Risky investment decisions: How are individuals influenced by their groups?

We investigate the effect of group versus individual decision-making in the context of risky investment decisions in which all subjects are fully informed of the probabilities and payoffs. Although there is full information, the lottery choices pose cognitive challenges so that people may not be sure of their expected utility-maximizing choice. Making such decisions in a group context provides real-time information in which group members can observe others’ choices and revise their own decisions. Our experimental results show that simply observing what others in the group do has a significant impact on behavior. Coupling real-time information with group decisions based on the median value, i.e., majority rule, makes the median investment choice focal, leading people with low values to increase investments and those with high values to decrease investments. Group decisions based on the minimum investment amount produce more asymmetric effects.     

The effectiveness of PREP with lower-income racial/ethnic minority couples

The current study examined the effectiveness of the Prevention and Relationship Enhancement Program (PREP) with lower-income and racial/ethnic minority (African American and Latino/a) couples. Additionally, we tested whether relationship outcomes varied based on the delivery format (i.e., group format vs. couple format). The sample included 321 unmarried couples expecting a child or who have a child 3 month old or younger. The couples participated in 16 hr of PREP via a group or a couple format over the course of 2-3 months. Couples relationship quality was assessed prior to and directly after the program. The results showed that men and women demonstrated significant gains in their communication skills, relationship functioning, friendship, dedication, and relationship confidence. Couples who participated in PREP via the couple format had better outcomes on three of the seven relational outcomes as compared to couples who participated in PREP via the group format.     

Relationship Education in Community Settings: Effectiveness with Distressed and Non‐Distressed Low‐Income Racial Minority Couples

Couple relationship education (CRE) programs are intended to prevent negative couple outcomes, however, some evidence suggests couples in greater distress may still benefit. The current study examined pre‐ and postchanges in relationship functioning of 362 low‐income African American and Hispanic couples. Outcomes (dedication and communication) were assessed by examining differences between two distinct groupings of couples; distressed (both partners reporting clinically significant distress) and nondistressed (neither partner reporting clinically significant distress) couples. Distressed couples at predemonstrated large‐sized gains in all outcome variables, as compared to nondistressed couples. Those who participated in the single‐couple format demonstrated lower gains in positive communication as compared to those in the group format. Implications for distressed couples in CRE programs are offered.     

COMPETITIVE BALANCE MEASURES IN SPORTS LEAGUES: THE EFFECTS OF VARIATION IN SEASON LENGTH

Appropriate measurement of competitive balance is central to the economic analysis of professional sports leagues. We examine the distributional properties of the ratio of standard deviations (RSD) of points percentages, the most widely used measure of competitive balance in the sports economics literature, in comparison with other standard‐deviation‐based measures. Simulation methods are used to evaluate the effects of changes in season length on the distributions of competitive balance measures for different distributions of the strengths of teams in a league. The popular RSD measure performs as expected only in cases of perfect balance; if there is imbalance in team strengths, its distribution is sensitive to changes in season length. It is therefore not recommended for comparisons of competitive balance for different sports leagues with different numbers of teams and/or games played. (JEL L83, D63, C63)     

Chemical Scoring by a Rapid Screening of Hazard (RASH) Method

A rapid screening of hazard method (RASH) is presented for deriving relative potency estimates for hazardous substances. The method utilizes data from any available toxicological database such as the Registry of Toxic Effects of Chemical Substances (RTECS) or EPA's GENE-TOX database on genetic activity profiles. The method has been applied to derive relative potency values and permissible environmental concentrations for 278 chemicals. The derived values have been compared with recommendations of expert committees where possible, and substantial agreement is found.     

Time and time again: Implications of time perception theory

This article explores the integration of time perception theory from various root disciplines related to family resource management. It includes anthropological models of time perception and sociological and psychological concepts related to time measure and usage. Examples of issues appropriate to the exploration of time use in the home and instrumentation that may assist in its understanding and measurement are included.This research was supported in part by Lincoln University Cooperative Research.Alma J. Owen is Associate Professor and Small Farm Family Program Leader for Lincoln University Cooperative Extension, 900 Moreau Drive, Jefferson City, MO 65101. Her research interests include measuring household production, at-home income generation, and rural families. She received her Ph.D. in Family and Consumer Economics from the University of Missouri-Columbia.     

Thirteen theorems in search of the truth

We review recent work on the accuracy of group judgmental processes as a function of (a) the competences (judgmental accuracies) of individual group members, (b) the group decision procedure, and (c) group size. This work on individual competence and group accuracy represents an important contribution to democratic theory and a useful complement to the usual emphasis in the social choice literature on individual preference and preference aggregation mechanisms. The work reported on is rooted in a tradition which goes back to scholars such as Condorcet, Poisson, and Bayes.     

A game theoretic approach to measuring degree of centrality in social networks

We present a new measure of degree of centrality in a social network which is based on a natural extension of the Banzhaf (1965) index of power in an N-person game.