The effect of latency variables on repeated measures inference applied to the measurement of risk-taking as a function of psychopathy

In numerous psychology studies, subjects are asked to perform some task a number of times, T. The effect of the choice of T on the associated inference, however, is usually not assessed. We investigate the appropriate choice of T empirically by using data collected in a study on the relationship between psychopathy and risk-taking in 90 inner city drug users enrolled in a residential treatment program. We show that, when studying this relationship, the latency variable usually discarded from the analysis behaves exponentially allowing a natural division of the study period 1, . . . , T into two distinct subperiods. These subperiods yield significantly different results—in the early period only (which we call “reactive”), subjects with high psychopathy scores exhibit lower sensitivity to reward and punishment in our risk taking experiment. The later period (which we call “stable”) shows no relationship between sensitivity to reward and punishment and psychopathic tendencies.     

A Social Marketing Template for Solving the Musicians’ Dilemma Through Nonprofit Healthcare Networks

The Musicians’ Dilemma—the lack of affordable healthcare for the uninsured or underinsured musical entrepreneur—is actually a common problem plaguing not only 33% of musicians, but approximately 19% of the American population as a whole. The current research uses social marketing principles to conceptualize a template for designing a marketing program that meets the healthcare needs of the target market. Health Alliance for Austin Musicians (HAAM) is a nonprofit organization that links healthcare providers, local businesses, and community donors in a network providing basic preventive health services to this essential segment of the community. HAAM's business model is analyzed and cast on the social marketing framework so that it can be adapted for use by other music cities. Although the template could also be applied to serve other uninsured populations, it is critical that research be undertaken to understand the specific characteristics and needs of each target market and used to adapt the model to those populations.     

Estimating the Costs of Protecting Native Species from Invasive Animal Pests in New South Wales,Australia

Invasive animal pests reduce crop and livestock output, require management and control measures, and threaten native plants, animals and their habitat. The agricultural and management costs are often directly measurable. But the costs to protect threatened native plants and animals are harder to assess. The Rural Lands Protection Boards were the government agency in New South Wales that managed invasive animals. An analysis of their decisions provided the opportunity to estimate the costs of protecting native species. The number of native plants and animals threatened by invasive pests was modelled against the expenditure, area, pest abundance, climate and location of 38 Board districts. There was a strong negative relationship between the number of threatened native species and Board expenditure. This relationship was interpreted to estimate the marginal cost of protecting a threatened native species, the downward shift in the supply curve necessary to protect all threatened native species, and the gains from the shift in the form of cost savings in the continued protection of non-threatened native species. These results value some of the costs that invasive animal pests impose on the environment.     

If You Provide It,Will They Read It? Response Time Effects in a Choice Experiment

Substantial effort is expended in the design of surveys, including the amount and type of information they contain. However, we often do not know how involved respondents are in reading and processing the informational content of a survey and making choices, and whether different levels of involvement result in systematic differences in estimated models. To address this issue, we recorded response times for each respondent of an internet‐based choice experiment for stream restoration. Response times per survey section and for the entire survey were used as proxies for the amount of involvement in reading information provided or answering choice questions. Response times per survey section fell rapidly, possibly signaling learning, use of heuristics, or attempts to quickly dispel with the survey. Response times were found to be independent of demographics and attitudes. Log‐likelihood ratio tests failed to reject the null hypotheses of equal coefficients and scale parameters across response time‐partitioned data. However, there exists an association between response times and the increasing learning curve or difficult choice trade‐offs, suggesting a heuristic response. Additional research on response time effects and survey design is needed, especially with the rise in electronic surveying media. D'énormes efforts sont investis dans la conception de sondages, notamment pour déterminer la quantité et le type d'information présentée. Toutefois, nous ne savons pas combien de temps les répondants consacrent à la lecture et au traitement de cette information et au choix des réponses, ni si les divers degrés de participation entraînent ou non des différences systématiques dans les modèles estimés. Pour s'attaquer à cette question, nous avons chronométré les personnes qui ont répondu à un sondage en ligne sur la restauration des cours d'eau. Nous avons utilisé le temps de réponse pour chaque section et pour le sondage au complet comme mesure approximative de l'effort des participants pour lire l'information et répondre aux questions. Pour chaque section, le temps de réponse diminuait rapidement, soit en raison des connaissances heuristiques des répondants, soit en raison de leur désir d'effectuer le sondage le plus rapidement possible. Le temps de réponse s'est révélé indépendant des caractéristiques démographiques et des attitudes des répondants. Des tests du rapport de vraisemblance n'ont pas rejeté les hypothèses nulles de coefficients égaux et de paramètres d'échelle de l'ensemble des données cloisonnées. Toutefois, il existe un lien entre le temps de réponse et la courbe d'apprentissage croissante ou la difficulté des choix, ce qui laisse supposer une réponse heuristique. Il faudrait effectuer davantage de recherche sur les effets du temps consacré pour répondre à un sondage et pour le concevoir, en raison du nombre croissant de sondages en ligne.     

Poverty, Risk Aversion, and Path Dependence in Low-Income Countries: Experimental Evidence from Ethiopia

In most low-income countries, rural households depend on mixed rain-fed agriculture/livestock production, which is very risky. Due to numerous market failures, there are few ways to shift risks to third parties. The literature has focused on what determines the responses of households in such environments. Of special concern are path dependencies in which households experiencing failure are prone to further failure and potential poverty traps. This paper estimates levels and determinants of risk aversion in the highlands of Ethiopia. We find high risk aversion and evidence that constraints have important impacts on risk-averting behavior with perhaps significant implications for long-term poverty. The results also suggest the possibility of path dependence and offer insights into links between risk aversion and poverty traps.     

《社区再投资法》和近期抵押贷款危机

美联储和其他联邦金融监管机构以<社区再投资法>为指导,在解决欠发达地区信贷需求方面已经积累了不少经验.<社区再投资法>鼓励金融机构面向低收入社区和居民,提供抵押贷款、小额贷款以及其他形式的信贷,而且还应向低收入地区和居民进行投资和提供服务,以此作为促进这些地区发展的总体努力的一部分.     

Investment decision-making under economic policy uncertainty

It is widely established that economic policy uncertainty (EPU) affects investment decisions and performance, yet research in this area has overlooked the direct property investment market. This article seeks to rectify this and proposes a multistage multilevel analytical framework to offer new insights and a richness of findings. Using a news-based measure of EPU in the United Kingdom, and controlling for economic conditions, a national-level analysis reveals some evidence of Granger-Causality between EPU and total returns, indicating that pricing is responsive to uncertainty. These findings suggest that EPU is an important risk factor for direct property investments, with pricing implications. Differences in data and performance measure are important, however, with income returns unresponsive. A micro-level investigation begins to reveal some of the asset-pricing decisions underpinning the national results, indicating investors’ concerns for income streams are consistently high, regardless of varying EPU. Pricing can also cause changes in EPU, such as in the retail and industrial markets (increasingly linked through logistics) reflecting sector-specific stakeholder groups and newsworthy issues. This evidence highlights how important it is for policy-makers to understand the complex and bi-directional relationship, that indecision can undermine investment confidence and cause investment market volatility, in turn raising EPU.