Road accessibility and cohesion in lagging regions: Empirical evidence from Portugal based on spatial econometric models

A number of transportation infrastructure projects were conducted in Europe during the 1990s with the explicit objective of promoting regional cohesion goals through the improvement of the accessibility of peripheral regions. Given its peripheral situation in the Union, Portugal was a key target for some of these projects. A decade later, it is pertinent to ask whether the new infrastructure achieved its objective of promoting lagging regions. The objective of this paper is to analyze one of the lagging regions in Portugal, to try to establish the link between changes in accessibility levels brought by improvements in the transportation network, and two indicators commonly used in accessibility research (population and purchasing power), while controlling other variables of possible relevance, such as the levels of educational achievement of the population in the region. The analysis is based on the use of spatially autoregressive models which allow the representation of accessibility as spatially lagged variables of first and second order. The results place the contribution of accessibility changes in context, and point at the relevance of education as an alternative policy.     

Parallel axiomatizations of majority and unanimity

The relative majority rule and the unanimity rule are characterized in the two alternatives case. The main axioms rely on the idea of determining the preference of a group by partitioning it into two subgroups and aggregating next their preferences.     

Efficient delays in a stochastic model of bargaining

Summary. We consider a k-player sequential bargaining model in which both the cake size and the identity of the proposer are determined by a stochastic process. For the case where the cake is a simplex (of random size) and the players share a common discount factor, we establish the existence of a unique stationary subgame perfect payoff which is efficient and characterize the conditions under which agreement is delayed. We also investigate how the equilibrium payoffs depend on the order in which the players move and on the correlation between the identity of the proposer and the cake size.Received: November 5, 1996; revised version: December 31, 1996This revised version was published online in February 2005 with corrections to the cover date.     

A generalized maximum entropy (GME) approach for crisp-input/fuzzy-output regression model

In this paper we present a crisp-input/fuzzy-output regression model based on the rationale of generalized maximum entropy (GME) method. The approach can be used in several situations in which one have to handle with particular problems, such as small samples, ill-posed design matrix (e.g., due to the multicollinearity), estimation problems with inequality constraints, etc. After having described the GME-fuzzy regression model, we consider an economic case study in which the features provided from GME approach are evaluated. Moreover, we also perform a sensitivity analysis on the main results of the case study in order to better evaluate some features of the model. Finally, some critical points are discussed together with suggestions for further works.     

On payoff heterogeneity in games with strategic complementarities

Recent papers involving binary choices have argued that increasingheterogeneity decreases positive feedback. We show that no suchresult holds in models where all agents make interior choices.The results in the binary choice case arise for two reasons.First, if we increase heterogeneity without limit but imposea bounded choice set, then almost all players eventually becomecompletely unresponsive, preferring some corner so stronglythat they do not react to any feasible change in the behaviorof others. Second, discrete choice permits the constructionof strong, but fragile, positive feedbacks through compositioneffects.     

The somatic marker hypothesis: A neural theory of economic decision

Modern economic theory ignores the influence of emotions on decision-making. Emerging neuroscience evidence suggests that sound and rational decision making, in fact, depends on prior accurate emotional processing. The somatic marker hypothesis provides a systems-level neuroanatomical and cognitive framework for decision-making and its influence by emotion. The key idea of this hypothesis is that decision-making is a process that is influenced by marker signals that arise in bioregulatory processes, including those that express themselves in emotions and feelings. This influence can occur at multiple levels of operation, some of which occur consciously, and some of which occur non-consciously. Here we review studies that confirm various predictions from the hypothesis, and propose a neural model for economic decision, in which emotions are a major factor in the interaction between environmental conditions and human decision processes, with these emotional systems providing valuable implicit or explicit knowledge for making fast and advantageous decisions.