Characterising the Perceived Risks and Benefits of Some Health Issues

Previous work on perceived risk, particularly a study by Fischhoff et al. (1978), is critically examined with reference to its applicability to specific health related issues. Judgments were obtained from 159 subjects of 15 health-related items in terms of perceived risk, benefit, and a number of risk characteristics based on the Fischhoff et al. research. In addition, demographic details concerning sex of respondent, seat belt usage, smoking status, and birth order were collected. Using regression analyses it was found that the direction of the risk-benefit relationship was dependent on the issue being judged. Risk was found to be better explained by ratings of likelihood of mishap and likelihood of death as a consequence of mishap. Benefit was poorly explained by the risk characteristics and demographic data. However, subject group characteristics were shown to be important influences on risk and benefit perception in certain situations. The implications of these results for understanding behavioral decisions involving risk in relation to specific activities are discussed.     

MODERN SCIENCE: Institutionalization of Knowledge and Rationalization of Power

This essay explores the relationship of scientific knowledge to political and economic power. By comparing intellectual production to economic production, the author identifies three preconditions for a knowledge discourse to achieve monopoly domination or hegemony in its market sector or cognitive domain. First, the knowledge discourse must be perceived as specialized; that is, as a unique product or service. Second, it must be credently represented as useful to dominant groups. Finally, it must achieve institutionalization. Ethnographies of scientific discourse and practice, as well as social histories of science, provide data relevant to this model. Such studies reveal the rhetorically constructed character of scientific knowledge, and hence its openness to social and political influence. But these studies also show how scientists strive to standardization; that is, they seek to render their somewhat ad hoc activities in the laboratory into replicable and reputable public accounts. The norms and techniques of this locally created standardization emerged historically, mainly in the form of objectivity and numeracy. These standards in turn serve politically to demarcate legitimate scientists from amateurs and quacks, thereby satisfying the first precondition of the model—that to be successful a knowledge discourse must be perceived as specialized. Cognitive boundaries enabled social boundaries-chiefly the marking of distinctions between disciplines and the organization of their practitioners into professional guilds. Through the creation and enforcement of such distinctions, product identification, market allocation, and oligopolization were secured. These processes also required investment capital to sustain intellectual production. Thus, to institutionalize their disciplines and themselves in research universities and specialized scientific-administrative centers, practitioners sought to demonstrate their utility to potential clients and patrons. Along the way, the disciplines became more instrumentally oriented, their concepts, methods, and topics shaped to conform to the requirements of professionalization and institutionalization. The very language of science also changed in accordance with its new emphases. The close institutionalized affinity of cognitive, political, and economic interests was largely established in the late nineteenth and early twentieth centuries. The new, institutionalized, scientific knowledge and the new, rationalized, statist and corporate     

Empirical assessment of present value relations

This paper summarizes the literature on estimation and testing of present value relations. Twenty-four test statistics are illustrated and compared in a simulation experiment utilizing six different data generation models. The test statistics are calculated for actual Standard and Poor's 500 annual stock price and dividend data, and the results are interpreted in light of the Monte Carlo experiments.     

Some Influences on the Reform of Schools of Law and Medicine* 1890 to 1930

Efforts at educational reform between 1890 and 1930 in New York were more successful in medicine than in law. This paper considers influences favoring medical reform: a rapid introduction of new knowledge and techniques; a national, even international competition for medical esteem; a visible need for expensive instructional facilities; a solid connection of schools of medicine with universities; a strong professional association; and several other forces.