Distinguishing Risk Preferences using Repeated Gambles

Sequences of repeated gambles provide an experimental tool to characterize the risk preferences of humans or artificial decision-making agents. The difficulty of this inference depends on factors including the details of the gambles offered and the number of iterations of the game played. In this paper we explore in detail the practical challenges of inferring risk preferences from the observed choices of artificial agents who are presented with finite sequences of repeated gambles. We are motivated by the fact that the strategy to maximize long-run wealth for sequences of repeated additive gambles (where gains and losses are independent of current wealth) is different to the strategy for repeated multiplicative gambles (where gains and losses are proportional to current wealth.) Accurate measurement of risk preferences would be needed to tell whether an agent is employing the optimal strategy or not. To generalize the types of gambles our agents face we use the Yeo-Johnson transformation, a tool borrowed from feature engineering for time series analysis, to construct a family of gambles that interpolates smoothly between the additive and multiplicative cases. We then analyze the optimal strategy for this family, both analytically and numerically. We find that it becomes increasingly difficult to distinguish the risk preferences of agents as their wealth increases. This is because agents with different risk preferences eventually make the same decisions for sufficiently high wealth. We believe that these findings are informative for the effective design of experiments to measure risk preferences in humans

Bare Below the Elbows: A comparative study of a tertiary and district general hospital.

A \u27Bare Below the Elbows\u27 (BBTE) dress code policy has been introduced by the majority of NHS trusts in the UK. The aim of this Irish study was to evaluate the impact of an educational intervention on perception of medical attire. The study was carried out in two centres: a tertiary referral centre (Beaumont Hospital) and a district hospital (MRH, Portlaoise). Two questionnaires, incorporating photographic evaluation of appropriate attire for consultants and junior doctors, were completed pre and post BBTE education. One hundred and five patients participated. Analysis pre BBTE education indicated patients considered formal attire and white coats most appropriate for consultants and junior doctors respectively. Post-intervention analysis revealed a significant reduction in the popularity of both (

Effectiveness of Green Olympic Initiatives on Reasons Affecting Residents’ Actions to Support the Olympic Movement

The world faces major environmental challenges that affect the well-being of human beings, plants, and wildlife. The Olympic Games, one of the most influential sport events, should pay special attention to environmental issues. In 1996, the environmental element became a central factor of the International Olympic Committee’s (IOC) (IOC, 2009). To scientifically and comprehensively evaluate the impact of the Olympics on the host city, the IOC launched the Olympic Games Global Impact (OGGI) study in 2003 (IOC, 2006). This study begins two years before the host city is selected, and terminates two years after hosting the Games (IOC, 2006). One of the reasons to do an 11-year OGGI study is likely because the social, economic, and environmental impact of the Games may vary throughout the whole process. To a great extent, these technical reports remain internal to the IOC. A majority of previous studies on mega sport events have focused on the economic impact (Twynam & Johnston, 2004). Few studies have emphasized the environmental aspect of major sport events. It would be constructive to investigate the environmental impact of the Beijing Games over eight years, from the moment of being named as the host city to one year after hosting the event. Based on the environmental measures applied in Beijing, there were five critical time periods that should be considered in order to comprehensively understand the effectiveness of the Beijing Green Olympic initiatives, including July 2001 (Time 1) when Beijing was named as the host city for the 2008 Olympic Games, August 2007(Time 2) when it was one year before the Games, August 2008 (Time 3) when it was during the Games, December 2008 (Time 4) when it covered close-out and summary period of the Games, and December 2009 (Time 5) when it was one year after the Games. Research has suggested that local residents play an important role in achieving successful and sustainable impact of mega sport events (Deccio & Baloglu, 2002). Therefore, the purpose of this study was to examine residents’ perceived effectiveness of Beijing Green Olympic initiatives, by investigating their awareness, perception, attitude, intention, and actual behavior through conducting a time-series analysis. Based on a comprehensive review of literature, a questionnaire was developed that included the following sections: awareness, perception, attitude, behavior intention, and actual behavior associated with Beijing Green Olympics initiatives. All items were phrased in a 7-point scale (1 = “strongly disagree” to 7 = “strongly agree”). The questionnaire was phrased into five versions, corresponding with the five key time periods. Each version had a different leading statement and, to increase recall accuracy, a historical scenario/picture reflecting a specific time period. Five sets of pictures depicting significant events that happened in China during each time periods were collected and their accuracy of time representation was verified by two professors and three graduate students in sport social science from a leading Chinese university. Items within each time period were put in a random order to reduce carry-over effect in the repeated measure research design. The questionnaire was then double-translated to ensure translation accuracy. A community intercept approach was adopted and data were collected at shopping centers, city libraries, parks, restaurants, municipal offices, and transportation centers in Beijing, China. A total of 119 subjects, who were 18 years or older in 2001 and considered Beijing as his/her primary residential location since 2001, were included in the study. A doubly repeated measure MANOVA was conducted, which revealed that the vector mean scores of the Green Olympics’ effectiveness variables (i.e., awareness, perception, attitude, behavior intention, and actual behaviour) were significantly (p \u3c .05) different over the five time periods. The research findings indicate that the perceived environmental impact by residents had been formed, developed, and altered as a result of different environmental efforts applied in Beijing. To a great extent, these reflected the effectiveness of the Green Olympic programs across five key periods of the Games. Further discussions are conducted on expanding environmental programs and policies beyond 2008 and the city of Beijing, and moving China toward environmentally sustainable development

Standards, design and energy demand:The case of commercial offices

In this paper we examine the influence of what we call market standards on design. We do this using the case of the design of commercial offices and the effects of standards on moves towards less energy demanding designs. Theoretically the paper builds on concepts drawn from a range of literatures examining standards, including science and technology studies and the sociology of standards. We argue that standards do important ‘work’ in design processes that require closer scrutiny. We show that in the case of commercial offices this affect the likelihood of the incorporation of low energy technologies. Our analysis reveals: the importance of taking greater account of normative and cultural forms of market standards and their role in design; the value of explaining how standards break the relationship between design and social practice, in our case this meaning that low energy technologies that might adequately cater for office work much of the time are considered inappropriate due to a lack of understanding of office work practices; how standards interlock to legitimate incumbent (higher energy) technologies, and in turn de-legitimise (lower energy) alternatives, through the way they define what is ‘needed’; the value of tactics within energy and sustainability policies designed to govern non-regulatory standards and their effects. The paper thus makes an important contribution to understanding the ‘work’ of standards, and more broadly the production of energy demand in offices

Standards, design and energy demand:The case of commercial offices

In this paper we examine the influence of what we call market standards on design. We do this using the case of the design of commercial offices and the effects of standards on moves towards less energy demanding designs. Theoretically the paper builds on concepts drawn from a range of literatures examining standards, including science and technology studies and the sociology of standards. We argue that standards do important ‘work’ in design processes that require closer scrutiny. We show that in the case of commercial offices this affect the likelihood of the incorporation of low energy technologies. Our analysis reveals: the importance of taking greater account of normative and cultural forms of market standards and their role in design; the value of explaining how standards break the relationship between design and social practice, in our case this meaning that low energy technologies that might adequately cater for office work much of the time are considered inappropriate due to a lack of understanding of office work practices; how standards interlock to legitimate incumbent (higher energy) technologies, and in turn de-legitimise (lower energy) alternatives, through the way they define what is ‘needed’; the value of tactics within energy and sustainability policies designed to govern non-regulatory standards and their effects. The paper thus makes an important contribution to understanding the ‘work’ of standards, and more broadly the production of energy demand in offices

How market standards affect building design: the case of low energy design in commercial offices

This paper develops existing work on building design through a focus on one important yet understudied form of regulation: market standards. Market standards are agreed upon definitions of ‘necessary’ provision in buildings and are fundamental in ‘formatting’ markets and determining the value of a building in the market. The paper presents a case study of the design of ten commercial offices in London, UK, the effects of market standards on the designs and on the potential for the development of lower energy buildings. Theoretically, the paper integrates literatures on standards, institutions and markets to argue that market standards do important ‘work’ in design processes that requires closer scrutiny. In particular, we show that market standards: are an important form of normative and cultural regulation in the field of commercial office design; format and act as calculative devices in property markets; and result in forms of knowledge diminution that break the relationship between building design and occupiers’ practices. Together, these effects result in particular designs being legitimised and valued, and lower energy designs being delegitimised, devalued and pushed to the periphery of the attention of commercial office designers