The importance of individual characteristics in experimental economic research

This thesis advances the knowledge of behavioural economics on the importance of individual characteristics – such as gender, personality or culture – for choices relevant to labour and insurance markets. It does so using economic experiments, survey tools and physiological data, collected in economic laboratories and in the field. More specifically, the thesis includes 5 experimental economic studies investigating individual-specific characteristics (gender, age, personality, cultural background) in decisions influenced by risk attitudes and social preferences. One of these characteristics is the physiological state of decision-makers, measured by heart rate variability. The results show that individual-specific characteristics play an important role for choices affected by social preferences, a finding to a lesser degree observable for risk preferences. This finding is confirmed under revealed incentivised choices and when studying (latent) physiological responses of decision-makers.

Carnivore : an investigation into the ways that serial killers in the Silence of the Lambs, American Psycho and Darkly Dreaming Dexter are representative of consumers

Serial killers are among the most popular and enduring character types in contemporary culture. In this exegesis I investigate one of the reasons for this popularity by examining the representational relationships between serial killers and serial consumers. I initially establish that all monsters, whether they are vampires, werewolves or serial killers, emerge from cultural anxieties and signify the anxiety which gave them birth. I go on to identify that the cultural anxiety at play with serial killers is consumerism and in doing so, I identify two key parallels between the serial killer and the consumer, namely a sense of lack and a desire for transformation. I then examine the ways in which the serial killer is representative of the consumer in three exemplar texts, The Silence of the Lambs by Thomas Harris, American Psycho by Bret Easton Ellis and Darkly Dreaming Dexter by Jeff Lindsay. I go on to self-reflexively examine the creation of my novel Carnivore, the accompanying draft of which has been influenced by both the exemplar texts and the findings of the exegesis.

The role of human capital in economic growth revisited

Benhabib and Spiegel (1994) examine the role of human capital in the development process empirically using a theory-driven specification rather than the standard production function approach. While they find evidence of a positive impact of human capital on income growth, their result is not robust to the inclusion of inequality as an additional covariate. Using an alternate dataset and different measures of inequality, we find robust support for the hypothesis that human capital matters even when we account for the adverse effect of income inequality on growth.

Energy-pollution nexus for urban buildings

Since the first oil crisis in 1974, economic reasons placed energy saving among the top priorities in most industrialised countries. In the decades that followed, another, equally strong driver for energy saving emerged: climate change caused by anthropogenic emissions, a large fraction of which result from energy generation. Intrinsically linked to energy consumption and its related emissions is another problem: indoor air quality. City dwellers in industrialised nations spend over 90% of their time indoors and exposure to indoor pollutants contributes to ~2.6% of global burden of disease and nearly 2 million premature deaths per year1. Changing climate conditions, together with human expectations of comfortable thermal conditions, elevates building energy requirements for heating, cooling, lighting and the use of other electrical equipment. We believe that these changes elicit a need to understand the nexus between energy consumption and its consequent impact on indoor air quality in urban buildings. In our opinion the key questions are how energy consumption is distributed between different building services, and how the resulting pollution affects indoor air quality. The energy-pollution nexus has clearly been identified in qualitative terms; however the quantification of such a nexus to derive emissions or concentrations per unit energy consumption is still weak, inconclusive and requires forward thinking. Of course, various aspects of energy consumption and indoor air quality have been studied in detail separately, but in-depth, integrated studies of the energy-pollution nexus are hard to come by. We argue that such studies could be instrumental in providing sustainable solutions to maintain the trade-off between the energy efficiency of buildings and acceptable levels of air pollution for healthy living.

Cost effectiveness of patient education for the prevention of falls in hospital : economic evaluation from a randomized controlled trial

Background Falls are one of the most frequently occurring adverse events that impact upon the recovery of older hospital inpatients. Falls can threaten both immediate and longer-term health and independence. There is need to identify cost-effective means for preventing falls in hospitals. Hospital-based falls prevention interventions tested in randomized trials have not yet been subjected to economic evaluation. Methods Incremental cost-effectiveness analysis was undertaken from the health service provider perspective, over the period of hospitalization (time horizon) using the Australian Dollar (A$) at 2008 values. Analyses were based on data from a randomized trial among n = 1,206 acute and rehabilitation inpatients. Decision tree modeling with three-way sensitivity analyses were conducted using burden of disease estimates developed from trial data and previous research. The intervention was a multimedia patient education program provided with trained health professional follow-up shown to reduce falls among cognitively intact hospital patients. Results The short-term cost to a health service of one cognitively intact patient being a faller could be as high as A$14,591 (2008). The education program cost A$526 (2008) to prevent one cognitively intact patient becoming a faller and A$294 (2008) to prevent one fall based on primary trial data. These estimates were unstable due to high variability in the hospital costs accrued by individual patients involved in the trial. There was a 52% probability the complete program was both more effective and less costly (from the health service perspective) than providing usual care alone. Decision tree modeling sensitivity analyses identified that when provided in real life contexts, the program would be both more effective in preventing falls among cognitively intact inpatients and cost saving where the proportion of these patients who would otherwise fall under usual care conditions is at least 4.0%. Conclusions This economic evaluation was designed to assist health care providers decide in what circumstances this intervention should be provided. If the proportion of cognitively intact patients falling on a ward under usual care conditions is 4% or greater, then provision of the complete program in addition to usual care will likely both prevent falls and reduce costs for a health service.

Essays on technology adoption under uncertainty, globalization and economic growth

This thesis examines how the initial institutional and technological aspects of the economy and the reforms that alter these aspects influence long run growth and development. These issues are addressed in the framework of stochastic endogenous growth models and an empirical framework. The thesis is able to explain why developing nations exhibit diverse growth and inequality patterns. Consequently, the thesis raises a number of policy implications regarding how these nations can improve their economic outcomes.