|
Prize-Linked Savings Account
A prize-linked savings account or PLSA (also called a lottery-linked deposit account) is a savings account where some of the interest payment on bank deposits or marketing dollars are distributed as prizes based on chance. They are attractive to consumers as they function both as a sweepstakes or game of chance (as there is a chance of a large prize) and as savings vehicle (the deposit is never lost, unlike normal lotteries). PLSAs are similar to lottery bonds except they are offered by banks, credit unions, prepaid card companies, and financial technology companies, and can be held for a period of time determined by the consumer. Sometimes the returns are in-kind prizes rather than cash. PLSAs have attracted customers who were previously familiar with only raffles or lotteries, but were interested in receiving guaranteed saving security as well as an attractive incentive in the form of lotteries. United States The PLSA program in Michigan, USA, "Save to Win", was introduced in 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Account
A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online. People deposit funds in savings account for a variety of reasons, including a safe place to hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the account balance. There are many types of savings accounts, often serving particular purposes. These can include accounts fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unbanked
The unbanked are adults who do not have their own bank accounts. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available. Causes Some reasons a person might not have a bank account include: * Lack of access via a nearby bank branch or mobile phone * Minimum balance fees * Distrust of the banking system, typically due to lack of transparency regarding fees and deposit timingThe Unbanking Of America - ''Think'' interview with economist Lisa Servon * No access to government-issued ID, which is required to open a bank account The unbanked in the United States The ''unbanked'' are described by the[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Atlantic
''The Atlantic'' is an American magazine and multi-platform publisher. It features articles in the fields of politics, foreign affairs, business and the economy, culture and the arts, technology, and science. It was founded in 1857 in Boston, as ''The Atlantic Monthly'', a literary and cultural magazine that published leading writers' commentary on education, the abolition of slavery, and other major political issues of that time. Its founders included Francis H. Underwood and prominent writers Ralph Waldo Emerson, Oliver Wendell Holmes Sr., Henry Wadsworth Longfellow, Harriet Beecher Stowe, and John Greenleaf Whittier. James Russell Lowell was its first editor. In addition, ''The Atlantic Monthly Almanac'' was an annual almanac published for ''Atlantic Monthly'' readers during the 19th and 20th centuries. A change of name was not officially announced when the format first changed from a strict monthly (appearing 12 times a year) to a slightly lower frequency. It was a mo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freakonomics
''Freakonomics: A Rogue Economist Explores the Hidden Side of Everything'' is the debut non-fiction book by University of Chicago economist Steven Levitt and ''New York Times'' journalist Stephen J. Dubner. Published on April 12, 2005, by William Morrow, the book has been described as melding pop culture with economics. By late 2009, the book had sold over 4 million copies worldwide. Based on the success of the original book, Levitt and Dubner have grown the ''Freakonomics'' brand into a multi-media franchise, with a sequel book, a feature film, a regular radio segment on National Public Radio, and a weekly blog. Overview The book is a collection of articles written by Levitt, an expert who had gained a reputation for applying economic theory to diverse subjects not usually covered by "traditional" economists. In ''Freakonomics'', Levitt and Dubner argue that economics is, at root, the study of incentives. The book's chapters cover: * Chapter 1: Discovering cheating as applie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Skewness
In probability theory and statistics, skewness is a measure of the asymmetry of the probability distribution of a real-valued random variable about its mean. The skewness value can be positive, zero, negative, or undefined. For a unimodal distribution, negative skew commonly indicates that the ''tail'' is on the left side of the distribution, and positive skew indicates that the tail is on the right. In cases where one tail is long but the other tail is fat, skewness does not obey a simple rule. For example, a zero value means that the tails on both sides of the mean balance out overall; this is the case for a symmetric distribution, but can also be true for an asymmetric distribution where one tail is long and thin, and the other is short but fat. Introduction Consider the two distributions in the figure just below. Within each graph, the values on the right side of the distribution taper differently from the values on the left side. These tapering sides are called ''tail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sunk Cost
In economics and business decision-making, a sunk cost (also known as retrospective cost) is a cost that has already been incurred and cannot be recovered. Sunk costs are contrasted with '' prospective costs'', which are future costs that may be avoided if action is taken. In other words, a sunk cost is a sum paid in the past that is no longer relevant to decisions about the future. Even though economists argue that sunk costs are no longer relevant to future rational decision-making, people in everyday life often take previous expenditures in situations, such as repairing a car or house, into their future decisions regarding those properties. Bygones principle According to classical economics and standard microeconomic theory, only prospective (future) costs are relevant to a rational decision. At any moment in time, the best thing to do depends only on ''current'' alternatives. The only things that matter are the ''future'' consequences. Past mistakes are irrelevant. Any cos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Availability Heuristic
The availability heuristic, also known as availability bias, is a mental shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision. This heuristic, operating on the notion that, if something can be recalled, it must be important, or at least more important than alternative solutions not as readily recalled, is inherently biased toward recently acquired information. The mental availability of an action's consequences is positively related to those consequences' perceived magnitude. In other words, the easier it is to recall the consequences of something, the greater those consequences are often perceived to be. Most notably, people often rely on the content of their recall if its implications are not called into question by the difficulty they have in recalling it. Overview and history In the late 1960s and early 1970s, Amos Tversky and Daniel Kahneman began work on a series of papers examining "heur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include ''Mudarabah'' (profit-sharing and loss-bearing), ''Wadiah'' (safekeeping), ''Musharaka'' (joint venture), ''Murabahah'' (cost-plus), and ''Ijara'' ( leasing). Sharia prohibits ''riba'', or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haram'' ("sinful and prohibited"). These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Iran
Following the Iranian Revolution, Iran's banking system was transformed to be run on an Islamic interest-free basis. As of 2010 there were seven large government-run commercial banks. As of March 2014, Iran's banking assets made up over a third of the estimated total of Islamic banking assets globally. They totaled 17,344 trillion rials, or US$523 billion at the free market exchange rate, using central bank data, according to Reuters. Since 2001 the Iranian Government has moved toward liberalising the banking sector, although progress has been slow. In 1994 Bank Markazi (the central bank) authorised the creation of private credit institutions, and in 1998 authorised foreign banks (many of whom had already established representative offices in Tehran) to offer full banking services in Iran's free-trade zones. The central bank sought to follow this with the recapitalisation and partial privatisation of the existing commercial banks, seeking to liberalise the sector and encour ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First National Bank (South Africa)
First National Bank (FNB; af, Eerste Nasionale Bank (ENB)) is one of South Africa's " big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under the symbol: FSR. FNB is also listed on the Botswana Stock Exchange under the symbol FNBB and is a constituent of the BSE Domestic Company Index. Overview FNB is one of the three major divisions of the FirstRand Group, and the others being Rand Merchant Bank and Wesbank. First National Bank maintains banking subsidiaries which it owns wholly or in part, in Botswana, Mozambique, Namibia, South Africa, Eswatini, Tanzania, Zambia, Ghana, India, Lesotho and Guernsey. FNB is also actively pursuing expansion plans in Angola and Nigeria Media reports in May 2012, indicated that the bank is also making plans to expand into Kenya, Rwanda and Uganda. History FNB is the oldest bank in South Africa. It traces its origins back to the ''Eastern triocree ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
_last_flight.jpg "Click for more on -> Sunk Cost")
_(cropped).jpg "Click for more on -> Availability Heuristic")
