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Although studying is considered a legitimate scientific nowadays, it is still a very young one. In the early 1970s, a psychologist named J. Guilford was one of the first academic researchers who dared to conduct a study of creativity. One of Guilford’s most famous studies was the nine-dot puzzle. He challenged research subjects to connect all nine dots using just four straight lines without lifting their pencils from the page.

Today many people are familiar with this puzzle and its solution. In the 1970s, however, very few were even aware of its existence, even though it had been around for almost a century. If you have tried solving this puzzle, you can confirm that your first attempts usually involve sketching lines inside the imaginary square. The correct solution, however, requires you to draw lines that extend beyond the area defined by the dots.

At the first stages, all the participants in Guilford’s original study censored their own thinking by limiting the possible solutions to those within the imaginary square (even those who eventually solved the puzzle). Even though they weren’t instructed to restrain themselves from considering such a solution, they were unable to “see” the white space beyond the square’s boundaries.

Only 20 percent managed to break out of the illusory confinement and continue their lines in the white space surrounding the dots. The symmetry, the beautiful simplicity of the solution, and the fact that 80 percent of the participants were effectively blinded by the boundaries of the square led Guilford and the readers of his books to leap to the sweeping conclusion that creativity requires you to go outside the box.

The idea went viral (via 1970s-era media and word of mouth, of course). Overnight, it seemed that creativity gurus everywhere were teaching managers how to think outside the box. Consultants in the 1970s and 1980s even used this puzzle when making sales pitches to prospective clients. Because the solution is, in hindsight, deceptively simple, clients tended to admit they should have thought of it themselves. Because they hadn’t, they were obviously not as creative or smart as they had previously thought, and needed to call in creative experts. Or so their consultants would have them believe. The nine-dot puzzle and the phrase “thinking outside the box” became metaphors for creativity and spread like wildfire in, management, psychology, the creative arts, engineering, and personal improvement circles.

There seemed to be no end to the insights that could be offered under the banner of thinking outside the box. Speakers, trainers, training program developers, organizational consultants, and university professors all had much to say about the vast benefits of outside-the-box thinking. It was an appealing and apparently convincing message. Indeed, the concept enjoyed such strong popularity and intuitive appeal that no one bothered to check the facts.

No one, that is, before two different research —Clarke Burnham with Kenneth Davis, and Joseph Alba with Robert Weisberg—ran another experiment using the same puzzle but a different research procedure. Both teams followed the same protocol of dividing participants into two groups. The first group was given the same instructions as the participants in Guilford’s experiment. The second group was told that the solution required the lines to be drawn outside the imaginary box bordering the dot array. Parasite In City Full Version Download.

In other words, the “trick” was revealed in advance. Would you like to guess the percentage of the participants in the second group who solved the puzzle correctly? Most people assume that 60 percent to 90 percent of the group given the clue would solve the puzzle easily. In fact, only a meager 25 percent did. What’s more, in statistical terms, this 5 percent improvement over the subjects of Guilford’s original study is insignificant. In other words, the difference could easily be due to what statisticians call sampling error. Let’s look a little more closely at these surprising results.

Solving this problem requires people to literally think outside the box. Yet participants’ performance was not improved even when they were given specific instructions to do so.

That is, direct and explicit instructions to think outside the box did not help. That this advice is useless when actually trying to solve a problem involving a real box should effectively have killed off the much widely disseminated—and therefore, much more dangerous—metaphor that out-of-the-box thinking spurs creativity. After all, with one simple yet brilliant experiment, researchers had proven that the conceptual link between thinking outside the box and creativity was a myth. Of course, in real life you won’t find boxes. But you will find numerous situations where a creative breakthrough is staring you in the face. They are much more common than you probably think. *From Copyright 2014 Drew Boyd.

There are many theories of creativity. What the latest experiment proves is not that creativity lacks any association to thinking outside-the-box, but that such is not conditioned by acquired knowledge, i.e., environmental concerns. For example, there have been some theories such as those of Schopenhauer (see his remarks about Genius) and Freud (see his remarks about Sublimation) that propose creativity is something more like a capacity provided by nature rather than one acquired or learned from the environment.

Rather than disproving the myth, in other words, the experiment might instead offer evidence that creativity is an ability that one is born with, or born lacking, hence why information from the environment didn't impact the results at all. It's an interesting experiment, but the author's conclusion cannot possibly follow from the results of it.

I conduct soft skills training and outbound training for Corporates and individuals. To enhance creativity we motivate the participants to approach the problems from variety of vantage points. Even repeatedly checking the boundary conditions we are able to come up with variety of ways of solving the problem.

This is akin to checking the walls of the box. Looking inside the box for additional information, additional resources also helps. Looking at the box from bird's eye view triggers some different creative solutions.

Let us not get tied down to the mechanics but free ourselves to find the solution. I will give an example. You are playing football with family and friends at a distant ground and someone gets bruised badly. No first aid kit is available. Your priority is to get the person to a hospital ( at a distance of 2 hours ).

The wound is bleeding and needs to be kept clean and bacteria free till the person reaches the hospital. What will you do? Think of a solution. It is quite close to you. With all due respect, Professor Boyd, your argument is not at all compelling. It seems that you are taking the 'thinking outside the box' (TOTB) metaphor much more literally than it is intended (or, at least, as I and may others infer). Let me point out a few false and/or negligent statements that you make: 1.

To refer to TOTB as 'dangerous' is naive, at best. I, personally, have seen the positive, tranformative effects of not only the 9-dots exercise, but also the occasional use of the term to remind individuals after-the-fact about the value of thinking differently. The experiment you refer to doesn't even come close to proving what you suggest that it does. To use the term 'proving' in an argument like this is laughable. In real life, you absolutely WILL find boxes.that is, if you understand what the term 'box' refers to.

Here, the term is not literal; rather, it refers to a mindset, a perspective, a belief, or an assumption. It is precisely how the human mind works. We all think in boxes all the time. The 'sin,' if you will, is not in thinking inside of a box.but the neglect to readily switch from one box to another, nimbly (see Alan Iny's new book, 'Thinking in New Boxes').

A different -- and very healthy, positive, and productive -- way to think about TOTB is to understand that it merely represents an insight that can remind an individual to consciously become aware of limiting assumptions. And, upon such awareness, to open ones mind and imagination to actively explore new possibilities beyond the obvious or initial answer. If you don't regard this as valid contribution to creativity, then I suggest you consider spending a bit more time outside of that 'box' that you've presented here. I couldn't have said it any better. TOTB is a beautiful skill to have. We are born into multiple boxes that are created upon social agreements (e.g.

Illustrated by the hermeneutic circle) but the ones who dare to think outside of what is considered as social or scientific correct (all the boxes together) are the minds whom are absolute free and open towards new moralities, paradigms, innovations and creativity in general. Saying that TOTB is a negative thing is a very conservative statement and someone who has such a belief is scared of change, scared of diversity and scared of anything that is abstract and out of order. I'm all about TOTB and the best way to TOTB is to fully understand the box in the first place and why some people are scared of TOTB hence also lacking the ability to do so. Fold the paper so all the dots ovelap. Use four lines to connect four dots. Hold the folded paper up to the light.all dots connected; Thinking outside The Box.

For that matter, you could fold the paper until all the dots overlapped and you would not need to waste any pencil lead; Thinking outside The Box. Use a very wide pencil lead or charcoal block for that matter, connect all the dots in one fell swoop; Thinking outside The Box.

Forego a pencil altogether and use a bucket of paint to create a huge blot over all the dots; Thinking outside The Box. Question the dots and why they need to be connected in the first place; Thinking outside The Box. Erase the dots; they are a distraction to Thinking outside The Box. Create your own dots and lines in any fashion you desire; Thinking outside The Box. People that say, it's a misguided idea,, do not know how to think outside the box, I can look /listen/ at anything an tell you how to fix it. I play chess with my pc, an beat it all the time, and the reasoning is I do not think logically, like the pc does.

It has a set of rules that it was programed with an you were in college, I do not play by the rules, I can play without the queen.Also when you go the a school that teaches how to think about something, that is all you know how to do.I have had engineers come to my deck, hand me a set of blueprints, because that was the way they were taught. They are never taught to look at it, in there mind to see it working. What I do is show them how wrong they are, an ask them what tool in the world can cut a square hole inside the middle of two long tubes. They can not think outside the box, that they were taught to do.

If was going to tell you about an airplane the TR-3B, it travels a little bit under light speed, an it uses nuclear fusion, which turns into plasma an powers the craft, that was built outside the box. An if you do not believe me type it into your search engine, you can also look it up at the library of congress under new patients. You my brother, do not have the inkling of understanding to think outside the box. That's why you are a psychologist an nothing more.

In finance, a foreign exchange option (commonly shortened to just FX option or currency option) is a derivative financial instrument that gives the right but not the obligation to exchange money denominated in one currency into another currency at a pre-agreed exchange rate on a specified date.[1] See Foreign exchange derivative. The foreign exchange options market is the deepest, largest and most liquid market for options of any kind. Most trading is over the counter (OTC) and is lightly regulated, but a fraction is traded on exchanges like the International Securities Exchange, Philadelphia Stock Exchange, or the Chicago Mercantile Exchange for options on futures contracts. The global market for exchange-traded currency options was notionally valued by the Bank for International Settlements at $158.3 trillion in 2005 For example, a GBPUSD contract could give the owner the right to sell?1,000,000 and buy $2,000,000 on December 31. In this case the pre-agreed exchange rate, or strike price, is 2.0000 USD per GBP (or GBP/USD 2.00 as it is typically quoted) and the notional amounts (notionals) are?1,000,000 and $2,000,000. This type of contract is both a call on dollars and a put on sterling, and is typically called a GBPUSD put, as it is a put on the exchange rate; although it could equally be called a USDGBP call. If the rate is lower than 2.0000 on December 31 (say 1.9000), meaning that the dollar is stronger and the pound is weaker, then the option is exercised, allowing the owner to sell GBP at 2.0000 and immediately buy it back in the spot market at 1.9000, making a profit of (2.0000 GBPUSD?

1.9000 GBPUSD)? 1,000,000 GBP = 100,000 USD in the process. If instead they take the profit in GBP (by selling the USD on the spot market) this amounts to 100,000 / 1.9000 = 52,632 GBP. Although FX options are more widely used today than ever before, few multinationals act as if they truly understand when and why these instruments can add to shareholder value. To the contrary, much of the time corporates seem to use FX options to paper over accounting problems, or to disguise the true cost of speculative positioning, or sometimes to solve internal control problems. The standard clich? About currency options affirms without elaboration their power to provide a company with upside potential while limiting the downside risk.

Options are typically portrayed as a form of financial insurance, no less useful than property and casualty insurance. This glossy rationale masks the reality: if it is insurance then a currency option is akin to buying theft insurance to protect against flood risk. The truth is that the range of truly non-speculative uses for currency options, arising from the normal operations of a company, is quite small. In reality currency options do provide excellent vehicles for corporates' speculative positioning in the guise of hedging. Corporates would go better if they didn't believe the disguise was real. Let's start with six of the most common myths about the benefits of FX options to the international corporation -- myths that damage shareholder values.

Historically, the currency derivative pricing literature and the macroeconomics literature on FX determination have progressed separately. In this Chapter I argue the joint study of these two strands of literature and give an overview of FX option pricing concepts and terminology crucial for this interdisciplinary study. I also explain the three sources of information about market expectations and perception of risk that can be extracted from FX option prices and review empirical methods for extracting option-implied densities of future exchange rates. As an illustration, I conclude the Chapter by investigating time series dynamics of option-implied measures of FX risk vis-a-vis market events and US government policy actions during the period January 2007 to December 2008. Chapter 2: This Chapter proposes using foreign exchange (FX) options with different strike prices and maturities to capture both FX expectations and risks.

We show that exchange rate movements, which are notoriously difficult to model empirically, are well-explained by the term structures of forward premia and options-based measures of FX expectations and risk. Although this finding is to be expected, expectations and risk have been largely ignored in empirical exchange rate modeling. Using daily options data for six major currency pairs, we first show that the cross section options-implied standard deviation, skewness and kurtosis consistently explain not only the conditional mean but also the entire conditional distribution of subsequent currency excess returns for horizons ranging from one week to twelve months.

At June 30 and September 30, the value of the portfolio was?1,050,000. Note, however, that the notional amount of Ridgeway's hedging instrument was only?1,000,000. Therefore, subsequent to the increase in the value of the pound (which is assumed to have occurred on June 30), a portion of Ridgeway's foreign currency exchange risk was not hedged. For the three-month period ending September 30, exchange rates caused the value of the portfolio to decline by $52,500. Of that amount, only $50,000 was offset by changes in the value of the currency put option. The difference between those amounts ($2,500) represents the exchange rate loss on the unhedged portion of the portfolio (i.e., the 'additional'?50,000 of fair value that arose through increased share prices after entering into the currency hedge). At June 30, the additional?50,000 of stock value had a U.S.

Dollar fair value of $45,000. At September 30, using the spot rate of 0.85:1, the fair value of this additional portion of the portfolio declined to $42,500. Ridge way will exclude from its assessment of hedge effectiveness the portion of the fair value of the put option attributable to time value. That is, Ridgeway will recognize changes in that portion of the put option's fair value in earnings but will not consider those changes to represent ineffectiveness. Aitan Goelman, the CFTC’s Director of Enforcement, stated: “The setting of a benchmark rate is not simply another opportunity for banks to earn a profit. Countless individuals and companies around the world rely on these rates to settle financial contracts, and this reliance is premised on faith in the fundamental integrity of these benchmarks. The market only works if people have confidence that the process of setting these benchmarks is fair, not corrupted by manipulation by some of the biggest banks in the world.” The Commission finalized rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries.

The Commission also finalized Conforming Changes to existing Retail Foreign Exchange Regulations in response to the Dodd-Frank Act. Additional information regarding these final rules is provided below, including rules, factsheets, and details of meetings held between CFTC Staff and outside parties.