A critique of the econometrics of happiness: Are we underestimating the returns to education and income?

A large "happiness", or life satisfaction, literature in economics makes use of Likert-like scales in assessing survey respondents' cognitive evaluations of their lives. These measures are being used to estimate economic benefits in every empirical field of economics. Typically, analysis of these data have shown remarkably low direct returns of education for improving subjective well-being. In addition, arguably, the inferred impact of material wealth and income using this method is also unexpectedly low as compared with other, social factors, and as compared with economists' prior expectations which underlie, in some sense, support for using GDP as a proxy for more general quality of life goals. Discrete response scales used ubiquitously for the reporting of life satisfaction pose cognitive challenges to survey respondents, so differing cognitive abilities result in different uses of the scale, and thus potential bias in statistical inference. This problem has so far gone unnoticed. An overlooked feature of the distribution of responses to life satisfaction questions is that they exhibit certain enhancements at focal values, in particular at 0, 5, and 10 on the eleven-point scale. In this paper, I investigate the reasons for, and implications of, these response patterns. I use a model to account for the focal-value behavior using a latent variable approach to capture the "internal" cognitive evaluation before it is translated to the discrete scale of a survey question. This approach, supported by other more heuristic ones, finds a significant upward correction for the effects of both education and income on life satisfaction

Veblen goods and neighbourhoods: endogenising consumption reference groups

One of the significant developments in the last four decades of economics is the growing empirical evidence that individual consumption preferences, as mea- sured by self-reported life satisfaction, are neither fixed nor self-centred but are instead overwhelmingly dominated by externalities, partly in the form of reference levels set by others and by one’s own experience. Welfare analysis recognising this fact is likely to indicate enormous revisions for macroeconomic policy and social objectives as well as for what is taught in economics at all levels. Yet the task of constructing general equilibrium models based on this microeconomic re- ality is still in its infancy. In this work I take the conventional stance that decision makers understand their own utility function. Therefore, they can choose the mi- lieu in which they immerse themselves with the sophisticated understanding that it will affect their own consumption reference levels and therefore the degree of satisfaction they derive from their private consumption. At the same time, their private consumption will help to set the reference level for others in their chosen group. I treat theoretically the problem of such endogenous formation of consump- tion reference groups in the context of a simultaneous choice of neighbourhoods and home consumption amongst a heterogenous population. For both discrete and continuous distributions of types, I find general equilibrium outcomes in which differentiation of neighbourhoods occurs endogenously and I compare the welfare implications of growth in such economies.reference income; veblen goods; consumption reference groups; club goods

Testing the Reliability of FERC's Wholesale Power Market Platform: An Agent-Based Computational Economics Approach

In April 2003 the U.S. Federal Energy Regulatory Commission (FERC) proposed the Wholesale Power Market Platform (WPMP) for common adoption by U.S. wholesale power markets. The WPMP is a complicated market design that has been adopted in some regions of the U.S. but resisted in others on the grounds that its reliability has not yet been sufficiently tested. This article reports on the development of an agent-based computational framework for exploring the economic reliability of the WPMP. The key issue under study is the extent to which the WPMP is capable of sustaining efficient, orderly, and fair market outcomes over time despite attempts by market participants to gain advantage through strategic pricing, capacity withholding, and/or induced transmission congestion. Related work can be accessed at: http://www.econ.iastate.edu/tesfatsi/AMESMarketHome.htm

Cost drivers of integrated maintenance in high-value systems

High value systems are determined by a wide structure, where operations are considered to be one structural component. Nowadays “down-time” as a major impact in the operation costs of any system. To avoid or minimize “down-time” it is essential to match the appropriate maintenance to each failure. Therefore, it is relevant to determine the cost drivers of integrated maintenance in any system, in order to minimize the overall cost. It is common to use Value Driven Maintenance (VDM) to capture the cost drivers in maintenance. VDM is a methodology which relies in four distinct areas: Asset Utilization; Resource Allocation; Control Cost and Health and Safety and Environment. Within each category it is possible to allocate different cost drivers, building a framework for each system studied. The aim of this paper is to categorize the cost drivers of rail infrastructure networks, associating them with the maintenance preformed for each case. Furthermore, analysis of which part of the track falls under each VDM category as well as the general failure causes and effects will be included in the framework presented. Finally relating the maintenance type for each effect will provide the necessary inputs towards a cost model structure. The benefit of achieving a successful model will be the optimization of the cost in integrated maintenance of the rail infrastructure

Renewable Energy Resources Impact on Clean Electrical Power by developing the North-West England Hydro Resource Model.

This paper describes the development of a sequential decision support system to promote hydroelectric power in North-West England. The system, composed of integrated models, addresses barriers to the installation of hydroelectric power schemes. Information is linked through an economic assessment which identifies different turbine options, assesses their suitability for location and demand; and combines the different types of information in a way that supports decision making. The system is structured into five components: the hydrological resource is modelled using Low Flows 2000, the turbine options are identified from hydrological, environmental and demand requirements; and the consequences of different solutions will be fed into other components so that the environmental impacts and public acceptability can be assessed and valued. A preliminary case study is presented on an old gunpowder works to illustrate how the resource model may be employed. Historical architectural structures, power uptake and educational instruction of hydro power technology are considered

Corrigendum: an overview of MicroRNAs as biomarkers of ALS

A Corrigendum on An Overview of MicroRNAs as Biomarkers of ALS by Joilin, G., Leigh, P. N., Newbury, S. F., and Hafezparast, M. (2019). Front. Neurol. 10:186. doi: 10.3389/fneur.2019.00186 In the original article, there was a mistake in Table 1 as published. Some of the miRNAs listed in the table were incorrectly placed in the wrong column and/or row. The authors apologize for this error and state that this does not change the scientific conclusions of the article in any way. The original article has been updated

Frankenstein: Man or Monster?

Since its first publication in 1818, Mary Shelley’s novel Frankenstein has left a lasting impression upon the world speaking to a multitude of audiences including artists, scientists, philosophers, and society as a whole. Considering the impact of Frankenstein through its evolution as a cultural myth in various plays and films, this thesis will provide a way to gauge the relevance of Shelley’s story as an adaptation. Only by knowing what has been done in the past and how the materials have been used by other playwrights and screenwriters can one understand how to handle them as an original work. The purpose of this project was to examine and identify the main themes of Mary Shelley’s Frankenstein in her original 1818 work; to analyze interpretations in film adaptations from 1931-1994; and to determine how Shelley’s work applies to modern culture in order to lay the groundwork for an original play (the play itself is not a part of this thesis, but an analysis of the structure is provided). The specific problems of the project are as follows: 1) To provide biographical information on Mary Shelley and general information on the influences that led to her creation of Frankenstein; 2) To explore themes of the novel addressed by literary critics; 3) To analyze the identified themes in film adaptations from 1931-94; 4) To analyze the application of Shelley’s original work and interpolation of this research into a contemporary, musical adaptation. Appendices have been added to support this project. Appendix A is a personal analysis of Shelley’s 1818 novel including notes and quotations compiled from two separate readings. Appendix B is the final revision of the original script. Appendix C contains the finalized score for the vocal and instrumental music. Appendix D is a set diagram. Appendix E contains photographs of possible costumes, images for set decoration, and a sketch of the monster’s make-up. Appendix F is the literature review for sources used in Sections I, II, and III