Is the Easy Life Always the Happiest? Examining the Association of Convenience and Well-Being in Taiwan

Social scientists have under-examined neighborhood stores and other “resources” and their relationships to community welfare and personal happiness. Because the presence of neighborhood conveniences may signify that a neighborhood caters to residents’ needs and smoothes out the hassles of their daily lives, it could be hypothesized that commercial amenities and services enhance individuals’ satisfaction with their neighborhoods, with their health, and even with their lives as a whole. This study used a national probability sample from Taiwan, a densely populated society in East Asia, to test if service-oriented commercial and religious enterprises in neighborhoods are associated with positive estimations of well-being by those who occupy these spaces. We empirically examine whether proximity to main roads, night markets and temples or proximity to smoky food stands and other shops that produce pungent products affects well-being. Our findings from multivariate analyses suggest that if nearby conveniences are conceived as annoyances, they tend to lower satisfaction with neighborhood, but they do not lower life satisfaction in general. In contrast, air quality, along with “peace and quietness” is reported by respondents to be key in enhancing general well-being. We discuss the policy implications in the concluding session.     

Will a Risk-Averse Decision Maker Ever Really Prefer an Unfair Gamble? Sometimes,He Will

The comments of Horowitz (1998) on the Prakash, Chang, Hamid, and Smyser (1996) paper are specifically directed towards Lemma 4 of the original paper. This reply proposes that Horowitz fails to recognize that the conditions stated are only necessary but not sufficient, and solutions can be obtained for some specific utility function for a given level of wealth in the case of a neutral gamble and for a range of wealth for unfair gambles. We derive the conditions to show that a risk preference function that satisfies the restrictions of Lemma 4 can exist for a given level of wealth.     

Penalized full likelihood approach to variable selection for Cox’s regression model under nested case–control sampling

Lifetime Data Analysis - Assuming Cox’s regression model, we consider penalized full likelihood approach to conduct variable selection under nested case–control (NCC) sampling....     

Why a Decision Maker May Prefer a Seemingly Unfair Gamble

It is generally believed that risk-averse managers will not accept unfair gambles and therefore may not have the incentive to invest in high-risk projects, products or technology. This paper argues that this is not necessarily so. Rational, risk-averse managers with sufficient preference for positive skewness may undertake projects with payoff distributions that are unfair gambles. Furthermore, the minimum required payoff is shown to be less for managers with preference for positive skewness than otherwise. Thus, a risk-averse manager with preference for positive skewness may accept potentially innovative high-risk projects that are rejected by those without such preference.