Risk Aversion and the Subjective Time Discount Rate: A Joint Approach

In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It is found that both parameters strongly vary over individuals, while they are moderately negatively correlated. Furthermore we explain the estimated relative risk aversion and time preference by income, age, gender, entrepreneurship and an obesity index. Very significant effects are found. If we explain relative risk aversion in a simple model where time discounting is ignored, we find completely different estimates for this parameter. We conclude that in the case of lotteries with big prizes a simultaneous estimate of risk aversion and time preference is needed in order to avoid misspecificationexpected utility, risk aversion, time preference, lotteries, hypothetical questions

Hyperglycemia in Pregnancy: Recent Diagnostic Criteria and Pharmacologic Treatment for Glycemic Contro

Hyperglycemia in pregnancy, or formerly known as gestational diabetesmellitus, is defined as carbohydrate intolerance of variable severitywith onset or first recognition during pregnancy. The classicalscreening and diagnosis of hyperglycemia in pregnancy is the twostepsscreening, consists of 50 gram glucose load and follow by 3-hour 100 gram oral glucose test for those who were screening positive.The diagnosis of hyperglycemia in pregnancy is made if at leasttwo abnormal elevated values i.e. fasting > 95 mg/dl, 1 hour > 180mg/dl. 2 hour > 155 mg/dl, and 3 hour > 140 mg/dl.The International Association of Diabetes and Pregnancy StudyGroups Consensus Panel (IADPSG) in 2010 and the American DiabetesAssociation in 2011 change the method of screening and diagnosticcriteria. In the new method of screening all pregnant woman,not only the high risk group, should be screened using oral glucosetolerance test with 75 gram of glucose. The new diagnosis criterianeed only one abnormal plasma glucose value i.e. fasting > 92 mg/dlor 1 hour > 180 mg/dl, or 2 hour > 153 mg/dl. There is debate whichcriteria should be used universally, since the new criteria will increasethe prevalence of hyperglycemia in pregnancy.In most diabetic clinics, especially in the North America, besidesmedical nutrition therapy, insulin remains the mainstay of treatmentfor this patient. However, for those women who cannot afford insulinor do not wish to take insulin, glibenclamide and metformin, maybe offered as an alternative. Most experts will prefer to use metformin,since it does not increase body weight and also has an insulinsensitivity effect.Keywords: hyperglycemia in pregnancy, IADPSG criteria, pharmacologictreatmen

The chemical fixation of carbon dioxide by tetramethylguanidine and triazabicyclo dec-5-ene bases

The fixation of CO2 using guanidine bases; 1,1,3,3-tetramethylguanidine (TMG) and 5,7-triazabicyclo[4.4.0] dec-5-ene (TBD) has been investigated. Solution Nuclear magnetic resonance (NMR) studies were carried out for the reaction between CO2 and the guanidine bases at normal temperature and pressure, i.e Ca. 30 °C and 1 atm. Analysis of results obtained using 1- dimentional 13C NMR and 2-dimentional 15N (HMBC) both indicated successful reaction between CO2 and TBD and also CO2 with TMG. Both products were observed to be stable at room temperature and pressure. Based on the results obtained, it was concluded that, the CO2 can be fixed with TMG and TBD at normal conditions of temperature and pressure. Finally it was also proposed that, the method used could be useful for the uptake and release of atmospheric CO2.Keywords: Carbon dioxide, Chemical fixation, Heteronuclear Multiple-Bond Correlation Tetramethylguanidine, Triazabicyclo decen

A Parametric Analysis of Prospect Theory's Functionals for the General Population

This paper presents the results of an experiment that completely measures the utility function and probability weighting function for different positive and negative monetary outcomes, using a representative sample of N = 1935 from the general public. The results confirm earlier findings in the lab, suggesting that utility is less pronounced than what is found in classical measurements where expected utility is assumed. Utility for losses is found to be convex, consistent with diminishing sensitivity, and the obtained loss aversion coefficient of 1.6 is moderate but in agreement with contemporary evidence. The estimated probability weighing functions have an inverse-S shape and they imply pessimism in both domains. These results show that probability weighting is also an important phenomenon in the general population. Women and lower educated individuals are found to be more risk averse, in agreement with common findings. Unlike previous studies that ascribed gender differences in risk attitudes solely to differences in the degree utility curvature, however, our results show that this finding is primarily driven by loss aversion and, for women, also by a more pessimistic psychological response towards the probability of obtaining the best possible outcome.prospect theory, utility for gains and losses, loss aversion, subjective probability weighting

A simultaneous approach to the estimation of risk aversion and the subjective time discount rate

"In this paper we analyze a sample of 1,832 individuals who responded to six randomly generated lottery questions that differ with respect to chance, prize and the timing of the draw. Using a model that explicitly allows for consumption smoothing, we obtain an estimate of relative risk aversion of 82. Instead, assuming consumption to be immediate gives an estimate of 2, close to what is traditionally reported, while a model of full asset integration gives estimates higher by several orders of magnitude. Our results show that estimated risk aversion is sensitive to the assumptions made with respect to the consumption profile and that it is possible to determine the level of asset integration endogenously. The average subjective time discount rate, which includes a preference for the present, equals 6% per month. It is found that both parameters vary strongly over individuals and that the variation can be explained by income, age, gender, and entrepreneurship, consistent with the majority of previous evidence." [author's abstract

An Examination of Website Advice to Avoid Jury Duty

The use of a jury in legal proceedings can be traced as far back as the participatory democracies that emerged in Greece in the sixth century BC, although it was not until the signing of the Magna Carta that the right to a trial by a jury of one’s peers emerged.1 In the United States, the Sixth and Seventh Amendments of the U.S. Constitution expressly provide this right in both criminal and civil proceedings.2 Furthermore, these amendments provide individuals with the right to a trial before an impartial jury.3 This right intends to serve as a safeguard against unfair treatment during a trial, providing a system of checks and balances to pursue the goal that justice remains at the heart of the legal system. A jury is intended to serve as a cross-section of the community, as it is drawn from and purports to represent the collective community conscience and common sense when resolving disagreements.4 Despite this rich constitutional history and community context, many residents of the United States actively seek to avoid jury service when they are called, for reasons we discuss further below. Some individuals search the Internet for information about how to avoid participating in jury service. As trial judges are tasked with oversight that spans the entire process of impanelment through voir dire, this study sought to provide a contextual background to assist the judiciary in easily recognizing and assessing potential jury avoidance. In the current study, the investigators examined advice offered by popular websites about how reluctant jurors may attempt to be excused from jury service

Spatially Averaged Quantum Inequalities Do Not Exist in Four-Dimensional Spacetime

We construct a particular class of quantum states for a massless, minimally coupled free scalar field which are of the form of a superposition of the vacuum and multi-mode two-particle states. These states can exhibit local negative energy densities. Furthermore, they can produce an arbitrarily large amount of negative energy in a given region of space at a fixed time. This class of states thus provides an explicit counterexample to the existence of a spatially averaged quantum inequality in four-dimensional spacetime.Comment: 13 pages, 1 figure, minor corrections and added comment

It\u27s Not All in Your Head (or at Least Your Brain): Association of Traumatic Brain Lesion Presence and Location with Performance on Measures of Response Bias in Forensic Evaluation

This study examined the relationship between lesion presence and localization and performance on measures of cognitive response bias, specifically in individuals purporting to have a traumatic brain injury. Ninety-two participants, all of whom were involved in workers’ compensation or personal injury litigation, were administered an extensive neuropsychological battery, including neuroimaging (magnetic resonance imaging and computed tomography), at a neuropsychiatric clinic in Lexington, KY. Those with evidence of intracranial injury on neuroimaging findings were placed in the head injury lesion litigation group and were coded based on the anatomical location and type of intracranial injury. Results demonstrated no significant relationships between lesion location and performance on performance validity tests (PVTs), as well as the Response Bias Scale of the Minnesota Multiphasic Personality Inventory-2 Restructured Form. Given the lack of research concerning lesions and performance validity tests, this study addresses important questions about the validity of PVTs as specific measures of response bias in patients who have structural changes secondary to traumatic brain injury. Copyright#2013 John Wiley & Sons, Ltd

Diffusive Charge Transport in Graphene on SiO2

We review our recent work on the physical mechanisms limiting the mobility of graphene on SiO2. We have used intentional addition of charged scattering impurities and systematic variation of the dielectric environment to differentiate the effects of charged impurities and short-range scatterers. The results show that charged impurities indeed lead to a conductivity linear in density in graphene, with a scattering magnitude that agrees quantitatively with theoretical estimates [1]; increased dielectric screening reduces scattering from charged impurities, but increases scattering from short-range scatterers [2]. We evaluate the effects of the corrugations (ripples) of graphene on SiO2 on transport by measuring the height-height correlation function. The results show that the corrugations cannot mimic long-range (charged impurity) scattering effects, and have too small an amplitude-to-wavelength ratio to significantly affect the observed mobility via short-range scattering [3, 4]. Temperature-dependent measurements show that longitudinal acoustic phonons in graphene produce a resistivity linear in temperature and independent of carrier density [5]; at higher temperatures, polar optical phonons of the SiO2 substrate give rise to an activated, carrier density-dependent resistivity [5]. Together the results paint a complete picture of charge carrier transport in graphene on SiO2 in the diffusive regime.Comment: 28 pages, 7 figures, submitted to Graphene Week proceeding