Global QUALITY OF LIFE (QOL), health and ability are primarily determined by our consciousness. Research findings from Denmark 1991–2004

Social Indicators Research - Objective: To explain the global quality of life (QOL) from 2000 indicators representing all aspects of life. Design and setting: Two cross sectional population...     

A tractable method to measure utility and loss aversion under prospect theory

This paper provides an efficient method to measure utility under prospect theory. Our method minimizes both the number of elicitations required to measure utility and the cognitive burden for subjects, being based on the elicitation of certainty equivalents for two-outcome prospects. We applied our method in an experiment and were able to replicate the main findings on prospect theory, suggesting that our method measures what it is intended to. Our data confirmed empirically that risk seeking and concave utility can coincide under prospect theory. Utility did not depend on the probability used in the elicitation, which offers support for the validity of prospect theory.

Do financial professionals behave according to prospect theory? An experimental study

Prospect theory is increasingly used to explain deviations from the traditional paradigm of rational agents. Empirical support for prospect theory comes mainly from laboratory experiments using student samples. It is obviously important to know whether and to what extent this support generalizes to more naturally occurring circumstances. This article explores this question and measures prospect theory for a sample of private bankers and fund managers. We obtained clear support for prospect theory. Our financial professionals behaved according to prospect theory and violated expected utility maximization. They were risk averse for gains and risk seeking for losses and their utility was concave for gains and (slightly) convex for losses. They were also averse to losses, but less so than commonly observed in laboratory studies and assumed in behavioral finance. A substantial minority focused on gains and largely ignored losses, behavior reminiscent of what caused the current financial crisis.     

Internalizing and externalizing problems and parenting: Results from a Saudi Arabian sample

Relatively few studies have attempted to identify factors that contribute to variation in parental behavior. The literature has revealed associations between both internal and external factors in the variation in parenting behaviors. In addition, the vast majority of the existing literature has focused almost exclusively on Western cultures (e.g., the USA). The current study addresses these limitations by examining direct and indirect pathways involving both internal and external sources of influence on parenting behaviors in a sample of adults from Saudi Arabia (N = 196). The employed statistical models revealed robust and consistent direct associations between the examined internalizing sources of influence (self-control and psychopathy) and parenting behaviors. Subsequent models revealed some evidence of mediation stemming from external sources of influence (namely, aggression). However, the resulting indirect effects were inconsistent, indicating that other, unmeasured mechanisms ultimately connect the examined internalizing problems and parenting behaviors.     

Estimation based on progressive first-failure censoring from exponentiated exponential distribution

In this paper, point and interval estimations for the parameters of the exponentiated exponential (EE) distribution are studied based on progressive first-failure-censored data. The Bayes estimates are computed based on squared error and Linex loss functions and using Markov Chain Monte Carlo (MCMC) algorithm. Also, based on this censoring scheme, approximate confidence intervals for the parameters of EE distribution are developed. Monte Carlo simulation study is carried out to compare the performances of the different methods by computing the estimated risks (ERs), as well as Akaike's information criteria (AIC) and Bayesian information criteria (BIC) of the estimates. Finally, a real data set is introduced and analyzed using EE and Weibull distributions. A comparison is carried out between the mentioned models based on the corresponding Kolmogorov–Smirnov (K–S) test statistic to emphasize that the EE model fits the data with the same efficiency as the other model. Point and interval estimation of all parameters are studied based on this real data set as illustrative example.     

The Integration of Tradition and Modernity: A Search for an Urban and Architectural Identity in Arriyadh, The Capital of Saudi Arabia

About 40 years ago, traditional villages, towns and cities of the Arabian Peninsula started to lose their regional characteristics and embody modern forms and shapes. Since then, these characteristics have been subject to dilution due to social and cultural changes as well as institutionalized changes imposed by planning and architectural practices. This process creates debates and clashes between tradition and modernity. Projects carried out since 1975 are the least representative of the regional characteristics but do attempt to have urban and architectural identity. This paper argues that all the actors in “design formulation” (clients, architects, urban designers and planners) are trying to use historic elements in the creation of architectural identities. In fact they are making efforts to create urban and architectural identity to substitute regional characters. These attitudes flourished as a result of dynamic cultural, economic, political and ritualistic influences. This paper highlights the importance of urban and architectural identity in architectural and urban projects in Arriyadh, the capital city of Saudi Arabia because such projects create precedents for other Saudi villages, towns and cities. The study identifies the forces behind the initiation, transformation and evolution of the urban and architectural identity and attempts to supplement scholarship in the fields of architecture, urban design, and planning with regard to the role of identity as a tool for improving the spatial quality of the built environment. Architectural identity participates in setting up meaningful schemata which influences human behavior as a cultural process. The paper supports the concern for search for historic symbols which may influence the architectural identity and the quality of perceived environment during the design process of new or transformed physical environments. The paper views the traditional part of the city as an amalgamation of history and economic interests and its symbolic importance seems to be a perfect place for the emergence of different forms of engagement between tradition and modernity. The importance of the traditional part is unique while the importance of continuity of tradition is very likely complementary.     

Contesting Claims on Measuring Performance in the Public Sector Using Performance Audits: Evidence from the Literature

Based on desk study, this article adduces theoretical and empirical evidence to analyze the claims of advocates and critics of performance audit (PA). The paper establishes that the application of PA in some developed countries has led to improvement in aspects of public sector performance albeit sometimes short of the often highlighted effects of economy, efficiency and effectiveness. The article further provides evidence to support the claim that despite its touted contribution to performance, PA could rather lead to anti-innovation, nit-picking, expectations gap, lapdog, headline hunting, unnecessary systems and hollow ritual. The paper questions the quality of reported PA systems in the literature and advocates a PA regime that strikes a delicate balance between compliance and performance.     

Nonlinear Discriminant Functions for Mixed Random Walk Models

A procedure is presented for finding maximum likelihood estimates of the parameters of a mixture of two random walk distributions in two cases, using classified and unclassified observations. Based on small sample size, estimation of nonlinear discriminant functions is considered. Throughout simulation experiments, the performance of the corresponding estimated nonlinear discriminant functions is investigated. The total probabilities of misclassification and percentage biases are evaluated and discussed.     

The architectural form and landscape as a harmonic entity in the vernacular settlements of Southwestern Saudi Arabia

The paper aims to describe the architectural form and landscape as a harmonic entity in vernacular settlements of southwestern Saudi Arabia. The qualities of vernacular settlements and their integration and responsiveness to the physical, social, economic and cultural environment are demonstrated in this study. The socio-economic activities and customs in southwestern Saudi Arabia are presented as part of the historical process. The paper looks at the major elements of the vernacular villages and landscape as cultural-specific images. While appreciating this, the author laments the way this harmony has been disrupted not least aesthetically as a consequence of modernism which had an impetus on changing life style and social expectation. The cultural-specific images involve direct relationships between the architectural and urban forms as systems and events that are taking place in or around that form. One thesis is that each element of the vernacular village and landscape is linked to an image that shapes and influences human behavior and appreciation, thereby helping to shape larger environmental patterns. Beyond the meaning that specific elements inherit, they have functional and economic values. As a result, their visual qualities are believed to be effective in enhancing behavior through their visual attributes. One of the most important conclusions is that, there are many features of modern village extensions and landscape elements that enhance the interaction with the physical environment that ordinary citizens value, and there are elements of the vernacular villages and landscape that people regret to lose, such as ‘qasabahs', weekly markets, cultivation of terraces, etc. This is inspite of today's, modern planning and design techniques that are being sought to produce new architectural forms and landscape elements. Any attempt to substitute vernacular forms without taking into account the values that the older forms held is considered a failure of adopted modernist attitudes.