Three essays on economics and information shocks

A person living in an industrialized society has almost no choice but to receive information daily with negative implications for himself or others. His attention will often be drawn to the ups and downs of economic indicators or the alleged misdeeds of leaders and organizations. Reacting to new information is central to economics, but economics typically ignores the affective aspect of the response, for example, of stress or anger. These essays present the results of considering how the affective aspect of the response can influence economic outcomes.

The first chapter presents an experiment in which individuals were presented with information about various non-profit organizations and allowed to take actions that rewarded or punished those organizations. When social interaction was introduced into this environment an asymmetry between rewarding and punishing appeared. The net effects of punishment became greater and more variable, whereas the effects of reward were unchanged. The individuals were more strongly influenced by negative social information and used that information to target unpopular organizations. These behaviors contributed to an increase in inequality among the outcomes of the organizations.

The second and third chapters present empirical studies of reactions to negative information about local economic conditions. Economic factors are among the most prevalent stressors, and stress is known to have numerous negative effects on health. These chapters document localized, transient effects of the announcement of information about large-scale job losses. News of mass layoffs and shut downs of large military bases are found to decrease birth weights and gestational ages among babies born in the affected regions. The effect magnitudes are close to those estimated in similar studies of disasters.

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.

Reserved parking : marine reserves and small-scale fishing communities: a collection of articles from SAMUDRA report

As the earth’s resources continue to face increasing pressure from a variety of human and natural causes, protection of the environment and biodiversity is a matter of contemporary concern, The conservation of coastal and marine resources, in particular, has become a priority for countries around the world. In this context, marine protected areas (MPAs) are being widely promoted as one of the most effective tools for the conservation of coastal and marine resources. Most MPAs are located in coastal areas of great biodiversity, and hence their development has direct impacts on the lives and livelihoods of coastal communities, especially small-scale and traditional fishing communities. Typically, they are the ones who have to bear the costs of conservation practices–lost livelihood options, expulsion from traditional fishing grounds and living spaces, and violation of human/community rights, to name a few. The articles in this dossier, drawn chronologically from the pages of Samudra Report, the triannual publication of ICSF, draw attention to these issues. They show that conservation and livelihoods are closely intertwined, and that top-down, non-participatory models of conservation can be counter-productive. Despite being poor and powerless, fishing and coastal communities can be powerful allies in conservation efforts, given their longstanding dependence on natural resources and their traditional ecological knowledge systems. As the examples in this dossier reveal, it is possible for fishing communities to protect and conserve the environment, while continuing with sustainable fishing operations. Clearly, only an integrated approach to fisheries management and conservation will prove successful. This dossier will be useful for policymakers, social scientists, non-governmental organizations and others interested in fisheries, conservation, communities and livelihoods.

Rights first, rights forever: small-scale fisheries and fishing communities from a human-rights perspective. A collection of articles from SAMUDRA report

Small-scale and artisanal fisheries contribute about two-thirds of the global fish production destined for direct human consumption. They also accommodate over 90 per cent of those who make their living from fisheries. Women comprise at least half the workforce in small-scale fisheries. Despite the important contributions made by small-scale fisheries to poverty eradication and food security, small-scale fishers and fishworkers continue to be marginalized at different levels. It is in this context that the Committee on Fisheries (COFI) of the Food and Agriculture Organization of the United Nations (FAO) has developed the Voluntary Guidelines for Securing Sustainable Small-scale Fisheries in the Context of Food Security and Poverty Eradication (SSF Guidelines).

Essays on Vietnam’s Financial Reforms: Foreign Exchange Statistics and Evidence of Long-Run Equilibrium

In this paper, we examine exchange rates in Vietnam’s transitional economy. Evidence of long-run equilibrium are established in most cases through a single co-integrating vector among endogenous variables that determine the real exchange rates. This supports relative PPP in which ECT of the system can be combined linearly into a stationary process, reducing deviation from PPP in the long run. Restricted coefficient vectors ß’ = (1, 1, -1) for real exchange rates of currencies in question are not rejected. This empirics of relative PPP adds to found evidences by many researchers, including Flre et al. (1999), Lee (1999), Johnson (1990), Culver and Papell (1999), Cuddington and Liang (2001). Instead of testing for different time series on a common base currency, we use different base currencies (USD, GBP, JPY and EUR). By doing so we want to know the whether theory may posit significant differences against one currency? We have found consensus, given inevitable technical differences, even with smallerdata sample for EUR. Speeds of convergence to PPP and adjustment are faster compared to results from other researches for developed economies, using both observed and bootstrapped HL measures. Perhaps, a better explanation is the adjustment from hyperinflation period, after which the theory indicates that adjusting process actually accelerates. We observe that deviation appears to have been large in early stages of the reform, mostly overvaluation. Over time, its correction took place leading significant deviations to gradually disappear.

Barriers to and facilitators of interventions to counter publication bias: thematic analysis of scholarly articles and stakeholder interviews.

BACKGROUND: When the nature and direction of research results affect their chances of publication, a distortion of the evidence base - termed publication bias - results. Despite considerable recent efforts to implement measures to reduce the non-publication of trials, publication bias is still a major problem in medical research. The objective of our study was to identify barriers to and facilitators of interventions to prevent or reduce publication bias. METHODS: We systematically reviewed the scholarly literature and extracted data from articles. Further, we performed semi-structured interviews with stakeholders. We performed an inductive thematic analysis to identify barriers to and facilitators of interventions to counter publication bias. RESULTS: The systematic review identified 39 articles. Thirty-four of 89 invited interview partners agreed to be interviewed. We clustered interventions into four categories: prospective trial registration, incentives for reporting in peer-reviewed journals or research reports, public availability of individual patient-level data, and peer-review/editorial processes. Barriers we identified included economic and personal interests, lack of financial resources for a global comprehensive trial registry, and different legal systems. Facilitators identified included: raising awareness of the effects of publication bias, providing incentives to make data publically available, and implementing laws to enforce prospective registration and reporting of clinical trial results. CONCLUSIONS: Publication bias is a complex problem that reflects the complex system in which it occurs. The cooperation amongst stakeholders to increase public awareness of the problem, better tailoring of incentives to publish, and ultimately legislative regulations have the greatest potential for reducing publication bias.

Playback Theatre: the art of being oneself. A tool for empowerment and real change for individuals and communities

This article presents the application of a theatrical technique—Playback Theatre, which was developed in the United States during the 1970s—to social intervention, as a narrative and listening space that confers value and dignity upon the person and the unique and distinct individual experiences that facilitate their social and relational integration. This art of being oneself, as the author states, uses the oral tradition and spontaneous and creative communication of psychodrama and combines them with theatrical expression. This technique has been shown to be pertinent to both community social work and support groups for persons in problematic situations. The aim of this is to celebrate some specific moment of their lives, as individuals or as a community, and to define strategies for improving living conditions or resolving or alleviating conflicts. It is also used to assess the achievements of the proposed objectives, to strengthen the motivation to change and to transform existing relationships into collaborative ones. This is possible not only owing to the participation of persons, but also to the assumption of different roles that can permit the overcoming of certain traumatic events.In addition to support groups, it is used for the training and supervision of social work professionals. The theatrical technique in question allows them to assume roles as diverse as narrator, audience or actor, whether simultaneously or successively. Taking the role of «performer» or guide to the theatrical action requires prior preparation in order for the group of participants to be able to pool their individualities and their emotions and reflect on them. The participatory methodology that Playback Theatre proposes is important in community social work and is posed in a new and transformative key.

Desire, Resentment and Reprisal: Revisiting the Emotions of Myth in F. Scott Fitzgerald’s The Great Gatsby

This article aims to reassess F. Scott Fitzgerald’s classic The Great Gatsby (1925), taking into consideration the myth-critical hypotheses of philosopher René Girard. Specifically, this essay will analyse the concepts of mimetic desire, resentment and reprisal violence as emotional components of myth, paying close attention to how the reinterpreted mythical pattern of the novel influences the depiction of such emotions as social traits of corruption. Finally, this article will challenge interpretations that have regarded Gatsby as a successful scapegoat-figure, examining instead how the mythical meanings and structures of the text stage an emotional crisis of frustrated desire and antagonism that ultimately offers no hope of communal restoration.

Crossing the threshold: exile and literature in "El Canto del peregrino" (1999) by Angelina Muñiz-Huberman

This paper analyses the relation between exile and literature in Angelina Muñiz-Huberman’s work El canto del peregrino. In this collection of essays, the Spanish-Mexican writer, member of the second generation of Spanish Republican exiles in Mexico, outlines a poetics of exile. From the outset, the relation between exile and literature is presented in terms of identity: while defining exile as “literary form”, the book tends to prefer a metaphorical concept of exile over ‘merely’ historical or referential approaches to it. More in particular, this paper will examine how the author constructs an identity of ‘exiled writer’ based on the close association between exile and literature on the one hand, and on the view of exile as ‘home’ or ‘dwelling’, on the other hand. A second point of interest concerns the discursive impact of this literary and metaphorical concept of exile and the author’s personal experience. A brief analysis of the essayist’s discursive voice and her writing practice shows how Muñiz-Huberman gives shape to an intrinsically complex and paradoxical view on exile.