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PurposeThe purpose of this paper is to explore how heuristics are formed and whether herding and prospect theory act as antecedents to heuristics. The relationship is explored specifically for millennials.Design/methodology/approachThe proposed relationship is explored specifically for millennials. Herding and prospect theory are modelled as antecedents to heuristics. The study uses survey data from 923 millennials from India to test the model for two financial products: equity and mutual funds. Regression analysis is used to evaluate the model.FindingsFindings support the role of herding and prospect theory as antecedents to heuristics of millennials although to varying degrees for equity and mutual fund investments. The impact of herding on heuristics is likely to be smaller for equity investments as compared to mutual fund investments.Research limitations/implicationsThe findings provide insights into how heuristics are formed for millennials. The findings add to literature by beginning a new line of inquiry on how heuristics are formed. Since the model is tested on a single generation, future research can test the model on other generations. In addition, future research can also add more antecedents to our proposed model.Practical implicationsFindings from this study can provide financial planners and marketers with an understanding of how heuristics are formed for millennials. Financial planners can use these insights while providing financial advice to this generation and marketers can use them to create more relevant outreach.Social implicationsFinancial investments are an important conduit for financial security. By understanding the cognitive processes that influence financial investment decision-making, it is possible for educators to create content appropriately and for financial planners to advise clients accordingly to enable optimal financial decisions that will be wealth-creating.Originality/valueExisting literature primarily treats heuristics, herding and prospect theory as being independent of each other. The authors take a novel approach to model the antecedents to heuristics to be herding and prospect theory. The model is tested on millennials for two financial products: equity and mutual funds.

Innovation research has abundant literature on technologically advanced innovations and entrepreneurship. However, literature from a rural innovator and entrepreneur perspective is sparse. Therefore, we explore rural user innovation and entrepreneurship in a developing country, India. Using multiple case study research method, we study cases of five rural user innovations in detail. These rural innovators innovated to alleviate the drudgery of their lives and to fulfill their need for a low-cost local solution to a widespread rural problem. They often face a resource void for commercializing their innovations and we find that external actors can play an enabling role in filling this void. The findings of our study help propose a framework for enabling rural innovation and entrepreneurship in developing countries like India. Further, in addition to poverty alleviation, we found that there was a positive social impact on the lives of rural entrepreneurs and their community.

There has been a growing global focus on student learning outcomes. Research has also shown that the current generation in higher education has significantly different learning characteristics than its predecessors. It then becomes essential to understand this generation’s learning attributes that can provide useful guidance in designing teaching pedagogies for this generation. We specifically study goal orientation, learning affectivity, competition and trust in this generation. The findings indicate that this generation significantly differs from the previous generation on the attributes of trust and competition. Gen Y was found to be more competitive and less trusting than Gen X.

PurposeThe purpose of this paper is to design and incorporate gamebased pedagogy grounded in self-determination theory (SDT) for a higher education course in a business school program.Design/methodology/approachThe study evaluates the learning outcomes of students from higher education in gamified and non-gamified contexts. The study was conducted over a period of two years in a management institute in the National Capital Region of India. The participants of the gamification study were the students in the age group 22–25 years with 0–3 years of work experience.FindingsIn general, findings of this study suggest that the group that underwent the course with the game-based pedagogy had better learning outcomes. In the game design, this study found that the addition of “meaningfulness” to the game elements improved the engagement with the gamification process for the learners. Consequently, this study found that “meaningfulness” played an important role in engaging the students, thereby, leading to improved learning outcomes.Research limitations/implicationsThe study suggests that when the game design is rooted in theory, it is likely that the desired results from gamification will be achieved. The evaluation of the courses was done by the researcher themselves. An external evaluation is required to confirm the results of the gamification elements used in the course as enumerated in the paper.Practical implicationsAll the game elements used in the game design were underpinned by SDT which suggests that if the three innate needs of competence, relatedness and autonomy in individuals are met, the desired learning outcomes is likely to follow.Social implicationsDue to the use of an online environment for the conduct of the evaluations, the study permitted the students to receive and have access to constant feedback enabling them to improve and enhance their learning.Originality/valueExisting research shows inconsistent results with the use of gamification in the learning process. This study suggests that by grounding the gamification design in learning theory is more likely to achieve favourable results. In addition, if the game elements provide meaningfulness to the participants, the gamification process is more likely to succeed.

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