Attentional Biases in Value-Based Decision-Making

Humans make decisions in highly complex physical, economic and social environments. In order to adaptively choose, the human brain has to learn about- and attend to- sensory cues that provide information about the potential outcome of different courses of action. Here I present three event-related potential (ERP) studies, in which I evaluated the role of the interactions between attention and reward learning in economic decision-making. I focused my analyses on three ERP components (Chap. 1): (1) the N2pc, an early lateralized ERP response reflecting the lateralized focus of visual; (2) the feedback-related negativity (FRN), which reflects the process by which the brain extracts utility from feedback; and (3) the P300 (P3), which reflects the amount of attention devoted to feedback-processing. I found that learned stimulus-reward associations can influence the rapid allocation of attention (N2pc) towards outcome-predicting cues, and that differences in this attention allocation process are associated with individual differences in economic decision performance (Chap. 2). Such individual differences were also linked to differences in neural responses reflecting the amount of attention devoted to processing monetary outcomes (P3) (Chap. 3). Finally, the relative amount of attention devoted to processing rewards for oneself versus others (as reflected by the P3) predicted both charitable giving and self-reported engagement in real-life altruistic behaviors across individuals (Chap. 4). Overall, these findings indicate that attention and reward processing interact and can influence each other in the brain. Moreover, they indicate that individual differences in economic choice behavior are associated both with biases in the manner in which attention is drawn towards sensory cues that inform subsequent choices, and with biases in the way that attention is allocated to learn from the outcomes of recent choices.

Global value chains in a post-Washington Consensus world

Contemporary globalization has been marked by significant shifts in the organization and governance of global industries. In the 1970s and 1980s, one such shift was characterized by the emergence of buyer-driven and producer-driven commodity chains. In the early 2000s, a more differentiated typology of governance structures was introduced, which focused on new types of coordination in global value chains (GVCs). Today the organization of the global economy is entering another phase, with transformations that are reshaping the governance structures of both GVCs and global capitalism at various levels: (1) the end of the Washington Consensus and the rise of contending centers of economic and political power; (2) a combination of geographic consolidation and value chain concentration in the global supply base, which, in some cases, is shifting bargaining power from lead firms in GVCs to large suppliers in developing economies; (3) new patterns of strategic coordination among value chain actors; (4) a shift in the end markets of many GVCs accelerated by the economic crisis of 2008-09, which is redefining regional geographies of investment and trade; and (5) a diffusion of the GVC approach to major international donor agencies, which is prompting a reformulation of established development paradigms. © 2013 © 2013 Taylor & Francis.

Global value chains and agrifood standards: challenges and possibilities for smallholders in developing countries.

The rise of private food standards has brought forth an ongoing debate about whether they work as a barrier for smallholders and hinder poverty reduction in developing countries. This paper uses a global value chain approach to explain the relationship between value chain structure and agrifood safety and quality standards and to discuss the challenges and possibilities this entails for the upgrading of smallholders. It maps four potential value chain scenarios depending on the degree of concentration in the markets for agrifood supply (farmers and manufacturers) and demand (supermarkets and other food retailers) and discusses the impact of lead firms and key intermediaries on smallholders in different chain situations. Each scenario is illustrated with case examples. Theoretical and policy issues are discussed, along with proposals for future research in terms of industry structure, private governance, and sustainable value chains.

Economic and Social Upgrading in Global Value Chains and Industrial Clusters: Why Governance Matters

© 2014, Springer Science+Business Media Dordrecht.The burgeoning literature on global value chains (GVCs) has recast our understanding of how industrial clusters are shaped by their ties to the international economy, but within this context, the role played by corporate social responsibility (CSR) continues to evolve. New research in the past decade allows us to better understand how CSR is linked to industrial clusters and GVCs. With geographic production and trade patterns in many industries becoming concentrated in the global South, lead firms in GVCs have been under growing pressure to link economic and social upgrading in more integrated forms of CSR. This is leading to a confluence of “private governance” (corporate codes of conduct and monitoring), “social governance” (civil society pressure on business from labor organizations and non-governmental organizations), and “public governance” (government policies to support gains by labor groups and environmental activists). This new form of “synergistic governance” is illustrated with evidence from recent studies of GVCs and industrial clusters, as well as advances in theorizing about new patterns of governance in GVCs and clusters.

Global value Chains, rising power firms and economic and social upgrading

© Emerald Group Publishing Limited.Purpose – The purpose of this paper is to introduce the global value chain (GVC) approach to understand the relationship between multinational enterprises (MNEs) and the changing patterns of global trade, investment and production, and its impact on economic and social upgrading. It aims to illuminate how GVCs can advance our understanding about MNEs and rising power (RP) firms and their impact on economic and social upgrading in fragmented and dispersed global production systems. Design/methodology/approach – The paper reviews theGVCliterature focusing on two conceptual elements of the GVC approach, governance and upgrading, and highlights three key recent developments in GVCs: concentration, regionalization and synergistic governance. Findings – The paper underscores the complicated role of GVCs in shaping economic and social upgrading for emerging economies, RP firms and developing country firms in general. Rising geographic and organizational concentration in GVCs leads to the uneven distribution of upgrading opportunities in favor of RP firms, and yet economic upgrading may be elusive even for the most established suppliers because of power asymmetry with global buyers. Shifting end markets and the regionalization of value chains can benefit RP firms by presenting alternative markets for upgrading. Yet, without further upgrading, such benefits may be achieved at the expense of social downgrading. Finally, the ineffectiveness of private standards to achieve social upgrading has led to calls for synergistic governance through the cooperation of private, public and social actors, both global and local. Originality/value – The paper illuminates how the GVC approach and its key concepts can contribute to the critical international business and RP firms literature by examining the latest dynamics in GVCs and their impacts on economic and social development in developing countries.

Do You Want to Hear the Bad News? The Value of Diagnostic Tests for Alzheimer's Disease.

OBJECTIVE: The diagnosis of Alzheimer's disease (AD) remains difficult. Lack of diagnostic certainty or possible distress related to a positive result from diagnostic testing could limit the application of new testing technologies. The objective of this paper is to quantify respondents' preferences for obtaining AD diagnostic tests and to estimate the perceived value of AD test information. METHODS: Discrete-choice experiment and contingent-valuation questions were administered to respondents in Germany and the United Kingdom. Choice data were analyzed by using random-parameters logit. A probit model characterized respondents who were not willing to take a test. RESULTS: Most respondents indicated a positive value for AD diagnostic test information. Respondents who indicated an interest in testing preferred brain imaging without the use of radioactive markers. German respondents had relatively lower money-equivalent values for test features compared with respondents in the United Kingdom. CONCLUSIONS: Respondents preferred less invasive diagnostic procedures and tests with higher accuracy and expressed a willingness to pay up to €700 to receive a less invasive test with the highest accuracy.

A systematic comparison of buildingEXODUS predictions with experimental data from the Stapelfeldt trials and the Milburn House evacuation

In this paper, the buildingEXODUS evacuation model is described and discussed and attempts at qualitative and quantitative model validation are presented. The data sets used for validation are the Stapelfeldt and Milburn House evacuation data. As part of the validation exercise, the sensitivity of the building-EXODUS predictions to a range of variables is examined, including occupant drive, occupant location, exit flow capacity, exit size, occupant response times and geometry definition. An important consideration that has been highlighted by this work is that any validation exercise must be scrutinised to identify both the results generated and the considerations and assumptions on which they are based. During the course of the validation exercise, both data sets were found to be less than ideal for the purpose of validating complex evacuation. However, the buildingEXODUS evacuation model was found to be able to produce reasonable qualitative and quantitative agreement with the experimental data.

Two-machine shop scheduling: Compromise between flexibility and makespan value

In this paper, we consider the problem of providing flexibility to solutions of two-machine shop scheduling problems. We use the concept of group-scheduling to characterize a whole set of schedules so as to provide more choice to the decision-maker at any decision point. A group-schedule is a sequence of groups of permutable operations defined on each machine where each group is such that any permutation of the operations inside the group leads to a feasible schedule. Flexibility of a solution and its makespan are often conflicting, thus we search for a compromise between a low number of groups and a small value of makespan. We resolve the complexity status of the relevant problems for the two-machine flow shop, job shop and open shop. A number of approximation algorithms are developed and their worst-case performance is analyzed. For the flow shop, an effective heuristic algorithm is proposed and the results of computational experiments are reported.

Assessment of the nutritional value of wild leafy vegetables consumed in the Buhera District of Zimbabwe: a preliminary study

Wild leafy vegetables play a vital role in the livelihoods of many communities in Africa. The focus of this study was to investigate the nutritional value of wild vegetables commonly consumed by the people of Buhera District in the Manicaland province of Zimbabwe. A variety of vegetables including Amaranthus hybridus, Cleome gynandra, Bidens pilosa, Corchorus tridens, and Adansonia digitata were collected during a survey in Buhera District. Samples were processed employing traditional methods of cooking and drying, then subjected to proximate and micronutrient analyses. The results indicate that these vegetables were particularly high in calcium, iron, and vitamin C. Compared with Brassica napus (rape), Amaranthus hybridus contained twice the amount of calcium, with other nutrients almost in the same range. Compared with Spinacia oleracea (spinach), Amaranthus hybridus contained three times more vitamin C (44 mg/100 g). Calcium levels were 530 mg/100 g. Amaranthus hybridus was also found to contain 7, 13, and 20 times more vitamin C, calcium, and iron respectively compared with Lactuca sativa (lettuce). Cleome gynandra contained 14 mg/100 g, 115 mg/100 g, 9 mg/100 g of vitamin C, calcium, and iron respectively. Bidens pilosa was found to be a valuable source of vitamin C (63 mg/100 g), iron (15 mg/100 g), and zinc (19 mg/100 g), compared with Brassica oleracea (cabbage). The leaves of Corchorus tridens were an excellent source of vitamin C (78 mg/100 g), calcium (380 mg/100 g), and iron (8 mg/100 g). The Adansonia digitata leaves were also rich in vitamin C (55 mg/100 g), iron (23 mg/ 100 g), and calcium (400 mg/100 g). Based on these nutrient contents, the above vegetables will have potential benefits as part of feeding programmes, as well as their promotion as part of composite diet for vulnerable groups.

What is the value of technology? Toward a labour theory of technology change

Economic analysis of technology treats it as given exogenously, while determined endogenously. This paper examines the conceptual conflict. The paper outlines an alternative conceptual framework. This uses a 'General Vertical Division of Labour' into conceptual and executive parts to facilitate a coherent political economic explanation of technological change. The paper suggests that we may acquire rather than impose an understanding of technological change. It also suggests that we may re-define and reassess the efficiency of technological change, through the values inculcated into it.

An inquiry concerning the acceptance of intrinsic value theories of nature

This study empirically assesses the extent to which intrinsic value theories of nature are accepted and acknowledged outside the realm of academic environmental ethics. It focuses on twenty of the largest landowning organisations in England, including both conservation and non-conservation organisations and investigates the environmental philosophical beliefs and values held by representative individuals of these groups. An in-depth interview was held with a representative from each organisation. The interviews were analysed using qualitative data analysis software and the results compared against a backdrop of academic philosophical positions. The study found that an ecocentric position which acknowledges nature's intrinsic value was adopted by the majority of respondents, both from conservation and non-conservation organisations. However, it was also found that individuals felt the idea of nature's intrinsic value was generally not reflected in organisational policy.