An option embedded novel military service system based on cognitive bias theories

PurposeThe purpose of this study is to hypothesize that cognitive biases such as nostalgia, rosy retrospection, overconfidence, fading-affect bias and prospect theory affect how to serve in the military. The behaviors of those expecting military service and those who have completed the service diffe...

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Bibliographic Details
Published in:Seonmul yeongu (Online) 2020, 28(3), , pp.347-358
Main Authors: Kang, Hyoung-Goo, Han, Byungsuk
Format: Article
Language:English
Subjects:
Armed forces
Bias
Compensation
Derivatives
Discount rates
Human capital
Hypotheses
Military service
Nostalgia
경영학
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Summary:PurposeThe purpose of this study is to hypothesize that cognitive biases such as nostalgia, rosy retrospection, overconfidence, fading-affect bias and prospect theory affect how to serve in the military. The behaviors of those expecting military service and those who have completed the service differ significantly in evaluating the self and social value of the human capital during the military service. This difference corresponds to the predictions of the cognitive-bias literature. The authors test propositions in option framework. This study’s experimental design proposes a novel military system, a hybrid of conscription and voluntary systems. This study’s results are consistent with the hypothesis, option theory and behavioral economics literature.
ISSN:1229-988X
2713-6647
2713-6647
DOI:10.1108/JDQS-07-2020-0018