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This paper introduces to the field of marketing a regret-based discrete choice model for the analysis of multi-attribute consumer choices from multinomial choice sets. This random regret minimization (RRM) model, which has recently been introduced in the field of transport, forms a regret-based counterpart of the canonical random utility maximization (RUM) paradigm. This paper assesses empirical results based on 43 comparisons reported in peer-reviewed journal articles and book chapters, with the aim of finding out to what extent, when, and how RRM can form a viable addition to the consumer choice modeler's toolkit. The paper shows that RRM and hybrid RRM–RUM models outperform RUM counterparts in a majority of cases, in terms of model fit and predictive ability. Although differences in performance are quite small, the two paradigms often result in markedly different managerial implications due to considerable differences in, for example, market share forecasts. 相似文献
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The Review of Austrian Economics - This paper presents an original conceptualization of the different attitudes economists have expressed toward their object of study. It distinguishes between a... 相似文献
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Thijs Dekker Roy Brouwer Marjan Hofkes Klaus Moeltner 《Environmental and Resource Economics》2011,49(4):597-624
This paper presents the first value of statistical life (VSL) meta-analysis that empirically estimates correction factors
for ‘out of context’ benefits transfer (BT) purposes. In the field of mortality risk reductions elicited willingness to pay
values in one risk context, say road safety, are frequently applied in other risk contexts like air pollution. However, differences
in risk perception and the population at risk across contexts are likely to result in diverging VSL estimates. In a meta-analysis
of 26 international stated preference studies, a Bayesian model is estimated regressing contingent values for mortality risk
reductions, originating from three different risk contexts, on the characteristics of the risk reduction itself and additional
variables characterizing the underlying studies. A willingness to pay (WTP) premium for mortality risk reductions in the air
pollution and general mortality risk context relative to improving road safety is observed. Evaluated at the mean, road safety
VSL estimates should be multiplied by a factor 1.8 before being applicable in the air pollution context. Moreover, in an illustrative
BT exercise we find limited overlap in the set of context specific predictive VSL distributions. Consequently, ‘out of context’
BT results in a substantial over- or underestimation of the VSL. 相似文献
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Roy Brouwer Thijs Dekker John Rolfe Jill Windle 《Environmental and Resource Economics》2010,46(1):93-109
The main objective of this study is to examine how repeated choice affects preference learning in stated preference experiments.
We test different hypotheses related to preference learning by analyzing response patterns and asking respondents in a choice
experiment to report their experienced certainty when going through the choice tasks. In a split-sample test, we show that
follow-up choice certainty questions are procedural invariant. The self-reported certainty results indicate that learning
occurs, but econometric testing procedures do not identify any significant impact of learning effects on parameter estimates
or variance across choice tasks. Additional tests of choice consistency suggest that preferences in the choice experiment
are stable and coherent. 相似文献
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The macro-level business ethics in Scholasticism contrasts with modern Anglo-Saxon Capitalism, which is very influential worldwide. Scholasticism, developed between the thirteenth and the mid-seventeenth centuries, deals with key elements of free market morality, including private property, contracts, profits, prices, and free competition. For over 500 years Scholasticism tried to understand economic phenomena and business activities and reflected on them from an ethical perspective. Scholasticism offered the crucial lesson of the centrality of justice and the role of practical wisdom in considering market morality. Justice is seen as both a virtue and a principle, and commutative justice (justice in exchanges) with the common good of society as the reference for the Scholastics, is regarded as being especially important. 相似文献
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Drs. P. G. Dekker 《De Economist》1973,121(4):387-402
Summary Why do people want a boycott or embargo? Sometimes they want to change a regime in another country. Then, success is probable only with an unstable regime and when the action is sudden and drastic. Sometimes the idea is to change the balance of power in relation to a potential enemy. In this case, more attention ought to be given to creation of bottlenecks and to the timing of actions. In most cases boycott and embargo are unsuccessful and inspired by an irrational moralistic attitude.De schrijver is de heer E. W. Jansen dank verschuldigd voor zijn hulp bij het verzamelen van literatuur en cijfermateriaal. 相似文献
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Ludo Waltman Nees Jan van Eck Rommert Dekker Uzay Kaymak 《Journal of Evolutionary Economics》2011,21(5):737-756
We are concerned with evolutionary algorithms that are employed for economic modeling purposes. We focus in particular on
evolutionary algorithms that use a binary encoding of strategies. These algorithms, commonly referred to as genetic algorithms,
are popular in agent-based computational economics research. In many studies, however, there is no clear reason for the use
of a binary encoding of strategies. We therefore examine to what extent the use of such an encoding may influence the results
produced by an evolutionary algorithm. It turns out that the use of a binary encoding can have quite significant effects.
Since these effects do not have a meaningful economic interpretation, they should be regarded as artifacts. Our findings indicate
that in general the use of a binary encoding is undesirable. They also highlight the importance of employing evolutionary
algorithms with a sensible economic interpretation. 相似文献