Essays in revealed preference theory and behavioral economics

Time, risk, and attention are all integral to economic decision making. The aim of this work is to understand those key components of decision making using a variety of approaches: providing axiomatic characterizations to investigate time discounting, generating measures of visual attention to infer consumers' intentions, and examining data from unique field settings.

Chapter 2, co-authored with Federico Echenique and Kota Saito, presents the first revealed-preference characterizations of exponentially-discounted utility model and its generalizations. My characterizations provide non-parametric revealed-preference tests. I apply the tests to data from a recent experiment, and find that the axiomatization delivers new insights on a dataset that had been analyzed by traditional parametric methods.

Chapter 3, co-authored with Min Jeong Kang and Colin Camerer, investigates whether "pre-choice" measures of visual attention improve in prediction of consumers' purchase intentions. We measure participants' visual attention using eyetracking or mousetracking while they make hypothetical as well as real purchase decisions. I find that different patterns of visual attention are associated with hypothetical and real decisions. I then demonstrate that including information on visual attention improves prediction of purchase decisions when attention is measured with mousetracking.

Chapter 4 investigates individuals' attitudes towards risk in a high-stakes environment using data from a TV game show, Jeopardy!. I first quantify players' subjective beliefs about answering questions correctly. Using those beliefs in estimation, I find that the representative player is risk averse. I then find that trailing players tend to wager more than "folk" strategies that are known among the community of contestants and fans, and this tendency is related to their confidence. I also find gender differences: male players take more risk than female players, and even more so when they are competing against two other male players.

Chapter 5, co-authored with Colin Camerer, investigates the dynamics of the favorite-longshot bias (FLB) using data on horse race betting from an online exchange that allows bettors to trade "in-play." I find that probabilistic forecasts implied by market prices before start of the races are well-calibrated, but the degree of FLB increases significantly as the events approach toward the end.

Age validation, growth, mortality, and demographic modeling of spotted gully shark (Triakis megalopterus) from the southeast coast of South Africa

This study documents validation of vertebral band-pair formation in spotted gully shark (Triakis megalopterus) with the use of fluorochrome injection and tagging of captive and wild sharks over a 21-year period. Growth and mortality rates of T. megalopterus were also estimated and a demographic analysis of the species was conducted. Of the 23 OTC (oxytetracycline) -marked vertebrae examined (12 from captive and 11 from wild sharks), seven vertebrae (three from captive and four from wild sharks) exhibited chelation of the OTC and fluoresced under ultraviolet light. It was concluded that a single opaque and translucent band pair was deposited annually up to at least 25 years of age, the maximum age recorded. Reader precision was assessed by using an index of average percent error calculated at 5%. No significant differences were found between male and female growth patterns (P>0.05), and von Bertalanffy growth model parameters for combined sexes were estimated to be L∞=1711.07 mm TL, k=0.11/yr and t0=–2.43 yr (n=86). Natural mortality was estimated at 0.17/yr. Age at maturity was estimated at 11 years for males and 15 years for females. Results of the demographic analysis showed that the population, in the absence of fishing mortality, was stable and not significantly different from zero and particularly sensitive to overfishing. At the current age at first capture and natural mortality rate, the fishing mortality rate required to result in negative population growth was low at F>0.004/ yr. Elasticity analysis revealed that juvenile survival was the principal factor in explaining variability in population growth rate.

Pilot plant for production of fish ensilage and the economics of production

This communication describes the design aspect and functions of individual pieces of equipment of a pilot plant for the production of fish ensilage based on lactic acid fermentation process. Details about the equipment, process flow sheet and equipment layout of the pilot plant have been given. An attempt has been made to prepare an estimate of the cost of production of liquid ensilage and solid feed mix.

Differential population structuring and demographic history of two closely related fish species, Japanese sea bass (Lateolabrax japonicus) and spotted sea bass (Lateolabrax maculatus) in Northwestern Pacific

The Quaternary cold periods in the Northwestern Pacific are thought to have heavily influenced the amount and distribution of intraspecific genetic variation in marine fishes. To estimate the demographic history and genetic structure of Lateolabrax macula

Biological and demographic response of aphids Nasonovia ribisnigri (Mosley) and Aulacorthum solani (Kaltenbach) (Hemiptera : Aphididae) on lettuce commercial cultivars under laboratory conditions

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Biological and demographic response of aphids Nasonovia ribisnigri (Mosley) and Aulacorthum solani (Kaltenbach) (Hemiptera : Aphididae) on lettuce commercial cultivars under laboratory conditions

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Social and demographic factors of young fathers in the UK and USA

Research on disadvantaged young fathers has been minimally addressed in the literature, particularly in the UK. In both countries teenage pregnancy rates are high and costly in terms of social policy and community provision. This paper explores 2 studies involving 24 young men with an average age of 17 on the transition to young fatherhood; one study was conducted in the UK with white young men and the other in the USA with black young men. The findings from both studies indicated common themes from their stories, particularly with regard to the high levels of disadvantage and social exclusion they had been exposed to in their demographic environments and the anti-social behaviour they described engaging in, prior to the birth of their child/ren. Specifically, a significant proportion of the young men described how they had been immersed in drug and gun crimes and how this shaped their lives and neighbourhoods. Becoming fathers is presented by both sets of young men as rescuing them from this criminal lifestyle.