Can Intertemporal Choice Experiments Elicit Time Preferences for Consumption? Yes

The most popular experimental method for eliciting time preferences involves subjects making choices over smaller, sooner amounts of money and larger, later amounts of money. Under some theoretically possible configurations of preferences and procedures, the discount rates inferred from these choices could lead to misleading inferences about time preferences for consumption. Using a direct empirical test, we show that those configurations of preferences are empirically implausible.

Rapid Design and Manufacture of Ultralight Cellular Materials

This paper details the design, manufacture and testing of regular metallic lattice structures with unit cell sizes in the range 0.8mm to 5mm and truss elements of 100-500 µm in diameter [1]. The structures were manufactured using Selective Laser Melting (SLM) technology from 316L stainless steel. Compression tests have shown yield loadings of over 3.5kN despite being only 18mm by 18mm by 10mm in height, the results are favourably comparable to current commercially available metallic foams. Software has been developed that creates slice files without the use of CAD software or STL files and is capable of producing lattices within a volume defined by a STL file.Mechanical Engineerin

The Independence Axiom and the Bipolar Behaviorist

Developments in the theory of risk require yet another evaluation of the behavioral validity of the independence axiom. This axiom plays a central role in most formal statements of expected utility theory, as well as popular alternative models of decision-making under risk, such as rank-dependent utility theory. It also plays a central role in experiments used to characterize the way in which risk preferences deviate from expected utility theory. If someone claims that individuals behave as if they "probability weight" outcomes, and hence violate the independence axiom, it is invariably on the basis of experiments that must assume the independence axiom. We refer to this as the Bipolar Behavioral Hypothesis: behavioral economists are pessimistic about the axiom when it comes to characterizing how individuals directly evaluate two lotteries in a binary choice task, but are optimistic about the axiom when it comes to characterizing how individuals evaluate multiple lotteries that make up the incentive structure for a multiple-task experiment. Building on designs that have a long tradition in experimental economics, we offer direct tests of the axiom and the evidence for probability weighting. We reject the Bipolar Behavioral Hypothesis: we find that nonparametric preferences estimated for the rank-dependent utility model are significantly affected when one elicits choices with procedures that require the independence assumption, as compared to choices with procedures that do not require that assumption. We also demonstrate this result with familiar parametric preference specifications, and draw general implications for the empirical evaluation of theories about risk.

An analysis of metropolitan land-use by machine processing of earth resources technology satellite data

A successful application of state-of-the-art remote sensing technology in classifying an urban area into its broad land use classes is reported. This research proves that numerous urban features are amenable to classification using ERTS multispectral data automatically processed by computer. Furthermore, such automatic data processing (ADP) techniques permit areal analysis on an unprecedented scale with a minimum expenditure of time. Also, classification results obtained using ADP procedures are consistent, comparable, and replicable. The results of classification are compared with the proposed U. S. G. S. land use classification system in order to determine the level of classification that is feasible to obtain through ERTS analysis of metropolitan areas

High voltage solar array study Final report

High voltage solar array stud

Urban land use monitoring from computer-implemented processing of airborne multispectral data

Machine processing techniques were applied to multispectral data obtained from airborne scanners at an elevation of 600 meters over central Indianapolis in August, 1972. Computer analysis of these spectral data indicate that roads (two types), roof tops (three types), dense grass (two types), sparse grass (two types), trees, bare soil, and water (two types) can be accurately identified. Using computers, it is possible to determine land uses from analysis of type, size, shape, and spatial associations of earth surface images identified from multispectral data. Land use data developed through machine processing techniques can be programmed to monitor land use changes, simulate land use conditions, and provide impact statistics that are required to analyze stresses placed on spatial systems

Reducing Crop Nutrient Applications: The Yield Reserve Program

A proposed Yield Reserve Program designed to compensate farmers for any reduced yields resulting from reduced nitrogen (N) application rates below recommended rates is evaluated. Assuming that farmers currently follow extension recommendations for applying N, Yield Reserve Program participation reduces expected net revenue by $10 to$13/ha. The Yield Reserve Program reduces expected net revenue by $17 to$20/ha for farmers who apply N to maximize expected net revenue. Farmers costs of participation increase with lower probabilities of inadequate rainfall and higher corn prices and decline with higher N prices. The Yield Reserve Program can significantly reduce N applications to cropland, which may reduce N content of surface waters, but the costs to taxpayers and farmers will depend on how the program is implemented.compliance cost, nitrogen fertilizer, nonpoint source pollution, policy, yield response function, Crop Production/Industries,

Potential competitive effects on U.S. bank credit card lending from the proposed bifurcated application of Basel II

This paper analyzes the potential competitive effects of the proposed bifurcated application of Basel II capital regulations in the United States on bank credit card lending activities. For this purpose, the authors consider the Basel II regulations as stated in the June 2004 Basel Committee Framework Agreement. ; Also issued as Payment Cards Center Discussion Paper No. 05-21 ; Superseded by Working Paper 07-09Basel capital accord ; Credit cards

Inducing Risk Neutral Preferences with Binary Lotteries: A Reconsideration

We evaluate the binary lottery procedure for inducing risk neutral behavior. We strip the experimental implementation down to bare bones, taking care to avoid any potentially confounding assumption about behavior having to be made. In particular, our evaluation does not rely on the assumed validity of any strategic equilibrium behavior, or even the customary independence axiom. We show that subjects sampled from our population are generally risk averse when lotteries are defined over monetary outcomes, and that the binary lottery procedure does indeed induce a statistically significant shift towards risk neutrality. This striking result generalizes to the case in which subjects make several lottery choices and one is selected for payment.

The South Dakota cooperative land use effort: A state level remote sensing demonstration project

Remote sensing technology can satisfy or make significant contributions toward satisfying many of the information needs of governmental natural resource planners and policy makers. Recognizing this potential, the South Dakota State Planning Bureau and the EROS Data Center together formulated the framework for an ongoing Land Use and Natural Resource Inventory and Information System Program. Statewide land use/land cover information is generated from LANDSAT digital data and high altitude photography. Many applications of the system are anticipated as it evolves and data are added from more conventional sources. The conceptualization, design, and implementation of the program are discussed