11,226 research outputs found
Measuring time preferences
We review research that measures time preferences—i.e., preferences over intertemporal tradeoffs. We distinguish between studies using financial flows, which we call “money earlier or later” (MEL) decisions and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function over utils. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences.National Institutes of Health (NIA R01AG021650 and P01AG005842) and the Pershing Square Fund for Research in the Foundations of Human Behavior
Behavioral Public Economics: Welfare and Policy Analysis with Non-Standard Decision-Makers
This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation for Behavioral Public Economics. Second, we illustrate applications of these approaches by surveying behavioral studies of policy problems involving saving, addiction, and public goods. We argue that the literature on behavioral public economics, though in its infancy, has already fundamentally changed our understanding of public policy in each of these domains.
Connectionist Theory Refinement: Genetically Searching the Space of Network Topologies
An algorithm that learns from a set of examples should ideally be able to
exploit the available resources of (a) abundant computing power and (b)
domain-specific knowledge to improve its ability to generalize. Connectionist
theory-refinement systems, which use background knowledge to select a neural
network's topology and initial weights, have proven to be effective at
exploiting domain-specific knowledge; however, most do not exploit available
computing power. This weakness occurs because they lack the ability to refine
the topology of the neural networks they produce, thereby limiting
generalization, especially when given impoverished domain theories. We present
the REGENT algorithm which uses (a) domain-specific knowledge to help create an
initial population of knowledge-based neural networks and (b) genetic operators
of crossover and mutation (specifically designed for knowledge-based networks)
to continually search for better network topologies. Experiments on three
real-world domains indicate that our new algorithm is able to significantly
increase generalization compared to a standard connectionist theory-refinement
system, as well as our previous algorithm for growing knowledge-based networks.Comment: See http://www.jair.org/ for any accompanying file
On the Interface Between Operations and Human Resources Management
Operations management (OM) and human resources management (HRM) have historically been very separate fields. In practice, operations managers and human resource managers interact primarily on administrative issues regarding payroll and other matters. In academia, the two subjects are studied by separate communities of scholars publishing in disjoint sets of journals, drawing on mostly separate disciplinary foundations. Yet, operations and human resources are intimately related at a fundamental level. Operations are the context that often explains or moderates the effects of human resource activities such as pay, training, communications and staffing. Human responses to operations management systems often explain variations or anomalies that would otherwise be treated as randomness or error variance in traditional operations research models. In this paper, we probe the interface between operations and human resources by examining how human considerations affect classical OM results and how operational considerations affect classical HRM results. We then propose a unifying framework for identifying new research opportunities at the intersection of the two fields
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