Abstract: Currency is culturally significant (i.e., represents identity) and can also be a source of pride. While previous research has focused on the economic issues associated with currency, limited research has been conducted on how the design, colour, size and condition of banknotes affect the psychology of spending or saving in India. This study explores the attributes of Indian currency notes (design, colour, size, condition, and denomination) and spending and saving behaviour.

Abstract: Following the foundational work of the Black–Scholes model, extensive research has been developed to price the option by addressing its underlying assumptions and associated pricing biases. This study introduces a novel framework for pricing European call options by modeling the underlying asset’s return dynamics using Pearson diffusion processes, characterized by a linear drift and a quadratic squared diffusion coefficient. This class of diffusion processes offers a key advantage in its ability to capture the skewness and excess kurtosis of the return distribution, well-documented empirical features of financial returns. We also establish the validity of the risk-neutral measure by verifying the Novikov condition, thereby ensuring that the model does not admit arbitrage opportunities. Further, we study the existence of a unique strong solution of stock prices under the risk-neutral measure. We apply the proposed method to Nifty 50 index option data and conduct a comparative analysis against the classical Black–Scholes and Heston stochastic volatility models. Results indicate that our method shows superior performance compared to the other two benchmark models. These results carry practical implications for market participants, including market makers, hedge funds, and derivative traders.

Abstract:

Naresh and Kalyani Pramod, promoters of Shuttles and Needles, started the company to promote the creative use of technology, especially handlooms. The genius of the business is to promote leisure craft through handweaving. They realized it could lead to people’s creativity showcasing through their production. Apart from being a leisure craft affordable in the urban areas, they saw an opportunity to create a livelihood for the rural. More importantly, handweaving was promoted to people with intellectual and developmental disorders to improve their cognitive and motor skills through guided weaving and create an interest in using their energy more productively. This requires a detailed longitudinal study to establish the impact.

Abstract:

Marginal pricing has long been the instrument of choice to address water conservation challenges. More recently, non-price behavioral interventions have emerged as an alternative. However, there is limited data on the relative efficacies of price and non-price interventions. We report results from longterm field experiments studying unit-level water conservation responses to both price and non-price interventions in the same group of households (n = 64,186 household-days). Conservation habits, attitude-action gaps, principal-agent incongruities, and billing cycles help account for the heterogeneity in response between households, and across time. A non-price behavior modification intervention before the introduction of marginal pricing resulted in a large and significant effect on treated households (33%). The subsequent introduction of marginal volumetric pricing also reduced water use (8%, for previously untreated households). However, this average price effect masks how a large share (21%) of households increased water use, or how a mere 12% of the households accounted for all the aggregate reduction in water use. We investigated such heterogeneous responses as a systematic conservation maximization design question beyond statistical variance in individual responses. We used daily water consumption measurements across three years alongside a household survey to delineate structural and agentic barriers to conservation behavior. Our analysis reveals how combining price and non-price behavioral interventions could hold the key to achieving conservation effects that are both large and persistent.

Abstract:

This study investigates the factors influencing information search behavior among doctors, particularly in the context of purchasing medical equipment online. The primary objective is to identify the patterns and determinants of doctors’ information-seeking behaviors preceding their online purchase decisions for professional use. By exploring the structural relationships among these factors, the study aims to address operational gaps in service delivery within emerging markets.

Employing a mixed-methods approach, the study integrates qualitative and quantitative techniques. Data were gathered through a comprehensive survey questionnaire distributed among doctors of various practice types. The collected data underwent rigorous analysis to uncover significant insights.

Key findings reveal that doctors are proactive in seeking information regarding advancements in medical equipment essential for their professional roles. With the increasing reliance on online resources, doctors engage extensively in information search activities across diverse online platforms. This behavior underscores the critical role of accurate and comprehensive online information in their decision-making processes related to medical equipment purchases.

The study highlights implications for market segmentation and the development of targeted online marketing strategies tailored to meet doctors’ expectations in the online purchase of medical equipment. By understanding these information-seeking behaviors and influencing factors, companies can enhance their service offerings and effectively cater to the specific needs of medical professionals.

Despite the study’s focus on doctors’ information-seeking behaviors and the factors shaping these processes, initial reluctance among some participants posed a challenge. However, the study successfully secured participation from 366 respondents, all from the same geographical area. This localized sample may constrain the broader applicability of the findings beyond this specific region.

In conclusion, this research contributes valuable insights into the complex dynamics of doctors’ information search behaviors in the context of purchasing medical equipment online. By elucidating these dynamics, the study provides a foundation for further research and strategic initiatives aimed at optimizing service delivery and marketing strategies within the healthcare sector.

Abstract:

This paper investigates the potential of Central Bank Digital Currencies (CBDCs) to revolutionize inclusive finance and international payments. While cryptocurrencies emerged as disruptive, their inherent volatility and uncertain legal status challenge broader adoption in inclusive finance and international payments. CBDCs, backed by central banks, offer a distinct advantage: stability and legal certainty.

This research explores the impact of CBDCs on financial inclusion and international payments. We argue that successful interoperability is critical to unleashing the full potential of CBDCs. Interoperable CBDCs promise to facilitate faster, cheaper, and more transparent cross-border transactions. Interoperable CBDCs hold the promise of facilitating faster, cheaper, and more transparent cross-border transactions. Additionally, this paper suggests few key improvements in CBDC implementation, which can make CBDCs more attractive and faster adoption for international payments and inclusive finance.

The paper contends that CBDCs are likely to coexist with the existing financial instruments, playing a leading role in the future of finance. Their unique features and advancements in blockchain interoperability position CBDCs as a stable and secure foundation for a more inclusive and efficient financial landscape.

Abstract:

Historically, there has been a lot of research done around the concept of hope. For someone in distress, providing support to cope with the situation with strong words of hope is an important part of human activity in relationships, and the interventions range from a basic pep-talk to counselling and psychotherapy. Self-help books were trying to address this through tools like storytelling. In the western world, there are several self-help books like the Chicken Soup for the Soul series, Tough Times Never Last but Tough People Do and so on, that are aimed at people who need stories of hope during their times of distress. These best-selling books cover positive stories related to a range of topics like love, parenting, death and so on. This paper delves into some of the traditional Indic practices of providing hope during a state of distress. This will have managerial implications in Human Resource Management (Organizational Behaviour) and Marketing (Consumer Behaviour).

A version of this paper was presented in the IIM Kozhikode International conference on Globalizing Indian thought