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Which Models Can We Trust To Evaluate Consumer Decision Making Comment On Choice Inconsistencies Among The Elderly
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Book Synopsis Which Models Can We Trust to Evaluate Consumer Decision Making? Comment on "Choice Inconsistencies Among the Elderly" by : Jonathan D. Ketcham
Download or read book Which Models Can We Trust to Evaluate Consumer Decision Making? Comment on "Choice Inconsistencies Among the Elderly" written by Jonathan D. Ketcham and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neoclassical and psychological models of consumer behavior often make divergent predictions for the welfare effects of paternalistic policies, leaving wide scope for researchers' choice of a model to influence their policy conclusions. We develop a framework to reduce this model uncertainty and apply it to administrative data on consumer decision making in Medicare Part D. Consumers' choices for prescription drug insurance plans can be explained by Abaluck and Gruber's (AER 2011) model of utility maximization with psychological biases or by a neoclassical version of their model that precludes such biases. We evaluate these competing hypotheses using nonparametric tests of utility maximization and a trio of model validation tests. We find that 79% of enrollment decisions in Medicare Part D from 2006-2010 satisfied basic axioms of consumer preference theory under the assumptions of full information, zero transaction cost, and no measurement error. The validation tests provide evidence against widespread psychological biases. In particular, we find that precluding psychological biases improves the structural model's out-of-sample predictions for consumer behavior.
Book Synopsis Handbook of the Economics of Population Aging by : John Piggott
Download or read book Handbook of the Economics of Population Aging written by John Piggott and published by Elsevier. This book was released on 2016-11-21 with total page 1146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of the Economics of Population Aging synthesizes the economic literature on aging and the subjects associated with it, including social insurance and healthcare costs, both of which are of interest to policymakers and academics. These volumes, the first of a new subseries in the Handbooks in Economics, describe and analyze scholarship created since the inception of serious attention began in the late 1970s, including information from general economics journals, from various field journals in economics, especially, but not exclusively, those covering labor markets and human resource issues, from interdisciplinary social science and life science journals, and from papers by economists published in journals associated with gerontology, history, sociology, political science, and demography, amongst others. Dissolves the barriers between policymakers and scholars by presenting comprehensive portraits of social and theoretical issues Synthesizes valuable data on the topic from a variety of journals dating back to the late 1970s in a convenient, comprehensive resource Presents diverse perspectives on subjects that can be closely associated with national and regional concerns Offers comprehensive, critical reviews and expositions of the essential aspects of the economics of population aging
Book Synopsis The Robustness of Tests for Consumer Choice Inconsistencies by : Jason T. Abaluck
Download or read book The Robustness of Tests for Consumer Choice Inconsistencies written by Jason T. Abaluck and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the in- and out- of sample robustness of tests for consumer choice inconsistencies based on parameter restrictions in parametric models, with a focus on tests proposed by Ketcham, Kuminoff and Powers (2015). We start by arguing that non-parametric alternatives are inherently conservative with respect to detecting mistakes (and one specific test proposed by KKP is incorrect). We then consider several proposed robustness checks of parametric models and argue that they do not separately identify misspecification and choice inconsistencies. We also show that, when implemented using a comprehensive goodness of fit measure, the Keane and Wolpin (2007) test of out of sample forecasting demonstrates that a model allowing for choice inconsistencies forecasts substantially better than one that does not. Finally, we explore the robustness of our 2011 results to alternative normative assumptions.
Book Synopsis The Robustness of Tests for Consumer Choice Inconsistencies by : Jason T. Abaluck
Download or read book The Robustness of Tests for Consumer Choice Inconsistencies written by Jason T. Abaluck and published by . This book was released on 2015 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the in- and out- of sample robustness of tests for consumer choice inconsistencies based on parameter restrictions in parametric models, with a focus on tests proposed by Ketcham, Kuminoff and Powers (2015). We start by arguing that non-parametric alternatives are inherently conservative with respect to detecting mistakes (and one specific test proposed by KKP is incorrect). We then consider several proposed robustness checks of parametric models and argue that they do not separately identify misspecification and choice inconsistencies. We also show that, when implemented using a comprehensive goodness of fit measure, the Keane and Wolpin (2007) test of out of sample forecasting demonstrates that a model allowing for choice inconsistencies forecasts substantially better than one that does not. Finally, we explore the robustness of our 2011 results to alternative normative assumptions.
Book Synopsis Consumers' Choice Model by : Jisook April Park
Download or read book Consumers' Choice Model written by Jisook April Park and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumers' choice behaviors are influenced by multifaceted decision factors. Information processing theory (Bettman, 1979) predicts that consumers' decision processes are constructed at the time of a decision, and consumers' meta-goals model (Bettman, Luce, & Payne, 1998) posits that their choice behaviors are generally guided by the minimization of cognitive effort and negative emotion, and the maximization of accuracy and justification. Insightful as this model may be at describing how consumers' choices are shaped, it does not specify the interactions among the goals, assess the benefits of cognitive effort, or fairly evaluates the importance of emotion and justification in consumer decision making. Thus, the current studies collectively propose an alternative meta-goals choice model. Particularly, the current studies speculate on the importance of regret in consumer decision making. Consistent with previous research, Study 1 shows that participants trade-off between cognitive effort and accuracy goals depending on the monetary value of the products at hand, suggesting that the cognitive effort-accuracy trade-off may be moderated by price. Study 2 investigated the impact of cognitive effort on the experience of regret, showing the effectiveness of cognitive effort in attenuating the experienced regret. This relationship is explored with respect to the role of cognitive effort as a means of the justification factor in Study 3. Results showed that unjustified (wasted) cognitive effort did not make a substantial difference in post-purchase regret, but under spent cognitive effort generated more post-purchase regret. Study 4 examined both anticipated and experienced regret in relation to cognitive effort and justification; results showed that an exertion of cognitive effort is helpful in reducing the experience of regret but the justification of the choice also affects this relationship especially when the choice during the decision search is incongruent with the final decision. These results from current studies suggest interrelations between consumers' four meta-goals. Based on these findings, an alternative meta-goals model is proposed which includes the benefits of cognitive effort exertion on consumer decision making, shedding light on how and when consumers choose to exert effort in an attempt to alleviate the potential future experience of regret.
Book Synopsis Digital and Social Media Marketing by : Nripendra P. Rana
Download or read book Digital and Social Media Marketing written by Nripendra P. Rana and published by Springer Nature. This book was released on 2019-11-11 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.
Book Synopsis Assessment of Older Adults with Diminished Capacity by :
Download or read book Assessment of Older Adults with Diminished Capacity written by and published by American Bar Association. This book was released on 2008 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309377722 Total Pages :473 pages Book Rating :4.3/5 (93 download)
Book Synopsis Improving Diagnosis in Health Care by : National Academies of Sciences, Engineering, and Medicine
Download or read book Improving Diagnosis in Health Care written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2015-12-29 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: Getting the right diagnosis is a key aspect of health care - it provides an explanation of a patient's health problem and informs subsequent health care decisions. The diagnostic process is a complex, collaborative activity that involves clinical reasoning and information gathering to determine a patient's health problem. According to Improving Diagnosis in Health Care, diagnostic errors-inaccurate or delayed diagnoses-persist throughout all settings of care and continue to harm an unacceptable number of patients. It is likely that most people will experience at least one diagnostic error in their lifetime, sometimes with devastating consequences. Diagnostic errors may cause harm to patients by preventing or delaying appropriate treatment, providing unnecessary or harmful treatment, or resulting in psychological or financial repercussions. The committee concluded that improving the diagnostic process is not only possible, but also represents a moral, professional, and public health imperative. Improving Diagnosis in Health Care, a continuation of the landmark Institute of Medicine reports To Err Is Human (2000) and Crossing the Quality Chasm (2001), finds that diagnosis-and, in particular, the occurrence of diagnostic errorsâ€"has been largely unappreciated in efforts to improve the quality and safety of health care. Without a dedicated focus on improving diagnosis, diagnostic errors will likely worsen as the delivery of health care and the diagnostic process continue to increase in complexity. Just as the diagnostic process is a collaborative activity, improving diagnosis will require collaboration and a widespread commitment to change among health care professionals, health care organizations, patients and their families, researchers, and policy makers. The recommendations of Improving Diagnosis in Health Care contribute to the growing momentum for change in this crucial area of health care quality and safety.
Book Synopsis Can People Compute? by : Stephen Johnson
Download or read book Can People Compute? written by Stephen Johnson and published by . This book was released on 1987 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the results of an experimental study of the life cycle model in which subjects were asked to make preferred consumption choices under hypothetical life cycle economic conditions. The questions in the experiment are designed to test the model's assumption of rational choice and to elicit information about preferences. The subjects' responses suggest a widespread inability to make coherent and consistent consumption decisions. Errors in consumption decision-making appear to be very substantial and, in many cases, systematic. In addition, the experiment's data strongly reject the standard homothetic, time-separable life cycle model. The principal specific findings of the laboratory experiment are: (1) Subjects displayed significant inconsistencies in their consumption decisions; each of the subjects, in at least two pairs of economically identical situations, chose consumption values that differed by 20 percent or more. From the perspective of the standard life cycle model, error in decision-making accounts, on average, for roughly half of the variation in consumption. (2) A sizeable fraction of subjects undervalued future earnings relative to present assets; i.e., they systematically overdiscounted future earnings. (3) Almost all subjects exhibited oversaving behavior, apparently because they underestimated the power of compound interest. (4) The hypothesis that intertemporal consumption preferences are uniform across individuals is strongly rejected. Indeed, the demographic characteristics of subjects are significant determinants of consumption choice in the experiment
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309448093 Total Pages :367 pages Book Rating :4.3/5 (94 download)
Book Synopsis Families Caring for an Aging America by : National Academies of Sciences, Engineering, and Medicine
Download or read book Families Caring for an Aging America written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2016-11-08 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family caregiving affects millions of Americans every day, in all walks of life. At least 17.7 million individuals in the United States are caregivers of an older adult with a health or functional limitation. The nation's family caregivers provide the lion's share of long-term care for our older adult population. They are also central to older adults' access to and receipt of health care and community-based social services. Yet the need to recognize and support caregivers is among the least appreciated challenges facing the aging U.S. population. Families Caring for an Aging America examines the prevalence and nature of family caregiving of older adults and the available evidence on the effectiveness of programs, supports, and other interventions designed to support family caregivers. This report also assesses and recommends policies to address the needs of family caregivers and to minimize the barriers that they encounter in trying to meet the needs of older adults.
Book Synopsis A Process Model of Family Consumer Decisions by : Sue L. T. McGregor
Download or read book A Process Model of Family Consumer Decisions written by Sue L. T. McGregor and published by . This book was released on 1984 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much of family decision making centers on consumer behavior (Melson, 1980). However, the researchers in the disciplines of marketing and family sociology, who traditionally studied consumer decision making and family decision making, respectively, have not, to date, awarded the family consumer decision making process the attention it would seem to warrant. Thus, the objective of this research was to model the process that a family as a group goes through, while making a consumer decision. Both the intricacies of the variation in interaction that occurs between family members at different stages of the consumer decision and the effect of the immediate environment on these interactions were given special attention. In summary, the domain of the model is restricted to the study of the family as a multiperson buying unit as it goes through the seven stages of a high involvement, consumer decision. The model is comprised of three major components and is pictorially represented in a nested cup scheme so as to illustrate the systems approach to conceptualizing the study of the family. The outer circle represents the external environment and is comprised of several sets of variables. Within this model, the external environment is viewed as affecting the decision process and family member involvement, with recognition that this latter influence is filtered through the internal environment (family system). The second circle depicts the family as a system and is referred to as the internal environment. It contains numerous sets of variables, several of which contain sub-concepts as well. These internal variables are viewed as individually or collectively having direct influence on the core of the model. The inner core of the model is divided, with the left side depicting the seven stages of the decision process while the right side illustrates family member involvement at each stage. The stages of the decision process are a combination of the decision process component of the EKB model (Engel and Blackwell, 1982) and the concept of the problem solving loop from the Kieren, Vaines and Badir (1982) model. The core of the model is seen to be affected by the external and internal environments as well as by other variables within the core. Definitions of the variables (approximately 120) are grouped according to the three components of the model. Propositions (approximately 250) are ordered into ten sets which in turn are organized according to external, family and process/product categories. A summary matrix supplements the extensive listing of propositions and provides a means of viewing all of the propositions simultaneously. An expert review panel was established and a response sheet was developed, both for the purpose of reviewing and evaluating the model. Panel responses were discussed and the panel's recommendations were either incorporated into the current version of the model in Chapter II or are included in the final chapter as recommendations for future revisions and refinements of the model.
Book Synopsis Health Professions Education by : Institute of Medicine
Download or read book Health Professions Education written by Institute of Medicine and published by National Academies Press. This book was released on 2003-07-01 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Institute of Medicine study Crossing the Quality Chasm (2001) recommended that an interdisciplinary summit be held to further reform of health professions education in order to enhance quality and patient safety. Health Professions Education: A Bridge to Quality is the follow up to that summit, held in June 2002, where 150 participants across disciplines and occupations developed ideas about how to integrate a core set of competencies into health professions education. These core competencies include patient-centered care, interdisciplinary teams, evidence-based practice, quality improvement, and informatics. This book recommends a mix of approaches to health education improvement, including those related to oversight processes, the training environment, research, public reporting, and leadership. Educators, administrators, and health professionals can use this book to help achieve an approach to education that better prepares clinicians to meet both the needs of patients and the requirements of a changing health care system.
Book Synopsis Patient Safety and Quality by : Ronda Hughes
Download or read book Patient Safety and Quality written by Ronda Hughes and published by Department of Health and Human Services. This book was released on 2008 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Nurses play a vital role in improving the safety and quality of patient car -- not only in the hospital or ambulatory treatment facility, but also of community-based care and the care performed by family members. Nurses need know what proven techniques and interventions they can use to enhance patient outcomes. To address this need, the Agency for Healthcare Research and Quality (AHRQ), with additional funding from the Robert Wood Johnson Foundation, has prepared this comprehensive, 1,400-page, handbook for nurses on patient safety and quality -- Patient Safety and Quality: An Evidence-Based Handbook for Nurses. (AHRQ Publication No. 08-0043)." - online AHRQ blurb, http://www.ahrq.gov/qual/nurseshdbk/
Book Synopsis Social Science Research by : Anol Bhattacherjee
Download or read book Social Science Research written by Anol Bhattacherjee and published by CreateSpace. This book was released on 2012-04-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is designed to introduce doctoral and graduate students to the process of conducting scientific research in the social sciences, business, education, public health, and related disciplines. It is a one-stop, comprehensive, and compact source for foundational concepts in behavioral research, and can serve as a stand-alone text or as a supplement to research readings in any doctoral seminar or research methods class. This book is currently used as a research text at universities on six continents and will shortly be available in nine different languages.
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309459575 Total Pages :483 pages Book Rating :4.3/5 (94 download)
Book Synopsis Pain Management and the Opioid Epidemic by : National Academies of Sciences, Engineering, and Medicine
Download or read book Pain Management and the Opioid Epidemic written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-09-28 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drug overdose, driven largely by overdose related to the use of opioids, is now the leading cause of unintentional injury death in the United States. The ongoing opioid crisis lies at the intersection of two public health challenges: reducing the burden of suffering from pain and containing the rising toll of the harms that can arise from the use of opioid medications. Chronic pain and opioid use disorder both represent complex human conditions affecting millions of Americans and causing untold disability and loss of function. In the context of the growing opioid problem, the U.S. Food and Drug Administration (FDA) launched an Opioids Action Plan in early 2016. As part of this plan, the FDA asked the National Academies of Sciences, Engineering, and Medicine to convene a committee to update the state of the science on pain research, care, and education and to identify actions the FDA and others can take to respond to the opioid epidemic, with a particular focus on informing FDA's development of a formal method for incorporating individual and societal considerations into its risk-benefit framework for opioid approval and monitoring.
Book Synopsis Policy and Choice by : William J. Congdon
Download or read book Policy and Choice written by William J. Congdon and published by Brookings Institution Press. This book was released on 2011 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
