This paper deals with the forest owner's attitude towards risk and the harvesting decision in several ways. First, we propose to characterize and quantify the forest owner's attitude towards risk. Second, we analyze the determinants of the forest owner's risk attitude. Finally, we determine the impact of the forest owner's risk attitude on the harvesting decision. The French forest owner's risk attitude is tackled by implementing a questionnaire, including a context-free measure borrowed from experimental economics. The determinants of the forest owner's risk attitude and harvesting decision are estimated through a recursive bivariate ordered probit model. We show that French forest owners are characterized by a relative risk aversion coefficient close to 1. In addition, we found that the forest owner's risk aversion is influenced positively and significantly by gender (female), age, and willingness to protect the environment, while the percentage of forest income in the total patrimony of the forest owner has a negative effect. Finally, we obtain that the forest owner's risk aversion positively and significantly impacts the harvesting decision.
This paper offers interpretations and applications of the “fear of ruin” coefficient (Aumann and Kurz, 1977, Econometrica). This coefficient is useful for analyzing the behavior of expected utility maximizers when they face binary lotteries with the same worse outcome. Comparative statics results of “more fear of ruin” are derived. The partial ordering induced by the fear of ruin coefficient is shown to be weaker than that induced by the Arrow-Pratt coefficient. Copyright Springer Science + Business Media, Inc. 2005risk-aversion, expected utility, Arrow-Pratt coefficient, auctions, value-of-life,
The pricing strategy of OS producers was a key issue in the Microsoft antitrust case. Economists working for Microsoft have argued that the low price of Windows is not consistent with a durable monopoly power and reflects more likely the outcome of a potential or effective competition. To investigate this empirically, we recognize that the demand of operating system is a derived demand revealed through the demand for computers. We fit a structural model of the home PC market to a panel data set providing shipments, prices and characteristics of most PC brands sold for home use in Canada, France, Germany, Italy, Japan, UK and US over the period 1995-1999. The demand side is specified according to a nested-logit model. Market outcomes are endogenously derived in the context of a Nash equilibrium. We report three main results. First the relevant market encompasses all PCs whatever the installed OS. Second the profit-maximizing price of DOS/WIN that would result from our static equilibrium is much higher than the observed price. Third, at the present price of its OS, Microsoft's behavior could be viewed as putting more weight on its market share than on its present profit. These results call for a dynamic approach.JEL Classification: L13, L86, C35, L40
IntroductionReducing the time between the onset of the first symptoms of cancer and the first consultation with a doctor (patient delay) is essential to improve the vital prognosis and quality of life of patients. Longer patient delay is linked to the already known sociodemographic, socioeconomic, socioeducational, sociocultural and socioprofessional factors. However, recent data suggest that some sociocognitive and emotional determinants may explain patient delay from a complementary point of view. The main objective of this study is to assess whether, in head and neck cancer, patient delay is linked to these sociocognitive and emotional factors, in addition to previously known factors.Methods and analysisWe intend to include in this study 400 patients with a not yet treated head and neck cancer diagnosed in one of six health centres in the North of France region. The main evaluation criterion is ‘patient delay’. Sociocognitive, emotional, medical, sociodemographic, socioeconomic, educational, professional and geographic factors will be assessed by means of (1) a case report form, (2) a questionnaire completed by the clinical research associate together with the patient, (3) a questionnaire completed by the patient and (4) a recorded semidirective interview of the patient by a psychologist (for 80 patients only). The collected data will be analysed to underline the differences between patients who consulted a doctor earlier versus those who consulted later.EthicsThe study has obtained all the relevant authorisations for the protection of patients enrolled in clinical trials (CCTIRS, CCP, CNIL), does not involve products mentioned in article L.5311-1 of the French Code of Public Health, and does not imply any changes in the medical care received by the patients. The study began in October 2012 and will end in June 2015.Trial registrationID-RCB 2012-A00005-38.
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