Friday 10 December 2021

Lupine Publishers | Losses Loom Larger Than Gains: Neural Correlates Of Behavioral Gain-Loss Asymmetry

 Lupine Publishers | Scholarly Journal of Psychology and Behavioral Sciences

Introduction

Thomas Hobbes (1588-1679) proposed that voluntary behavior is governed by the principle of hedonism, that is, an individual’s sole intrinsic good is the overall pursuit of pleasure. A hedonist strives to maximize net pleasure by minimizing pain. Utility theory, which is a cornerstone of the rational perspective of economics, is rooted in the hedonist principle. However, the psychology of Homo economicus-a rational and self-interested individual with relatively stable preferences-has been challenged by numerous psychologists and behavioral economists. The purpose of our research was to explore the effects of small monetary gains and losses on choice behavior using a computerized game and to determine gain/loss ratio differences using both behavioral and electroencephalographic (EEG) measures.

A prominent example of gain-loss asymmetry is that losses loom larger than gains [1-4], meaning that the aversion to a loss of a certain magnitude is greater than the attraction to a gain of the same absolute magnitude. Such asymmetry is an indication that humans are sometimes biased in their decision making. Accordinng to Kahneman and Tversky [9], “The asymmetry of pain and pleasure is the ultimate justification of loss aversion in choice” [p. 157]. Kahneman, Knetsch, and Thaler [8] reported that “The existing evidence suggests that the ratio of the slopes of the value function in two domains, for small or moderate gains or losses of money, is about 2:1” [p. 199].

Rasmussen and Newland [14] reported a behavior-analytic experiment in which participants played a customized computer game that sometimes-produced reinforcers (gains) and sometimes punishers (losses) in the form of points exchangeable for money or, conversely, the loss of points and money. Their design included two alternating conditions. In one condition, a pair of reinforcement schedules were concurrently available. The ratio of reinforcer frequencies was adjusted systematically. The other condition consisted of the same pairs of reinforcement schedules, but a schedule of punishment was overlaid onto one of the reinforcement schedules. The authors reasoned that, in this way, they could measure the effect of punishers as the difference in the response ratios when punishers were delivered on one of the alternatives versus when punishers were absent from both alternatives. They concluded that the mean asymmetry ratio was approximately 3:1 (loss:gain) on average.

Kahneman [7] asserted that “the brain’s response to variations of probabilities is strikingly similar to the decision weights estimated from choices” [p. 315]. The electroencephalograph (EEG) may be used to record scalp visual-evoked potentials (VEPs), including event-related potentials (ERPs) [3,11]. Sokol-Hessner and Rutledge [15] reported that “Research on the neuroscientific basis of loss aversion has identified several critical neural components, suggesting a model of loss aversion in the human brain and providing links to the neuroscience of affect” [p. 315]. They reviewed several loss-aversion studies of young adults and adults and found that the means of loss aversion (computationally formalized as a multiplicative weight on losses relative to gains) in their model were between 1.3 and 2.5.

Kahneman and Tversky’s research method was cognitive. Rasmussen and Newland’s method was behavioral as was ours. However, we added an electrophysiological measure of the asymmetry of gains and losses. In the electrophysiological component of our study, the amplitudes of P300 waves elicited by gains and losses while playing the video game were measured in real time and converted to a gain/loss ratio. We hypothesized that the amplitudes of P300 waves recorded during a gain/loss behavioral procedure, when expressed as gain:loss ratios, would be directly related to their behavioral counterparts.

Method

Participants

The participants were 16 male undergraduate students enrolled at Brigham Young University (BYU), Provo, UT, USA 84602. They were recruited through an online recruitment platform following approval of our research protocol by the BYU Institutional Review Board.

Materials and procedures

We developed a computer game to produce behavioral data. Participants played the game in an experimental room, 9 ft by 9 ft, containing a table and chair. The table held a Dell® desktop computer (the game computer) equipped with a 17-in monitor and a mouse. The room was windowless and artificially illuminated. The computer had an Ethernet connection to a separate, identical computer that was in an adjacent room and that hosted the Emotive EPOC® Brainwear® software for recording the EEG and to monitor its functioning. The Emotive EPOC® device was placed on the participant’s head and contained 14 scalp electrodes. Written informed consent was obtained from all participants prior to the first experimental session. The participant was seated in front of the computer monitor and asked to read the instructions (written in English) for the game that appeared there. He was invited to play the video game in a series of 36-min sessions in which he could earn points on the screen. The net earnings were paid to the participant at the end of each session. In addition, the participants received a $50 bonus at the completion of the study. There were seven sessions. EEG recording was continuous during each session.

The SubSearch Game

Participants played SubSearch using the computer mouse to guide an underwater submarine and to retrieve as many yellow objects as possible before reaching the sea floor. When the cursor rested on the submarine, moving it moved the submarine. If the submarine was placed over a yellow object, clicking the mouse retrieved the object. Underwater barriers complicated the submarine’s movement between objects. Once the submarine descended to the sea floor, it was returned to the surface for a new descent, this time with more frequent barriers. Thus, the game became progressively more difficult as it continued. Only one panel was operative at a time. The other panel was darkened, and motion was paused. The game was played in two different vertical panels separated by a vertical line. Each panel was associated with its own interdependent concurrent variable-interval (inter conc VI VI) schedules of reinforcement. There was also a conjoint VI schedule of punishment during certain conditions on the left side of the screen. Unlike the traditional conc VI VI schedule in which the two schedules are independent of each other, the interdependent version assigned a reinforcer according to a preset probability generator. If, for example, the generator was set to assign twice as many reinforcers to the left panel than to the right panel (pL = 0.67), and the next reinforcer was assigned to the right panel, then it would be necessary for the participant to produce that reinforcer before the next one would be assigned. Thus, the interdependent schedule reduced the likelihood of extreme position (left or right) biases and assured that the scheduled proportion of reinforcers) between the two panels remained close to the proportion of those that were delivered.

After the participant clicked the “Start-OK” message on the screen, a 36-min session commenced. The game allowed the participant to move the cursor from one panel to the other. However, each switch produced a changeover delay of 2 s. During this interval, no reinforcers or punishers were delivered. Gains and losses were signaled by separate on-screen messages, each accompanied by a distinctive sound. For 0.5 s prior to the on-screen signal of a gain or of a loss, a fixation signal (a white + sign) was presented on the screen and followed in the same location by a message indicating either “Collect a coin to continue” for gains or “Insert a coin to continue” for losses. The gain-message appeared for 1 sec. Then the tab located at the bottom of the screen between the two counters began to blink. The game resumed after the participant clicked on the tab. Counters on each side of the tab displayed the net points for the respective side of the screen.

Each click during a session was coded, time stamped, and saved to an external MySQL database. The summary statistics included the total time spent responding in each panel, the total number of clicks that occurred in each panel, the total numbers of reinforcers and punishers that occurred in each panel, and the total number of changeovers. Each session consisted of a fixed sequence of six 6-min conditions (conditions 1-6). Three of them (1, 3, and 5) contained conc VI VI schedules of reinforcement only and three (2, 4, and 6) contained conc VI VI schedules of reinforcement and a conjoint VI schedule of punishment on the left side of the screen. Table 1 summarizes the scheduled frequencies of reinforcers and punishers in each condition. Condition 1 featured a conc VI60-s VI20-s schedule, meaning that 25% of the total reinforcers were allocated to the left panel and 75% to the right panel. There was no schedule of punishment. Condition 2 featured the same conc VI60-s VI-20 schedule of reinforcement plus a VI60-s schedule of punishments. In other words, 100% of the punishers were allocated to the left panel and no punishers to the right panel. The other four conditions featured different reinforcer ratios. Each unpunished condition was followed by a similar condition that included punishers only in the left panel under the same schedule as the reinforcers that were delivered in that panel. Each condition was accompanied by a different background color in each panels, for a total of six different colors. It should be noted that the values of the VI schedules in each concurrent pair of reinforcement schedules were selected to produce the same overall rate of reinforcement despite the difference in their ratios (1:3 in conditions 1 and 2, 1:1 in conditions 3 and 4, and 3:1 in conditions 5 and 6). The ratio of reinforcers to punishers was always 1:1.

Electrocortical activity

The head-mounted instrument was a wireless Bluetooth® Smart device (2.4GHz band) with 14 electrodes that transmitted at a sample rate of 128 Hz. It provided access to raw, densearray, high-quality EEG data with software subscription (EMOTIV Brainware®. The resolution was 14 bits with 1 LSB = 0.51 μV). The bandwidth was 0.2 -43Hz with digital notch filters at 50 Hz and 60 Hz. It included a digital 5th-order Sinc filter and a dynamic range (input referred) of 8400μV. It was AC coupled and powered by a lithium polymer battery (480 mV). The device sent the EEG data via a Bluetooth® connection to the computer to be recorded. In the game computer, certain in-game events, such as displaying a gain or a loss message on the monitor, triggered a signal to the second computer, it also compiled the data, temporally aligning the EEG data with the 8-bit codes received from the game and saved them to the hard disk. Because of the limitations of Bluetooth® range, both computers were in the same room, but the interface and the monitor for the second computer was in an adjacent room. The final output was a large csv file that contained a time-step column, the 14 electrode channels, and markers for each SubSearch on-screen message.

Event related potential analysis

VEPs are electrical potentials initiated by brief visual stimuli and are recorded from the scalp overlying the visual cortex. Amplitude (measured in μV) is defined as the difference between the mean pre-stimulus baseline voltage and specific voltages (positive and negative) measured within a time window. Latency (measured in ms) was defined as the time from stimulus onset to the point at which amplitude was measured within the window [11]. The ERP contains distinct waveforms that may be correlated with specific cognitive activities [2]. The labels N50, P100, N100, P200, N200, and P300 are commonly used, where P and N indicate positive or negative deflections, respectively, and the number indicates an ordinal position in the waveform. It should be noted that the P200, N200, and P300 are specifically ERPs; however, we used the term ERP to refer to all of the VEP components. Gehring and Willoughby [5] recorded brain activity coincident with monetary gains and losses and concluded that the amplitude was greater for losses than for gains. The ERP data were imported using EEGLab® with the ERPLab® add-on. EEGLab® is an interactive Matlab® toolbox for processing continuous and event-related EEG, magnetoencephalographic, and other electrophysiological data to produce independent component analysis, time/frequency analysis, artifact rejection, event-related statistics, and several modes of visualization of the averaged and single-trial data. A 1Hz high-pass filter, followed by a 50 Hz low-pass filter, was applied to the in-session recordings. Epochs were created for each gain or loss in the SubSearch game and ranged from 1,000 ms before the message appeared to 2,000 ms after it disappeared. Any epoch that contained an amplitude exceeding 150 mV was rejected. The epochs were averaged for gains and losses separately, resulting in a pair of summative waves (gain and loss) for each participant in each session. Then grand averages were created. The P300 component of the VEP was the focus of our analysis. The P300 wave was measured as the maximum positive deflection occurring between 250 msec and 500 msec following the presentation of brief visual stimulus. Yeung and Sanfey [17] found that, in studies of choice, the P300 can be influenced by several factors, including the magnitude of the chosen option, the valence and magnitude of the alternative option, and the relative value of the alternative outcome in comparison with the chosen outcome.

 

The data analysis consisted of signal filtering, amplifying, and averaging the EEG during the 1-s epoch immediately prior to the onset of a message on the monitor screen and during the 2-s epoch following the offset of the message. The analysis of the averaged ERPs focused on the previously indicated components of the average signal, with each component characterized by its amplitude, polarity (positive or negative), and latency. An ERP waveform consists of a series of peaks (here termed positive peaks) and troughs (negative peaks), but these voltage deflections reflect the sum of several relatively independent underlying, or latent, components. Isolating the latent components from the observable peaks and troughs of the waveform was challenging. The SubSearch game was designed to minimize latent components and to make sure that the evoked P300 was, as much as possible, a direct result of the experimental design. An important objective of the design was to separate the processes related to monetary gains and losses from possible confounding factors. The EEG does not only include ERPs but also other, “noisy” signals. The method we used to reduce the latter signals was signal averaging. All of the analyses featured epochs that were time-locked to the onset of the fixation signal that preceded the on-screen messages announcing reinforcers and punishers. Additionally, we examined the modulating effects of valence and magnitude on the ERP.

 

Figure 1 depicts the sequence of events in the computer game. Each ERP epoch began with a blank screen that appeared simultaneously with scheduled delivery of a reinforcer or punisher. Five- hundred ms later, a fixation mark appeared on the screen. After another 500 ms had passed, it disappeared, and the gain or loss message appeared on the screen. It marked the onset of the P300 waveform. Analysis of the epoch began 500 ms previous to the fixation signal. Immediately following the presentation of the reinforcer (or punisher) message, which remained on the screen until the participant resumed the game, there was a 1000-ms delay until the tab at the bottom of the screen between the two cumulative counters began to blink. During this interval, the game was inoperative and remained so until the participant clicked the tab.

Behavioral data analysis

Thorndike [16] formulated the basic principle of the law of effect, which stated that actions followed by feelings of satisfaction are more likely to be repeated, but actions followed by feelings of annoyance are less likely Herrnstein [6,13] produced systematic work on behavioral choice involving schedules of reinforcement. He found that, over time, the proportion of responses to an alternative matched the proportion of reinforcers received for responding to that alternative. If twice as many reinforcers were provided to one of two alternatives, then, on average, twice as many responses were directed to that alternative once response allocation was stable. Herrnstein summarized this regularity as follows and termed it the matching law of distributed (ongoing) choice between alternatives:

B refers to number of behavioral responses and R to the number of reinforcers that the responses produced. The two alternatives are designated by subscripts. This version of the matching law is actually a special case of the generalized matching law (GML; Baum, 1974):

that is, b = s= 1.0.

The parameters in this power function reflect a bias (b) for one source of reinforcement over the other and sensitivity (s) to changes in the distribution of reinforcers between the two sources, respectively. Under logarithmic transformation, the GML becomes a linear equation:

We used a procedure like that of Rasmussen and Newland and applied both the subtractive model as well as an indirect model to our results. The latter does not directly include punishers but, instead, represents the effect of punishers by variations in the effects of reinforcers. In other words, using this model, it is not necessary to include both reinforcers and punishers in the equation to measure their asymmetrical effect. All analyses were conducted using IBM SPSS Statistics 23 [13] and Microsoft Excel®. Measures included in the analyses were the number of responses (clicks) to the left and right alternatives (BL and BR) and the number of reinforcers provided by each (RL an d RR). The results were analyzed using equation 3. Asymmetry ratios were computed using antilogarithms of the bias estimates from the linear regressions for the conditions in which only reinforcers were used and those in which reinforcers and punishers were both used.

Results

Behavioral gain: loss asymmetry

Loss amplitudes were higher than gain amplitudes with an asymmetry ratio of 3.40. Table 2 contains the overall mean values of b for the No-punishers and With-punishers conditions, the 95% confidence intervals, and the asymmetry ratios for each session. Tables 3 and 4 contain the overall mean responses, obtained reinforcers, obtained punishers, and changeovers for the Nopunishers and With-Punishers conditions for the unpunished alternatives, respectively, for each of the participants. Table 5 is a summary of the overall estimated values of s and b in the Nopunishers and With-punishers conditions, and the asymmetry ratio for each participant.

 

 

Figure 2 displays the overall mean P300 waveform and other waveforms at electrode sites F3 (Panel B) and O1 (Panel C) for all participants according to the timeline. The approximate locations of the electrodes also appear. The reaction time (RT) was measured as the interval that began with the onset of the on-screen message and continued until the blinking tab was clicked. The mean RT was slightly shorter for the gain message (1512 ms) than for the loss message (1665 ms). In Figure 3, the overall mean amplitudes and standard errors are shown for each session: green bars for gains and red bars for losses. The blue lines represent the overall mean asymmetry ratio in each session. Five component waveforms appear, including the P300. The mean overall symmetry ratio for the P300 waveform was 1.99.

Correlation of the behavioral results with the electrophysiological results

Figure 4 displays the means of the asymmetry ratios derived from the two categories of data (behavioral on the x-axis and EEG on the y-axis) for each participant, together with the regression equation and R^2 (%VAC). Overall, the correlation coefficient was 0.852 and R^2 = 0.738.

Figure 4: Linear Regression of the Asymmetry Ratios for Each Participant Derived From the Behavioral Data (X-Axis) and From the EEG data (Y-Axis).

 

Discussion

Our results demonstrated a direct, robust correlation between behavioral and EEG measures of gain-loss asymmetry. The overall mean asymmetry ratio from our behavioral results was higher (M = 3.40) than that from the cognitive results previously cited [5,17] and from Rasmussen and Newland’s [14] behavioral study (M ≈ 3.0). For our EEG results, M = 1.99. One possible reason for the larger ratio from our behavioral results may be the use of the EMOTIV EPOC+® and the incumbency on participants to wear it throughout each session and, at the same time, to avoid unnecessary movements (which could have interrupted Bluetooth® interconnectivity or added noise to the EEG record). Notable aspects of the research method and data analysis included the use of the interdependent schedules of reinforcement, the inclusion of six different schedules within the same session, and the achievement of relative stability of participants’ performance within seven sessions [12,16], and that our participants were men, but there were 16 of them in our study and five in theirs. We, too, utilized a computer game as the behavioral task, though the on-screen presentation in our game was more complex than in theirs, as was the concatenation of six conditions within a session as opposed to their presentation of a single condition over consecutive sessions. Our use of interdependent VI VI schedules of reinforcement produced ratios of reinforcement consistently closer to the programmed ratios than in their study, where the disparity between programmed and actual ratios produced by conc VI VI schedules of reinforcement was substantial. Also, when a VI schedule of punishment was conjoined with the reinforcement schedule in their procedure, the scheduled rate of punishment was half that of the scheduled rate of reinforcement as opposed to being the same rate, as in our experiment. As with reinforcers, their results displayed a considerable disparity between the scheduled and actual rates of punishers.

Finally, our study included the measurement of EEG activity concurrent with participants’ distributed choice behavior. The temporal alignment of the EEG record with the record of behavior during the same SubSearch session was critical to demonstrating the correlation between the two sets of data. This requirement was fraught with unanticipated complications and required extensive revision and testing of the communication protocol between both computers (see the earlier description of the procedure) before it was sufficiently reliable for use in the research we reported. Perhaps the most noteworthy outcome of our study was the strength of the positive correlation between the behaviorally derived and EEGderived asymmetry ratios. Though no extant models account for that relationship, its demonstration invites further investigation. For the present, we have concluded that losses affect ongoing behavior in a distributed-choice procedure more intensely than gains do and that this differential effect may be quantified using the record of brain activity that occurs simultaneously with distributed choice behavior. It is as if the brain holds a mirror to externally observable behavior, or vice versa.

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Friday 3 December 2021

Lupine Publishers | Promising Business Opportunities in the Industrial Age 4.0 and the Society Era 5.0 in the New-Normal Period of the Covid-19 Pandemic

 Lupine Publishers | Scholarly Journal Of Psychology And Behavioral Sciences


Introduction

The world order is now being tested again in drastic and slow changes but has entered the second dramatic phase, including in Indonesia, namely the spread of the Corona Virus-19 wave 2 with the Delta variant which is said to have originated from India. Almost every day, it is reported that transmission with positive symptoms and asymptomatic cases reaches more than thousands, with a significant death rate. The life of the world has also agreed to enter the Industry 4.0 era which is accompanied by the era of Society 5.0 with an uncontrollable acceleration that also facilitates all human needs. The Industrial Era 4.0 marked the changing of society so quickly with the acceleration of the flow of information without any barriers wherever it existed (disruption), and industrial-digitalization technology that is increasingly modern and sophisticated can adapt all types of human actions and behaviour [1-5]. Technology makes one’s work easier, especially from time to time, changes in industrial technology are increasingly modern and sophisticated, almost perfect so that humans are made dependent. Therefore, the Industrial 4.0 era has now become a global trend and any country including Indonesia must accept it, both positive and negative impacts that accompany it. This is because the presence of Industry 4.0 is certain to bring about changes in attitudes and behaviour due to the convenience of the accompanying technology. Coupled with changes in individual attitudes and behaviour at the same time changing the social order with the establishment gradually eroded in the modern style [6]. With this situation and condition, we need and must respond wisely and wisely, especially for business people so that in facing these two eras coupled with global conditions that are experiencing the Covid-19 pandemic through optimism and responsiveness while believing in great opportunities in the world. before the eyes. Rosmida in her research suggests that in dealing with these two eras it is necessary to deal with five strategies, namely

a) the need for digital-based skills,

b) responsive to the development of new and renewable technologies,

c) adaptive to changes in industrial technology, and digitalization-based businesses,

d) improving soft skills-based capabilities, and

e) transforming the world of quality education based on strengthening software and brain device as well as hardware, so that humane, innovative-productive creations are ready to be produced.

This is in line with the findings [7] which emphasizes that in the era of the Industrial revolution 4.0 and the challenges of changing the Society 5.0 era, all activities and actions, including business actors, must be aligned with the use of renewable technology. Business people through conventional manual methods need to be reconsidered if they want to go public. That is, if you use manual work and promotion methods rely on the people who come, it will not be big. The use of technology digitization, the use of free and paid software is a strategic solution in developing business strategies in this era. He adds that the modern era which is now known as the Industrial 4.0 era and the social revolution in the era of society 5.0 cannot be denied being referred to as a consequence of disrupted contemporary life, so it is very necessary to adapt by utilizing and considering aspects of technological humanism. The presence of renewable technologies in artificial intelligence, big data, robotics, machine learning, robotics, and internet of things (IoT) models is an undeniable part of innovative products and technological creations and their engineering to facilitate work, including the business world. And, this article examines whether the industrial era 4.0 and the community era 5.0 during the Covid-19 pandemic, any business opportunities in any form of business are promised by utilizing digitalization technology.

Literature Review

As it is known that Industry 4.0 is a follow-up to the industrial revolution 1.0 in 1800 which was part of a fundamental change in an activity of human life in the process of production, consumption and distribution with the related environment through the integration of physical form, digital technology with humans as human capital [8-10] For the world, the Industrial 4.0 era is a revolution that the industrial revolution appeared in England, the first time as a result of a shift and the ordinary industrial world with human (manual) power switching (transformation) to machine power. According to the [11,12] classification of the characteristics of the industrial era 4.0 can be recognized by the increase in growth, both qualitatively and quantitatively through increasing manufacturing digitization so that it appears that

1) An increase in the volume of data, computing, and connectivity

2) An analysis, capabilities, and business intelligence

3) The emergence of new models of interaction between humans and machines and their environment, and

4) The reorientation of instructions arising from digital transfers to the physical world, such as robotics, 3D printing, and so on.

Likewise, the era of Society 5.0 which is content due to the industrial era that changes the perspective of society, which of course both are interconnected, the Industrial 4.0 era in technological transformation with digital engineering. So the era of Society 5.0 focuses more on changes that occur in humans in their attitudes and understanding. If the Industry 4.0 era in the context of business development requires three literacy, such as data literacy, human literacy, and technological literacy. So in the era of society 5.0, assistance is needed, digitalization technology is a substitute for distributors and promotions to replace the role of sales promotion [13-15] In Puspita’s research, [16,17] explained that indeed the industrial revolution which was marked by a change in the way of life and work processes could essentially be facilitated due to the presence of modern technology that presents all types of information that can be connected and recorded in digital technology. Likewise, the era of society 5.0 is tasked with more critical human behaviour and attitudes, innovation and professionalism so that it is easy to adapt and be responsive to changing times.

According to Heriyawati that the Industrial 4.0 era, known as the era of disruption, is a creation of the digital world that cannot be blocked. As a result, the acceleration of access to information and communication is so intense that it becomes a contemporary custom for human behaviour today. This is natural of law (sunatullah), where the role of the mind that always thinks must produce a dynamic and change. The impact is of course, in addition to emerging innovations along with its destruction, extinction and destruction will certainly appear. Life is a provision, where those who are ready for change will feel this era is both exciting and scary. Likewise, [18-21] in his research, emphasized that the changes that are currently in process and running with the creation of technological advances have radically changed the world order, both the world and the digital world, which are the main characteristics of the Industrial 4.0 era. Anyone who can become an agent of change will certainly experience progress, including a country in general, and business people in particular. This era is marked by the realization of manufacturing technology based on digitalization and artificial intelligence data exchange, such as the internet of things (IoT), cyber-physical systems, cognitive computing, and cloud computing. All of these are of course as artificial technologybased tools that may be the trigger for success in doing business in this era. Not in MSME activities.

According to Nurgroho & Andarini in their research explaining that every business actor including MSMEs in the Industry 4.0 era must be able to prepare various strategies, one of which is utilizing digitalization technology to be competitive by offering innovative, creative, attractive packaging products. , excellent HR. On the other hand, [22] asserts that for anyone, it is certainly an opportunity in the era of disruption (Industry 4.0) and Society 5.0 because today the dependence of human life is based on information. So, whoever can make the new technology and its development can be utilized becomes the winner. In the future, technological engineering through digitalization innovations will also lead to the wonders of the supply-side sector, with long-term efficiency and productivity gains. Transportation and communication costs will decrease, global logistics and supply chains will become more effective, and trading costs will decrease, all of which will open up new market opportunities and encourage economic growth.

According to Suyitno what has predicted regarding the Industrial 4.0 era has the potential to degrade the human role, as technology plays a major role in making Japan give birth to the concept of Society 5.0. This concept emphasizes that artificial intelligence through the transformation of big data collected via the internet from all aspects of life will certainly produce new wisdom, the hope is that it can make human abilities open up opportunities for human benefit. Therefore, it is undeniable that today’s very rapid changes with modern technology plus the flow of globalization without regional and state barriers have led to the development of super-fast information system technology without being dammed, resulting in the global trend of the Industrial Era 4.0 and Society 5.0. For business people, this is a very promising opportunity in the present and the future, especially if business people can embody three important interconnected elements, namely the Industry 4.0 era and the Society 5.0 era with the Sustainable Development Goals (SDGs) program launched by the United Nations as a complementary data [23-25].

Method

This article was written using a qualitative approach focused on analyzing promising business opportunities in the era of disruption (Industry 4.0) and the era of Society 5.0 during the new normal period of the Covid 19 pandemic in Indonesia by describing more of a contemporary phenomenon based on data and information [26]. The exploration method is used to explain a phenomenon that is described in data and facts from research results that have been published in national and international journals and other sources. To collect data and research facts, they are taken as a whole from the journal or only in part, then sorted so that data accuracy occurs by referring to the triangulation model to strengthen between one case and the same case and then analysis and interpretation is carried out. Because according to Piaget’s theory that data can be useful knowledge if it is presented with inaccurate information.

Results and Discussion

Industrial era 4.0 and society era 5.50 during the covid-19 pandemic masa

It is understood that the development of science has greatly contributed to changing the world [11]. In their research said that the theory of knowledge creation in the last quarter-century has been able to contribute greatly to management innovation so that it is useful in the era of Society 5.0. Today’s innovation demands socioeconomic integration that transcends the boundaries of today’s companies. By preparing a system (knowledge ecosystem) as a basis, we can build civilization progress [5,7,16]. According to that global issues that impact the joints of life, such as the situation of increasing global problems and dangers of anthropo-technological, medical-epidemiological, economic, environmental, demographic characteristics, the demand to identify transformational changes in relevant global and national labour markets. The industrial revolution 4.0, the threat of the COVID-19 pandemic, the transition to Society 5.0 or Super Smart Society is a challenge that changes the characteristics of the world of work, the workforce, in each country and humanity as a whole. The transformation in the global and domestic labour markets caused by the complex impacts of the digitalization process and the COVID-19 pandemic. Agree on this. According to them, the impact of the global crisis caused by the transmission of Covid/Post-Covid-19 is not only in the health sector, socio-cultural but also in the education business sector. For the business sector, there has been a major transformation in mapping business opportunities, not only on business but also on the elements that surround it. For example, in a teaching and learning system that initially used an offline model, now it must be online so that it requires the use of IoT on a large scale, the use of AI (artificial intelligence), big data, and machine learning for business forecasting, the use of cloud platforms to manage intelligent education, devices wearables, smart city, smart society, smart healthcare, smart welfare, smart SME, smart retail, smart supply chain, and the future of business based on a digitized culture called ‘’Work-welfare 5.0 on Urban 6.0’’ as the solution. This is what [15] call the contribution of scientific theory to changes in the global order of life, especially in the Industrial 4.0 era and the Society 5.0 period as described [21,15].

In the Industrial 3.0 era along with the Society 4.0 era which relies on computerization, internet, IC, and automation and continues in the Industrial 4.0 era for ten years with very fast changes changing a new order that relies on digitalization-transformation technology engineering, virtual reality, cyber-physical systems (Figure 1), smartness to usher in an economic and business revolution by involving the connectivity of other organizations. In such situations and conditions and have developed an innovative model in which the benefits of transforming social needs into one another can be utilized. Not only relying on technological engineering and artificial intelligence but also rearranging the order of world civilization through a change in mindset that refers to the harmony of attitudes and character in humans themselves. These authors seem to want to refer to the concept of the Japanese community initiative with the Society 5.0 era model which not only focuses on technological developments and the opportunities inherent in responsible innovation through maximizing the role of humans. In the era of Industry 4.0 and Society 5.0, there is a great opportunity for business with virtual media through digitalization. This is at the same time able to play an important role in making financial support effective for recovery from the COVID-19 crisis and opening up business opportunities at this time. The following describes the theory of the fifth wave of revolution.



From the picture above (Figure 2), it is known that the first development of human civilization began as the development of society 1.0 with more than 70,000 years at the same time as the start of the Industrial 0.0 era which was marked by an agrarian society. The Industrial Era 1.0 is based on the industrial revolution with a social structure of 3.0 in the 17th to 18th centuries, and then the current era enters the Industry 4.0 era with a 5.0 society order that will last for 20 years starting in the 21st century. Marked by Super Smart Society and Digital Transformation This era has great opportunities in the business world using digital technology. So, it is not surprising that e-digital, e-wallet, e-commerce and so on have emerged. According to Sołtysik & Zdenek (20210 that in this era business opportunities are very large and depend on digital services, with the most popular being applications, websites, and platforms. These business opportunities are directly related mainly to the public sector, such as transportation, education, culture and sports, economy and finance and health. And this business opportunity is not only limited to the domestic area, but can cross geographical boundaries in various countries, including Asia, Western Europe, Northern Europe, Southern Europe, and Eastern Europe, and others. This is because in the Industry 4.0 era which coincides with the era of Society 5.0 which relies on artificial intelligence (AI), robotics, big data, etc., both serving women and men, as well as society in general, all of which are connected between regions, between cities and even between cities. between countries between continents without barriers and boundaries, even supported by physical restrictions due to social distancing, it is very likely to use IoT (internet of things) devices and big data as a macro-scale liaison. However, the community still has to be critical and able to adapt (Figure 3). Given the great opportunities in the business sector in this era, the relationship between the Industry 3.0 era (society 4.0) and the society 5.0 era (industrial revolution 4.0) can be described as follows:



From the picture above, it is clear that there are very prominent differences in the two eras, especially in business development and the opportunities that exist in it. In the 4.0 era (Industrial Revolution 3.0) business and economic opportunities involve 5 (five) main elements, namely

1) Economies of scale

2) Uniformity

3) Concentration

4) Vulnerability

5) Mass consumption resources with high environmental impact. Meanwhile, in the era of Society 5.0 (Era of the Industrial Revolution 4.0) it changed from economies of scale to

6) Problem solving and value creation

7) Uniformity into diversity/difference

8) Concentration into locality (decentralization)

9) Vulnerability into resilience

10) Environmental sustainability and balance. Especially during the Covid-19 pandemic, a good strategy is needed.

To create a good atmosphere and conditions, as well as an accurate strategy, [5,8,19] suggested that during the COVID-19 pandemic, which is marked by the digital era as a manifestation of the Industrial 4.0 era, it is necessary to utilize Artificial Intelligence. Intelligence (AI) which seems to act as a guardian of this new virus is within reasonable limits. AI also has the potential to transform communities into super smart Society 5.0. So it will be very easy if you can make AI a tool for creators and engineers as well as critical, innovative and creative in opening up business opportunities and developing them. In Islam, the world and everything in it are intended for humans, (Q.S. Al-Baqarah, 2: 29). Therefore, it is very possible if the existing opportunities can be realized of course by utilizing science and technology. So, the Society 5.0 era and the Industrial 4.0 era which means the concept of a human-centred (anthropocentric) and technology-based society as well as a concept of solving social problems through a balance of economic progress and solving social problems by using a system that integrates physical space and virtual space while simultaneously prepare human resources to face the challenges of this era through the implementation of Strategic Human Resource Management. The implementation of the HR Strategy in question is the implementation of strategic values, strategic integration, employees as the most valuable, emphasis on support staff management, strengthening management and employee commitment, effective communication, decentralization for empowerment, flexibility and adaptation, creativity and innovation, and obsession. to quality [25]. Business Opportunities in the Industrial Era 4.0 and Society 5.0 during the New Normal Covid-19 Hysa [18] provide enlightenment related to the use of social media as a potential opportunity for sustainable success in business. According to them, during the global COVID-19 pandemic, intensive marketing efforts and strategies to restore sustainable business opportunities are open. In their research, they argue that social media (SM) can significantly support business promotion by guaranteeing the number and types of competitive products. Although the research in Poland used 397 respondents representing the Baby Boomers (BB) group, as well as Generations X, Y, and Z. So, it is very relevant if the use of SM is also used for business people in Indonesia. Moreover, Indonesia, which has a population of more than 260 million people, is a very large market share for the economy and business.

He noted that internet technology has become an important part and brings major changes in human life, especially in Indonesia. According to the survey results of APJII (Association of Indonesian Internet Service Providers) for the 2019-2020 (Q3) period, each year has experienced a significant achievement, which is 73.7% of the total population. Apart from the negative impact, economically this opportunity is very large for business people as well as digitalbased business opportunities. Even according to that [7] when the Covid-19 pandemic hit Indonesia in 2020, internet users increased, even though they had to stay at home because of the PSBB, Work From Home (WFH) was enforced by increasing social media users. In 2021 even the Industry 4.0 era, which coincided with the condition of society at level 5.0 during the Covid-19 outbreak, was getting crazier with the new wave of the Covid Delta version in July resulting in the socio-economic impact experiencing a downward trend. Based on data from the Ministry of Health, the spread of the Delta version of Covid-19 in the Industrial 4.0 era (Society Revolution 5.0) has increased significantly (Figure 4).


From the picture above, it can be seen that a sharp increase in the confirmed positive for Covid-19 Delta occurred this July even though the government has successfully carried out stage 1 (38,909, 433) and stage 2 (15,611,554) vaccinations. According to Ranjbari, Esfandabadi & Zanetti (2021) that the COVID-19 pandemic is not only happening in Indonesia but almost all countries. The negative impact continues on the economic, social and environmental sectors. Therefore, they concluded that Covid-19 will continue to exist but what must be done after this Covid-19, especially in the development of sustainable development by the United Nations Sustainable Development Goals (SDGs). According to him, several steps need to be taken, such as a sustainability action plan considering the implications of COVID-19: refining sustainability goals and targets and developing a measurement framework; take advantage of opportunities for a sustainable transition after COVID-19, with a focus on SDG 12 and SDG 9, innovative solutions for economic resilience towards post-COVID-19 sustainability, which are focused on SDG 1, SDG 8, and SDG 17, in-depth analysis of the long-term effects of COVID-19 on social sustainability focusing on SDG 4, SDG 5, and SDG 10; and expanding quantitative research to align sustainability research on COVID-19. The offer of Ranjbari, et al., is certainly very meaningful in creating recovery optimism and looking at business opportunities in the Industry 4.0 and Society 5.0 era in the Covid-19 pandemic. Even Di Vaio, Boccia, Landriani & Palladino (2020) in their findings stated that there is an opportunity in this era through the use of artificial intelligence (AI) to provide the agri-food industry, as well as the role of stakeholders in its supply chain. Similarly, regulators can take a proactive role in the creation of business value, according to their environmental awareness. Moreover, in Indonesia as an agricultural country, opportunities are very open, MSMEs in every corner of the village, culinary adornments in residential and rural areas. It’s just a matter of how they are empowered by the adoption of renewable technology by serious study and design through a business model approach.

Conclusion

From the explanation above, business opportunities in the Industry 4.0 and Society 5.0 era during the Covid-19 pandemic depend on the ability of business people to take advantage of situations and conditions into open opportunities. The existence of internet access based on digitalization technology and artificial intelligence (AI) with the use of IoT is the main supporting element in its success in realizing business opportunities. Through big data as a means for promotion and market share that can be connected between regions, countries and continents, it can be used as a large and broad market share. Paid and free software as a novice business person can be used for its usefulness while improving their soft skills and competencies. Various social media and networks, such as WashCap, Twitter, Youtube, Instagram need to be used as tools for success. Whatever the type of business, starting from culinary, MSMEs, transportation, and other services, as well as various kinds and variety of businesses, they must be innovative, creative and productive. And, policymakers must support and encourage these business actors by providing legal, political and environmental security that is conducive to the growth and development of businesspeople in the Industry 4.0 and Society 5.0 era, especially during the Covid-19 pandemic, especially micro-business players, small and medium enterprises (MSMEs).

 

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