The Reluctance of Cattle to Change a Learned Choice May Confound Preference Tests

The conclusion of the article states "it appears that previously learned choices may affect future choices in Y-mazes for cattle. Another area that needs to be researched is the effects of a mildly aversive treatment versus a severely aversive treatment on the tendency of a bovine to resist changing a learned choice".

Certificate for Ten Shares of Accumulative Preference Capital Stock in Lincoln Manufacturing Company Limited

Certificate for 10 shares of accumulative preference capital stock in Lincoln Manufacturing Company Limited to Hamilton K. Woodruff, April 10, 1923.

Certificate for Twenty Shares of Accumulative Preference Capital Stock in Lincoln Manufacturing Company Limited

Certificate for 20 shares of accumulative preference capital stock in Lincoln Manufacturing Company Limited to Hamilton K. Woodruff, April 14, 1923.

Certificate for Ten Shares of Accumulative Preference Shares of Capital Stock in Lincoln Manufacturing Company Limited

Certificate for 10 shares of accumulative preference shares of capital stock in Lincoln Manufacturing Company Limited to Hamilton K. Woodruff, July 4, 1923.

Certificate for Five Shares of Preference Shares in English Inns Limited

Certificate for 5 shares of preference shares in English Inns Limited to Hamilton K. Woodruff, Aug. 29, 1929.

Certificate for One Hundred Preference Shares in the Tait Storage Battery Company, Limited

Certificate for 100 preference shares in The Tait Storage Battery Company, Limited to the estate of Hamilton K. Woodruff, March 2, 1934.

Does the Barro-Gordon Model Explain the Behavior of US Inflation? a Reexamination of the Empirical Evidence

This paper tests the predictions of the Barro-Gordon model using US data on inflation and unemployment. To that end, it constructs a general game-theoretical model with asymmetric preferences that nests the Barro-Gordon model and a version of Cukierman’s model as special cases. Likelihood Ratio tests indicate that the restriction imposed by the Barro-Gordon model is rejected by the data but the one imposed by the version of Cukierman’s model is not. Reduced-form estimates are consistent with the view that the Federal Reserve weights more heavily positive than negative unemployment deviations from the expected natural rate.

Reported Job Satisfaction : What Does It Mean?

By reporting his satisfaction with his job or any other experience, an individual does not communicate the number of utils that he feels. Instead, he expresses his posterior preference over available alternatives conditional on acquired knowledge of the past. This new interpretation of reported job satisfaction restores the power of microeconomic theory without denying the essential role of discrepancies between one’s situation and available opportunities. Posterior human wealth discrepancies are found to be the best predictor of reported job satisfaction. Static models of relative utility and other subjective well-being assumptions are all unambiguously rejected by the data, as well as an \"economic\" model in which job satisfaction is a measure of posterior human wealth. The \"posterior choice\" model readily explains why so many people usually report themselves as happy or satisfied, why both younger and older age groups are insensitive to current earning discrepancies, and why the past weighs more heavily than the present and the future.

A Theory of Random Consumer Demand

This paper presents a new theory of random consumer demand. The primitive is a collection of probability distributions, rather than a binary preference. Various assumptions constrain these distributions, including analogues of common assumptions about preferences such as transitivity, monotonicity and convexity. Two results establish a complete representation of theoretically consistent random demand. The purpose of this theory of random consumer demand is application to empirical consumer demand problems. To this end, the theory has several desirable properties. It is intrinsically stochastic, so the econometrician can apply it directly without adding extrinsic randomness in the form of residuals. Random demand is parsimoniously represented by a single function on the consumption set. Finally, we have a practical method for statistical inference based on the theory, described in McCausland (2004), a companion paper.

The Ghost in the Machine: Inferring Machine-Based Strategies from Observed Behavior

We introduce a procedure to infer the repeated-game strategies that generate actions in experimental choice data. We apply the technique to set of experiments where human subjects play a repeated Prisoner's Dilemma. The technique suggests that two types of strategies underly the data.

Oil Wealth and Economic Behavior Iran 1960-2000.

Rapport de recherche

Cooperative of Noncooperative Behavior?

In an abstract two-agent model, we show that every deterministic joint choice function compatible with the hypothesis that agents act noncooperatively is also compatible with the hypothesis that they act cooperatively. the converse is false.

Rationalité et embeddedness La sensibilité écologique des consommateurs à l’école des conventions

Selon une conception canonique de la rationalité, le comportement des consommateurs résulte de préférences données. En économie de l’environnement, la sensibilité écologique des consommateurs prend ainsi la forme d’une préférence verte intégrée à la fonction d’utilité. Le courant de l’économie des conventions relâche l’hypothèse de rationalité substantielle en insistant sur la pluralité des raisons d’agir pour les individus. En soulignant, à partir d’études empiriques, que le comportement des agents est irréductible à une explication causale unique (en termes de préférences), une conception conventionnaliste de la sensibilité écologique s’appuiera sur les valeurs revendiquées par les agents et les formes de justifications invoquées lorsqu’il est question d’actions concrètes en faveur de l’environnement.