Genetic Analysis of Taste in Homo Sapiens

There are many known taste receptors specific to each taste attribute. This thesis examines the relationship between single nucleotide polymorphisms (SNPs) and copy number variations (CNVs) in known taste and taste pathway receptors TAS2R38, Gustin, and TRPM5 and for PROP (6-n-propylthiouracil) taster status (PTS), thermal taster status (TTS), and orosensory sensation intensity ratings. PTS is a proxy for general taste responsiveness, and the ability to taste PROP classifies individuals into three phenotypes: super (PST), medium (PMT), and non-tasters (PNT). Another taste phenotype, also serving as a proxy for general taste responsiveness, is TTS, classifying individuals as thermal tasters (TTs) or thermal non-tasters (TnTs). DNA extractions from buccal cells obtained from 60 individuals were performed and analysis of TAS2R38, Gustin, and TRPM5 variations were conducted through Polymerase Chain Reaction (PCR), sequencing for SNPs, and upQMPSF for CNV analysis of TRPM5. Among the SNPs and CNVs studied, only TAS2R38 was found to be significantly associated with PTS and intensity ratings for sweet, bitter, and sour taste as well as astringency. However, not all PROP phenotypic differences can be explained by the variations at these three SNP sites in TAS2R38, suggesting the involvement of additional genes. No association was found between TTS and TAS2R38 or Gustin, confirming that PTS and TTS are not genetically associated. The examined TRPM5 SNPs and CNVs did not correlate with TTS. Therefore, further research is necessary into other factors contributing to PTS and TTS.

A Survey Measure of Risk Aversion

We Use Survey Data on the Well-Being of Individuals to Measure Attitude Toward Risk. Risk Neutrality Cannot Be Rejected by the Data.

Risk Aversion, Intertemporal Substitution, and Option Pricing

This paper develops a general stochastic framework and an equilibrium asset pricing model that make clear how attitudes towards intertemporal substitution and risk matter for option pricing. In particular, we show under which statistical conditions option pricing formulas are not preference-free, in other words, when preferences are not hidden in the stock and bond prices as they are in the standard Black and Scholes (BS) or Hull and White (HW) pricing formulas. The dependence of option prices on preference parameters comes from several instantaneous causality effects such as the so-called leverage effect. We also emphasize that the most standard asset pricing models (CAPM for the stock and BS or HW preference-free option pricing) are valid under the same stochastic setting (typically the absence of leverage effect), regardless of preference parameter values. Even though we propose a general non-preference-free option pricing formula, we always keep in mind that the BS formula is dominant both as a theoretical reference model and as a tool for practitioners. Another contribution of the paper is to characterize why the BS formula is such a benchmark. We show that, as soon as we are ready to accept a basic property of option prices, namely their homogeneity of degree one with respect to the pair formed by the underlying stock price and the strike price, the necessary statistical hypotheses for homogeneity provide BS-shaped option prices in equilibrium. This BS-shaped option-pricing formula allows us to derive interesting characterizations of the volatility smile, that is, the pattern of BS implicit volatilities as a function of the option moneyness. First, the asymmetry of the smile is shown to be equivalent to a particular form of asymmetry of the equivalent martingale measure. Second, this asymmetry appears precisely when there is either a premium on an instantaneous interest rate risk or on a generalized leverage effect or both, in other words, whenever the option pricing formula is not preference-free. Therefore, the main conclusion of our analysis for practitioners should be that an asymmetric smile is indicative of the relevance of preference parameters to price options.

Aversion Analysis

In this paper : a) the consumer’s problem is studied over two periods, the second one involving S states, and the consumer being endowed with S+1 incomes and having access to N financial assets; b) the consumer is then representable by a continuously differentiable system of demands, commodity demands, asset demands and desirabilities of incomes (the S+1 Lagrange multiplier of the S+1 constraints); c) the multipliers can be transformed into subjective Arrow prices; d) the effects of the various incomes on these Arrow prices decompose into a compensation effect (an Antonelli matrix) and a wealth effect; e) the Antonelli matrix has rank S-N, the dimension of incompleteness, if the consumer can financially adjust himself when facing income shocks; f) the matrix has rank S, if not; g) in the first case, the matrix represents a residual aversion; in the second case, a fundamental aversion; the difference between them is an aversion to illiquidity; this last relation corresponds to the Drèze-Modigliani decomposition (1972); h) the fundamental aversion decomposes also into an aversion to impatience and a risk aversion; i) the above decompositions span a third decomposition; if there exists a sure asset (to be defined, the usual definition being too specific), the fundamental aversion admits a three-component decomposition, an aversion to impatience, a residual aversion and an aversion to the illiquidity of risky assets; j) the formulas of the corresponding financial premiums are also presented.

Effect of dietary sodium restriction on taste perception of sodium chloride

The effect of dietary sodium restriction on perceived intensity of and preference for the taste of salt was evaluated in 76 adults, 25-49 years, with diastolic blood pressure between 79-90 mmHg. Participants were volunteers from clinical Hypertension Prevention Trials (HPT), at the University of California, Davis and the University of Minnesota, Minneapolis. Participants followed one of four HPT diets: 1600 mg Na+/day (NA, n=lS), 1600 mg Na+ plus 3200 mg K+/day (NK, n=lS), 1600 mg Na+/day plus energy restriction to achieve weight loss (NW, n=l3) and weight loss only (WT, n=l3). All participants attended regularly scheduled nutri­tion intervention meetings designed to help them achieve the HPT dietary goals. A fifth, no-intervention group, consisted of 20, no-diet-change controls CCN). Sodium, potassium and energy intakes were monitored by analysis of single, 24-hour food records and corresponding overnight urine speci­mens, obtained at baseline and after 12 and 24 weeks of intervention. Hedonic responses to sodium chloride in a prepared cream of green bean soup were assessed by two methods : 1) scaling of like/dislike for an NaCl concentration series on 10-cm graphie line scales and 2) ad libitum mixing of unsalted and salted soups to maximum level of liking. Salt content of the mixes was analyzed by sodium ion-selective electrode. The concentration series was also rated for perceived saltiness­intensity on similar graphie line scales. Tests were conducted at base­line and after approximately 1, 3, 6, 8, 10, 13 and 24 weeks of intervention. Reduction in sodium intake and excretion in NA, NK and NW partici­pants was accompanied by a shift in preference toward less saltiness in soup. The pattern of hedonic responses changed over time: scores for high NaCl concentrations decreased progressively while scores for low concentrations increased. Hedonic maxima shifted fran a concentration of 0.55% at the onset to 0.1-0.2% added NaCl at week 24. During the same time period, the preferred concentration of ad libitum mixes declined 50%. These shifts occurred independently of changes in salti­ness intensity ratings, potassium or energy intakes, and were consistent across the two participating study sites. Like/dislike and sd. libitum responses were similar after 13 and 24 weeks of diet, as were measures of sodium intake and excretion. These findings suggest that after three months of sodium restriction, preference for salt had readjusted to a lower level, reflective of lower sodium intake. Mechanisms underlying the change in preference are unclear, but may include sensory, context, physiological as well as behavioral effects. In contrast, few changes were noted within WT and CN groups. The pattern of hedonic responses varied little in controls while the WT group showed increased liking for mid-range NaCl concentrations. Small, but significant fluctuations in ad libitum mix concentration occurred in both of these groups, but the differences appeared to be random rather than systematic. The results of this study indicate that preference for the taste of salt declines progressively toward a new baseline following reductions in sodium intake. These alterations may enhance maintenance of low­sodium diets for the treatment and prevention of hypertension. Further investigation is needed to establish the degree to which long-term com­pliance is contingent upon variation in salt taste preference.

Risk Aversion in Inventory Management

Traditional inventory models focus on risk-neutral decision makers, i.e., characterizing replenishment strategies that maximize expected total profit, or equivalently, minimize expected total cost over a planning horizon. In this paper, we propose a framework for incorporating risk aversion in multi-period inventory models as well as multi-period models that coordinate inventory and pricing strategies. In each case, we characterize the optimal policy for various measures of risk that have been commonly used in the finance literature. In particular, we show that the structure of the optimal policy for a decision maker with exponential utility functions is almost identical to the structure of the optimal risk-neutral inventory (and pricing) policies. Computational results demonstrate the importance of this approach not only to risk-averse decision makers, but also to risk-neutral decision makers with limited information on the demand distribution.

Business cycle asymmetries: Loss aversion, sticky prices, and wages

In this chapter, the Smets-Wouters (2003) New Kenesian model is reformulated by introducing the loss aversion utility function developed in chapter two. The purpose of this is to understand how asymmetric real business cycles are linked to asymmetric behavior of agents in a price and wage rigidities set up. The simulations of the model reveal not only that the loss aversion in consumption and leisure is a good mechanism channel for explaining business cycle asymmetries, but also is a good mechanism channel for explaining asymmetric adjustment of prices and wages. Therefore the existence of asymmetries in Phillips Curve. Moreover, loss aversion makes downward rigidities in prices and wages stronger and also reproduces a more severe and persistent fall of the employment. All in all, this model generates asymmetrical real business cycles, asymmetric price and wage adjustment as well as hysteresis.

A DSGE model with loss aversion in consumption and leisure: an explanation for business cycles asymmetries

In this chapter, an asymmetric DSGE model is built in order to account for asymmetries in business cycles. One of the most important contributions of this work is the construction of a general utility function which nests loss aversion, risk aversion and habits formation by means of a smooth transition function. The main idea behind this asymmetric utility function is that under recession the agents over-smooth consumption and leisure choices in order to prevent a huge deviation of them from the reference level of the utility; while under boom, the agents simply smooth consumption and leisure, but trying to be as far as possible from the reference level of utility. The simulations of this model by means of Perturbations Method show that it is possible to reproduce asymmetrical business cycles where recession (on shock) are stronger than booms and booms are more long-lasting than recession. One additional and unexpected result is a downward stickiness displayed by real wages. As a consequence of this, there is a more persistent fall in employment in recession than in boom. Thus, the model reproduces not only asymmetrical business cycles but also real stickiness and hysteresis.

Does uncertainty cause inertia in decision making? An experimental study of the role of regret aversion and indecisiveness

Previous research has shown that often there is clear inertia in individual decision making---that is, a tendency for decision makers to choose a status quo option. I conduct a laboratory experiment to investigate two potential determinants of inertia in uncertain environments: (i) regret aversion and (ii) ambiguity-driven indecisiveness. I use a between-subjects design with varying conditions to identify the effects of these two mechanisms on choice behavior. In each condition, participants choose between two simple real gambles, one of which is the status quo option. I find that inertia is quite large and that both mechanisms are equally important.

Investigating age related changes in taste and affects on sensory perceptions of oral nutritional supplements

Background: sip feeds are oral nutritional supplements (ONSs) that are commonly prescribed to malnourished patients to improve their nutritional and clinical status. However, ONSs are poorly consumed and frequently wasted, with sweetness being identified as one of the factors leading to patients’ dislike of ONSs. Objectives: to investigate if age affects sweetness thresholds and if this impacts upon perceived sweetness intensity, hedonic (sweetness and overall) and ranked preference of ONS products. Design: prospective, observational. Subjects: thirty-six young adults (18–33 years) and 48 healthy older adults (63–85 years). Setting: Department of Food and Nutritional Sciences and the Clinical Health Sciences at the University of Reading. Methods: detection and recognition threshold levels, basic taste identification and ‘just about right’ level of sweetness were examined. Three ONSs (chocolate, vanilla, strawberry) and sucrose solutions were evaluated for hedonic sweetness, overall hedonic liking, sweetness intensity and rank preference. Results: significant differences were found in both sweetness detection and recognition thresholds (P = 0.0001) between young and older adults, with older adults more likely to incorrectly identify the taste (P = 0.0001). Despite the deterioration in sweetness sensitivity among the older adults, there were no significant differences found in sweetness intensity perceived for the ONS products presented (P > 0.05) when compared with the young adults. However, across both groups sweetness intensity was found to be correlated with overall product dislike across all flavour variants tested (R = 0.398, P = 0.0001). Conclusions: sweetness appears to be one of many factors contributing to the dislike of ONSs. Manufacturers are encouraged to reconsider the formulations of these products so that beneficial effects of ONSs can be delivered in a more palatable and acceptable form and wastage reduced.

Monatin and its stereoisomers: chemoenzymatic synthesis and taste properties

The sweet natural compound monatin 1 has two stereogenic centres and the (2S,4S) absolute configuration has been attributed to the natural isomer. We obtained all four stereoisomers as pure compounds by a six-step synthetic sequence. The stereogenic centre at C-4 was introduced stereoselectively by a regio- and enantiospecific enzymatic hydrolysis of the racemic ethyl dicarboxylate 4 using a protease from Aspergillus oryzae. The absolute configuration of the intermediate products was assigned by X-ray diffraction of chiral derivatives. The stereogenic centre at C-2 was introduced non-specifically, and the resulting diastereomeric mixtures were separated by RP-HPLC. The absolute configurations of the final products were established by comparing retention times on a chiral HPLC column with those of known samples. The four stereoisomers were submitted to tasting trials and three of them, particularly the (2R,4R) isomer, were found to be intensely sweet. A sample of natural monatin analysed under the same conditions is shown to contain all the four stereoisomers. The relative stereoisomeric content in the plant, as well as the possible isomerisation of the chiral centres during extraction and manipulation of monatin samples, are important points that need to be clarified by extensive analysis of the natural extracts. ((c) Wiley-VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2005).

Synthesis of heterosulfamates. Search for structure-taste relationships

Thirty one new sodium heterosulfamates, RNHSO3Na, where the R portion contains mainly thiazole, benzothiazole, thiadiazole and pyridine ring structures, have been synthesized and their taste portfolios have been assessed. A database of 132 heterosulfamates ( both open-chain and cyclic) has been formed by combining these new compounds with an existing set of 101 heterosulfamates which were previously synthesized and for which taste data are available. Simple descriptors have been obtained using (i) measurements with Corey-Pauling-Koltun (CPK) space- filling models giving x, y and z dimensions and a volume VCPK, (ii) calculated first order molecular connectivities ((1)chi(v)) and (iii) the calculated Spartan program parameters to obtain HOMO, LUMO energies, the solvation energy E-solv and V-SPART AN. The techniques of linear (LDA) and quadratic (QDA) discriminant analysis and Tree analysis have then been employed to develop structure-taste relationships (SARs) that classify the sweet (S) and non-sweet (N) compounds into separate categories. In the LDA analysis 70% of the compounds were correctly classified ( this compares with 65% when the smaller data set of 101 compounds was used) and in the QDA analysis 68% were correctly classified ( compared to 80% previously). TheTree analysis correctly classified 81% ( compared to 86% previously). An alternative Tree analysis derived using the Cerius2 program and a set of physicochemical descriptors correctly classified only 54% of the compounds.

Differences in glutamic acid and 5'-ribonucleotide contents between flesh and pulp of tomatoes and the relationship with umami taste

A difference in taste characteristics between the outer flesh and the inner pulp of tomatoes has been observed; in particular the pulp, which contains the seeds, had more umami taste. Analysis of the free amino acids and 5 '-ribonucleotides in the different parts of 13 varieties of tomatoes showed that in all cases the pulp contained higher levels of glutamic acid, 5 '-adenosine monophosphate (AMP), 5 '-guanosine monophosphate, 5 '-uridine monophosphate, and 5 '-cytidine monophosphate. The mean concentration of glutamic acid in the flesh was 1.26 g/kg and that in the pulp 4.56 g/kg but in some varieties the difference between pulp and flesh was more than 6-fold. For AMP, the mean concentration in the flesh was 80 mg/kg and that in the pulp was 295 mg/kg with one variety showing an 11-fold difference between pulp and flesh. These differences in concentration of these compounds, which are known to possess umami characteristics, provide an explanation for the perceived difference in umami taste between the flesh and pulp of tomatoes.