15,936 research outputs found

    House Price Prediction: Hedonic Price Model vs. Artificial Neural Network

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    The objective of this paper is to empirically compare the predictive power of the hedonic model with an artificial neural network model on house price prediction. A sample of 200 houses in Christchurch, New Zealand is randomly selected from the Harcourt website. Factors including house size, house age, house type, number of bedrooms, number of bathrooms, number of garages, amenities around the house and geographical location are considered. Empirical results support the potential of artificial neural network on house price prediction, although previous studies have commented on its black box nature and achieved different conclusions.Hedonic Model, Artificial Neural Network (ANN), House Price., Environmental Economics and Policy, Land Economics/Use, Research Methods/ Statistical Methods, C53, L74,

    Stress and Decision Making: Effects on Valuation, Learning, and Risk-taking

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    A wide range of stressful experiences can influence human decision making in complex ways beyond the simple predictions of a fight-or-flight model. Recent advances may provide insight into this complicated interaction, potentially in directions that could result in translational applications. Early research suggests that stress exposure influences basic neural circuits involved in reward processing and learning, while also biasing decisions toward habit and modulating our propensity to engage in risk-taking. That said, a substantial array of theoretical and methodological considerations in research on the topic challenge strong cross study comparisons necessary for the field to move forward. In this review we examine the multifaceted stress construct in the context of human decision making, emphasizing stress’ effect on valuation, learning, and risk-taking

    Die Rolle der Zielnähe und der investierten Anstrengung für den erwarteten Wert einer Handlung

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    In human neuroscientific research, there has been an increasing interest in how the brain computes the value of an anticipated outcome. However, evidence is still missing about which valuation related brain regions are modulated by the proximity to an expected goal and the previously invested effort to reach a goal. The aim of this dissertation is to investigate the effects of goal proximity and invested effort on valuation related regions in the human brain. We addressed this question in two fMRI studies by integrating a commonly used reward anticipation task in differential versions of a Multitrial Reward Schedule Paradigm. In both experiments, subjects had to perform consecutive reward anticipation tasks under two different reward contingencies: in the delayed condition, participants received a monetary reward only after successful completion of multiple consecutive trials. In the immediate condition, money was earned after every successful trial. In the first study, we could demonstrate that the rostral cingulate zone of the posterior medial frontal cortex signals action value contingent to goal proximity, thereby replicating neurophysiological findings about goal proximity signals in a homologous region in non-human primates. The findings of the second study imply that brain regions associated with general cognitive control processes are modulated by previous effort investment. Furthermore, we found the posterior lateral prefrontal cortex and the orbitofrontal cortex to be involved in coding for the effort-based context of a situation. In sum, these results extend the role of the human rostral cingulate zone in outcome evaluation to the continuous updating of action values over a course of action steps based on the proximity to the expected reward. Furthermore, we tentatively suggest that previous effort investment invokes processes under the control of the executive system, and that posterior lateral prefrontal cortex and the orbitofrontal cortex are involved in an effort-based context representation that can be used for outcome evaluation that is dependent on the characteristics of the current situation.Derzeit besteht im Bereich der Neurowissenschaften ein großes Interesse daran aufzuklären, auf welche Weise verschiedene Variablen die Wertigkeit eines erwarteten Handlungsziels beeinflussen bzw. welche Hirnregionen an der Repräsentation der Wertigkeit eines Handlungsziels beteiligt sind. Die meisten Untersuchungen beziehen sich dabei auf Einflussgrößen wie die erwartete Belohnungshöhe, die Wahrscheinlichkeit, mit der ein bestimmtes Ereignis eintritt, oder die Dauer bis zum Erhalt einer Belohnung. Bisher liegen jedoch kaum Untersuchungen vor bezüglich zweier anderer Variablen, die ebenfalls den erwarteten Wert eines Handlungsergebnisses beeinflussen. Das sind (a) die Nähe zu dem erwarteten Ziel und (b) die bisher investierte Anstrengung, um ein Ziel zu erreichen. Das Ziel der vorliegenden Dissertation ist zu untersuchen, wie die Nähe zum Ziel und die bisher investierte Anstrengung Gehirnregionen beeinflussen, die mit der Repräsentation von Wertigkeit im Zusammenhang stehen. Dazu führten wir zwei fMRT-Studien durch, in denen wir eine klassische Belohnungs-Antizipationsaufgabe in unterschiedliche Versionen eines „Multitrial Reward Schedule“ Paradigmas integriert haben. Das bedeutet, dass die Probanden Belohnungs-Antizipationsaufgaben unter zwei unterschiedlichen Belohnungskontingenzen bearbeiteten: In der verzögerten Bedingung erhielten die Probanden einen Geldbetrag nach der erfolgreichen Bearbeitung von mehreren aufeinanderfolgenden Aufgaben, in der direkten Bedingung dagegen nach jeder korrekt ausgeführten Aufgabe. In der ersten Studie konnte eine sukzessiv ansteigende Aktivität in Abhängigkeit zur Zielnähe in der rostralen cingulären Zone identifiziert werden. Das deutet darauf hin, dass dieses Areal den Wert einer Handlung in Abhängigkeit zur Nähe zum Ziel kodiert. Die Ergebnisse der zweiten Studie zeigten, dass die bisher investierte Anstrengung kortikale Regionen moduliert, die klassischerweise mit kognitiven Kontrollfunktionen in Zusammenhang gebracht werden. Außerdem repräsentierten der posteriore laterale präfrontale Cortex und der orbitofrontale Cortex den motivationalen Kontext eines Trials anhand des Risikos des Verlustes von bisher investierter Anstrengung. Insgesamt weisen diese Befunde darauf hin, dass die rostrale cinguläre Zone eine entscheidende Rolle spielt für die Kontrolle sequenzieller Handlungsstufen, die auf eine verzögerte Belohnung ausgerichtet sind. Diese Kontrollfunktion scheint auf der kontinuierlichen Aktualisierung des Wertes einer Handlungsstufe zu basieren, der von der aktuellen Zielnähe bestimmt wird. Die Befunde der zweiten Studie lassen darauf schließen, dass sich die bisher investierte Anstrengung zur Erreichung eines Handlungsziels auf die Bereitstellung von allgemeinen kognitiven Ressourcen auswirkt. Das Risiko des Verlustes von bisher investierter Anstrengung kann außerdem ein kontextuelles Merkmal der Situation darstellen, das als Bezugsrahmen für die Evaluation des erwarteten Wertes dienen kann

    Quantifying Resource Use in Computations

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    It is currently not possible to quantify the resources needed to perform a computation. As a consequence, it is not possible to reliably evaluate the hardware resources needed for the application of algorithms or the running of programs. This is apparent in both computer science, for instance, in cryptanalysis, and in neuroscience, for instance, comparative neuro-anatomy. A System versus Environment game formalism is proposed based on Computability Logic that allows to define a computational work function that describes the theoretical and physical resources needed to perform any purely algorithmic computation. Within this formalism, the cost of a computation is defined as the sum of information storage over the steps of the computation. The size of the computational device, eg, the action table of a Universal Turing Machine, the number of transistors in silicon, or the number and complexity of synapses in a neural net, is explicitly included in the computational cost. The proposed cost function leads in a natural way to known computational trade-offs and can be used to estimate the computational capacity of real silicon hardware and neural nets. The theory is applied to a historical case of 56 bit DES key recovery, as an example of application to cryptanalysis. Furthermore, the relative computational capacities of human brain neurons and the C. elegans nervous system are estimated as an example of application to neural nets.Comment: 26 pages, no figure

    Contextualized property market models vs. Generalized mass appraisals: An innovative approach

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    The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016-2017. The ability to generate a "unique" functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies

    Using Biomedical Technologies to Inform Economic Modeling: Challenges and Opportunities for Improving Analysis of Environmental Policies

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    Advances in biomedical technology have irrevocably jarred open the black box of human decision making, offering social scientists the potential to validate, reject, refine and redefine the individual models of resource allocation that form the foundation of modern economics. In this paper we (1) provide a comprehensive overview of the biomedical methods that may be harnessed by economists and other social scientists to better understand the economic decision making process; (2) review research that utilizes these biomedical methods to illuminate fundamental aspects of the decision making process; and (3) summarize evidence from this literature concerning the basic tenants of neoclassical utility that are often invoked for positive welfare analysis of environmental policies. We conclude by raising questions about the future path of policy related research and the role biomedical technologies will play in defining that path.neuroeconomics, neuroscience, brain imaging, genetics, welfare economics, utility theory, biology, decision making, preferences, Institutional and Behavioral Economics, Research Methods/ Statistical Methods, D01, D03, D6, D87,

    Hypothetical and Real Choice Differentially Activate Common Valuation Areas

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    Hypothetical reports of intended behavior are commonly used to draw conclusions about real choices. A fundamental question in decision neuroscience is whether the same type of valuation and choice computations are performed in hypothetical and real decisions. We investigated this question using functional magnetic resonance imaging while human subjects made real and hypothetical choices about purchases of consumer goods. We found that activity in common areas of the orbitofrontal cortex and the ventral striatum correlated with behavioral measures of the stimulus value of the goods in both types of decision. Furthermore, we found that activity in these regions was stronger in response to the stimulus value signals in the real choice condition. The findings suggest that the difference between real and hypothetical choice is primarily attributable to variations in the value computations of the medial orbitofrontal cortex and the ventral striatum, and not attributable to the use of different valuation systems, or to the computation of stronger stimulus value signals in the hypothetical condition

    Rethinking Ecosystem Services from an Intermediate Product Perspective

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    The Earth's ecosystems provide myriad goods and services that are essential to human wellbeing. This paper offers a typology of ecosystem services that emphasizes the means by which humans experience the service rendered. The typology distinguishes between services that are directly experienced, and those that are indirect. The paper offers an illustration of how indirect services can be valued when they contributed to production of a marketed product. The intermediate product method described is amenable to indirect services that are one stage removed (Tier 2), two stages removed (Tier 3), or even farther removed from the direct services that humans experience. The intermediate product approach to ecosystem service valuation is illustrated by an example of biological pest management to support soybean food production.Environmental Economics and Policy,
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