Search results for "Aversion"
showing 10 items of 181 documents
Dynamic Risk Taking with Bonus Schemes
2014
This paper studies dynamic risk taking by a risk-averse manager who receives a bonus; the company may default on its contractual obligations (debt and fixed compensation). We show that risk taking is time independent, and is summarized by the so-called risk aversion of derived utility. We highlight the importance of dynamic aspects and provide a foundation for common qualitative discussions that are based on characteristics of bonus functions. The paper cautions that deferral of fixed compensation may increase risk taking. Finally, we motivate a new bonus scheme that incentivizes the manager to implement the socially optimal risk level.
Autobiographical Memory, Personality, and Facebook Mementos
2019
The present study analyzed the relationships between directive, self and social functions of autobiographical memory, personality traits, as defined by the Five Factor model, and the Facebook mementos. We defined Facebook mementos as objective measures of the textual (i.e., Facebook Status Updating) and visual (i.e., Photos uploading) information people record on their Facebook profiles. Questionnaires gathered data from a sample of 193 Italian Facebook users (148 female; 45 male; age M = 22.8, SD = 6.8). Results at path analysis using AMOS showed direct significant positive associations between personality traits related to extraversion, openness, neuroticism, conscientiousness and Faceboo…
A Generalisation of the Mean-Variance Analysis
2009
In this paper we consider a decision maker whose utility function has a kink at the reference point with different functions below and above this reference point. We also suppose that the decision maker generally distorts the objective probabilities. First we show that the expected utility function of this decision maker can be approximated by a function of mean and partial moments of distribution. This ‘mean-partial moments’ utility generalises not only mean-variance utility of Tobin and Markowitz, but also mean-semivariance utility of Markowitz. Then, in the spirit of Arrow and Pratt, we derive an expression for a risk premium when risk is small. Our analysis shows that a decision maker i…
Assimilation and Contrast in Spontaneous Comparisons: Heterogeneous Effects of Standard Extremity in Facial Evaluations
2020
Judgments we make about others often depend on the standards we use as comparisons. Investigations into the outcomes of these comparisons and potential moderators have often been limited to single dimensions and preselected standards. The current work instead uses multiple evaluative facial dimensions and a multitude of comparisons. A series of 4 experiments ('N' = 665) attempted to detect contrast from extreme (Study 1) and assimilation to moderate standards in within (Studies 2 and 3) and between-subjects designs (Study 4). Results showed inconsistent evidence for both comparison effects and significant heterogeneity across the evaluative dimensions that were sampled. An additional 5 stud…
Early usage of Pokémon Go and its personality correlates
2017
Pokmon Go is a popular augmented reality mobile game. Players find imaginary creatures by wandering into the real world, which can then be collected and used in combat. In this paper an assessment of Pokmon Go early usage in the Italian community and of its correlates with the Big Five personality traits is given. The resulting profile of early PG player is one of a more Introverted, close person with high agreeability and conscientiousness. Extraversion and Stability are positively correlated with the collection part of the game, while Agreeableness is a negative predictor thereof. Openness is correlated to the level of proficiency. Display Omitted We assess Pokmon Go early usage and its c…
P-70REPEATED SOCIAL STRESS REVERSED ETHANOL-INDUCED CONDITIONED PLACE AVERSION IN MALE MICE
2015
Exposure to stressors can produce behavioural and neurochemical adaptations that render individuals more prone to drug-seeking and drug-taking behaviours. It is well know that stress experiences are a risk factor for alcohol abuse in humans and recent studies in animal models reported that repeated social stress increased alcohol consumption. The aim of the present work is to evaluate the long-term …
Notional defined contributions (NDC): Solvency and risk in Spain
2007
The aim of this article is twofold: to demonstrate the actuarial imbalance in the Spanish pension system in its current form; and to measure the degree of aggregate economic risk to which pensioners are exposed when applying formulas for the calculation of retirement pensions based on notional accounts. The model used generates scenarios for various periods encompassing some 10,000 different permutations of the macroeconomic indices needed to calculate such parameters as initial pension, earnings replacement rate, or internal rate of return and value at risk. The findings are analysed both objectively and subjectively. The main conclusions are that if the projections for the macroeconomic i…
The Risk Premium and the Esscher Transform in Power Markets
2012
In power markets one frequently encounters a risk premium being positive in the short end of the forward curve, and negative in the long end. Economically it has been argued that the positive premium is reflecting retailers aversion for spike risk, wheras in the long end of the forward curve the hedging pressure kicks in as in other commodity markets. Mathematically, forward prices are expressed as risk-neutral expectations of the spot at delivery. We apply the Esscher transform on power spot models based on mean-reverting processes driven by independent increment (time-inhomogeneous Levy) processes. It is shown that the Esscher transform is yielding a change of mean-reversion level. Moreov…
Dans quelle mesure les préférences individuelles contraignent-elles le développement du marché de l'assurance dépendance ?
2015
Dans un contexte de vieillissement de la population, différents scenarii sont envisagés pour réformer l’organisation et le financement de la prise en charge des personnes âgées dépendantes. La place de la prévoyance individuelle dans le financement de la dépendance est à ce titre largement débattue. À l’heure actuelle, malgré des restes à charge potentiellement conséquents, peu d’individus disposent d’une couverture assurantielle. Cet article vise à enrichir la littérature existante en évaluant dans quelle mesure les préférences observées dans la population limitent cette couverture. Nous mobilisons pour cela l’enquête Patrimoine et préférences vis-à-vis du temps et du risque (Pater) de 201…
A dynamic extraversion model. The brain's response to a single dose of a stimulant drug.
2008
The aim of this paper is to present a mathematical dynamic modelling of the effect a stimulant drug has on different people which, at the same time, can be a useful tool for future brain studies. To this end, a dynamic model of the evolution of extraversion (considering its tonic and phasic aspects) has been constructed taking into account the unique personality trait theory and the general modelling methodology. This model consists of a delayed differential equation which, on one hand, considers that the active stimulus, a consequence of a single intake, is not constant; on the other hand, it contemplates that the state variable representing the phasic extraversion also represents the brai…