Risk Aversion and Incentive Effects

A menu of paired lottery choices is structured so that the crossover point to the high-risk lottery can be used to infer the degree of risk aversion. With "normal" laboratory payoffs of several dollars, most subjects are risk averse and few are risk loving. Scaling up all payoffs by factors of twenty, fifty, and ninety makes little difference when the high payoffs are hypothetical. In contrast, subjects become sharply more risk averse when the high payoffs are actually paid in cash. A hybrid "power/expo" utility function with increasing relative and decreasing absolute risk aversion nicely replicates the data patterns over this range of payoffs from several dollars to several hundred dollars

Further Reflections on Prospect Theory

This paper reports a new experimental test of prospect theoryâ??s reflection effect. We conduct a sequence of experiments that allow us to directly compare choices under reflected gains and losses where real and hypothetical payoffs range from several dollars to over $100. Lotteries with positive payoffs are transformed into lotteries over losses by reflecting all payoffs around zero. When we use hypothetical payments, more than half of the subjects who are risk averse for gains turn out to be risk seeking for losses. This "reflection effect" is diminished considerably with cash payoffs, where the modal choice pattern is to exhibit risk aversion for both gains and losses. However, we do observe a significant difference in risk attitudes between losses (where most subjects are approximately risk neutral) and gains (where most subjects are risk averse). Reflection rates are further reduced when payoffs are scaled up by a factor of 15 (for both real and hypothetical payoffs).

Using Laboratory Experiments For Policy Making: An Example From The Georgia Irrigation Reduction Auction

In April 2000, the Georgia legislature passed a law requiring that the state use an unspecified "auction-like process" to pay some farmers to suspend irrigation in declared drought years. In response, we conducted a series of laboratory and field experiments to test a variety of auction procedures. This paper reports the results of these experiments, and how they were used by the policy makers who determined the auction procedures. Experimental results are compared with farmers' bidding behavior in the state-run irrigation auction conducted in March 2001. Working Paper # 2002-00

Altruism and Noisy Behavior in One-Shot Public Goods Experiments

An increase in the common marginal value of a public good has two effects: it increases the benefit of a contribution to others, and it reduces the net cost of making a contribution. These two effects can be decomposed by letting a contribution have an "internal" return for oneself that differs from the "external" return to someone else. We use this framework in a series of one-shot public goods games in which subjects make choices in ten treatments with no feedback. Contributions are generally increasing in the external return and group size, which suggests that altruism in this context is not simply of the "warm glow" variety, i.e. giving only for the sake of giving. Contributions are also increasing in the internal return, indicating that decisions are sensitive to the costs of helping others. We specify a logit equilibrium model in which individuals are motivated by own and others' earnings, and in which choice is stochastic. Maximum likelihood estimates of altruism and logit error parameters are significant and of reasonable magnitudes, and the resulting two-parameter model tracks the pattern of contributions across the ten treatments remarkably well.public goods, voluntary contributions, marginal per capita return, internal return, external return, bounded rationality, logit equilibrium, altruism, nonlinear altruism, warm glow altruism, one shot game

Increased MIB-1 expression in salivary gland pleomorphic adenoma that recurs and undergoes malignant transformation

Correction: Volume12, Issue1 Article Number10828 DOI: 10.1038/s41598-022-15267-7The objective of this retrospective study was to explore possible changes in histopathological features and expression of cyclin D1 and MIB-1 in salivary gland pleomorphic adenoma (PA) that recur or undergo malignant transformation. Knowledge of these characteristics might help to guide the management of these rare tumors. The histopathology and immunohistochemical staining characteristics of such tumors were analyzed in a cohort of 65 patients constituting three different groups of tumors: PA, recurrent pleomorphic adenoma (RPA) and carcinoma ex PA (CxPA). The RPAs were divided into two subgroups: primary PA that were known to recur later (PA-prim) and recurrent tumors appearing after a primary tumor (PA-rec). RPAs and CxPAs were compared with PAs without recurrence, which served as a control group. In our study, CxPA and PA-rec, but not PA-prim, showed increased MIB-1 expression compared with the control group. Neither cyclin D1 expression nor any histopathological features showed any association in statistical analyses. CxPA showed increased mitotic activity, squamous metaplasia, and nuclear atypia. Tumor multifocality was more frequent in PA-rec and CxPA. The different MIB-1 expression in CxPA and PA-rec in comparison to PA-prim suggests that the changes in expression could develop after the primary tumor.Peer reviewe

Sosialisasi Mitigasi Bencana Daerah Pesisir Bagi Siswa SD Negeri Rutong

Disaster mitigation is an effort to reduce casualties and provide a proper and good understanding to the public regarding natural disasters. This activity aims to provide early insight and knowledge regarding natural disasters. The method of implementing this community service uses the socialization method with Rutong State Elementary School students as participants. This socialization material focuses on mitigating the tsunami and earthquake disasters, a major threat to Rutong Village, located in a coastal area

Pumping Iron in the Preoperative Period: Is It Beneficial in Reducing Blood Transfusions?

Carla Patel pictured.https://openworks.mdanderson.org/aprn-week-23/1002/thumbnail.jp