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Keywords = heterogeneous discounting

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26 pages, 5256 KiB  
Article
Influence of Differentiated Tolling Strategies on Route Choice Behavior of Heterogeneous Highway Users
by Xinyu Dong, Yuekai Zeng, Ruyi Luo, Nengchao Lyu, Da Xu and Xincong Zhou
Future Transp. 2025, 5(2), 41; https://doi.org/10.3390/futuretransp5020041 - 3 Apr 2025
Viewed by 540
Abstract
The differential toll policy has emerged as an effective method for regulating expressway traffic flow and has positively impacted the efficiency of vehicular movement, as well as balanced the spatial and temporal distribution of the road network. However, the acceptance of differentiated charging [...] Read more.
The differential toll policy has emerged as an effective method for regulating expressway traffic flow and has positively impacted the efficiency of vehicular movement, as well as balanced the spatial and temporal distribution of the road network. However, the acceptance of differentiated charging policies and the range of rates associated with these policies warrant further investigation. This study employs both revealed preference (RP) and stated preference (SP) survey methods to assess users’ willingness to accept the current differentiated toll scheme and to analyze the proportion of users opting for alternative travel routes and their behavioral characteristics in simulated scenarios. Additionally, we construct a Structural Equation Model-Latent Class Logistics (SEM-LCL) to explore the mechanisms influencing differentiated toll road alternative travel choices while considering user heterogeneity. The findings indicate that different tolling strategies and discount rates attract users variably. The existing differentiated tolling scheme—based on road sections, time periods, and payment methods—significantly affects users’ choices of alternative routes, with the impact of tolling based on vehicle type being especially pronounced for large trucks. The user population is heterogeneous and can be categorized into three distinct groups: rate-sensitive, information-promoting, and conservative-rejecting. Furthermore, the willingness to consider alternative travel routes is significantly influenced by factors such as gender, age, driving experience, vehicle type, travel time, travel distance, payment method, and past differential toll experiences. The results of this study provide valuable insights for highway managers to establish optimal toll rates and implement dynamic flow regulation strategies while also guiding users in selecting appropriate driving routes. Full article
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18 pages, 709 KiB  
Article
Incentivizing Video-on-Demand Subscription Intention Through Tiered Discounts and Anti-Piracy Messages
by Ignacio Redondo and Diana Serrano
J. Theor. Appl. Electron. Commer. Res. 2025, 20(1), 9; https://doi.org/10.3390/jtaer20010009 - 10 Jan 2025
Viewed by 2790
Abstract
Subscription video-on-demand (SVOD) platforms face high churn rates and substantial revenue losses from SVOD content piracy, all of which limit their ability to invest in acquiring/creating content compelling enough to win and retain subscribers. Based on social exchange theory, this study argues that [...] Read more.
Subscription video-on-demand (SVOD) platforms face high churn rates and substantial revenue losses from SVOD content piracy, all of which limit their ability to invest in acquiring/creating content compelling enough to win and retain subscribers. Based on social exchange theory, this study argues that platforms can improve relationships with SVOD content users by offering tiered discounts in exchange for advertising/loyalty and by promoting anti-piracy messages with a prosocial (threatening) approach that emphasizes harm to filmmakers (punishment for pirates). We hypothesize that these incentives enhance subscription intention when the incentive specifications (advertising levels, loyalty levels, message approach, and message credibility) match the public’s heterogeneous dispositions (advertising attitude, loyalty attitude, justice sensitivity, and fear of punishment). In a survey on the intention to subscribe to a hypothetical new platform, we confirmed the hypothesized interactions for advertising-based discounts, loyalty-based discounts, and prosocial messages, but did not find support for threatening messages. Further exploration showed that the evaluation of platform content was much more influential than any other incentive and that tiered loyalty discounts had a remarkable capacity to enhance subscription intention. This study’s findings may help shape incentives that are more satisfying to users and ultimately more profitable for platforms. Full article
(This article belongs to the Section Digital Business Organization)
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16 pages, 644 KiB  
Review
Investigating Menstruation and Adverse Pregnancy Outcomes: Oxymoron or New Frontier? A Narrative Review
by Kirstin Tindal, Fiona L. Cousins, Stacey J. Ellery, Kirsten R. Palmer, Adrienne Gordon, Caitlin E. Filby, Caroline E. Gargett, Beverley Vollenhoven and Miranda L. Davies-Tuck
J. Clin. Med. 2024, 13(15), 4430; https://doi.org/10.3390/jcm13154430 - 29 Jul 2024
Cited by 2 | Viewed by 2413
Abstract
Not discounting the important foetal or placental contribution, the endometrium is a key determinant of pregnancy outcomes. Given the inherently linked processes of menstruation, pregnancy and parturition with the endometrium, further understanding of menstruation will help to elucidate the maternal contribution to pregnancy. [...] Read more.
Not discounting the important foetal or placental contribution, the endometrium is a key determinant of pregnancy outcomes. Given the inherently linked processes of menstruation, pregnancy and parturition with the endometrium, further understanding of menstruation will help to elucidate the maternal contribution to pregnancy. Endometrial health can be assessed via menstrual history and menstrual fluid, a cyclically shed, easily and non-invasively accessible biological sample that represents the distinct, heterogeneous composition of the endometrial environment. Menstrual fluid has been applied to the study of endometriosis, unexplained infertility and early pregnancy loss; however, it is yet to be examined regarding adverse pregnancy outcomes. These adverse outcomes, including preeclampsia, foetal growth restriction (FGR), spontaneous preterm birth and perinatal death (stillbirth and neonatal death), lay on a spectrum of severity and are often attributed to placental dysfunction. The source of this placental dysfunction is largely unknown and may be due to underlying endometrial abnormalities or endometrial interactions during placentation. We present existing evidence for the endometrial contribution to adverse pregnancy outcomes and propose that a more comprehensive understanding of menstruation can provide insight into the endometrial environment, offering great potential value as a diagnostic tool to assess pregnancy risk. As yet, this concept has hardly been explored. Full article
(This article belongs to the Special Issue Clinical Risks and Perinatal Outcomes in Pregnancy and Childbirth)
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14 pages, 2769 KiB  
Article
Strategies for Improving the Sustainability of Fare-Free Policy for the Elderly through Preferences by Travel Modes
by Jaewoong Yun
Sustainability 2023, 15(20), 14678; https://doi.org/10.3390/su152014678 - 10 Oct 2023
Cited by 1 | Viewed by 1546
Abstract
As Korea provides a fare-free policy for subways only, there are objections to geographical equity, and the need to expand it to the entire public transportation system is being discussed. However, expanding policy scope in line with an aging society will soon pose [...] Read more.
As Korea provides a fare-free policy for subways only, there are objections to geographical equity, and the need to expand it to the entire public transportation system is being discussed. However, expanding policy scope in line with an aging society will soon pose sustainability problems. Hence, policy changes, similar to that of countries that provide fare-discount policies for the elderly or apply different discount rates for each travel mode, are needed. However, providing the same policies for all cities may differ from the benefits the target group wants. Thus, this study investigated the preference of the elderly living in major cities in South Korea for discount policies by travel mode. The study aims to provide a strategy for choosing the travel mode that should provide discount policies by combining regional and individual attributes. The latent class model is employed to classify stated preference data collected from the survey. The estimation results show a significant preference heterogeneity depending on the level of subway supply by region, and a policy focused on subways would be more reasonable in cities with sufficient subway infrastructure. In addition, providing additional bus discount policies only for trunk lines will help improve sustainability. Full article
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19 pages, 4485 KiB  
Article
Pricing Game Models of Hybrid Channel Supply Chain: A Strategic Consumer Behavior Perspective
by Xuelong Zhang, Yufei Li, Jianhua Zhu and Xuequan Zhou
J. Theor. Appl. Electron. Commer. Res. 2023, 18(3), 1177-1195; https://doi.org/10.3390/jtaer18030060 - 6 Jul 2023
Cited by 5 | Viewed by 2845
Abstract
The current sales model combining online and offline channels meets the diverse requirements of consumers. However, consumers’ inter-channel switching behavior and strategic behavior also pose significant challenges to pricing decisions in the hybrid channel. Using game theory and consumer utility theory, a retailer-driven [...] Read more.
The current sales model combining online and offline channels meets the diverse requirements of consumers. However, consumers’ inter-channel switching behavior and strategic behavior also pose significant challenges to pricing decisions in the hybrid channel. Using game theory and consumer utility theory, a retailer-driven pricing model is developed to study the optimal pricing problem for each channel in a mixed-channel supply chain considering the characteristics of channel competition and the waiting behavior of strategic consumers. Study results show there is a negative correlation between the proportion of strategic consumers and the optimal pricing and profit of each channel, and as the proportion of strategic consumers rises, the optimal pricing and profit of manufacturers and retailers all trend downward. Incorporating strategic consumers into the pricing model will assist the supply chain in elucidating the behavior of consumer heterogeneity during various decision-making periods and in making reasonable pricing decisions. Effective guiding strategies, such as pre-discount and purchase restrictions, can reduce the profit loss caused by strategic consumer behavior. The optimal combination of pre-announcement discount and strategic consumer ratio can generate the greatest profit for retailers and the supply chain. Full article
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20 pages, 592 KiB  
Article
Durable Consumption-Based Asset Pricing Model with Foreign Factors for the Korean Stock Market
by Cheol-Keun Cho and Bosung Jang
Int. J. Financial Stud. 2023, 11(2), 62; https://doi.org/10.3390/ijfs11020062 - 24 Apr 2023
Cited by 1 | Viewed by 2479
Abstract
This paper explores the implications of consumption heterogeneity between domestic and foreign investors on the cross-section of stock returns in a host country. We argue that foreign investors in a small open economy integrated into global financial markets may face consumption risk, which [...] Read more.
This paper explores the implications of consumption heterogeneity between domestic and foreign investors on the cross-section of stock returns in a host country. We argue that foreign investors in a small open economy integrated into global financial markets may face consumption risk, which could result in risk premia being reflected in stock returns. To account for the potential influence of foreign investors on asset prices in a host country, we develop a two-country durable consumption model under market incompleteness, which extends the one-country durable consumption model. The proposed model includes both domestic and foreign pricing factors. We investigate the empirical performance of our model with Fama–French portfolios for Korea, taking U.S. investors as representative foreign investors. The empirical results advocate the two-country durable consumption model, confirming the significant role of foreign factors in the cross-section of domestic stock returns. Additionally, R2 tests conducted with different sets of test assets show that the explanatory power of our model is comparable to that of the Fama–French three-factor model. Full article
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17 pages, 1718 KiB  
Review
Pharmacological Modulation of Temporal Discounting: A Systematic Review
by Luis Felipe Sarmiento, Jorge Alexander Ríos-Flórez, Hector Andres Paez-Ardila, Pêssi Socorro Lima de Sousa, Antonio Olivera-La Rosa, Anderson Manoel Herculano Oliveira da Silva and Amauri Gouveia
Healthcare 2023, 11(7), 1046; https://doi.org/10.3390/healthcare11071046 - 6 Apr 2023
Cited by 1 | Viewed by 3491
Abstract
Temporal discounting is a phenomenon where a reward loses its value as a function of time (e.g., a reward is more valuable immediately than when it delays in time). This is a type of intertemporal decision-making that has an association with impulsivity and [...] Read more.
Temporal discounting is a phenomenon where a reward loses its value as a function of time (e.g., a reward is more valuable immediately than when it delays in time). This is a type of intertemporal decision-making that has an association with impulsivity and self-control. Many pathologies exhibit higher discounting rates, meaning they discount more the values of rewards, such as addictive behaviors, bipolar disorder, attention-deficit/hyperactivity disorders, social anxiety disorders, and major depressive disorder, among others; thus, many studies look for the mechanism and neuromodulators of these decisions. This systematic review aims to investigate the association between pharmacological administration and changes in temporal discounting. A search was conducted in PubMed, Scopus, Web of Science, Science Direct and Cochrane. We used the PICO strategy: healthy humans (P-Participants) that received a pharmacological administration (I-Intervention) and the absence of a pharmacological administration or placebo (C-Comparison) to analyze the relationship between the pharmacological administration and the temporal discounting (O-outcome). Nineteen studies fulfilled the inclusion criteria. The most important findings were the involvement of dopamine modulation in a U-shape for choosing the delayed outcome (metoclopradime, haloperidol, and amisulpride). Furthermore, administration of tolcapone and high doses of d-amphetamine produced a preference for the delayed option. There was a time-dependent hydrocortisone effect in the preference for the immediate reward. Thus, it can be concluded that dopamine is a crucial modulator for temporal discounting, especially the D2 receptor, and cortisol also has an important time-dependent role in this type of decision. One of the limitations of this systematic review is the heterogeneity of the drugs used to assess the effect of temporal discounting. Full article
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20 pages, 450 KiB  
Article
An Extended Theory of Rational Addiction
by Federico Perali and Luca Piccoli
Mathematics 2022, 10(15), 2652; https://doi.org/10.3390/math10152652 - 28 Jul 2022
Viewed by 3401
Abstract
This study extends the rational addiction theory by introducing an endogenous discounting of future utilities. The discount rate depends on habits accumulating over time because of the repeated consumption of an addictive good. The endogeneity of the discount rate affects consumption decisions via [...] Read more.
This study extends the rational addiction theory by introducing an endogenous discounting of future utilities. The discount rate depends on habits accumulating over time because of the repeated consumption of an addictive good. The endogeneity of the discount rate affects consumption decisions via a habit-dependent rate of time preference and discloses a patience-dependence trade-off. The existence of a steady state in which habits do not grow and its optimality are proven. The local stability properties of the steady state reveal that the equilibrium can be a saddle node, implying smooth convergence to the steady state, but also a stable or unstable focus, potentially predicting real-world behaviors such as binge drinking or extreme addiction states that may drive to death. The stability of the steady state mostly depends on the habit formation process, suggesting that heterogeneity in habit formation may be a key component to explain heterogeneity in time preferences. Full article
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20 pages, 1175 KiB  
Article
Does City Public Service Distance Increase Sense of Gain to Public Health Service? Evidence from 1394 Migrant Workers in Six Provinces
by Minghui Fu, Chuanjiang Liu, Yuting Ma and Liukun Wang
Int. J. Environ. Res. Public Health 2022, 19(10), 6131; https://doi.org/10.3390/ijerph19106131 - 18 May 2022
Cited by 5 | Viewed by 2111
Abstract
Increasing the well-being of migrant workers is one of the key objectives of promoting equality and safe, people-oriented, and sustainable social development, as well as inclusive globalization. With the equalization reform of the public health system and the reduction of frictions between cities, [...] Read more.
Increasing the well-being of migrant workers is one of the key objectives of promoting equality and safe, people-oriented, and sustainable social development, as well as inclusive globalization. With the equalization reform of the public health system and the reduction of frictions between cities, the well-being of the sense of gain to public health service (SGPHS) of migrant workers has attracted widespread attention. Based on the migrant worker thematic survey data in 2017 and the city statistical data in six destination cities, this study constructed and measured the sense of gain to public health service index and city public service distance index, and then studied the effects of city public service distance on the SGPHS of migrant workers and the heterogeneous effect. The results showed that the SGPHS of Chinese migrant workers is at a moderate level and presents spatial differences. Under the dual mechanism of preference reinforcement effect and public service discount effect, the effect of city public service distance on the SGPHS of migrant works shows an inverted U-shaped relationship, and the results of the endogeneity test by the generalized propensity score matching model are robust. The city public service distance has a significant non-linear effect on the public health service accessibility and provision for migrant workers, as well as on second-generation, low-income migrant workers, and migrant workers in central and western regions. The results provide beneficial insights for the formulation of rational public service policies. Full article
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33 pages, 2977 KiB  
Article
Dependency Factors in Evidence Theory: An Analysis in an Information Fusion Scenario Applied in Adverse Drug Reactions
by Luiz Alberto Pereira Afonso Ribeiro, Ana Cristina Bicharra Garcia and Paulo Sérgio Medeiros dos Santos
Sensors 2022, 22(6), 2310; https://doi.org/10.3390/s22062310 - 16 Mar 2022
Cited by 3 | Viewed by 2497
Abstract
Multisensor information fusion brings challenges such as data heterogeneity, source precision, and the merger of uncertainties that impact the quality of classifiers. A widely used approach for classification problems in a multisensor context is the Dempster–Shafer Theory. This approach considers the beliefs attached [...] Read more.
Multisensor information fusion brings challenges such as data heterogeneity, source precision, and the merger of uncertainties that impact the quality of classifiers. A widely used approach for classification problems in a multisensor context is the Dempster–Shafer Theory. This approach considers the beliefs attached to each source to consolidate the information concerning the hypotheses to come up with a classifier with higher precision. Nevertheless, the fundamental premise for using the approach is that sources are independent and that the classification hypotheses are mutually exclusive. Some approaches ignore this premise, which can lead to unreliable results. There are other approaches, based on statistics and machine learning techniques, that expurgate the dependencies or include a discount factor to mitigate the risk of dependencies. We propose a novel approach based on Bayesian net, Pearson’s test, and linear regression to adjust the beliefs for more accurate data fusion, mitigating possible correlations or dependencies. We tested our approach by applying it in the domain of adverse drug reactions discovery. The experiment used nine databases containing data from 50,000 active patients of a Brazilian cancer hospital, including clinical exams, laboratory tests, physicians’ anamnesis, medical prescriptions, clinical notes, medicine leaflets packages, international classification of disease, and sickness diagnosis models. This study had the hospital’s ethical committee approval. A statistically significant improvement in the precision and recall of the results was obtained compared with existing approaches. The results obtained show that the credibility index proposed by the model significantly increases the quality of the evidence generated with the algorithm Random Forest. A benchmark was performed between three datasets, incremented gradually with attributes of a credibility index, obtaining a precision of 92%. Finally, we performed a benchmark with a public base of heart disease, achieving good results. Full article
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11 pages, 353 KiB  
Article
Latent Heterogeneity in the Impact of Financial Coaching on Delay Discounting among Low-Income Smokers: A Secondary Analysis of a Randomized Controlled Trial
by Erin S. Rogers, Elizabeth Vargas, Christina N. Wysota and Scott E. Sherman
Int. J. Environ. Res. Public Health 2022, 19(5), 2736; https://doi.org/10.3390/ijerph19052736 - 26 Feb 2022
Viewed by 2327
Abstract
Low-income adults are significantly more likely to smoke, and face more difficulty in quitting, than people with high income. High rates of delay discounting (DD) may be an important factor contributing to the high rates of tobacco use among low-income adults. Future-oriented financial [...] Read more.
Low-income adults are significantly more likely to smoke, and face more difficulty in quitting, than people with high income. High rates of delay discounting (DD) may be an important factor contributing to the high rates of tobacco use among low-income adults. Future-oriented financial coaching may offer a novel approach in the treatment of smoking cessation among low-income adults. This secondary analysis (N = 251) of data from a randomized controlled trial examined the integration of future-oriented financial coaching into smoking cessation treatment for low-income smokers. Linear regression and finite mixture models (FMM) estimated the overall and the latent heterogeneity of the impact of the intervention versus usual care control on DD rates 6 months after randomization. Though standard linear regression found no overall difference in DD between intervention and control (β = −0.23, p = 0.338), the FMM identified two latent subgroups with different responses to the intervention. Subgroup 1 (79% of the sample) showed no difference in DD between intervention and control (β = 0.25, p = 0.08). Subgroup 2 (21% of the sample) showed significantly lower DD (β = −2.06, p = 0.003) among intervention group participants versus control at 6 months. Participants were more likely to be a member of subgroup 2 if they had lower baseline DD rates, were living at or below 100% of federal poverty, or were married/living with a partner. This study identified a group of low-income adults seeking to quit smoking who responded to financial coaching with decreased DD rates. These results can be used to inform future targeting of the intervention to individuals who may benefit most, as well as inform future treatment adaptations to support the subgroup of low-income smokers, who did not benefit. Full article
14 pages, 345 KiB  
Review
Pneumonic Plague: Incidence, Transmissibility and Future Risks
by Charles Evans
Hygiene 2022, 2(1), 14-27; https://doi.org/10.3390/hygiene2010002 - 4 Jan 2022
Cited by 1 | Viewed by 8982
Abstract
Pneumonic plague outbreaks are relatively infrequent in modern times, but in the early part of the 20th century, they were commonplace including several well-documented epidemics responsible for the deaths of thousands. The transmissibility of this disease seems to be discontinuous since in some [...] Read more.
Pneumonic plague outbreaks are relatively infrequent in modern times, but in the early part of the 20th century, they were commonplace including several well-documented epidemics responsible for the deaths of thousands. The transmissibility of this disease seems to be discontinuous since in some outbreaks few transmissions occur, while in others, the progression of the epidemic is explosive. Modern epidemiological studies explain that transmissibility within populations is heterogenous with relatively few subjects likely to be responsible for most transmissions and that ‘super spreading events’, particularly at the start of an outbreak, can lead to a rapid expansion of cases. These findings concur with outbreaks observed in real-world situations. It is often reported that pneumonic plague is rare and not easily transmitted but this view could lead to unnecessary complacency since future risks such as the spontaneous incidence of anti-microbial strains, climate change leading to a disruption of natural cycles within plague foci and use of plague as a bioweapon cannot be discounted. Carers and first responders are vulnerable, particularly in poorer countries where access to medicines and protection equipment may be limited, outbreaks occur in inaccessible areas or where there is a lack of surveillance due to a paucity of funds. Full article
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22 pages, 7014 KiB  
Review
Ontologies in Cloud Computing—Review and Future Directions
by JohnBosco Agbaegbu, Oluwasefunmi Tale Arogundade, Sanjay Misra and Robertas Damaševičius
Future Internet 2021, 13(12), 302; https://doi.org/10.3390/fi13120302 - 26 Nov 2021
Cited by 16 | Viewed by 6212
Abstract
Cloud computing as a technology has the capacity to enhance cooperation, scalability, accessibility, and offers discount prospects using improved and effective computing, and this capability helps organizations to stay focused. Ontologies are used to model knowledge. Once knowledge is modeled, knowledge management systems [...] Read more.
Cloud computing as a technology has the capacity to enhance cooperation, scalability, accessibility, and offers discount prospects using improved and effective computing, and this capability helps organizations to stay focused. Ontologies are used to model knowledge. Once knowledge is modeled, knowledge management systems can be used to search, match, visualize knowledge, and also infer new knowledge. Ontologies use semantic analysis to define information within an environment with interconnecting relationships between heterogeneous sets. This paper aims to provide a comprehensive review of the existing literature on ontology in cloud computing and defines the state of the art. We applied the systematic literature review (SLR) approach and identified 400 articles; 58 of the articles were selected after further selection based on set selection criteria, and 35 articles were considered relevant to the study. The study shows that four predominant areas of cloud computing—cloud security, cloud interoperability, cloud resources and service description, and cloud services discovery and selection—have attracted the attention of researchers as dominant areas where cloud ontologies have made great impact. The proposed methods in the literature applied 30 ontologies in the cloud domain, and five of the methods are still practiced in the legacy computing environment. From the analysis, it was found that several challenges exist, including those related to the application of ontologies to enhance business operations in the cloud and multi-cloud. Based on this review, the study summarizes some unresolved challenges and possible future directions for cloud ontology researchers. Full article
(This article belongs to the Special Issue Multi-Clouds and Edge Computing)
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17 pages, 434 KiB  
Review
Consumer Valuation of and Attitudes towards Novel Foods Produced with New Plant Engineering Techniques: A Review
by John C. Beghin and Christopher R. Gustafson
Sustainability 2021, 13(20), 11348; https://doi.org/10.3390/su132011348 - 14 Oct 2021
Cited by 49 | Viewed by 4953
Abstract
We follow the PRISMA extension for scoping reviews to review the emerging international body of empirical evidence on consumers’ attitudes and willingness to pay (WTP) for novel foods produced with New Plant Engineering Techniques (NPETs). NPETs include genome/gene editing, cisgenesis, intragenesis, and RNA [...] Read more.
We follow the PRISMA extension for scoping reviews to review the emerging international body of empirical evidence on consumers’ attitudes and willingness to pay (WTP) for novel foods produced with New Plant Engineering Techniques (NPETs). NPETs include genome/gene editing, cisgenesis, intragenesis, and RNA interference. These novel foods are often beneficial for the environment and human health and more sustainable under increasingly prevalent climate extremes. These techniques can also improve animal welfare and disease resistance when applied to animals. Despite these abilities of NPETs, evidence suggests that many, but not all, consumers discount these novel foods relative to conventional ones. Our review sorts out findings to identify conditioning factors that can increase the acceptance of and WTP for these novel foods in a significant segment of consumers. International patterns of acceptance are identified. We also analyze how information and knowledge interact with consumer acceptance of these novel foods and technologies. Heterogeneity of consumers—across cultures and borders and in attitudes towards science and innovation—emerges as a key determinant of acceptance and WTP. Acceptance and WTP tend to increase when socially beneficial attributes—as opposed to producer-oriented cost-saving attributes—are generated by NPETs. NPET-improved foods are systematically less discounted than transgenic foods. Most of the valuation estimates are based on hypothetical experiments and surveys and await validation through revealed preferences in actual purchases in food retailing environments. Full article
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24 pages, 907 KiB  
Article
A Resource Extraction Model with Technology Adoption under Time Inconsistent Preferences
by Carles Mañó-Cabello, Jesús Marín-Solano and Jorge Navas
Mathematics 2021, 9(18), 2205; https://doi.org/10.3390/math9182205 - 8 Sep 2021
Viewed by 3142
Abstract
A two-stage non-standard optimal control problem with time inconsistent preferences is studied. In an infinite horizon setting, a time consistent (sophisticated) decision maker chooses the time of switching between two consecutive regimes. The second regime corresponds to the implementation of a new technology, [...] Read more.
A two-stage non-standard optimal control problem with time inconsistent preferences is studied. In an infinite horizon setting, a time consistent (sophisticated) decision maker chooses the time of switching between two consecutive regimes. The second regime corresponds to the implementation of a new technology, and a cost must be paid at the switching time. Although the problem is formulated for a general discount function, special attention is devoted to models with nonconstant discounting and heterogeneous discounting. The problem is solved by transforming it into a problem in a finite horizon and free terminal time. The corresponding dynamic programming equations are presented, and conditions for the derivation of the switching time by decision makers with different degrees of sophistication are studied. A resource extraction model with technology adoption is solved in detail. Effects of the adoption of different discount functions are illustrated numerically. Full article
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