552 research outputs found

    Variety Aversion and Information Overload: An Experimental Approach

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    This paper analyzes the effect of information overload on preference or aversion for variety. According to the model, a rational decision maker who suffers from information overload, faces a two-stage decision process, and is choosing from a set of unknown goods will find it optimal at some point to become variety averse. To test this hypothesis, an experiment is conducted, and its results, that subjects suffering from information overload use variety aversion as a strategy to deal with their cognitive limitations, are consistent with the model. Moreover, results suggest that subjects are, on the average, choosing the optimal number of goods. As the price of the goods increases, subjects become more variety averse. In addition, as they become more experienced, they prefer larger sets of goods.Variety aversion, information overload, bounded rationality, decision making, laboratory experiment.

    Limited Attention and Choice

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    This paper analyzes a boundedly rational decision maker who is uncertain about his preference and faces the following trade-off: adding a good to the choice set has a positive option value but increases the complexity of the choice problem. The increased complexity is modeled as a reduction of the information available for each good. Because of this trade-off there is an optimal number of goods that the decision maker wants to analyze before making his final choice. The choice of the optimal set can be interpreted as the choice among stores. Stores maximize profits and choose a quality, an assortment, and a price. A lower cost of providing quality implies higher price and higher quality. Assortment will be small for very high levels of quality. Better quality of information implies greater variety and higher price. Greater variety combined with good consumer service can be a signal for high quality of the store.Decision making, Bounded rationality, Choice set, Stores, Quality.

    Preference for Variety

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    We consider a decision maker who enjoys choosing from a varied set of alternatives. Building on behavioral evidence, we propose testable axioms which characterize preference for variety, and provide a representation theorem. We go on to illustrate the potential effects of preference for variety in a model of retailing. Consumer welfare may be decreasing in the competitiveness of the retailing sector as competition eliminates the scope for retailers to offer variety. Mainstream consumers with a preference for variety and consumers with eccentric tastes enjoy a symbiotic relationship. Competition over mainstream consumers makes retailers offer more exotic goods, while eccentric consumers subsidize their carrying costs.Preferences, variety, representation theorem, retail, competition.

    The vertical structure of upper ocean variability at the Porcupine Abyssal Plain during 2012-2013

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    This study presents the characterization of variability in temperature, salinity and oxygen concentration, including the vertical structure of the variability, in the upper 1000m of the ocean over a full year in the northeast Atlantic. Continuously profiling ocean gliders with vertical resolution between 0.5-1m provide more information on temporal variability throughout the water column than time series from moorings with sensors at a limited number of fixed depths. The heat, salt and dissolved oxygen content are quantified at each depth. While the near surface heat content is consistent with the net surface heat flux, heat content of the deeper layers is driven by gyre-scale water mass changes. Below ~150m, heat and salt content display intraseasonal variability which has not been resolved by previous studies. A mode-1 baroclinic internal tide is detected as a peak in the power spectra of water mass properties. The depth of minimum variability is at ~415m for both temperature and salinity, but this is a depth of high variability for oxygen concentration. The deep variability is dominated by the intermittent appearance of Mediterranean Water, which shows evidence of filamentation. Susceptibility to salt fingering occurs throughout much of the water column for much of the year. Between about 700-900m, the water column is susceptible to diffusive layering, particularly when Mediterranean Water is present. This unique ability to resolve both high vertical and temporal resolution highlights the importance of intraseasonal variability in upper ocean heat and salt content, variations that may be aliased by traditional observing techniques

    Regulation of ATM fees in a model of spatial competition

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    Following the Hotelling model of spatial competition used by Massoud and Bernhardt (2002) to analyze competition in ATM fees, in this paper we analyze the effects of banning fees on the usage of ATMs by account holders. We find that the prohibition also reduces the fees charged to non-account holders but increases fixed fees. This latter increase is on average smaller than the decrease of the former two, which leads total consumer welfare to increase. We also find that the prohibition decreases total surplus but that this decrease is absorbed by the banks' profits. The model does not consider the decision of banks to open or close down ATMs, which we leave for future research.Banking competition, ATM fees, bank regulation, retail banking.

    Education and referral criteria: impact on oncology referrals to palliative care.

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    OBJECTIVE: To describe a quality improvement project involving education and referral criteria to influence oncology provider referrals to a palliative care service. METHODS: A single group post-test only quasi-experimental design was used to evaluate palliative care service (PCS) referrals following an intervention consisting of a didactic presentation, education outreach visits (EOV) to key providers, and referral criteria. Data on patient demographics, cancer types, consult volume, reasons for referral, pre-consult length of stay, overall hospital stay, and discharge disposition were collected pre-intervention, then post-intervention for 7.5 months and compared. SETTING AND SAMPLE: Attending oncologists, nurse practitioner, and house staff from the solid tumor division at a 700-bed urban teaching hospital participated in the project. Two geriatricians, a palliative care nurse practitioner, and rotating geriatric fellows staffed the PCS. RESULTS: The percentage of oncology referrals to PCS increased significantly following the intervention (χ(2) = 6.108, p = .013). 24.9% (390) patients were referred in the 4.6 years pre-intervention and 31.5% (106) patients were referred during 7.5 months post-intervention. The proportion of consults for pain management was significantly greater post-intervention (χ(2) = 5.378, p = .02), compared to pre-intervention, when most referrals were related to end-of-life issues. Lung, pancreatic, and colon were the most common cancer types at both periods, and there were no significant differences in patient demographics, pre-referral length of hospitalization or overall hospital days. There was a trend toward more patients being discharged alive following the intervention. CONCLUSION: A quality improvement project supported the use of education and referral criteria to influence both the frequency and reasons for palliative care referral by oncology providers

    Glider Observations of the Northwestern Iberian Margin During an Exceptional Summer Upwelling Season

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    Glider observations from the Northwestern Iberian Margin during the exceptionally strong 2010 summer upwelling season resolved the evolution of physical and biogeochemical variables during two upwelling events. Upwelling brought low-oxygen Eastern North Atlantic Central Water from 190 m depth onto the shelf up to a depth of 50 m. During the two observed periods of upwelling, a poleward jet developed over the shelf break. The persistent upwelling favorable winds maintained equatorward flow on the outer shelf for 2 months with no reversals during relaxation periods, a phenomenon not previously observed. During upwelling, near-surface chlorophyll a concentration increased by more than 6 mg m −3. Oxygen supersaturation in the near surface increased by more than 20%, 6 days after the chlorophyll a maximum

    Validation of a brief self-report measure of adolescent bullying perpetration and victimisation

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    Although a wide range of measures of bullying have been developed, there remains a need for brief psychometrically supported measures for use in contexts in which there are constraints on the number of items that can be administered. We thus evaluated the reliability and validity of scores from a 10-item self-report measure of bullying victimization and perpetration in adolescents: the Zurich Brief Bullying Scales. The measure covers social exclusion, property destruction, verbal and physical aggression, and sexual bullying in both traditional and cyber forms. We evaluated factorial validity, internal consistency, developmental invariance, gender invariance, and convergent and divergent validity of the measure. Our sample was the normative longitudinal Zurich Project on Social Development from Childhood to Adulthood (z-proso) sample (N = 1,304). The study involved the administration of Zurich Brief Bullying Scales to participants aged 11, 13, 15, and 17 years. Strengths and weaknesses of the measure and recommendations for utilizing and improving the measure were identified. Overall, results suggest that the items provide a reasonable general but brief measure of bullying victimization and perpetration that can be used across early to late adolescence and in both males and females
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