Experimental evidence of a sunk–cost paradox: a study of pricing behavior in Bertrand–Edgeworth duopoly

A well–known implication of microeconomic theory is that sunk costs should have no effect on decision making. We test this hypothesis with a human–subjects experiment. Students recruited from graduate business courses, with an average of over six years of work experience, played the role of firms in a repeated price–setting duopoly game in which both firms had identical capacity constraints and costs, including a sunk cost that varied across experimental sessions over six different values. We find, contrary to the prediction of microeconomic theory, that subjects’ pricing decisions show sizable differences across treatments. The effect of the sunk cost is non–monotonic: as it increases from low to medium levels, average prices decrease, but as it increases from medium to high levels, average prices increase. These effects are not apparent initially, but develop quickly and persist throughout the game. Cachon and Camerer’s (1996) loss avoidance is consistent with both effects, while cost–based pricing predicts only the latter effect, and is inconsistent with the former.

Symposium on Dementia and Caregiving 23 May - Presentations

This Symposium, hosted by Dementia Services Information and Development Centre, opened up debate on formal and informal care for people with dementia living in the community and in residential care. ��It also discussed recent research findings on dementia care in Ireland and the United States.Click the link to view the following presentation slides:Professor Steve Zarit - Caregiving at a Cross-Roads; Bridging the Gap between Science and PracticeProfessor Eamon O'Shea - Costing Care for People with Dementia in IrelandDr Caroline O'Nolan - Longterm Residential Care for People with Dementia in Ireland: New Findings from a National SurveyDr Ana Diaz - "I Have a Good Life, I just want to Keep it"; Subjective Understandings and Objective Evaluations of Quality of Life after Diagnosis of DementiaProfessor Charles Normand - Burdens and Paradoxes in Caregiving

Quantifying the gap between policy and practice in cardiovascular risk reduction: a review of evidence from recent cardiovascular and diabetes audits in the UK

As part of CHD NSF implementation, a pilot project is being undertaken under the auspices of the National Screening Committee to test the practical implications and outcomes of implementing a systematic programme of cardiovascular risk reduction in primary care, initially identifying those at high risk due to pre-existing cardiovascular disease or diabetes. To assist in assessing the magnitude of the challenge faced by the pilot programmes, the UK National Screening Committee (NSC) commissioned a review of current practice based on recent cardiovascular and diabetes audits in the UK. This report details the findings of the review, providing 6 key recommendations for future cardiovascular audits.

Iowa Workforce Monthly, March 2009, Issue 3

Highlights: * Local Iowa Workforce centers offer a variety of assessment testing, available for both job seekers and employers alike.....pg. 2 * IWD Associate Kristy Zeransky received a thank you letter from a gentleman who succeeded in attaining gainful employment due to the teamwork exhibited at IWD....pg. 2 * Iowa Workforce Development offers many services for employers as well as individuals. One service that assists everyone is called Rapid Response....pg. 3 * Regional Manager Steve McCann met Bruce Charlet at the IWD/KCCI job fair....pg. 3

Novel methods improve prediction of species' distributions from occurrence data

Prediction of species' distributions is central to diverse applications in ecology, evolution and conservation science. There is increasing electronic access to vast sets of occurrence records in museums and herbaria, yet little effective guidance on how best to use this information in the context of numerous approaches for modelling distributions. To meet this need, we compared 16 modelling methods over 226 species from 6 regions of the world, creating the most comprehensive set of model comparisons to date. We used presence-only data to fit models, and independent presence-absence data to evaluate the predictions. Along with well-established modelling methods such as generalised additive models and GARP and BIOCLIM, we explored methods that either have been developed recently or have rarely been applied to modelling species' distributions. These include machine-learning methods and community models, both of which have features that may make them particularly well suited to noisy or sparse information, as is typical of species' occurrence data. Presence-only data were effective for modelling species' distributions for many species and regions. The novel methods consistently outperformed more established methods. The results of our analysis are promising for the use of data from museums and herbaria, especially as methods suited to the noise inherent in such data improve.

Westermarck-muistoluento uusiksi?

Steve Fullerin Westermarck-muistoluennon (Sosiologia 1/2003) kritiikkiä

Monuments and memorials.

This audio series describes the Monuments and Memorials on the exterior areas of the Capitol grounds. It Steve Person, Tour Guide, narrating. Craig Cronbaugh, Director of the Legislative Information Office, taped and edited these programs. These are the audio taken from the video for use on the OnCell program. OnCell is a tour that can be taken by computer, I-Pad, or smartphone either audio or video. The access number for the Legislative Services Agency OnCell system is: 515-802-3004.

Use of niche models in invasive species risk assessments.

Risk maps summarizing landscape suitability of novel areas for invading species can be valuable tools for preventing species' invasions or controlling their spread, but methods employed for development of such maps remain variable and unstandardized. We discuss several considerations in development of such models, including types of distributional information that should be used, the nature of explanatory variables that should be incorporated, and caveats regarding model testing and evaluation. We highlight that, in the case of invasive species, such distributional predictions should aim to derive the best hypothesis of the potential distribution of the species by using (1) all distributional information available, including information from both the native range and other invaded regions; (2) predictors linked as directly as is feasible to the physiological requirements of the species; and (3) modelling procedures that carefully avoid overfitting to the training data. Finally, model testing and evaluation should focus on well-predicted presences, and less on efficient prediction of absences; a k-fold regional cross-validation test is discussed.