Measuring feelings about choices and risks: The Berlin Emotional Responses to Risk Instrument (BERRI)

We introduce a brief instrument specifically validated for measuring positive and negative feelings about risks—the Berlin Emotional Responses to Risk Instrument (BERRI). Based on seven studies involving diverse adults from three countries (n = 2120), the BERRI was found to robustly estimate anticipatory affective reactions derived from subjective evaluations of positive (i.e., assured, hopeful, and relieved) and negative emotions (i.e., anxious, afraid, and worried). The brief BERRI outperformed a 14-item assessment, uniquely tracking costs/benefits associated with cancer screening among men and women (Studies 1 and 2). Predictive validity was further documented in paradigmatic risky choice studies wherein options varied over probabilities and severities across six contexts (health, social, financial, technological, ethical, and environmental; Study 3). Studies 4–6, conducted during the Ebola epidemic and COVID-19 pandemic, indicated BERRI responses were sensitive to subtle effects caused by emotion-related framing manipulations presented in different cultures and languages (the United States, Spain, and Poland). Study 7 indicated BERRI responses remained stable for 2 weeks. Although the BERRI can provide an estimate of overall affect, choices were generally better explained by the unique influences of positive and negative affect. Overall, results suggest the novel, brief instrument can be an efficient tool for high-stakes research on decision making and risk communication.     

The Stock Market and the Evolution of Top Wealth Shares in the United States

The Journal of Economic Inequality - The mean wealth of the top wealth percentile surged more than two-and-a-half fold in real terms from 1983 to 2019. Changes in wealth over time can be decomposed...     

PORTFOLIO MODELING IN MULTIPLE-CRITERIA SITUATIONS UNDER UNCERTAINTY

There have been many models for portfolio selection, but most do not explicitly include uncertainty and multiple objectives. This paper presents an approach that includes these aspects using a form of stochastic integer programming with recourse. The method involves the use of a time-based decision tree structure called a “project tree.” Using this basic format, an illustrative six-project example is presented and analyzed. Various forms of objectives are discussed, ranging from the maximization of expected portfolio value to the maximization of the minimum weighted portfolio deviation from two goals. In each case, formulated numerical problems are given, and the solutions derived are presented. The approach is shown to be very flexible and capable of handling a variety of situations and objectives.     

A MULTIATTRIBUTE DECISION-MAKING APPROACH TO THE SELECTION OF AN AUXILIARY DEVICE FOR ICEBREAKERS*

This paper describes the use of multiattribute decision making by the U.S. Coast Guard when choosing the most appropriate auxiliary device to use on an icebreaker. Five different missions of icebreakers are defined, and the objectives and attributes that describe the effectiveness of each auxiliary device in accomplishing these missions are established. For each geographical area of interest, the missions are weighted using the analytical hierarchy process. Also, group utilities are developed for attribute vectors in order to incorporate the judgments of different icebreaker operators.     

Labour Legislation and Institutional Aspects of the Brazilian Labour Market

Abstract. This paper analyses the structure of the Brazilian Labour Code (CLT), the changes introduced since its approval in 1943, emphasizing the new Federal Constitution of 1988, the costs of labour and of dismissals for employers, the structure of union organizations, the regulation of collective bargaining and capital labour conflicts, and the process of wages determination. We also analyze the evolution of strike activity, and the evolution of wage differentials and functional distribution of income between profits and wages in industry in the last 15 years.     

Sequencing Rules for Productivity Improvements in Underground Coal Mining*

In this paper, we report on a unique two-machine, dynamic sequencing problem that was involved in a project designed to improve the productivity of underground coal mining operations. It was discovered that mine output was dependent on the particular sequence of faces the continuous miner and bolter worked. The problem is characterized by two unique features. First, the problem is unique because of the geological and safety constraints that must be satisfied by the sequence. Second, the scheduling problem is dynamic because the available job sets change as work progresses, and the production times change as coal is mined. Three heuristic approaches were developed and tested using mine parameters. The best heuristic had a worst case scenario of being within 2.7 percent of the optimal sequence and only a 1.1 percent chance of determining a better sequence. This heuristic resulted in an 8.1 percent productivity improvement.