An experimental evaluation of the descriptive validity of lottery-dependent utility theory

This article compares the performance of the expected utility (EU) and lottery-dependent expected utility (LDEU) models in predicting the actual choices of experimental subjects among risky options. In the process, we present two approaches for calibrating the LDEU model for an individual decision maker. The results indicate that while LDEU exhibits a higher potential for correctly predicting choice, the version of the model calibrated by indifference judgments does not outperform EU. We suggest a functional form for the parametric functions that defines the LDEU model, and discuss ways in which this function can be incorporated into choice-based assessment approaches to improve predictions.This research was supported in part by the Business Associates Fund at the Fuqua School of Business, Duke University.     

Book Review: Welfare Reform,James Madison and Federalism

Public Organization Review -     

Current Constraints and Future Directions for Risk Adapted Land-Use Planning Practices in the High-Density Asian Setting of Ho Chi Minh City

The need to integrate adaptation efforts into land-use planning policies has been only recently recognized in Ho Chi Minh City. The city's latest planning guidance addresses both flooding resilience and mitigation of urban heat. This paper outlines the development contexts and the current barriers for adapted land-use planning within the city. The key challenge for land-use planning is communicating the important functions and services of open and natural urban spaces and effectively guiding the mainly individual developer-driven development. As the realization of non-structural adaptation measures is in strong contrast to the current market-driven private and short-term developer interests, the main development trajectories are questioned and synergies identified.