世界経済・社会統計 = World development indicators

Co-Planar Stereotaxic Atlas of the Human Brain—3-Dimensional Proportional System: An Approach to Cerebral Imaging, J. Talairach, P. Tournoux. Georg Thieme Verlag, New York (1988), 122 pp., 130 figs. DM 268

计量经济分析 = Econometric analysis

In 1974 an article appeared in Science magazine with the dry-sounding title “Judgment Under Uncertainty: Heuristics and Biases” by a pair of psychologists who were not well known outside their discipline of decision theory. In it Amos Tversky and Daniel Kahneman introduced the world to Prospect Theory, which mapped out how humans actually behave when faced with decisions about gains and losses, in contrast to how economists assumed that people behave. Prospect Theory turned Economics on its head by demonstrating through a series of ingenious experiments that people are much more concerned with losses than they are with gains, and that framing a choice from one perspective or the other will result in decisions that are exactly the opposite of each other, even if the outcomes are monetarily the same. Prospect Theory led cognitive psychology in a new direction that began to uncover other human biases in thinking that are probably not learned but are part of our brain’s wiring.

Thinking fast and slow.

The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict actual retail shopping behavior in three different product categories (ground beef, wheat flour, and dishwashing liquid). Overall, across all methods, we find a reasonably high level of external validity. Our results suggest that the non-hypothetical elicitation approaches, especially the non-hypothetical ranking, outperformed the hypothetical choice experiment in predicting retail sales. We also find that the random parameter logit can have superior predictive performance, but that the multinomial logit predicts equally well in some circumstances.

External Validity of Hypothetical Surveys and Laboratory Experiments

In an effort to counteract adverse consumer reaction to genetically engineered foods, the biotechnology industry has shifted attention to deriving and promoting foods that have been genetically modified to have benefits for the consumer. However, is it uncertain whether this strategic shift will be successful at changing consumer perception of biotechnology. Our survey results suggest that consumers are more accepting of corn chips that have been modified to increase shelf life as opposed to increasing farmer yields; however, willingness-to-pay premiums for these value-added corn chips are small. Results also suggest consumers are more accepting of genetically engineered foods when sold by agribusinesses with high levels of brand equity or store loyalty.

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Influence of Brand Name, Store Loyalty, and Type of Modification on Consumer Acceptance of Genetically Engineered Corn Chips

There has been substantial productivity growth in the broiler industry; however, high growth rates might adversely affect animal welfare, resulting in calls for slow-growth breeds. This research shows production costs are 11%–25% per pound higher for slower-growing breeds than for modern breeds, depending on the target endpoint. Breakeven wholesale price premiums needed equate net returns of slowto fast-growth broilers range from $0.10/lb to $0.36/lb. Annual costs of an industry-wide conversion to slow growth are $450 million for consumers and $3.1 billion for producers. Consumer willingness-to-pay would need to increase 10.8% to offset the producer losses.

The Cost and Market Impacts of Slow-Growth Broilers

This research seeks to determine effects of rising interest in gluten-free foods on U.S. retail food demand and, ultimately, producer and consumer welfare. Increased gluten-free interest led to a modest reduction in cereals and bakery demand and increases in meat, alcoholic beverages, and food away from home demand. Combining estimated effects with an equilibrium displacement model suggests the reduction in cereal and bakery demand decreases wheat and barley producer profits by US$7.2 million/year. After accounting for positive demand impacts on other products, results indicate wheat and barley supply is redistributed away from food production into animal production, increasing wheat producer welfare.

/pdf/gluten-free-where-s-the-beef-2mee20p2cm.pdf

Jayson L. Lusk

Papers

External Validity of Hypothetical Surveys and Laboratory Experiments

Influence of Brand Name, Store Loyalty, and Type of Modification on Consumer Acceptance of Genetically Engineered Corn Chips

The Cost and Market Impacts of Slow-Growth Broilers

Gluten-Free: Where’s the Beef?

Comparing the views of the Italian general public and scientists on GMOs