Market Experience and willingness to trade: evidence from repeated markets with symmetric and asymmetric information

Many studies have found a gap between willingness-to-pay and willingness-to-accept that is inconsistent with standard theory. There is also evidence that the gap is eroded by experience gained in the laboratory and naturally occurring markets. This paper argues that the gap and the effects of experience are explained by a caution heuristic. This conjecture is tested in a repeated market experiment with symmetric and asymmetric information. The results support the conjecture: people do seem to use heuristics rather than reacting optimally and their behavior adjusts slowly when the environment changes.WTA/WTP disparity, endowment effect, market experience, bounded rationality, asymmetric information

The arguments of utility: Preference reversals in expected utility of income models

There is a debate in the literature about the arguments of utility in expected utility theory. Some implicitly assume utility is defined on final wealth whereas others argue it may be defined on initial wealth and income separately. I argue that making income and wealth separate arguments of utility has important implications that may not be widely recognized. A framework is presented that allows the unified treatment of expected utility models and anomalies. I show that expected utility of income models can predict framing induced preference reversals, a willingness to pay-willingness to accept gap for lotteries, and choice-value preference reversals. The main contribution is a theorem. It is proved that for all utility functions where initial wealth and income enter separately, either there will be preference reversals or preferences can be represented by a utility function defined on final wealth alon

The Effects of Climate Change Considerations in Environmental Assessment: A Case Study of British Columbia’s Liquid Natural Gas Sector

The development of energy resources and global climate change are inextricably linked. The purpose of this research was to examine the potential impacts of incorporating climate change considerations in project level environmental assessment (EA) regulations and practice within the context of the liquid natural gas (LNG) sector in British Columbia. The specific objectives of this research were to examine how climate change is considered in EA for the LNG industry, including the provisions for doing so, and assess the potential benefits and implications of increased climate change considerations in EA. A systematic review of EA documentation (e.g., impact statements, project approvals, mitigation plans) from LNG related projects in BC over the last ten years showed that climate change has been considered in some form in every project EA conducted, and during almost every project review phase. Semi-structured interviews with representatives from the energy industry, provincial government, environmental non-governmental organizations, and EA practitioners highlighted the challenges, concerns, and successes of climate change assessment and management. Based on the information collected from BC LNG EAs it was shown that EA can, and should, consider climate change but that is must be coupled with other planning, decision making, and regulatory tools to effectively address climate change. It also highlighted the lack of trust the public has in the EA process and that there is also a gap in knowledge and information sharing about how climate change is currently considered in EA. Numerous tools and process were identified through this research to augment the EA process, including strategic environmental assessment, economic incentives, practice guidance, and regulatory instruments

The exposure problem and market design

This is the author accepted manuscript. The final version is available from OUP via the DOI in this recordMarkets have an exposure problem when getting to the optimal allocationrequires a sequence of transactions which if started but not completed leavesat least one trader with losses. We use laboratory experiments to evaluatethe effect of the exposure problem on alternative market mechanisms. Thecontinuous double auction performs poorly: efficiency is only 20% when expo-sure is high and 55% when it is low. A package market effectively eliminatesthe exposure problem: in low and high exposure treatments efficiency is 82%and 89% respectively. Building on stability notions from matching theory weintroduce the concept of mechanism stability. A model of trade that com-bines mechanism stability with noisy best responses and imperfect foresightexplains the difference in market performance. Finally, decentralized bargai-ning with contingent contracts performs well with perfect information andcommunication but not in the more realistic case when traders’ preferencesare privately known.European Research Counci

Thermoregulatory demands of épée fencing during competition

© 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an open access article under the Creative Commons Attribution-Non Commercial-No Derivatives CC BY-NC-ND licence, https://creativecommons.org/licenses/by-nc-nd/4.0/The International Olympic Committee recently introduced a consensus statement on recommendations for outdoor sports in the heat. However, indoor sports such as fencing whereby athletes are required to wear full body protective clothing when competing have received no recommendations. Such scenarios could cause high thermoregulatory demands particularly as competition progresses into latter rounds (direct elimination; DE). Therefore, the aim of this study was to determine the thermoregulatory responses of épée fencing across different phases of competition (Poule and DE). Seven well-trained fencers competed in a simulated competition comprising of seven Poule and seven DE fights. Gastrointestinal temperature (Tgast), skin temperature (Tskin), mask temperature (Tmask), heart rate (HR), thermal sensation, differentiated ratings of perceived exertion (RPE), and movement characteristics were collected for all fights. There was a moderate thermoregulatory demand during Poule rounds shown by post-fight Tgast (38.1 ± 0.4°C), Tskin (34.4 ± 0.7°C), and thermal sensation ratings (6 ± 1). A greater thermoregulatory and perceptual demand observed during DE rounds evidenced by Tgast (38.7 ± 0.3°C post fight), Tskin (35.1 ± 0.7°C), thermal sensation (7 ± 1), increases in Tmask across DE rounds (~1.1°C), and RPE (~15). Furthermore, a significant (p < 0.05) reduction in distance covered from DE 1 to DE 7 suggests a thermoregulatory based impact on performance. This is the first study demonstrating the thermoregulatory demands of épée fencing, highlighting the need to develop heat exertion guidelines within fencing.Peer reviewe

Gravity Charger

According to a 2014 World Health Organization research initiative based on data collected from 14 global developing countries, “Only 28% of health facilities and 34% of hospitals had what could be called “reliable” access to electricity (without prolonged interruptions in one week)” [1]. Healthcare quality suffers because of this lack of reliable electricity. We propose that a gravity powered generator would stand as a reliable power source for small medical devices under any conditions at any location at any time of day. Our research examines how a gravity powered electric generator could best empower medical facilities in developing countries to provide improved healthcare. Our research has shown that most often, the greatest needs at these facilities are dependent upon an inadequate power supply, including lighting for emergency night-time care, refrigeration for blood and vaccines, facilities for sterilization, and electricity for simple medical devices [1]. We have chosen to focus on providing power for small devices as well as lighting. A successful charger must be lightweight, durable, and reliably provides dc power congruent with USB charging specifications. Testing has revealed a proof of concept, in that we were able to produce USB power from a mockup of the intended design, and further iterations of the charger will improve charge time per use. Initially, those seeking medical attention will be the main beneficiaries of our device; however, we expect the gravity generator project to expand if visitors see that our device could replace fossil or other solid fuel consuming device, such as kerosene lanterns, in their homes

An experimental investigation of the impact of experience on loss aversion

The first chapter introduces the thesis and reviews the literature on loss aversion, the endowment effect and the willingness to pay/willingness to accept gap, and the effects of experience. The second chapter reports an extended version of Knetsch's exchange of goods experiment to explore how different types of experience influence the endowment effect. The experiment has four treatments, which compare the behaviour of subjects with experience of consuming, owning, and choosing goods to a control group. The results are consistent with earlier studies in that an endowment effect is observed; however, the strength of the effect is less than in earlier studies and differs between treatments. In particular, there is a significantly stronger endowment effect in the treatments in which the endowment is acquired in two steps rather than one step. The third chapter reports a repeated market experiment in which subjects buy and sell lotteries under symmetric and asymmetric information. Buying and selling bids and prices are compared. A gap between buying and selling prices decays under symmetric information but persists under asymmetric information. Furthermore, there are spillover effects. When the regime switches between symmetric and asymmetric information, subjects do not immediately adjust their behaviour. The results are interpreted as evidence that behaviour is driven by heuristics. The fourth chapter reports another repeated market experiment in which subjects buy and sell lotteries. How the lotteries’ odds are presented and whether the lottery gets resolved after each trial vary between treatments. Among the findings is that the gap between buying and selling bids decays when lotteries are not resolved each trial but persists when they are. The final chapter summarises the findings of the three experiments and identifies common patterns. Directions for future experimental and theoretical research are suggested. Finally, implications for policy are discussed

Consumption experience, choice experience and the endowment effect

This paper reports an experiment investigating how different kinds of experience influence the endowment effect. Previous studies have investigated how the endowment effect is influenced by experience gained through repetition of decision problems and trading in natural and experimental markets. In this study we explore how it is influenced by experience of consuming elements of a potential endowment and by experience of choosing prior to acquiring an endowment. We find evidence of an endowment effect and that measured loss aversion predicts the reluctance to trade. We find no effect of consumption experience. Choice experience increases trading. Finally, we find evidence of a new species of 'splitting effect', whereby acquiring an endowment in two instalments significantly reduces trading

The 10kTrees Website: A New Online Resource for Primate Phylogeny

The comparative method plays a central role in efforts to uncover the adaptive basis for primate behaviors, morphological traits, and cognitive abilities.[1-4] The comparative method has been used, for example, to infer that living in a larger group selects for a larger neocortex,[5][6] that primate territoriality favors a longer day range relative to home range size,[7] and that sperm competition can account for the evolution of primate testes size.[8][9] Comparison is fundamental for reconstructing behavioral traits in the fossil record, for example, in studies of locomotion and diet.[10-13] Recent advances in comparative methods require phylogenetic information,[2][14-16] but our knowledge of phylogenetic information is imperfect. In the face of uncertainty about evolutionary relationships, which phylogeny should one use? Here we provide a new resource for comparative studies of primates that enables users to run comparative analyses on multiple primate phylogenies Importantly, the 10,000 trees that we provide are not random, but instead use recent systematic methods to create a plausible set of topologies that reflect our certainty about some nodes on the tree and uncertainty about other nodes, given the dataset. The trees also reflect uncertainty about branch lengths.Human Evolutionary Biolog

Physiological demands of fencing:A Narrative review

Background and AimFencers compete over long competition days (9-11 hours) wearing full body protective clothing whilst performing high-intensity explosive movements interspersed with low intensity preparatory or recovery movements. Therfore the aim of this review is to provide contemporary perspectives of the literature discussing the physiological and thermoregulatory demands of fencing to inform training, competition, and recovery practices.MethodsResearch articles were searched through three online databases (Pubmed, SPORTDiscus, and Google Scholar; 1985-2022) and included results discussing physiological demands for all three weapons (epée, foil, and sabre).ResultsThe physiological demands of fencing performance are high and increase as fencers move from Poule fights to knockout Direct Elimination fights. Fencers compete at 75-100% of maximum heart rate, and ~75% maximal oxygen consumption in Direct Elimination fights. Fencing performance is reliant on the phosphocreatine and aerobic energy systems as shown through low blood lactate concentrations. Considerable variation in distance covered during competition is generally reported (i.e., 435 to 1652m in Direct Elimination fights). Despite fencers competing in full body protective clothing with a potentially large thermoregulatory challenge only one study has examined thermoregulatory responses during fencing whereby fencers’ gastrointestinal temperature can peak at &gt;39°C.ConclusionsFuture research highlighted by the findings of this review includes studies of all weapon types especially foil and sabre, during actual competitive environments.Thermoregulatory responses of fencing need to be determined including measures of skin temperature, mask temperature (as a measure of micro-climates) and thermal sensation, allowing for appropriate cooling strategies to be applied between fights to maintain or improve performance.Practical ApplicationsA greater understanding of the physiological demands of fencing performance will allow athletes, coaches, and practitioners to design training to prepare athletes for competition and allow fencing specific protocols to be developed to determine recovery strategies within fencing