Expert and Peer Pressure in Food and Wine Tasting: Evidence from a Pilot Experiment

We investigate experimentally the role of experts and peer pressure on food and wine tasting, in order to assess whether individual blind tasting might be affected and biased by the judgements expressed either by peer reviewers or by experts. We design and run a four-stages experiment in which 60 non-expert consumers are assigned to either a food or a wine treatment and, for either treatment, to a variant in which evaluation are announced either by peers or by experts. We find that, while peer pressure plays some role in food tasting, experts' opinions are significant in wine tasting

In Sickness but Not in Wealth. Field Evidence on Patients’ Risk Preferences in Financial and Health Domains

We present results from a hypothetical framed field experiment assessing whether risk preferences significantly differ across the health and financial domains when they are elicited through the same multiple price list paired-lottery method. We consider a sample of 300 patients attending outpatient clinics in a university hospital in Athens, during the Greek financial crisis. Risk preferences in finance are elicited using paired-lottery questions with hypothetical payments. The questions are adapted to the health domain by framing the lotteries as risky treatments in hypothetical healthcare scenarios. Using Maximum Likelihood methods, we estimate the degree of risk aversion, allowing for the estimates to be dependent on domain and individual characteristics. The subjects in our sample, who were exposed to both health and financial distress, tend to be less risk averse in the financial than in the health domain

Knowledge and innovation: The strings between global and local dimensions of sustainable growth

The modern growth literature pays much attention to innovation and knowledge as drivers of endogenous developments in a competitive open economic system. This paper reviews concisely the literature in this field and addresses in particular micro- and macro-economic interactions at local or regional levels, based on clustering and networking principles, in which sustainability conditions also play a core role. The paper then develops a so-called knowledge circuit model comprising the relevant stakeholders, which aims to offer a novel framework for applied policy research at the meso-economic level

Overconfidence, incentives and digit ratio

This paper contributes to a better understanding of the biological underpinnings of overconfidence by analyzing performance predictions in the Cognitive Reflection Test with and without monetary incentives. In line with the existing literature we find that the participants are too optimistic about their performance on average; incentives lead to higher performance; and males score higher than females on this particular task. The novelty of this paper is an analysis of the relation between participants’ performance prediction accuracy and their second to fourth digit ratio. It has been reported that the digit ratio is a negatively correlated bio-marker of prenatal testosterone exposure. In the un-incentivized treatment, we find that males with low digit ratios, on average, are significantly more overconfident about their performance. In the incentivized treatment, however, we observe that males with low digit ratios, on average, are less overconfident about their performance. These effects are not observed in females. We discuss how these findings fit into the literature on testosterone and decision making and how they might help to explain seemingly opposing evidence

Are you what you eat? Healthy behaviour and risk preferences

We elicit and estimate risk preferences for a pool of young adults in the UK, and explore their links with healthy eating and risky health behaviours. We construct the Healthy Eating Index (HEI) as an overall indicator of nutritional quality, and we use it to complement the body mass index BMI. While for females we find no significant association between the BMI and risk preferences, males with high BMI appear more risk-seeking. However, this association disappears when controlling for the quality of the diet. For males, the HEI is significantly associated with risk preferences. Males smoking status is not associated with risk preferences

Who is more likely to use doctor-rating websites, and why? A cross-sectional study in London

Objectives: To explore the extent to which doctor-rating websites are known and used among a sample of respondents from London. To understand the main predictors of what makes people willing to use doctor-rating websites. Design: A cross-sectional study. Setting: The Borough of Hammersmith and Fulham, London, England. Participants: 200 individuals from the borough. Main outcome measures: The likelihood of being aware of doctor-rating websites and the intention to use doctor-rating websites. Results: The use and awareness of doctor-rating websites are still quite limited. White British subjects, as well as respondents with higher income are less likely to use doctor-rating websites. Aspects of the doctor-patient relationship also play a key role in explaining intention to use the websites. The doctor has both a 'complementary' and 'substitute' role with respect to Internet information. Conclusions: Online rating websites can play a major role in supporting patients' informed decisions on which healthcare providers to seek advice from, thus potentially fostering patients' choice in healthcare. Subjects who seek and provide feedback on doctor-ranking websites, though, are unlikely to be representative of the overall patients' pool. In particular, they tend to over-represent opinions from non-White British, medium-low-income patients who are not satisfied with their choice of the healthcare treatments and the level of information provided by their GP. Accounting for differences in the users' characteristics is important when interpreting results from doctor-rating sites

Endogenous versus exogenous generic reference pricing for pharmaceuticals

In this paper we carry out a vertical differentiation duopoly model applied to pharmaceutical markets to analyze how endogenous and exogenous generic reference pricing influence competition between generic and branded drugs producers. Unlike the literature, we characterize for the exogenous case the equilibrium prices for all feasible relevant reference prices. Competition is enhanced after the introduction of a reference pricing system. We also compare both reference pricing systems on welfare grounds, assuming two different objective functions for health authorities: (i) standard social welfare and (ii) gross consumer surplus net of total pharmaceutical expenditures. We show that regardless of the objective function, health authorities will never choose endogenous reference pricing. When health authorities are paternalistic, the exogenous reference price that maximizes standard social welfare is such that the price of the generic drug is the reference price while the price of the branded drug is higher than the reference price. When health authorities are not paternalistic, the optimal exogenous reference price is such that the price of the branded drug is the reference price while the price of the generic drug is lower than the reference price. © 2017 Springer Science+Business Media New Yor