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Articles 1 - 24 of 24
Full-Text Articles in Behavioral Economics
The Smallest Upper Bound For The Pth Absolute Central Moment Of A Class Of Random Variables, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
The Smallest Upper Bound For The Pth Absolute Central Moment Of A Class Of Random Variables, Martin Egozcue, Luis Fuentes García, Wing Keung Wong, Ricardas Zitikis
Martin Egozcue
We establish the smallest upper bound for the p absolute central moment over the class of all random variables with values in a compact interval. Numerical values of the bound are calculated for the first ten integer values of p, and its asymptotic behaviour derived when p tends to infinity. In addition, we establish an analogous bound in the case of all symmetric random variables with values in a compact interval. Such results play a role in a number of areas including actuarial science, economics, finance, operations research, and reliability.
An Optimal Strategy For Maximizing The Expected Real- Estate Selling Price: Accept Or Reject An Offer?, Martin Egozcue, Luis Fuentes García, Ricardas Zitikis
An Optimal Strategy For Maximizing The Expected Real- Estate Selling Price: Accept Or Reject An Offer?, Martin Egozcue, Luis Fuentes García, Ricardas Zitikis
Martin Egozcue
Motivated by a real-life situation, we put forward a model and then derive an optimal strategy that maximizes the expected real-estate selling price when one of the only two remaining buyers has already made an offer but the other one is yet to make. Since the seller is not sure whether the other buyer would make a lower or higher offer, and given no recall, the seller needs a strategy to decide whether to accept or reject the first-come offer. The herein derived optimal seller's strategy, which maximizes the expected selling price, is illustrated under several scenarios, such as independent …
Enfoques Teóricos De Las Reglas Por Defecto En El Derecho De Contratos: Complementariedades, Coincidencias Y Contradicciones, Daniel Monroy
Enfoques Teóricos De Las Reglas Por Defecto En El Derecho De Contratos: Complementariedades, Coincidencias Y Contradicciones, Daniel Monroy
Daniel A Monroy C
El artículo muestra una lectura crítica en lo que respecta a la noción, las funciones y el diseño de las reglas por defecto en el derecho de contratos a partir de tres enfoques teóricos a saber: la perspectiva jurídica tradicional; la visión del Análisis Económico del Derecho (AED) en su versión clásica y; el enfoque del denominado behavioral law and economics (BL&E). El documento destaca con particular atención que en lo correspondiente a la noción y las funciones de las reglas por defecto en el derecho de contratos, existe un alto nivel de coherencia entre la perspectiva jurídica tradicional por …
Convex Combinations Of Quadrant Dependent Copulas, Martin Egozcue, Luis Fuentes García, Wing Wong, Ricardas Zitikis
Convex Combinations Of Quadrant Dependent Copulas, Martin Egozcue, Luis Fuentes García, Wing Wong, Ricardas Zitikis
Martin Egozcue
It is well known that quadrant dependent (QD) random variables are also quadrant dependent in expectation (QDE). Recent literature has offered examples rigorously establishing the fact that there are QDE random variables which are not QD. The examples are based on convex combinations of specially chosen QD copulas: one negatively QD and another positively QD. In this paper we establish general results that determine when convex combinations of arbitrary QD copulas give rise to negatively or positively QD/QDE copulas. In addition to being an interesting mathematical exercise, the established results are helpful when modeling insurance and financial portfolios.
Poisoning The Well, Or How Economic Theory Damages, Julie A. Nelson
Poisoning The Well, Or How Economic Theory Damages, Julie A. Nelson
Julie A. Nelson
Contemporary mainstream economics has widely “poisoned the well” from which people get their ideas about the relationship between economics and ethics. The image of economic life as inherently characterized by self-interest, utility- and profitmaximization, and mechanical controllability has caused many businesspeople, judges, sociologists, philosophers, policymakers, critics of economics, and the public at large to come to tolerate greed and opportunism, or even to expect or encourage them. This essay raises and discusses a number of counterarguments that might be made to the charge that current dominant professional practice is having negative ethical effects, as well as discussing some examples of …
Integration–Segregation Decisions Under General Value Functions: ‘Create Your Own Bundle—Choose 1, 2 Or All 3!’, Martin Egozcue, Sebastien Massoni, Wing Wong, Ricardas Zitkiks
Integration–Segregation Decisions Under General Value Functions: ‘Create Your Own Bundle—Choose 1, 2 Or All 3!’, Martin Egozcue, Sebastien Massoni, Wing Wong, Ricardas Zitkiks
Martin Egozcue
Whether to keep products segregated (e.g., unbundled) or integrate some or all of them (e.g., bundle) has been a problem of profound interest in areas such as portfolio theory in finance, risk capital allocations in insurance and marketing of consumer products. Such decisions are inherently complex and depend on factors such as the underlying product values and consumer preferences, the latter being frequently described using value functions, also known as utility functions in economics. In this paper, we develop decision rules for multiple products, which we generally call ‘exposure units’ to naturally cover manifold scenarios spanning well beyond ‘products’. Our …
Gains From Diversification: A Regret Theory Approach, Martin Egozcue
Gains From Diversification: A Regret Theory Approach, Martin Egozcue
Martin Egozcue
No abstract provided.
Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid
Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid
Muhammad Irfan Chani
This study investigates the casual relationship between economic development and formation of human capital in Pakistan. Based on endogenous growth theory, this study empirically tests the standard growth model consisting of gross domestic product (GDP) per capita as a dependent variable and human capital formation, investment in physical capital and labor force as independent variables. Autoregressive distributive lag (ARDL) bound testing approach to cointegration is used to check the long-run equilibrium relationship between the variables included in the model. For checking the causal relationship between economic development and human capital formation, pair-wise Granger causality test is used for time series …
Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan
Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan
Muhammad Irfan Chani
This study aims to investigate the role that various socioeconomic factors like female education, urbanization and female labour force participation play in determining fertility of women in Pakistan. ARDL bound test approach to cointegration is used to analyze the long-run relationship of the variables by using the data for the period from 1980 to 2009. The empirical results show that there exists a long-run as well as short-run relationship between fertility and urbanization, female labour force participation and female education in Pakistan. The analysis indicates there is a negative relationship between all 3 determinants with fertility. Female education and urbanization …
Finger Lickin’ Good: An Analytical Investigation Into The Urban Diet, Jennifer T.R. Tomlinson
Finger Lickin’ Good: An Analytical Investigation Into The Urban Diet, Jennifer T.R. Tomlinson
Jennifer T.R. Tomlinson
In this analysis, the origins, customs and implications of fast-food culture will be explored with important focus on the customs of fast-food urban eating. Research indicates that lower-income urban areas are more likely to consume fast-food. The high consumption of fast-food subsequently results in the development of social and economical implications, which include health implications, economic dilemmas, a disconnection between consumers and their consumption and issues of social classification. This analysis also explores the customs of fast-food culture of Pine Hills, Florida with added emphasis on Pine Hills’ cultural uniqueness.
A Closer Look At The Relationship Between Superstitious Behaviors And Trait Anxiety, Brandy Futrell
A Closer Look At The Relationship Between Superstitious Behaviors And Trait Anxiety, Brandy Futrell
Brandy Futrell
This study examines the relationship between superstitious behaviors and trait anxiety. Researchers randomly selected participants from college campuses for a 28-question survey measuring superstitiousness and the 20-question State-Trait-Anxiety-Inventory (STAI) to measure symptoms of anxiety. Results show a positive correlation between superstitious behaviors and an increase in anxiety symptoms. Significant gender differences were found; women scored higher on superstitiousness survey and the STAI-X2 test. Superstitious behaviors were a significant indicator for developing trait anxiety.
Coöperaties In België. Profielschets 2005-2010, Wim Van Opstal
Coöperaties In België. Profielschets 2005-2010, Wim Van Opstal
Wim Van Opstal
Coöperaties kennen de jongste jaren een groeiende aandacht binnen de academische wereld, het bedrijfsleven, het maatschappelijke middenveld en het beleid. Coöperaties worden tijdens een groeiend aantal studiedagen gewikt en gewogen als mogelijk instrument voor diverse uitdagingen die we vandaag kennen op economisch, sociaal en ecologisch vlak. Cijfers over coöperaties in ons land zijn echter schaars. In deze publicatie presenteren we een profielschets van de coöperatieve vennootschappen in België met daarin enkele kerngegevens die de lezer wegwijs maken in het Belgische coöperatieve landschap. We bestrijken daarmee de periode 2005-2010 en baseren ons hiervoor op administratieve gegevens, afkomstig uit de Balanscentrale van …
Les Co-Opératives En Belgique. Profil 2005-2010, Wim Van Opstal
Les Co-Opératives En Belgique. Profil 2005-2010, Wim Van Opstal
Wim Van Opstal
Cette publication présente le profil des sociétés coopératives en Belgique, principaux chiffres à la clef, afin de faire découvrir au lecteur le paysage coopératif en Belgique. La période concernée est 2005-2010 et nous nous basons sur les données fournies par la Centrale des bilans de la Banque Nationale de Belgique (BNB), la Banque- Carrefour des entreprises (BCE) et l’Office National de Sécurité Sociale (ONSS). Grâce à la collaboration du Département Emploi et Economie Sociale du gouvernement flamand, ces données ont pu être obtenues auprès de la cellule de coordination Vlaams e-Government (CORVE), qui rassemble les données dans la Verrijkte Kruispuntbank …
Mean And Variance Responsive Learning, Carlos Oyarzun, Rajiv Sarin
Mean And Variance Responsive Learning, Carlos Oyarzun, Rajiv Sarin
Carlos Oyarzun
A learning rule is variance-averse if the expected reduced-distribution of payoffs in the next period has a smaller variance than that of the current reduced-distribution, in every set where all the actions provide the same expected payoff. A learning rule is monotonically variance-averse if it is expected to add probability to the set of actions that have the smallest variance in the set, when all the actions have the same expected payoff. A learning rule is monotonically mean-variance-averse if it is expected to add probability to the set of actions that have the highest expected payoff and smallest variance whenever …
Theoretical And Experimental Analysis Of Auctions With Negative Externalities, Youxin Hu, John Kagel, Xiaoshu Xu, Lixin Ye
Theoretical And Experimental Analysis Of Auctions With Negative Externalities, Youxin Hu, John Kagel, Xiaoshu Xu, Lixin Ye
Youxin Hu
We investigate a private value auction in which a single “entrant” on winning imposes a negative externality on two “regular” bidders. In an English auction, when all bidders are active “regulars” free ride, exiting before price reaches their value. In a first-price sealed-bid auction incentives for free riding and aggressive bidding coexist, limiting free riding. We find substantial, though incomplete, free riding in the clock auction. In first-price auctions, regular bidders bid more aggressively than the “entrant” and both bid higher than in auctions with no externality. Predictions regarding revenue, efficiency, and successful entry between the two auctions are satisfied.
El Individuo Y La Comunidad. Aeon J. Skoble, Mario Šilar
El Individuo Y La Comunidad. Aeon J. Skoble, Mario Šilar
Mario Šilar
No abstract provided.
El Fracaso: Su Utilidad Personal Y Social, Mario Šilar
El Fracaso: Su Utilidad Personal Y Social, Mario Šilar
Mario Šilar
No abstract provided.
The Role Of The Law In The Availability Of Public Transit And Affordable Housing In Atlanta’S West End, Elliott Lipinsky
The Role Of The Law In The Availability Of Public Transit And Affordable Housing In Atlanta’S West End, Elliott Lipinsky
ELLIOTT LIPINSKY
The Federal Transit Administration (FTA) is a branch of the U.S. Department of Transportation that administers federal funds and provides technical assistance for the support of locally operated public transit systems. MARTA / Atlanta metro area are part of FTA Region IV (the Southeast). FTA would be involved, for instance, in financing the federal grant monies discussed above. But actual regulation of operations (i.e., what MARTA does each day, or what MARTA will plan to do regionally) is more closely regulated by Georgia agencies.
Until recently, the Atlanta metropolitan area had no powerful central agency to coordinate regional transit. The …
Harnessing Complementarities In The Education Production Function, John A. List, Jeffrey A. Livingston, Susanne Neckermann
Harnessing Complementarities In The Education Production Function, John A. List, Jeffrey A. Livingston, Susanne Neckermann
Jeffrey A Livingston
Studies which seek to estimate components of the education production function, especially those that employ the “value-added” approach, almost universally assume that the production function is linear and additively separable in its inputs. This strict functional form assumes that there are no complementarities between inputs, though there are compelling intuitive reasons to think they might exist. This study conducts a randomized field experiment to evaluate whether complementarities between students, their parents, and tutors who aid the students in specific subjects can be harnessed using financial incentives. No evidence emerges in support of this hypothesis. The results suggests that a given …
Payments For Ecosystem Services (Pes): Evolution Towards Efficient And Fair Incentives For Multifunctional Landscapes
Rohit Jindal
No abstract provided.
Isenhour, Cindy. On The Politics Of Climate Knowledge: Sir Giddens, Sweden And The Paradox Of Climate (In)Justice. Local Environment:, Cindy Isenhour
Isenhour, Cindy. On The Politics Of Climate Knowledge: Sir Giddens, Sweden And The Paradox Of Climate (In)Justice. Local Environment:, Cindy Isenhour
Cindy Isenhour
No abstract provided.
Information Projection: Model And Applications, Kristof Madarasz
Information Projection: Model And Applications, Kristof Madarasz
Kristof Madarasz
Inadequate Feeding Of Infant And Young Children In India: Lack Of Nutritional Information Or Food Affordability?, Nisha Malhotra
Inadequate Feeding Of Infant And Young Children In India: Lack Of Nutritional Information Or Food Affordability?, Nisha Malhotra
Nisha Malhotra
Why does child malnutrition persist in India? Amongst the fastest growing economies over the last two decades, India has struggled to make progress in the health of its children. In this article the author argues that the reason malnutrition persists is not limited to poverty or inadequate access to food; but that a lack of nutritional knowledge amongst families plays a very important role.
Scientific Abstract Objective: Despite a rapidly growing economy and rising income levels in India, improvements in child malnutrition have lagged. Data from the most recent National Family Health Survey reveal that the infant and young child …
An Analysis Of Different Approaches To Women Empowerment: A Case Study Of Pakistan, Amatul R. Chaudhary, Muhammad Irfan Chani, Zahid Pervaiz
An Analysis Of Different Approaches To Women Empowerment: A Case Study Of Pakistan, Amatul R. Chaudhary, Muhammad Irfan Chani, Zahid Pervaiz
Muhammad Irfan Chani