Stochastic rationality and Möbius inverse

Discrete choice theory is very much dominated by the paradigm of the maximization of a random utility, thus implying that the probability of choosing an alternative in a given set is equal to the sum of the probabilities of all the rankings for which this alternative comes first. This property is called stochastic rationality. In turn, the choice probability system is said to be stochastically rationalizable if and only if the Block–Marschak polynomials are all nonnegative. In the present paper, we show that each particular Block–Marschak polynomial can be defined as the probability that the decision-maker faces the loss in flexibility generated by the fact that a particular alternative has been deleted from the choice set.     

Technology and trade: Empirical evidences for the major five industrialized countries

Technology and Trade: Empirical Evidence for the Major Five Industrialized Countries. — The conclusion that prices alone cannot explain the major disturbances in trade market shares emerges from many empirical studies on international trade flows. This paper aims at introducing supply-side variables in market shares equations, namely R&D expenditures and gross fixed capital formation, along the lines of the new theory on international trade and of the literature on technology and trade relations. The empirical work is carried out on the major five industrialized countries and on twenty manufacturing industries. The results show that the supply-side variables have played a crucial role over the last decade.     

Management and cost analysis of cancer patients treated with G-CSF: a cohort study based on the French national healthcare insurance database

Objectives: To describe the management and costs associated with G-CSF therapy in cancer patients in France.

Methods: This study analyzed a representative random population sample from the French national healthcare insurance database, focusing on 1,612 patients with hematological or solid malignancies who were reimbursed in 2013 or 2014 for at least one G-CSF treatment dispensed in a retail pharmacy. Patient characteristics and treatment costs were analyzed according to the type of cancer. Then the costs and characteristics of patients associated with the use of different G-CSF products were analyzed in the sub-set of breast cancer patients.

Results: The most frequent malignancies in the database population were breast cancer (23.3%), hematological malignancies (22.2%), and lung cancer (12.4%). The reimbursed G-CSF was pegfilgrastim in 34.1% of cases, lenograstim in 26.7%, and filgrastim in 17.9%. More than one G-CSF product was reimbursed to 21.3% of patients. The total annual reimbursed health expenses per patient, according to the type of G-CSF, were €27,001, €24,511, and €20,802 for patients treated with filgrastim, lenograstim, and pegfilgrastim, respectively. Ambulatory care accounted for, respectively, 35%, 38%, and 41% of those costs. In patients with breast cancer, ambulatory care cost was €7,915 with filgrastim, €7,750 with lenograstim, and €6,989 with pegfilgrastim, and the respective cost of G-CSF was €1,733, €1,559, and €3,668.

Conclusion: All available G-CSF products have been shown to be effective in cancer patients, and both daily G-CSFs and pegylated G-CSF are recommended in international guidelines. Nevertheless, this analysis of G-CSF reimbursement indicates that the choice of product can markedly affect the total cost of ambulatory care.     

Decision Neuroscience

This article presents an introduction to and analysis of an emerging area of research, namely decision neuroscience, whose goal is to integrate research in neuroscience and behavioral decision making. The article includes an exposition of (1) how the exponential accumulation of knowledge in neuroscience can potentially enrich research on decision making, (2) the range of techniques in neuroscience that can be used to shed light on various decision making phenomena, (3) examples of potential research in this emerging area, and (4) some of the challenges readers need to be cognizant of while venturing into this new area of research. The genesis of this workshop session and article was a meeting that Dipankar Chakravarti, Antoine Bechara, and Baba Shiv had one balmy Iowa City summer afternoon in 2003. We coined the term Decision Neuroscience to describe the emerging stream of research outlined in this article.     

Marketing research and training in Europe: A view of the next ten years

Between 1993 and 1994, important research on the future of marketing in Europe was undertaken. Financed by the usual procedure of syndicated research, its aim was to provide guidelines for strategic corporate thinking over the next 10 years.

Following a summary of the research methodology, an indication is given as to the kinds of information and trends which are to be found in the results document. Our objective is then to extend this study in terms of requirements in relation to marketing research and training over the next 10 years.     

Family Firm Heterogeneity and Tax Aggressiveness: A Mixed Gamble Approach

Few studies try to understand how the unique preferences of family firms affect tax strategies, and how family firm heterogeneity drives variation in tax activities. Drawing on the mixed gamble approach, this study examines the tax aggressiveness of different types of family firms, considering how various sources of heterogeneity alter the perception of potential gains and losses to socioemotional and financial wealth. Based on a panel dataset of 242 private family firms for the period 2012–2014, this study shows that strong family-owned firms, family firms with a family CFO, family-founder firms, and family-named firms display lower levels of tax aggressiveness. These findings demonstrate that family firm heterogeneity is a crucial factor in the mixed gamble calculus of tax aggressiveness.     

Towards a brain-to-society systems model of individual choice

Canonical models of rational choice fail to account for many forms of motivated adaptive behaviors, specifically in domains such as food selections. To describe behavior in such emotion- and reward-laden scenarios, researchers have proposed dual-process models that posit competition between a slower, analytic faculty and a fast, impulsive, emotional faculty. In this paper, we examine the assumptions and limitations of these approaches to modeling motivated choice. We argue that models of this form, though intuitively attractive, are biologically implausible. We describe an approach to motivated choice based on sequential sampling process models that can form a solid theoretical bridge between what is known about brain function and environmental influences upon choice. We further suggest that the complex and dynamic relationships between biology, behavior, and environment affecting choice at the individual level must inform aggregate models of consumer choice. Models using agent-based complex systems may further provide a principled way to relate individual and aggregate consumer choices to the aggregate choices made by businesses and social institutions. We coin the term “brain-to-society systems” choice model for this broad integrative approach.     

Wives' involvement in tourism decision processes

This study segments tourism decision-making tasks into 17 categories. Wives were asked to assign a score to their level of involvement in each task. A marginal involvement in tasks related to the “financing aspects” of the trip was observed whereas involvement was high in tasks such as “shopping”, “selecting restaurants”, “collecting information”, and “preparing luggage”. Two hypotheses were tested: the socioeconomic characteristics of wives and trip characteristics have a positive effect on the level of involvement in the tourism decisions; and levels of task involvement are consistent for the 17 tasks (stability in tasks involvement). Marketing implications and recommendations for future research were also discussed.

Résumé

La participation des épouses aux décisions de voyages. Cette étude segmente les décisions et taches des voyages en dix-sept catégories. On a demandé aux épouses d'attribuer une valeur numérique selon leur niveau de participation dans chaquetâche. On a observé peu de participation aux “aspects financiers” tandis que la participation était élevée pour le “shopping”, le “choix des restaurants”, la “collecte d'information”, et la “préparation des bagages”. On a vérifié deux hypothèses: que les caractéristiques socio-économiques des épouses ainsi que certaines caractéristiques du voyage ont un effet positif sur la participation des épouses aux décisions du tourisme, et que les niveaux de participation pour les dix-sept tâches sont stables. On discute aussi des implications de marketing et des recommandations pour la recherche future.     

Optimal pricing of intraday liquidity

This paper presents a general equilibrium model where intraday liquidity is needed because the timing of payments is uncertain. A necessary and sufficient condition for an equilibrium to be efficient is that the nominal intraday interest rate be zero, even when the overnight rate is strictly positive. Because a market for liquidity may not achieve efficiency, this creates a role for the central bank. I allow for the possibility of moral hazard and study policies commonly used by central banks to reduce their exposure to risk. I show collateralized lending achieves the efficient allocation, while, for certain parameters, caps cannot prevent moral hazard.