Inducing risk preferences in multi-stage multi-agent laboratory experiments

Though there has been some debate over the practical efficacy of using binary lotteries for controlling risk preferences in experimental environments, the question of its theoretical validity within the contexts it is often used, namely multi-stage multi-agent settings, has not been addressed. Whilst the original proof of its validity featured a single-agent single-stage context, its practical use has seen a wide range of implementations. Practitioners have implicitly assumed that whenever the setting and form of implementation they have chosen deviates from the original single-agent single-period proof, it remains theoretically valid. There has been virtually no debate in the practitioner literature on the theoretical validity of binary lotteries in a more general context, or on whether the form of implementation matters. The current article addresses these questions, establishes limitations on validity and suggests some design principles for future implementation of binary lotteries for the purpose of controlling risk preferences.     

The greening dutchman: Philips' process of green flagging to drive sustainable innovations

Sustainability innovation research often focuses on the interrelation and the interaction of influencing factors and actors while neglecting the importance of firm internal initiatives. Based on a longitudinal case study of the Dutch company Royal Philips Electronics, we develop the concept of ‘green flagging’ as a groundbreaking corporate sustainability innovation strategy. This paper describes how Philips uses this approach in its Green Flagship Program (GFP). Philips' GFP is particularly interesting since it sets specific targets across all its business units, thus driving the integration of sustainability innovation into its core business. This study suggests that the impact of sustainability innovations can be improved by focusing on sustainability as an explicit goal as well as processes and projects instead of merely concentrating on content and structure. We discuss the possibilities and limitations of these findings for theory and research on sustainability innovation strategies. Copyright © 2010 John Wiley & Sons, Ltd and ERP Environment.     

群决策熵集结的GEM模型改进研究

研究如何对风险决策中群决策熵集的GEM模型进行改进。群决策过程中，由于投资者风险偏好程度不同，通常无法精确衡量投资是否能够满足回报需求；在群决策中决策主体常给出4种不同形式的偏好信息，包括序数关系值、效用值、互反判断矩阵和模糊互补判断矩阵。本文通过公式将其他三种偏好信息都转换成效用值的形式，然后应用改进后的GEM模型进行熵集结，最终得到更优的群决策方案。最后通过实例说明改进的有效性。     

Green Agriculture: foundations for biodiverse,resilient and productive agricultural systems

There are many visions on how to achieve a sustainable agriculture that provides enough food and ecosystem services for present and future generations in an era of climate change, increasing costs of energy, social unrest, financial instability and increasing environmental degradation. New agricultural systems that are able to confront the challenges of a rapidly changing world require a minimum of ten attributes that constitute the defining elements of a Green Agriculture. A major challenge is to identify a set of thresholds that any agricultural production strategy must meet, beyond which unsustainable trends caused by the farming technologies would lead to tipping-point phenomena. Only those styles of agriculture that meet the established threshold criteria while advancing rural communities towards food, energy and technological sovereignty would be considered viable forms of Green Agriculture. Considering the diversity of ecological, socio-economic, historical and political contexts in which agricultural systems have developed and are evolving in, it is only wise to define a set of flexible and locally adaptable principles and boundaries of sustainability and resiliency for the agroecosystems of the immediate future.     

Developing Standards for Trail Conditions Using Image Capture Technology

Abstract

This study compares normative standards for trail impacts measured using three alternatives suggested by the literature. During September and October 2002, data were collected from a survey of 281 day hikers at three trail locations in Mudeung-Mountain Provincial Park, Korea. For the overall photo evaluation method (OPEM), respondents were asked to rate the acceptability of bare soil area for each of a series of photographs. For the specific photo evaluation method-1 (SPEM-1), respondents were asked to select a photograph that illustrated the largest acceptable proportion of bare soil area from a series of 10 photographs. For the specific photo evaluation method-2 (SPEM-2), respondents were asked to circle a number representing the largest acceptable proportion of bare soil area on a scale after looking at three referent photographs. Aggregated normative standards varied somewhat for different measurement alternatives and trail locations. Although SPEM-1 was the easiest alternative for respondents, followed by SPEM-2 and OPEM, more respondents preferred OPEM and SPEM-1 compared to SPEM-2.     

The integration of sustainability within value management practices: A study of experienced value managers in the GCC countries

The Gulf Cooperation Council (GCC) comprises the Kingdom of Saudi Arabia, the Kingdom of Bahrain, and the states of Kuwait, Oman, Qatar, and the United Arab Emirates. These countries are fairly similar in terms of socioeconomic, commercial, and infrastructural development. Disappointingly perhaps, their thriving construction industries continue to score poorly in terms of sustainability. Although value management (VM) has been proposed as a potential mechanism for delivering sustainable construction projects in some countries, this idea has not yet been widely put into practice around the world. The aim of this article is to investigate this potential in the GCC countries through interviewing 17 experienced value managers from the GCC. The primary conclusion, derived from the viewpoints of these value managers, is that such an endeavor might be unviable at present, largely due to a lack of awareness with regard to sustainability issues in the GCC. Proposals are therefore provided to assist in a successful integration of sustainability into VM practices in the GCC region.     

Optimal payoffs under state-dependent preferences

Most decision theories, including expected utility theory, rank-dependent utility theory and cumulative prospect theory, assume that investors are only interested in the distribution of returns and not in the states of the economy in which income is received. Optimal payoffs have their lowest outcomes when the economy is in a downturn, and this feature is often at odds with the needs of many investors. We introduce a framework for portfolio selection within which state-dependent preferences can be accommodated. Specifically, we assume that investors care about the distribution of final wealth and its interaction with some benchmark. In this context, we are able to characterize optimal payoffs in explicit form. Furthermore, we extend the classical expected utility optimization problem of Merton to the state-dependent situation. Some applications in security design are discussed in detail and we also solve some stochastic extensions of the target probability optimization problem.     

Segmentation Analysis of the Volunteering Preferences of University Students

The purpose of this article is to explore how universities can increase volunteering among their students. To accomplish this objective, conjoint anlaysis was undertaken to determine the different underlying needs and preferences that drive the volunteering behavior of students. From this data, four need‐based segments are identified and discussed. Strategies are then formulated to meet the needs and preferences of each segment as a means to increase volunteering on campuses.     

Country-of-Origin Effects on Russian Wine Consumers

In recent years, Russia has experienced significant economic growth. The wine industry is among those most affected by increases in disposable income. As a consequence, Russian wine importers have widened the range at the upper end of the quality spectrum. In the current scenario, some key questions arise concerning consumer attitudes toward wine and the way it is perceived in this evolving market. This article attempts to investigate such concerns through a choice experiment approach conducted by means of a questionnaire-based survey submitted to 388 Russian households located in the country's three largest cities (Moscow, Saint Petersburg, and Novosibirsk). In the experiment, respondents were asked to choose their favorite wine among seven dry red wines. The stated choices are analyzed using a random utility model to obtain an estimation of the price effect through a triangular distribution. Our results indicate the presence of three distinct market segments in the Russian wine market: a segment with only high-quality, highly priced Italian and French wines, a medium-quality segment currently limited to Spanish wines, and a much lower quality segment of wines in which demand for alcohol is essentially satisfied.