The effect of asymetric preferences on the federal funds rate.

Rapport de recherche

Asset Pricing in a Production Economy with Chew–Dekel Preferences

In this paper we provide a thorough characterization of the asset returns implied by a simple general equilibrium production economy with Chew–Dekel risk preferences and convex capital adjustment costs. When households display levels of disappointment aversion consistent with the experimental evidence, a version of the model parameterized to match the volatility of output and consumption growth generates unconditional expected asset returns and price of risk in line with the historical data. For the model with Epstein–Zin preferences to generate similar statistics, the relative risk aversion coefficient needs to be about 55, two orders of magnitude higher than the available estimates. We argue that this is not surprising, given the limited risk imposed on agents by a reasonably calibrated stochastic growth model.

Estimating Preferences With Random Utility Models.

Rapport de recherche présenté à la Faculté des arts et des sciences en vue de l'obtention du grade de Maîtrise en sciences économiques.

Model Development and Validation for Studying Consumer Preferences of Car Owners

Globalization and liberalization, with the entry of many prominent foreign manufacturers, changed the automobile scenario in India, since early 1990‟s. Manufacturers such as Ford, General Motors, Honda, Toyota, Suzuki, Hyundai, Renault, Mitsubishi, Benz, BMW, Volkswagen and Nissan set up their manufacturing units in India in joint venture with their Indian counterpart companies, by making use of the Foreign Direct Investment policy of the Government of India, These manufacturers started capturing the hearts of Indian car customers with their choice of technological and innovative product features, with quality and reliability. With the multiplicity of choices available to the Indian passenger car buyers, it drastically changed the way the car purchase scenario in India and particularly in the State of Kerala. This transformed the automobile scene from a sellers‟ market to buyers‟ market. Car customers started developing their own personal preferences and purchasing patterns, which were hitherto unknown in the Indian automobile segment. The main purpose of this paper is to come up with the identification of possible parameters and a framework development, that influence the consumer purchase behaviour patterns of passenger car owners in the State of Kerala, so that further research could be done, based on the framework and the identified parameters

Labelling schemes for organic food: Consumer attitudes, preferences and willingness-to-pay in six European countries

Since July 2010, all pre-packed organic food produced in the European Union (EU) must carry the new mandatory EU logo for organic food. Voluntary organic labels (such as national governmental logos and logos of private farmers’ associations and control bodies) can still be used, but only in addition to the mandatory EU logo. This change in the regulatory environment of organic labelling raises a number of questions regarding consumer preferences for different kinds of organic certification logos, which the present dissertation addressed. The first objective was to explore and analyse consumer perceptions, attitudes, preferences and willingness-to-pay (WTP) regarding different voluntary organic labels. The second objective was to investigate consumer perceptions and attitudes towards a mandatory EU logo. A combination of qualitative and quantitative methods of consumer research in six European countries was employed including focus group discussions, choice experiments and structured interviews. Based on the empirical results, recommendations are drawn for different actors in the organic sector.

Organic consumers' attitudes and preferences regarding alternatives to piglet castration without anaesthesia and analgesia in organic farming - an explorative analysis

In Germany and other European countries piglets are routinely castrated in order to avoid the occurrence of boar taint, an off-flavour and off-odour of pork. Sensory perception of boar taint varies; however, it is regarded as very unpleasant by many people. Surgical castration which is an effective means against boar taint has commonly been performed without anaesthesia or analgesia within the piglets’ first seven days of life. Piglet castration without anaesthesia has been heavily criticised, as the assumption that young piglets perceive less pain than older animals cannot be supported by scientific evidence. Consequently, surgical castration is only allowed with anaesthesia and/or analgesia in organic farming throughout the European Union since January 2012. Abandoning piglet castration without pain relief requires the implementation of alternative methods which improve animal welfare while maintaining sensory meat quality. There are three relevant alternatives: castration with anaesthesia and/or analgesia to reduce pain, a vaccination against boar taint (immunocastration) and the fattening of uncastrated male pigs (fattening of boars) combined with measures to reduce and detect boar taint in meat. Consumers’ attitudes and opinions regarding the alternatives are an important factor with regard to the implementation of alternatives, as they are finally supposed to buy the meat. The objective of this dissertation was to explore organic consumers’ attitudes, preferences and willingness-to-pay regarding piglet castration without pain relief and the three alternatives. Important aspects for the evaluation of the alternatives and influencing factors (e.g. information, taste) on preferences and willingness-to-pay should also be identified. In autumn 2009 nine focus group discussions were conducted each followed by a Vickrey auction including a tasting of boar salami. Overall, 89 consumers of organic pork participated in the study. Information on piglet castration and alternatives (in three variants) was provided as a basis for discussion. The focus group data were analysed using qualitative content analysis. In order to compare the focus group results with those from the auctions, an innovative approach applying an adapted scoring model to further analyse the data set was used. The majority of participants were not aware that piglets are castrated without anaesthesia in organic farming. They reacted shocked and disappointed on learning about this practice which did not fit into their image of animal welfare standards in organic farming. Overall, the results show, that for consumers of organic pork castration with anaesthesia and analgesia as well as the fattening of boars may be acceptable alternatives in organic farming. Considering the strong food safety concerns regarding immunocastration, acceptance of this alternative may be questioned. Communication regarding alternatives to piglet castration without anaesthesia and analgesia should take into account that the relevance of the aspects animal welfare, food safety, taste and costs differs between alternatives. Furthermore, it seems advisable not to address an unappetizing topic like piglet castration directly at the point of sale so as not to deter consumers from buying organic pork. The issue of piglet castration demonstrates exemplarily that it is important for the organic sector to implement and maintain high animal welfare standards and communicate them in an appropriate way, thereby trying to prevent strong discrepancies between consumers’ expectations regarding animal husbandry in organic farming and actual conditions. So, disappointment of consumers and a loss of image due to negative reports about animal welfare issues can be avoided.

Academic achievement in sciences: the role of preferences and educative assets

This paper provides new evidence on the effect of pupil’s self-motivation and academic assets allocation on the academic achievement in sciences across countries. By using the Programme for International Student Assessment 2006 (PISA 2006) test we find that both explanatory variables have a positive effect on student’s performance. Self-motivation is measured through an instrument that allows us to avoid possible endogeneity problems. Quantile regression is used for analyzing the existence of different estimated coefficients over the distribution. It is found that both variables have different effect on academic performance depending on the pupil’s score. These findings support the importance of designing focalized programs for different populations, especially in terms of access to information and communication technologies such as internet.

Reaching and teaching the child with autism spectrum disorder : using learning preferences and strengths.

Manual que ofrece un enfoque positivo a la comprensión y la educación de los niños con autismo. Ofrece una mayor comprensión de la perspectiva y el comportamiento de un niño con autismo y explora cómo pueden utilizarse sus preferencias de aprendizaje, fortalezas e intereses para facilitar el aprendizaje y aumentar la motivación. La autora ha utilizado una mezcla de teorías de la personalidad, inteligencias múltiples y aprendizaje para crear un método de trabajo, Aprendizaje Preferencias y Fortalezas (LPS), para el desarrollo de habilidades de aprendizaje para la vida independiente en niños con autismo entre dos y doce años. Describe los principios básicos, preferencias de aprendizaje y los puntos fuertes típicos de los niños con autismo y ofrece una estructura de programa detallado, pero flexible, basada en estos conceptos. Fácil de seguir, se describen en cada capítulo actividades y orientaciones junto con ejemplos e ilustraciones.

A conjoint analysis to determine the preferences for some selected MBA programs. 'Análisis conjunto para determinar las preferencias por algunos programas seleccionados de MBA'.

Resumen tomado de la publicación

Validation of the Scale of Preferences and Expectations in Close Interpersonal Relationships (EPERIC)

Resumen tomado de la publicaci??n

Reliable entertainment: Spanish consumers' preferences regarding a film's country of origin

This article contributes to the study of cinema audiences in Europe by analyzing the actual behavior of Spanish moviegoers and their level of satisfaction. We modeled moviegoers’ choice of film by country of origin (U.S.A., Spain, and other countries) according to a set of determinants: (1) consumers’ interpretation of several sources of information, (2) motivations and (3) choice rules. We found three clear consumer stereotypes related to each type of film: (1) U.S.A. films were preferred by almost everyone (especially families and younger audiences); (2) Spanish films had audiences composed of middle-age and middle-class moviegoers; and (3) European productions were preferred by a social or intellectual elite. U.S.A. films dominate the Spanish market for the reason that they provide most of what moviegoers prefer, namely, familiar, reliable entertainment in Spanish; three characteristics that are not satisfied by Spanish and European films. Additionally, we discuss the implications for the European cultural policy