Learning, Reward, and Decision Making O'Doherty, John P; Cockburn, Jeffrey; Pauli, Wolfgang M
Annual review of psychology,
01/2017, Letnik:
68
Journal Article
Recenzirano
Odprti dostop
In this review, we summarize findings supporting the existence of multiple behavioral strategies for controlling reward-related behavior, including a dichotomy between the goal-directed or ...model-based system and the habitual or model-free system in the domain of instrumental conditioning and a similar dichotomy in the realm of Pavlovian conditioning. We evaluate evidence from neuroscience supporting the existence of at least partly distinct neuronal substrates contributing to the key computations necessary for the function of these different control systems. We consider the nature of the interactions between these systems and show how these interactions can lead to either adaptive or maladaptive behavioral outcomes. We then review evidence that an additional system guides inference concerning the hidden states of other agents, such as their beliefs, preferences, and intentions, in a social context. We also describe emerging evidence for an arbitration mechanism between model-based and model-free reinforcement learning, placing such a mechanism within the broader context of the hierarchical control of behavior.
We examine the impact of consumer valuation interdependence and capacity on a firm’s optimal selling strategies. We consider a seller who can offer a single product to consumers twice, in advance and ...in spot. Consumers choose whether and when to buy, but if they buy in advance, they are uncertain about their own valuations. Whether they buy in advance or in spot, consumers’ valuations are realized in the spot period and they may range from fully independent to perfectly correlated, creating markets with different characteristics of aggregate demand for the seller. Facing these consumers, the seller chooses a portion of the total capacity to offer in advance and prices in both periods. We describe how the optimal strategy and benefits of advance selling depend on the interdependence of consumer valuation, as well as capacity level and other market parameters. We find that a change in valuation interdependence can lead to dramatically different policies for the seller. For example, when individual valuations are highly diverse and the consumer population is large, the seller must offer a discount during advance selling but may limit the advance sales. On the other hand, when valuations are highly correlated, the seller can charge a premium price during advance selling. For the same valuation interdependence, the qualitative nature of the optimal strategy changes with available capacity.
This paper was accepted by Martin Lariviere, operations management
.
In Vietnam, the central Government issues land price brackets, and people's committees promulgate land price tables for five years. The published land prices are always lower than transaction prices ...in the market, resulting in many problems such as loss of state budget, inequality in charge of compensation, and land clearance for citizens. The study aims to uncover factors that influence land prices to build optimal land valuation models for land valuation. Using the Bayesian Model Average, the findings show that several factors strongly influence urban residential land prices in Hanoi's outskirts (Quoc Oai district), such as road type, hospitals, and industrial areas. Other factors as green space and schools, are insignificant in land purchases. The finding also indicated that the optimal model in this study showed a slight difference in valuation prices from the actual market prices. The study also determined that the mass land valuation model would be promising in Vietnam and dual-price countries.
•Land prices issued by the Government lower than the transaction prices in the land use market causes unequal for citizens.•The optimal valuation model can find the specifications that best fit empirical data.•The optimal land valuation models show a slight difference in price from transaction prices.•The distance to school and green area factors minorly impact the residential land prices in suburban areas.
Background: A social prescribing (SP) link worker (LW) is responsible for enabling and supporting individuals, by assessing their personal goals and co-producing solutions to make use of appropriate ...local non-clinical resources or interventions. As an emerging new role, LWs are not regulated by professional bodies associated with SP. Therefore, currently there is no standardised training for LWs who are from varied backgrounds. As such, LWs have varying knowledge about how to deal with individuals with complex needs, which can impact on their decision-making capabilities to seek solutions and navigate complex systems. The purpose of the research was to explore LWs’ level of education, past and current training requirements as well as elicit how much LWs were willing to pay (WTP) to access and undertake training to improve their skill set. Methods: A rigorous mixed method research design was employed which included semi-structured interviews with key stakeholders and quantitative questionnaires including contingent valuation (CV) questions to a population of LWs across Wales from March to June 2020. Qualitative interviews with key stakeholders who commission and deliver social prescribing interventions employing LWs identified perceived link worker qualities and requirements for LW roles. Purposive sampling was used to identify and select individuals that have experience in managing LWs. Due to the COVID-19 pandemic, interviews were carried out exclusively online. LWs self-selected to complete the online questionnaires. Questionnaires gathered data on LW qualifications and demographic information with the CV questions gathering data on the value LW placed on accessing training in SP. Thematic narrative analysis was applied to interpret the data from the semi-structured interviews. Descriptive frequency analysis was conducted on the quantitative data generated from the online questionnaire. Findings: SP coordinators (n = 6) reported that ‘personal skills’ are the most essential skills required by LWs in SP intervention. Training is available for LWs; however, the training undertaken varies depending on the type of intervention delivered, with 70% of LWs previously undertaking training to facilitate their development as an LW. The results from the contingent valuation questionnaire (n = 54) indicated that 100% of the respondents would avail of training. LWs were asked how much they were willing to pay as a single payment for professional training; on average, LWs were WTP GBP 58 from their personal funds to access training and the associated benefits to enhance their skills and knowledge. Interpretation: The semi-structured interviews conducted with the key SP stakeholders yielded rich information and novel insight into LW training. External funding for the salary of the LW is an obstacle for LW development through training. In addition, the questionnaire results regarding stated preference techniques demonstrate that LWs place value on their professional development and would be willing to spend their own money on training to improve their knowledge and skills.
Recent research has proposed a method of patent valuation based on weighting patent family size by the market size of the countries in the family. The premise is that inventors tend to seek greater ...international coverage for their more valuable patents. The paper presents a novel way to test the ability of market size-weighted patent families to predict patent value and compares the method against extant measures of patent valuation based on patent citations and renewal behaviour. We use forecasting techniques to show that the weighted patent family size measure outperforms other methods in terms of predicting patent life and the number of citations. An advantage of the weighted patent family size measure is that it is based on ex-ante information and is easy to construct for purposes of evaluating patent value. We demonstrate this advantage using a large, comprehensive database of international patent families.
Мета cmammi полягае у виявленн/ проблемная питань ошнювання майна (актив1в) банив, як! перебувають у npopecinÍKeiÐauii', та обгрунтування пропозицш щодо ix вир!шення з урахуванням необх1дност1 ...захисту прав кредитор/в банку. Хоча банкрутство банюв завдае значних економ!чних них i моральних втрат, але процеси виведення з ринку неплатоспроможних банив, ľx реорган!зац!я чи л1кв1дац1я в/дбуваються постшно. Тому перед регуляторами та банками, як! визнан! неплатоспроможними, постое богато питань, зокрема й щодо адекватно!' оцшки банивських актив/в i визначення л!кв!дацшно! моей. У cmammi розглянуто nidxodu до оцшки актив/в та особливост! ix застосування в украшськш практищ, а також особливост! продажу актив!в банив, що л!кв!дуються, за голландською моделлю аукцюну. Наголошено, що недосконал!сть управлшня активами банив у npoueci ix функщонування призводить до розб/жностей в оцшц! цих неяисних актив/в у процедур! л!кв!дац!Т. Встановлено, що сп!вв!дношення м!ж оцшочною вартютю актив!в i ix балансовою вартютю для банив, визнаних неплатоспроможними, в середньому становить 26,2 %, а мед!анне значения дор!внюе 22,3% Це призводить до виникнення низки проблем, серед яких - неможливють Фонду гарантування вклад/в ф!зичних ос!б (ФГВФО) забезпечити погашения частини зобов'язань банку, як! могли б бути погашен! у раз! своечасного прийняття конкурсних пропозицш за ринковою вартютю. Зазначено, що найб!льш л!кв!дн! актива, якими е об'екти нерухомост! та майно, займають незначну частку в структур/ л!кв!дац!йно! моей - близько 5%, а конверая при продажу нерухомост! досить часто сягае 200 %. Запропоновано в!дпов!дно до европейсько!практики над/лити Фонд повноваженнями проводити мон/торинг актив/в банк/в у процеа !'х функщонування. Наголошено на дощльност! ощнювати актива нез позищ!ведения б!знесу «якзвичайно», а з погляду об'ективно/ необх/дност!розпродажу актив/в, ор/ентуючись на швидкий продаж актив!в за ринковою цшою. 3 метою вдосконалення процесу оцтювання актив/в неплатоспроможного банку та ор/ентуючись на швидкий та прозорий продаж актив!в банку, запропоновано /мплементувати у в/тчизняну практику м/жнародний doceid використання угод про розподм збитк/в.
We estimate the causal effects of acute fine particulate matter exposure on mortality, health care use, and medical costs among the US elderly using Medicare data. We instrument for air pollution ...using changes in local wind direction and develop a new approach that uses machine learning to estimate the life-years lost due to pollution exposure. Finally, we characterize treatment effect heterogeneity using both life expectancy and generic machine learning inference. Both approaches find that mortality effects are concentrated in about 25 percent of the elderly population.
Private and Public Merger Waves MAKSIMOVIC, VOJISLAV; PHILLIPS, GORDON; YANG, LIU
The Journal of finance (New York),
October 2013, Letnik:
68, Številka:
5
Journal Article
Recenzirano
We document that public firms participate more than private firms as buyers and sellers of assets in merger waves and their participation is affected more by credit spreads and aggregate market ...valuation. Public firm acquisitions realize higher gains in productivity, particularly for on-the-wave acquisitions and when the acquirer's stock is liquid and highly valued. Our results are not driven solely by public firms' better access to capital. Using productivity data from early in the firm's life, we find that better private firms subsequently select to become public. Initial size and productivity predict asset purchases and sales 10 and more years later.
Examine whether the use of different ages has an impact on the valuation of EQ-5D-Y health states for a hypothetical child or adolescent.
A survey was administered during regular classes among a ...convenience sample of university students in the Netherlands. Respondents first valued 6 EQ-5D-Y health states (2 mild, 2 moderate, 2 severe) describing a hypothetical child/adolescent of a certain age on a visual analogue scale (VAS). After 1 h respondents valued the same six health states again but this time the age of the child was different. Age differed between 4, 10 and 16 year old.
Number of respondents was 311. No significant differences in valuation of the six health states were found between the age of 10 and 16. One moderate health state was valued significantly better for a 4-year old compared to a 10 and a 16 year old. The same applied for one severe health state that was valued higher for a 4-year old compared to a 16-year old.
Our study shows that, except for one moderate and one severe health state, other EQ-5D-Y health states were not valued significantly different when description of age differed. It is possible that problems in specific health domains are considered more severe for older children/adolescents compared to younger children who might still be dependent on their caregivers. Future research should examine whether our findings are also present in a broader set of EQ-5D-Y health states, with a choice-based method like TTO or DCE, and a more heterogeneous sample.
We study the effect of property rights institutions in host countries, the institutions protecting investors from expropriation by host country agents, on the geographic structure and valuation of US ...multinational corporations (MNCs). We provide firm-level evidence that better property rights attract investment from MNCs. We disentangle the effects of the Stulz (2005) “twin agency problems” in the context of foreign direct investment and show that our results are not driven by legal institutions protecting investors from expropriation by corporate insiders. Further, we show that changes in the quality of property rights in locations where MNCs operate have material impact on MNCs’ valuations.
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