Pure hyperbolic discount curves predict “eyes open” self-control

The models of internal self-control that have recently been proposed by behavioral economists do not depict motivational interaction that occurs while temptation is present. Those models that include willpower at all either envision a faculty with a motivation (??strength??) different from the motives that are weighed in the marketplace of choice, or rely on incompatible goals among diverse brain centers. Both assumptions are questionable, but these models?? biggest problem is that they do not let resolutions withstand re-examination while being challenged by impulsive alternatives. The economists?? models all attempt to make a single equilibrium preference predictable from a person??s prior incentives. This was the original purpose of these models?? hyperboloid (???¨C????) delay discount functions, which have been widely justified by the assumption that a person??s intertemporal inconsistency (impulsiveness) can be accounted for by the arousal of appetite for visceral rewards. Although arousal is clearly a factor in some cases of intertemporal inconsistency, it cannot be blamed for others, and furthermore does not necessarily imply hyperboloid discounting. The inadequacy of ?¨C?? functions is particularly evident in models of internal self-control. I have reviewed several of these models, and have argued for a return to pure hyperbolic discount function as originally proposed, the relatively high tails of which can motivate a recursive process of self-prediction and thereby the formation of self-enforcing intertemporal contracts. Such a process does not require a separately motivated faculty of will, or incompatible goals among brain centers; but it also does not permit the prediction of unique preferences from prior incentives.     

Goals as reference points in marathon running: A novel test of reference dependence

In a large-scale field study of marathon runners, we test whether goals act as reference points in shaping the valuation of outcomes. Theories of reference-dependent preferences, such as Prospect Theory, imply that outcomes that are just below or just above a reference point are evaluated differently. Consistent with the Prospect Theory value function, we find that satisfaction as a function of relative performance (the difference between a runner’s finishing time goal and her actual finishing time) exhibits loss aversion and diminishing sensitivity in both predictions of and actual experienced satisfaction. However, in contrast to Prospect Theory, we observe that loss aversion is partially driven by a discontinuity or jump at the reference point. In addition, we find that a runner’s time goal as well as their previous marathon times simultaneously impact runner satisfaction, providing support for the impact of multiple reference points on satisfaction.     

What’s happening inside U.S. unions: Democracy and union politics

Conclusions  On balance the news is good. The union movement is awakening from the fatalistic pessimism and apathy which marked the 1980s. There is new excitement. New blood is coming in. New ideas are being tried. Pockets of corruption are being cleaned out. Important issues are being debated and have become the subject of hard-fought union elections.     

The Differences in Financial Structure Between Women- and Men-Owned Family Businesses

Lenders often are faced with the challenge of evaluating the financial success of a business or a proposed business by examining the financial records of the household, reasoning that an assessment of the household's financial position should be a plausible indicator of the financial status of the business. Utilizing data from the recently released Family Business Survey, this study uses financial information about both the family and the business to examine the relationship between household financial indicators and business financial indicators for women- and men-owned family businesses. The results suggest that, while household financial statements may be good indicators for men-owned businesses, they appear to be much less reliable for women-owned businesses.     

Health,Health Insurance,and Decision to Exit from Farming

The purpose of this paper is to study the influence of health and health insurance on farmers’ exit decision-making process. Using data from 2000 to 2007 Medical Expenditure Panel Survey, we tested the following three hypotheses: (1) Health condition affects farmers’ exit decision; (2) Having health insurance discourages farmers from exiting; (3) Obtaining health insurance helps farmers with physical health problems to continue farming. Empirical results indicated that having health insurance has a positive effect on encouraging farmers to continue farming regardless of health condition. The study results also suggested that farmer’s health condition and access to health insurance have noticeably larger marginal impacts on farmer’ exit decision than income and other commonly-considered socio-economic and demographic variables.     

Research Training and Professional Social Work Education: Developing Research‐Minded Practice

The movement towards developing practice more firmly grounded on empirical research has, arguably, been one of the most significant international trends in social work during the past decade. However, in the UK the implications of this trend for pedagogical practices and the design of educational programmes have still to be fully explored. This paper reports on the findings of a repeated cross‐sectional survey of MSW students in Queen's University Belfast which focused on their perceptions of the value of research training to professional practice. The study, conducted over a four year period, explored students' awareness of the relationship between research and practice and their readiness to engage with research training. The findings suggested that the majority of students perceived research training as a valuable component of professional development. However, the study also found a level of scepticism among students about its practical utility along with some resistance towards actively embracing a research agenda. The paper evaluates the significance of these findings for developing research and evidence‐based practice as integral components of the new degrees in social work in the UK and for social work education programmes in other countries aiming to develop research‐minded practice.