Ranking Sets of Objects

We provide a survey of the literature on ranking sets of objects. The interpretations of those set rankings include those employed in the theory of choice under complete uncertainty, rankings of opportunity sets, set rankings that appear in matching theory, and the structure of assembly preferences. The survey is prepared for the Handbook of Utility Theory, vol. 2, edited by Salvador Barberà, Peter Hammond, and Christian Seidl, to be published by Kluwer Academic Publishers. The chapter number is provisional.

What Is a Commody? Two Axiomatic Anwers

We identify conditions under which preferences over sets of consumption opportunities can be reduced to preferences over bundles of \"commodities\". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up to positive linear transformations only.

Investment Under Demand Uncertainty: the Newsboy Problem Revisited.

In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk neutral entrepreneur and, even more, that the risk averse one. We also show how marginal increases in risk reduce the optimal capacity of both the risk neutral and the risk averse entrepreneur, without any restriction on the concave utility function and with limited restrictions on the definition of a mean preserving spread. These general results are explained by the fact that the newsboy has a piecewise-linear, and concave, monetary payoff witha kink endogenously determined at the level of optimal capacity. Our results are compared with those in the two literatures on price uncertainty and demand uncertainty, and particularly, with the recent contributions of Eeckhoudt, Gollier and Schlesinger (1991, 1995).

Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Harsanyi’s Social Aggregation Theorem : A Multi-Profile Approach with Variable-Population Extensions

This paper provides new versions of Harsanyi’s social aggregation theorem that are formulated in terms of prospects rather than lotteries. Strengthening an earlier result, fixed-population ex-ante utilitarianism is characterized in a multi-profile setting with fixed probabilities. In addition, we extend the social aggregation theorem to social-evaluation problems under uncertainty with a variable population and generalize our approach to uncertain alternatives, which consist of compound vectors of probability distributions and prospects.

In Search of Advice for Physicians in Entry-Level Medical Markets

We consider entry-level medical markets for physicians in the United Kingdom. These markets experienced failures which led to the adoption of centralized market mechanisms in the 1960's. However, different regions introduced different centralized mechanisms. We advise physicians who do not have detailed information about the rank-order lists submitted by the other participants. We demonstrate that in each of these markets in a low information environment it is not beneficial to reverse the true ranking of any two acceptable hospital positions. We further show that (i) in the Edinburgh 1967 market, ranking unacceptable matches as acceptable is not profitable for any participant and (ii) in any other British entry-level medical market, it is possible that only strategies which rank unacceptable positions as acceptable are optimal for a physician.

Relative Uncertainty and Additively Representable Set Rankings

This paper proposes a definition of relative uncertainty aversion for decision models under complete uncertainty. It is shown that, for a large class of decision rules characterized by a set of plausible axioms, the new criterion yields a complete ranking of those rules with respect to the relative degree of uncertainty aversion they represent. In addition, we address a combinatorial question that arises in this context, and we examine conditions for the additive representability of our rules.

Contentious Contracts

This paper offers an explanation of rationally contracts where incompeteness refers to unforeseen contingencies. Agents enter a relationship with two-sided moral hazard in which a commitment to discard parts of the joint resources may be ex ante efficient.

Cognition in Seemingly Riskless Choices and Judgments.

We instillate rational cognition and learning in seemingly riskless choices and judgments. Preferences and possibilities are given in a stochastic sense and based on revisable expectations. the theory predicts experimental preference reversals and passes a sharp econometric test of the status quo bias drawn from a field study.

Arbitrage-Based Pricing when Volatility is Stochastic.

The paper investigates the pricing of derivative securities with calendar-time maturities.

Investment Under Demand Uncertainty: the Newsboy Problem Revisited.

In this article we study the effect of uncertainty on an entrepreneur who must choose the capacity of his business before knowing the demand for his product. The unit profit of operation is known with certainty but there is no flexibility in our one-period framework. We show how the introduction of global uncertainty reduces the investment of the risk neutral entrepreneur and, even more, that the risk averse one. We also show how marginal increases in risk reduce the optimal capacity of both the risk neutral and the risk averse entrepreneur, without any restriction on the concave utility function and with limited restrictions on the definition of a mean preserving spread. These general results are explained by the fact that the newsboy has a piecewise-linear, and concave, monetary payoff witha kink endogenously determined at the level of optimal capacity. Our results are compared with those in the two literatures on price uncertainty and demand uncertainty, and particularly, with the recent contributions of Eeckhoudt, Gollier and Schlesinger (1991, 1995).

Développement d'outils de surveillance biologique pour l'évaluation des risques à la santé des travailleurs en arboriculture et en viticulture exposés aux fongicides

De nombreux travailleurs utilisent le captan et le folpet comme fongicides en agriculture, mais leur exposition n’est pas toujours mesurée de manière spécifique et précise. La surveillance biologique est un excellent outil à cet effet puisqu’elle permet de quantifier l’exposition réelle. Toutefois, la majorité des connaissances toxicologiques pour ces fongicides proviennent d’études sur les animaux, et les données chez l’humain sont limitées. Le but du présent projet est donc de développer des outils de surveillance biologique pour évaluer l’exposition de travailleurs au captan et au folpet. Dans cette perspective, le projet a été subdivisé en trois parties complémentaires, soit i) de développer des méthodes analytiques spécifiques pour quantifier les biomarqueurs d’intérêt du captan, à savoir le tétrahydrophtalimide (THPI), et du folpet, à savoir le phtalimide (PI) et l’acide phtalique, dans le plasma et l’urine; ii) de déterminer la toxicocinétique des deux fongicides en exposant des volontaires de façon aigüe à de faibles doses de captan ou de folpet par voie orale et cutanée dans des conditions semi-contrôlées et en quantifiant les biomarqueurs dans chacune des deux matrices, excepté l’acide phtalique qui a été mesuré seulement dans l’urine; iii) de valider les biomarqueurs d’exposition sélectionnés et d’évaluer l’exposition réelle des travailleurs et les voies prédominantes d’exposition au captan et au folpet en collectant des données biologiques chez des travailleurs en arboriculture et en viticulture lors d’activités de traitement et d’effeuillage pendant sept jours consécutifs. Selon ces travaux, le THPI et le PI sont deux biomarqueurs valides et spécifiques pour quantifier l’exposition au captan et au folpet, respectivement, chez l’humain. En effet, les méthodes développées pour ces deux métabolites sont robustes avec des limites de détection plus sensibles que celles rapportées dans la littérature, un taux de recouvrement de 90% pour le THPI et de 75% pour le PI, une très bonne linéarité (R2>0,99) et une bonne stabilité avec des variations intra- et inter-journalières faibles (RSD<15%). Elles ont permis de déterminer les profils cinétiques des deux métabolites chez les volontaires et chez les travailleurs. Ces derniers indiquent d’ailleurs une élimination rapide, avec une demi-vie d’élimination dans l’urine de 11,7 h et 18,7 h pour le THPI et de 27,3 h et 28,8 h pour le PI, respectivement après une absorption par voie orale et cutanée, ainsi qu’une faible absorption cutanée lorsque les valeurs sont comparées pour les deux voies d’exposition. Des profils parallèles sont aussi observés entre le PI et l’acide phtalique pour les volontaires et les agriculteurs, mais le folpet se retrouve davantage métabolisé sous forme d’acide phtalique que de PI. Quant à l’étude des agriculteurs, elle montre que la voie principale d’exposition de ces travailleurs est la voie cutanée. Il est aussi souligné qu’il est important 1) de favoriser les collectes d’urines complètes sur 24 h au urines ponctuelles, 2) de mesurer plusieurs métabolites, et 3) d’associer les données de surveillance biologique à la toxicocinétique. Ainsi, les connaissances acquises par cette étude peuvent s’appliquer à d’autres fongicides, voire d’autres substances.

Universidad, conocimiento y economía

La política de desarrollo tecnológico y derivada de esta, el papel que se pretende asignar a la universidad, se sustenta en un conjunto de ideas e interpretaciones erradas sobre la articulación entre ciencia, investigación y aplicaciones tecnológicas; ideas que han ido adquiriendo, aun en el medio académico, el estatus de sabiduría convencional de tal manera que, aceptadas como verdades, tienden a legitimar la acción de las instituciones y agencias gubernamentales. Este artículo analiza la propensión de ver a la universidad como la fuente de conocimiento e información directamente aplicable para la producción de bienes y servicios comerciales y cuestiona la perspectiva de considerar a la universidad simplemente como un agente de la esfera económica. El trabajo sostiene que el papel de la investigación universitaria consiste básicamente en un insumo para la enseñanza y que el bien público que provee la universidad es la creación de un sentido nacional de cultura, una forma de identidad y cohesión social.

Infant feeding choices: experience, self-identity and lifestyle

In England 78% of mothers initiate breastfeeding and in the UK less than 1% exclusively breastfeed until 6 months, despite WHO recommendations to do so. This study investigated women’s infant feeding choices using in-depth interviews with 12 mothers of infants aged 7-18 weeks. Using content analysis, four themes emerged: (1) Information, Knowledge and Decision Making, (2) Physical Capability, (3) Family and Social Influences, (4) Lifestyle, Independence and Self-Identity. Whilst women were aware of the ‘Breast is Best’ message, some expressed distrust in this information if they had not been breastfed themselves. Women felt their own infant feeding choice was influenced by the perceived norm amongst family and friends. Women described how breastfeeding hindered their ability to retain their self-identities beyond motherhood as it limited their independence. Several second-time mothers felt they lacked support from health professionals when breastfeeding their second baby, even if they had previously encountered breastfeeding difficulties. The study indicates that experience of breastfeeding, and belief in the health benefits associated with it are important factors for initiation of breastfeeding, whilst decreased independence and self-identity may influence duration of breastfeeding. Intervention and support schemes should tackle all mothers, not just first-time mothers.

A scalable expressive ensemble learning using Random Prism: a MapReduce approach

The induction of classification rules from previously unseen examples is one of the most important data mining tasks in science as well as commercial applications. In order to reduce the influence of noise in the data, ensemble learners are often applied. However, most ensemble learners are based on decision tree classifiers which are affected by noise. The Random Prism classifier has recently been proposed as an alternative to the popular Random Forests classifier, which is based on decision trees. Random Prism is based on the Prism family of algorithms, which is more robust to noise. However, like most ensemble classification approaches, Random Prism also does not scale well on large training data. This paper presents a thorough discussion of Random Prism and a recently proposed parallel version of it called Parallel Random Prism. Parallel Random Prism is based on the MapReduce programming paradigm. The paper provides, for the first time, novel theoretical analysis of the proposed technique and in-depth experimental study that show that Parallel Random Prism scales well on a large number of training examples, a large number of data features and a large number of processors. Expressiveness of decision rules that our technique produces makes it a natural choice for Big Data applications where informed decision making increases the user’s trust in the system.