Fair and Fast Convergence on Islands of Agreement in Multicriteria Group Decision Making by Logical Navigation

Reasoning on multiple criteria is a key issue in group decision to take into account the multidimensional nature of real-world decision-making problems. In order to reduce the induced information overload, in multicriteria decision analysis, criteria are in general aggregated, in many cases by a simple discriminant function of the form of a weighted sum. It requires to, a priori and completely, elicit preferences of decision makers. That can be quite arbitrary. In everyday life, to reduce information overload people often use a heuristic, called “Take-the-best”: they take criteria in a predefined order, the first criterion which discriminates the alternatives at stake is used to make the decision. Although useful, the heuristic can be biased. This article proposes the Logical Multicriteria Sort process to support multicriteria sorting within islands of agreement. It therefore does not require a complete and consistent a priori set of preferences, but rather supports groups to quickly identify the criteria for which an agreement exists. The process can be seen as a generalization of Take-the-best. It also proposes to consider one criterion at a time but once a criterion has been found discriminating it is recorded, the process is iterated and relevant criteria are logically combined. Hence, the biases of Take-the-best are reduced. The process is supported by a GDSS, based on Logical Information Systems, which gives instantaneous feedbacks of each small decision and keeps tracks of all of the decisions taken so far. The process is incremental, each step involves low information load. It guarantees some fairness because all considered alternatives are systematically analyzed along the selected criteria. A successful case study is reported.     

‘Never take pity’: an average French boxer’s ethnobiography

Based on a long-term ethnographic study of a group of French boxers, this article retraces the biography of one of its members. Éric was an average boxer who never truly mastered the art of dodging his opponents. He never left the ranks of amateur boxing either, although in fact he never truly hoped he would step into the limelight reserved for the very few champions who make it. His anonymous and relentless commitment to boxing was in fact filled with a different meaning that his ethnobiography brings to light. His commitment to boxing can be better understood in light of the trials he faced in “the poor life”, a life he described as flavorless, mired in unemployment and survival delinquency. Despite his repeated defeats in the ring, for him boxing was the only part of his identity that elevated his status and set him apart from those who only had the streets to hang out on. By revealing the meaning he gave to his pugilism, Éric’s ethnobiography offers a new perspective on the links between boxing, violence, and poverty. It also paves the way for exploring the dark side of a leisure activity and its struggles that extend far beyond the ring itself.     

关于消费环境的几个问题

“中消协”2006年的年主题是“消费与环境”,这一年主题具有重要的意义。3月11日,湖南省消费者委员会、湖南师大商学院和本刊编辑部在湖南师范大学商学院联合举办了一次“消费与环境”的理论研讨会,50多名专家学者出席了会议。这里选登部分发言与论文。     

Modelling the volatility of commodities prices using a stochastic volatility model with random level shifts

We use the approach of Qu and Perron (Econom J 16(3):309–339, 2013) for the modeling and inference of volatility of a set of commodity prices in the presence of random level shifts of unknown timing, magnitude and frequency. Our approach contributes to the study of commodities in several aspects. First, we test for the presence of a genuine long-memory process in the volatility of commodities. Second, we determine that the random level shifts are certainly the main source of variation in the commodity price volatility. Finally, we estimate the volatility and its components as latent variables, thereby making it possible to evaluate their level of correlation with macroeconomic variables in small open economies such as Latin-American countries where the dependence on commodity price volatility is high. We use six commodity series: agriculture, livestock, gold, oil, industrial metals and a general commodity index. All series cover the period from January 1983 until December 2013 in daily frequency. The results show that although the occurrence of a level shift is rare, (about once every 1.5 or 1.8 years), this component clearly contributes most to the variation in the volatility. Furthermore, isolating the level shift component from the overall volatility indicates a strong relationship of this component with a set of business cycle indicators of several Latin American countries.     

Linking thoughts to feelings: Investigating cognitive appraisals and consumption emotions in a mixed-emotions context

While emotions have been shown to have significant influence on various consumer behaviors, the cognitive appraisals linked to consumption emotions have not been fully explored. This research investigates how individuals' cognitive interpretations of situations correspond to the emotions they experience in these contexts. Using analysis of variance and multiple discriminant analysis, our results show a systematic relationship between cognitive appraisals and 10 consumption emotions. The author's findings offer theoretical insights into these consumption emotions, the appraisal/consumption emotion correspondence, basisversus subordinate-level category differences in emotions, and mixed consumption emotions. The findings provide a practical framework for academics and practitioners interested in better understanding and managing consumption emotions. Julie A. Ruth (Ph.D., University of Michigan) is an assistant professor of marketing in the School of Business—Camden at Rutgers University. Her research interests include affect and emotions, consumer relationships, and consumer response to brand strategies such as brand alliances and sponsorships. Frédéric F. Brunel (Ph.D., University of Washington) is an assistant professor of marketing in the School of Management at Boston University. His research interests include consumer perceptions of product design and aesthetics, consumer attitude and affect, and gender and sociocultural issues in consumption. Cele C. Otnes (Ph.D., University of Tennessee) is an associate professor of business administration in the College of Commerce and Business Administration at the University of Illinois, Urbana. Her research interests include consumer rituals, affect and consumer ambivalence, and gift exchange.     

Institutions and economic growth in Portugal: a quantitative exploration

This paper presents a broad diagnostic of the level of institutional development in Portugal in the legal, corporate governance and financial systems. A comparative assessment suggests that Portuguese institutions are less developed than their European Union and East Asian counterparts, more developed than Greek institutions and on a level similar to that of Spanish institutions. We use data for a wide cross-section of countries since 1960 and correlate indicators of institutional development with the long-term average growth rate, identifying issues where reform is likely to significantly affect economic growth. We construct three new indices that measure the potential of institutional reform - the impact of reform on growth, the required reform effort and the efficiency of reform index - by taking into consideration the institutional distance between Portugal and the European Union. These indices measure, respectively, which reforms have the most payoff in terms of growth, which are less costly to undertake and which deliver the most growth per required effort. Our results strongly suggest that in a large number of issues, institutional reform may translate into substantially higher rates of economic growth. Of the ten most promising reforms, six are in the legal area, irrespective of which of the indices is considered. Whereas legal reform is promising at the aggregate and the microeconomic levels, in the financial sector aggregate indicators offer the wider scope for productive reform, while in the corporate governance area it is indices at the micro level that hold the most promise. These results support the view that a comprehensive reform effort is likely to deliver higher rates of growth in Portugal, allowing faster real convergence with the rest of the European Union.Received: January 2003, Accepted: February 2004, JEL Classification: O0, O5, K00, K4, G2, G3This paper is based on Firms, Financial Markets and the Law: Institutions and Economic Growth in Portugal, prepared for the conference Desenvolvimento Económico Português no Espaço Europeu: Determinantes e Políticas, organized by the Banco de Portugal. Financial support by the Banco de Portugal, NOVA FORUM and FUNDAÇÃO Para a Ciência e tecnologia and Polti through feder are gratefully acknowledged. Comments from Marcelo Rebelo de Sousa, two anonymous referees and the editor are sincerely appreciated. The usual disclaimer applies.     

Non-market valuation of forest goods and services: Good practice guidelines

The European COST Action E45 on European Forest Externalities (EUROFOREX) participants developed a set of good practice guidelines for the non-market valuation of forests, elaborating on stated and revealed preference methodologies, as well as benefit transfer and meta-analytical procedures. This article presents a summary of the guidelines.     

What Can Acreage Allocations Say about Crop Supply Elasticities? A Convex Programming Approach to Supply Response Disaggregation

This article has two goals. The first is to extend previous results regarding calibration of land‐constrained programming models of agricultural supply against supply elasticities to the general case of multiple constraints. The second goal is to demonstrate how the resulting calibration conditions can be used as a source of identification to disaggregate crop supply elasticities down to the level at which static information on acreage allocations is available. We propose an information‐based disaggregation algorithm to systematically generate regionalised elasticities from a single prior, and provide an empirical illustration.     

Extreme events and the cumulative distribution of net gains in gambling and structured products

We argue that ethical principles in advertising and market communication cannot be properly discovered and applied to gambling without a deep understanding of its probabilistic implications, in particular when extreme events are influential. We carry out a probabilistic analysis of lottery games with lifetime prizes in order to derive sound recommendations about the pertinent information that should be communicated to nudge gamblers. We propose to focus on the cumulative distribution of net gains, for which there is currently no information available to gamblers. This holds true for structured products in which extreme events matter as well.