thereby developing cognitive integration hazard management training for young drivers. Hence, this study is specifically designed to curb the alarming trend in young driver fatalities on Australian roads. The results of the research will provide clear direction to road authorities and driver training providers as to effective training strategies to improve young driver training, and ultimately improve road safety with this vulnerable population.Read moreRead less
Modelling human decision making in complex environments. The project aims to extend quantitative psychological models of simple choice tasks to decision-making with complex stimuli in complex environments. The new formal models are designed to provide a comprehensive account of behaviour, including the choices that are made, how long it takes to make them, and how choices and choice times vary within and between decision-makers. The models would explain how people adapt to changes in task demand ....Modelling human decision making in complex environments. The project aims to extend quantitative psychological models of simple choice tasks to decision-making with complex stimuli in complex environments. The new formal models are designed to provide a comprehensive account of behaviour, including the choices that are made, how long it takes to make them, and how choices and choice times vary within and between decision-makers. The models would explain how people adapt to changes in task demands when dealing with multiple stimuli or performing multiple tasks concurrently under time pressure. The project aims to provide the basic research that is needed to extend psychological models of choice to complex ‘real-world’ tasks, such air traffic control and maritime surveillance.Read moreRead less
A Unified Theory of 'If's. This project aims to develop a unified theory of ‘if’s. Our understanding of an uncertain and risky world requires hypothetical reasoning involving ‘if’s. They are significant theoretically: in science, history, politics, economics, psychology, computer science, linguistics, and philosophy. They are significant practically: in our planning, decision-making, policy priorities, legal judgments, environmental and medical interventions. Yet we lack a comprehensive, readily ....A Unified Theory of 'If's. This project aims to develop a unified theory of ‘if’s. Our understanding of an uncertain and risky world requires hypothetical reasoning involving ‘if’s. They are significant theoretically: in science, history, politics, economics, psychology, computer science, linguistics, and philosophy. They are significant practically: in our planning, decision-making, policy priorities, legal judgments, environmental and medical interventions. Yet we lack a comprehensive, readily implementable theory of ‘if’s. The project expects to provide such a theory, based on probability, improving on approaches from philosophy and linguistics, and benefitting both these fields. It also promises significant benefits for artificial intelligence/machine learning.
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Formal approaches to legal reasoning. This project aims to use formal epistemology to improve understanding of existing legal practices and to propose recommendations for improving the consistency and accuracy of legal proceedings. Since judges and juries rarely know all the relevant facts, they must make the best decision possible in the face of uncertainty. Formal epistemology employs probabilistic reasoning to advance understanding of how to form beliefs and make decisions in response to unce ....Formal approaches to legal reasoning. This project aims to use formal epistemology to improve understanding of existing legal practices and to propose recommendations for improving the consistency and accuracy of legal proceedings. Since judges and juries rarely know all the relevant facts, they must make the best decision possible in the face of uncertainty. Formal epistemology employs probabilistic reasoning to advance understanding of how to form beliefs and make decisions in response to uncertain evidence. The project has potential to influence the relevant policy and will result in improved legal reasoning and risk reduction in legal decision making.Read moreRead less
Fake News and Post-Truth Impacts: Responses to Conflictive Uncertainty. Attributions of fake news and post-truth are symptoms of uncertainty arising from conflicting information. Little is known about human responses to conflictive uncertainty other than that people find it aversive. This project aims to identify the determinants of human attitudes towards conflictive uncertainty. The aims will be achieved via the development of measures of attitudes toward conflictive uncertainty, and studies i ....Fake News and Post-Truth Impacts: Responses to Conflictive Uncertainty. Attributions of fake news and post-truth are symptoms of uncertainty arising from conflicting information. Little is known about human responses to conflictive uncertainty other than that people find it aversive. This project aims to identify the determinants of human attitudes towards conflictive uncertainty. The aims will be achieved via the development of measures of attitudes toward conflictive uncertainty, and studies identifying the major influences thereof. Expected outcomes include advances in knowledge of how conflictive uncertainty attitudes relate to risk orientations, personality, and situational factors. Anticipated benefits include improved strategies for decision makers and communicators faced with conflictive uncertainty.Read moreRead less
Judgements and Decisions under Ambiguity and Conflict. Little is known about how people make decisions when faced with uncertainties arising from information that is both ambiguous and conflicting, despite the fact that ambiguity and conflict frequently arise in real decision-making situations. In fact, virtually nothing is known about the joint impact of conflict and ambiguity on judgements of risk and uncertainty or on decisional preferences. This project will investigate how perceptions of un ....Judgements and Decisions under Ambiguity and Conflict. Little is known about how people make decisions when faced with uncertainties arising from information that is both ambiguous and conflicting, despite the fact that ambiguity and conflict frequently arise in real decision-making situations. In fact, virtually nothing is known about the joint impact of conflict and ambiguity on judgements of risk and uncertainty or on decisional preferences. This project will investigate how perceptions of uncertainty are jointly affected by conflict and ambiguity in information, develop and test formal models of judgement and decision making under conflict and ambiguity, and examine the joint effects of ambiguity and conflict aversion on decision making.Read moreRead less
The impact of strategic alignment on IT outsourcing success in a complex service setting. Improved conceptual and methodological understanding of strategic alignment is essential for better IT outsourcing decisions. This research will improve the performance of Australian industry by investigating how strategically well aligned ITO investments can lead to improved performance and greater competitive advantage.