BACKGROUND The role of physical activity in diabetes is critical,influencing this disease's development,man-agement,and overall outcomes.In China,22.3%of adults do not meet the minimum level of physical activity r...BACKGROUND The role of physical activity in diabetes is critical,influencing this disease's development,man-agement,and overall outcomes.In China,22.3%of adults do not meet the minimum level of physical activity recommended by the World Health Organization.Therefore,it is imperative to identify the factors that contributing to lack of physical activity must be identified.AIM To investigate the relationship among delay discounting,delay aversion,glycated hemoglobin(HbA1c),and various levels of physical activity in Chinese adults diagnosed with type 2 diabetes mellitus(T2DM).METHODS In 2023,400 adults with T2DM were recruited from the People's Hospital of Linxia Hui Autonomous Prefecture of Gansu Province.A face-to-face questionnaire was used to gather demographic data and details on physical activity,delay discounting,and delay aversion.In addition,HbA1c levels were measured in all 400 participants.The primary independent variables considered were delay discounting and delay aversion.The outcome variables included HbA1c levels and different intensity levels of physical activity,including walking,moderate physical activity,and vigorous physical activity.Multiple linear regression models were utilized to assess the relationship between delay discounting,delay aversion,and HbA1c levels,along with the intensity of different physical activity measured in met-hours per week.RESULTS After controlling for the sample characteristics,delay discounting was negatively associated with moderate physical activity(β=-2.386,95%CI:-4.370 to-0.401).Meanwhile,delay aversion was negatively associated with the level of moderate physical activity(β=-3.527,95%CI:-5.578 to-1.476)in the multiple linear regression model,with statistically significant differences.CONCLUSION Elevated delay discounting and increased delay aversion correlated with reduced levels of moderate physical activity.Result suggests that delay discounting and aversion may influence engagement in moderate physical activity.This study recommends that health administration and government consider delay discounting and delay aversion when formulating behavioral intervention strategies and treatment guidelines involving physical activity for patients with T2DM,which may increase participation in physical activity.This study contributes a novel perspective to the research on physical activity in adults with T2DM by examining the significance of future health considerations and the role of emotional responses to delays.展开更多
The aim of the presented study was to investigate the relationship between Cloninger's personality dimensions of temperament(Harm Avoidance,Novelty Seeking,Reward Dependence,and Persistence)and rates of delay and ...The aim of the presented study was to investigate the relationship between Cloninger's personality dimensions of temperament(Harm Avoidance,Novelty Seeking,Reward Dependence,and Persistence)and rates of delay and effort discounting among adolescents.Generally speaking,discounting refers to a decrease in the subjective value of a reward as its delay(delay discounting),or an effort required to obtain the reward(effort discounting)increases.198 adolescents participated in the experiment,ranging in age from 13 to 18 years.Data was collected using paper-and-pencil Junior Temperament and Character Inventory and computerized Delay and Effort Discounting Questionnaire.The analysis has indicated that the more one tries to avoid harm,the more steep his effort discounting is.The same is truth for reward dependency.At the same time,a positive correlation between the rate for effort and delay discounting was revealed.Thus,both processes cannot be treated completely separately.展开更多
Social discounting has been attracting attention in behavioral psychology, econophysics, and neuroeconomics. Several mathematical models have been proposed for social discounting;exponential discounting, hyperbolic di...Social discounting has been attracting attention in behavioral psychology, econophysics, and neuroeconomics. Several mathematical models have been proposed for social discounting;exponential discounting, hyperbolic discounting, a q-exponential discounting model based on Tsallis’ statistics. In order to experimentally examine the mathematical characteristics of the q-exponential social discounting models for gain and loss in humans, we estimated the parameters of the q-exponential social discounting models by assessing the points of subjective equality (indifference points) at seven social distances. We observed that gain was more steeply social-discounted than loss. Usefulness of the q-exponential social discounting model in social physics, econophysics, and cultural neuroeconomics are discussed.展开更多
Probability discounting is defined as the devaluation of outcomes as the probability of receiving or paying those decreases. A q-exponential probability discounting model based on Tsallis’ statistics has been propose...Probability discounting is defined as the devaluation of outcomes as the probability of receiving or paying those decreases. A q-exponential probability discounting model based on Tsallis’ statistics has been proposed in econophysics (Takahashi, 2007, Physica A). We examined (a) fitness of the models to behavioral data of probability discounting of both gain and loss;and (b) relationships between parameters in the q-exponential probability discounting model across gain and loss. Our results demonstrated that, for both gain and loss, the q-exponential model better fits the behavioral data than exponential and hyperbolic functions, and there is the sign effect in q-exponential probability discounting. Relationships between Kahneman-Tversky’s prospect theory in behavioral economics and the q-exponential probability discounting are high-lightened.展开更多
Anomalies in decision over time (e.g., “hyperbolic time discounting”) and under risk (e.g., Allais paradox and hyperbolic probability discounting) have been attracting attention in behavioral and neuroeconomics. We ...Anomalies in decision over time (e.g., “hyperbolic time discounting”) and under risk (e.g., Allais paradox and hyperbolic probability discounting) have been attracting attention in behavioral and neuroeconomics. We have proposed that psychophysical time commonly explains anomalies in both decisions (Takahashi, 2011, Physica A;Takahashi et al., 2012, J Behav Econ & Finance). By adopting the q-exponential time and probability discounting models, our psychophysical and behavioral economic experiment confirmed that nonlinear distortion of psychophysical time is a common cause of the anomalies in decision both over time and under risk (i.e., intertemporal choice and decision under risk). Implications for psychophysical neuroeconomics and econophysics are discussed.展开更多
Background:The aim of the current study is to investigate how consumer behaviour in a financial cost scenario,assessed by using a cost-discounting paradigm,can be influenced by an emotional state.To our knowledge,this...Background:The aim of the current study is to investigate how consumer behaviour in a financial cost scenario,assessed by using a cost-discounting paradigm,can be influenced by an emotional state.To our knowledge,this is the first study to analyze the effect of emotional priming on cost discounting behavior.Cost discounting,is a phenomenon whereby a decline of subjective value is observed given a time delay before receiving,or losing,something of value.This raises the question:what traits and skills do these young individuals possess that allow them to inhibit acting to obtain an immediate reward?A common explanation by delayed discounting researchers is that individuals who have a higher subjective value as a function of time(i.e.,discount less),are able to control their emotional response to the reward(Gómez-Miñambres et al.,2017).By delving further into both emotion and discounting research,it becomes more apparent that the two factors interact,and deserve more attention in behavioural science and consumer behaviour research.Methods:Participants(N=144)were recruited from the John Molson School of Business Participant Pool.To induce emotion,images from the international affective picture system were used.Participants were randomly assigned to one of the five emotional priming conditions(neutral valence×neutral arousal,low valence×low arousal,low valence×high arousal,high valence×low arousal,high valence×high arousal).After viewing a series of 20 pictures that were presented sequentially for 5 seconds per image,participants were then tested in either cost scenario($1,000 or$25,000),with a succession of choices between incurring a fixed cost now,or a increased cost over a given time delay(e.g.,PAY$1,000 today,or PAY$1,250 in 1 month).Results:In both the$1,000 and$25,000 cost conditions,it was shown that the null hypothesis was approximately 16 times more likely to explain the variance accounted for(BF01=16.05,error=1.37%)in this experiment.However,it is noteworthy to address that between high arousal×positive valence and high arousal×negative valence conditions,the two conditions at opposing ends of the emotional priming spectrum,a significant difference was observed,t(64)=−2.27,P=0.03,d=0.56,BF10=2.00,error=0.01%,in their respective discounting rates.Conclusions:A significant result between the two previously mentioned subgroups is the comparison between the respective cost discounting behaviour of two most extreme ends of the pictorial emotional priming spectrum.These findings are to be taken anecdotally for a variety reason.The overall effect of difference between the five subgroups’discounting rates was observed to be vastly more probabilistic of the null hypothesis.The data collected for the current study demonstrates an association between visually induce emotional affect and cost-oriented decision making.However,there is in need of further investigation in order to establish any definitive linkages.展开更多
Empirical results are presented showing that people who acknowledge pain anticipation when expecting an injury experience higher sensitivity to pain (GREP, Robinson et al., 2001). The positive correlation between sens...Empirical results are presented showing that people who acknowledge pain anticipation when expecting an injury experience higher sensitivity to pain (GREP, Robinson et al., 2001). The positive correlation between sensitivity and anticipation is highly significant. However, no relationship is found between anticipation and pain endurance.展开更多
Solving the dispute over historical greenhouse gases emission responsibility is critical for the future climate agreement.This article borrows the methodology from the carbon budget proposal,but further develops this ...Solving the dispute over historical greenhouse gases emission responsibility is critical for the future climate agreement.This article borrows the methodology from the carbon budget proposal,but further develops this approach by proposing discount of the historical responsibility due to the technology advance.Firstly,it studies the Annex I countries'mitigation and financial responsibilities of the historical emission in the carbon budget proposal;furthermore,it analyzes the results and implications of the discount approach.Results show that the discount method significantly reduces the burden of the mitigation and financial responsibilities of the Annex I countries.Thus,we claim that the discount approach is a systematic,pragmatic,and fair approach to solve the historical responsibility dispute and financial problems for the post-2020international climate institutions.展开更多
Behavioral studies have revealed the sub-additive discounting pattern,which is at odds with the prevailing hyperbolic discounting framework that explains intertemporal choices.In this study,we demonstrate that complet...Behavioral studies have revealed the sub-additive discounting pattern,which is at odds with the prevailing hyperbolic discounting framework that explains intertemporal choices.In this study,we demonstrate that completely and partially sophisticated individuals who are aware of their shifting preferences over time may exhibit sub-additive discounting behaviors.More importantly,these behaviors are not determined by whether an individual has hyperbolic time preferences or not.Instead,we show that the choices of reference points and partial projection bias may be the underlying drivers of the observed sub-additive discounting.展开更多
“This durian smells amazing!What variety is it?”“Do you offer any discounts for buying ice cream in bulk?”“One durian pizza and one portion of fresh durian,please!”At a tropical-themed shop in Nanning East Stati...“This durian smells amazing!What variety is it?”“Do you offer any discounts for buying ice cream in bulk?”“One durian pizza and one portion of fresh durian,please!”At a tropical-themed shop in Nanning East Station,a chorus of customer questions filled the air.Student clerks smiled as they answered inquiries,swiftly packing each order.展开更多
An important and unresolved question is how human brain regions process information and interact with each other in intertemporal choice related to gains and losses. Using psychophysiological interaction and dynamic c...An important and unresolved question is how human brain regions process information and interact with each other in intertemporal choice related to gains and losses. Using psychophysiological interaction and dynamic causal modeling analyses, we investigated the functional interactions between regions involved in the decision- making process while participants performed temporal discounting tasks in both the gains and losses domains. We found two distinct intrinsic valuation systems underlying temporal discounting in the gains and losses domains： gains were specifically evaluated in the medial regions, including the medial prefrontal and orbitofrontal cortices, and losses were evaluated in the lateral dorsolateral prefrontal cortex. In addition, immediate reward or pun- ishment was found to modulate the functional interactions between the dorsolateral prefrontal cortex and distinct regions in both the gains and losses domains： in the gains domain, the mesolimbic regions; in the losses domain, the medial prefrontal cortex, anterior cingulate cortex, and insula. These findings suggest that intertemporal choice of gains and losses might involve distinct valuation systems, and more importantly, separate neural interactions may implement the intertemporal choices of gains and losses. These findings may provide a new biological perspective for understanding the neural mechanisms underlying intertemporal choice of gains and losses.展开更多
This article addresses the problem of pricing European options when the underlying asset is not perfectly liquid.A liquidity discounting factor as a function of market-wide liquidity governed by a mean-reverting stoch...This article addresses the problem of pricing European options when the underlying asset is not perfectly liquid.A liquidity discounting factor as a function of market-wide liquidity governed by a mean-reverting stochastic process and the sensitivity of the underlying price to market-wide liquidity is firstly introduced,so that the impact of liquidity on the underlying asset can be captured by the option pricing model.The characteristic function is analytically worked out using the Feynman–Kac theorem and a closed-form pricing formula for European options is successfully derived thereafter.Through numerical experiments,the accuracy of the newly derived formula is verified,and the significance of incorporating liquidity risk into option pricing is demonstrated.展开更多
The polynomial spline model, which belongs to the static term structure model of interest rates, is studied. Every cash flow of the project is discounted relatively accurately by obtaining the discount rate from the s...The polynomial spline model, which belongs to the static term structure model of interest rates, is studied. Every cash flow of the project is discounted relatively accurately by obtaining the discount rate from the static term structure model of interest rates. A simple basic model, which belongs to the dynamic term structure model, is studied, and the option pricing formula under changing risk-free rates is obtained by bringing it into the option pricing formula. Both dynamic and static term structure models are estimated by the use of the data of buy-back rates and the Shanghai Stock Exchange, and an example is given to compare the differences between the traditional method and the method under the changes in the interest rates and the discount rates.展开更多
This paper investigates the dividend problem with non-exponential discounting in a dual model.We assume that the dividends can only be paid at a bounded rate and that the surplus process is killed by an exponential ra...This paper investigates the dividend problem with non-exponential discounting in a dual model.We assume that the dividends can only be paid at a bounded rate and that the surplus process is killed by an exponential random variable.Since the non-exponential discount function leads to a time inconsistent control problem,we study the equilibrium HJB-equation and give the associated verification theorem.For the case of a mixture of exponential discount functions and exponential gains,we obtain the explicit equilibrium dividend strategy and the corresponding equilibrium value function.Besides,numerical examples are shown to illustrate our results.展开更多
Advancements in neuroscience research present opportunities and challenges,requiring substantial resources and funding.To address this,we describe here“Poke And Delayed Drink Intertemporal Choice Task(POKE-ADDICT)”,...Advancements in neuroscience research present opportunities and challenges,requiring substantial resources and funding.To address this,we describe here“Poke And Delayed Drink Intertemporal Choice Task(POKE-ADDICT)”,an open-source,versatile,and cost-effective apparatus for intertemporal choice testing in rodents.This allows quantification of delay discounting(DD),a cross-species phenomenon observed in decision making which provides valuable insights into higher-order cognitive functioning.In DD,the subjective value of a delayed reward is reduced as a function of the delay for its receipt.Using our apparatus,we implemented an effective intertemporal choice paradigm for the quantification of DD based on an adjusting delayed amount(ADA)algorithm using mango juice as a reward.Our paradigm requires limited training,a few 3D-printed parts and inexpensive electrical components,including a Raspberry Pi control unit.Furthermore,it is compatible with several in vivo procedures and the use of nose pokes instead of levers allows for faster task learning.Besides the main application described here,the apparatus can be further extended to implement other behavioral tests and protocols,including standard operant conditioning.In conclusion,we describe a versatile and cost-effective design based on Raspberry Pi that can support research in animal behavior,decision making and,more specifically,delay discounting.展开更多
In mathematical physics and psychology, “quantum decision theory” has been proposed to explain anomalies in human decision-making. One of such quantum models has been proposed to explain time inconsistency in human ...In mathematical physics and psychology, “quantum decision theory” has been proposed to explain anomalies in human decision-making. One of such quantum models has been proposed to explain time inconsistency in human decision over time. In this study, we conducted a behavioral experiment to examine which quantum decision models best account for human intertemporal choice. We observed that a q-exponential model developed in Tsallis’ thermodynamics (based on Takahashi’s (2005) nonlinear time perception theory) best fit human behavioral data for both gain and loss, among other quantum decision models.展开更多
The development and deployment of privary preserving supply chain quantity discount contract design can allow supply chain collaborations to take place without revealing any participant＇s data to others, reaping the ...The development and deployment of privary preserving supply chain quantity discount contract design can allow supply chain collaborations to take place without revealing any participant＇s data to others, reaping the benefits of collaborations wbile avoiding the drawbacks of privacy information disclosure. First, secure multi-party computation protocols are applied in the joint-ordering policy between a single supplier and a single retailer, the joint-ordering policy can be conducted without disclosing private cost information of any of the other supply chain partners. Secondly, secure multi-party computation protocols are applied in the privacy preserving supply chain quantity discount contract design between a single supplier and a single retailer. The information disclosure analyses of the algorithm show that： the optimal quantity discount of the jointordering policy can be conducted without disclosing private cost information of any of the other supply chain partners; the above protocol can be implemented without mediators; the privacy preserving quantity discount algorithm can be mutually verifiable and has solved the problem of asymmetric information.展开更多
Infinite horizon discrete time non-cooperative games with observable actions of players and discounting of future single period payoffs are a suitable tool for analyzing emergence and sustainability of cooperation bet...Infinite horizon discrete time non-cooperative games with observable actions of players and discounting of future single period payoffs are a suitable tool for analyzing emergence and sustainability of cooperation between all players because they do not contain the last period. A subgame perfect equilibrium is a standard solution concept for them. It requires only immunity to unilateral deviations in any subgame. It does not address immunity to deviations by coalitions. In particular, it does not rule out cooperation based on punishments of unilateral deviations that the grand coalition would like to forgive. We first briefly review concepts of renegotiation-proofness that rule out such forgiveness. Then we discuss the concept of strong perfect equilibrium that requires immunity to all deviations by all coalitions in all subgames. In games with only one level of players (e.g. members of the population engaged in the same type of competitive activity), it fails to exist when the Pareto efficient frontier of the set of single period payoff vectors has no sufficiently large flat portion. In such a case, it is not possible to punish unilateral deviations in a weakly Pareto efficient way. In games with two levels of players (e.g. members of two populations with symbiotic relationship, while activities within each population are competitive), it is possible to overcome this problem. The sum of benefits of all players during a punishment can be the same as when nobody is punished but its distribution between the two populations can be altered in favor of the punishers.展开更多
Accounting of bank bill business is a difficult point in financial instrument accounting. At present, some inherited methods in practical operation are not completely consistent with the principles and requirements of...Accounting of bank bill business is a difficult point in financial instrument accounting. At present, some inherited methods in practical operation are not completely consistent with the principles and requirements of accounting standards. From the perspective of accounting standards, this paper discusses the accounting treatment issues involved in each link of bank bill's acceptance, discount and conversion, and discusses the causes of forming the current operating practices and suggestions for improvement.展开更多
基金Supported by the Natural Science Foundation of Gansu Province,No.22JR5RN1054.
文摘BACKGROUND The role of physical activity in diabetes is critical,influencing this disease's development,man-agement,and overall outcomes.In China,22.3%of adults do not meet the minimum level of physical activity recommended by the World Health Organization.Therefore,it is imperative to identify the factors that contributing to lack of physical activity must be identified.AIM To investigate the relationship among delay discounting,delay aversion,glycated hemoglobin(HbA1c),and various levels of physical activity in Chinese adults diagnosed with type 2 diabetes mellitus(T2DM).METHODS In 2023,400 adults with T2DM were recruited from the People's Hospital of Linxia Hui Autonomous Prefecture of Gansu Province.A face-to-face questionnaire was used to gather demographic data and details on physical activity,delay discounting,and delay aversion.In addition,HbA1c levels were measured in all 400 participants.The primary independent variables considered were delay discounting and delay aversion.The outcome variables included HbA1c levels and different intensity levels of physical activity,including walking,moderate physical activity,and vigorous physical activity.Multiple linear regression models were utilized to assess the relationship between delay discounting,delay aversion,and HbA1c levels,along with the intensity of different physical activity measured in met-hours per week.RESULTS After controlling for the sample characteristics,delay discounting was negatively associated with moderate physical activity(β=-2.386,95%CI:-4.370 to-0.401).Meanwhile,delay aversion was negatively associated with the level of moderate physical activity(β=-3.527,95%CI:-5.578 to-1.476)in the multiple linear regression model,with statistically significant differences.CONCLUSION Elevated delay discounting and increased delay aversion correlated with reduced levels of moderate physical activity.Result suggests that delay discounting and aversion may influence engagement in moderate physical activity.This study recommends that health administration and government consider delay discounting and delay aversion when formulating behavioral intervention strategies and treatment guidelines involving physical activity for patients with T2DM,which may increase participation in physical activity.This study contributes a novel perspective to the research on physical activity in adults with T2DM by examining the significance of future health considerations and the role of emotional responses to delays.
文摘The aim of the presented study was to investigate the relationship between Cloninger's personality dimensions of temperament(Harm Avoidance,Novelty Seeking,Reward Dependence,and Persistence)and rates of delay and effort discounting among adolescents.Generally speaking,discounting refers to a decrease in the subjective value of a reward as its delay(delay discounting),or an effort required to obtain the reward(effort discounting)increases.198 adolescents participated in the experiment,ranging in age from 13 to 18 years.Data was collected using paper-and-pencil Junior Temperament and Character Inventory and computerized Delay and Effort Discounting Questionnaire.The analysis has indicated that the more one tries to avoid harm,the more steep his effort discounting is.The same is truth for reward dependency.At the same time,a positive correlation between the rate for effort and delay discounting was revealed.Thus,both processes cannot be treated completely separately.
文摘Social discounting has been attracting attention in behavioral psychology, econophysics, and neuroeconomics. Several mathematical models have been proposed for social discounting;exponential discounting, hyperbolic discounting, a q-exponential discounting model based on Tsallis’ statistics. In order to experimentally examine the mathematical characteristics of the q-exponential social discounting models for gain and loss in humans, we estimated the parameters of the q-exponential social discounting models by assessing the points of subjective equality (indifference points) at seven social distances. We observed that gain was more steeply social-discounted than loss. Usefulness of the q-exponential social discounting model in social physics, econophysics, and cultural neuroeconomics are discussed.
文摘Probability discounting is defined as the devaluation of outcomes as the probability of receiving or paying those decreases. A q-exponential probability discounting model based on Tsallis’ statistics has been proposed in econophysics (Takahashi, 2007, Physica A). We examined (a) fitness of the models to behavioral data of probability discounting of both gain and loss;and (b) relationships between parameters in the q-exponential probability discounting model across gain and loss. Our results demonstrated that, for both gain and loss, the q-exponential model better fits the behavioral data than exponential and hyperbolic functions, and there is the sign effect in q-exponential probability discounting. Relationships between Kahneman-Tversky’s prospect theory in behavioral economics and the q-exponential probability discounting are high-lightened.
文摘Anomalies in decision over time (e.g., “hyperbolic time discounting”) and under risk (e.g., Allais paradox and hyperbolic probability discounting) have been attracting attention in behavioral and neuroeconomics. We have proposed that psychophysical time commonly explains anomalies in both decisions (Takahashi, 2011, Physica A;Takahashi et al., 2012, J Behav Econ & Finance). By adopting the q-exponential time and probability discounting models, our psychophysical and behavioral economic experiment confirmed that nonlinear distortion of psychophysical time is a common cause of the anomalies in decision both over time and under risk (i.e., intertemporal choice and decision under risk). Implications for psychophysical neuroeconomics and econophysics are discussed.
文摘Background:The aim of the current study is to investigate how consumer behaviour in a financial cost scenario,assessed by using a cost-discounting paradigm,can be influenced by an emotional state.To our knowledge,this is the first study to analyze the effect of emotional priming on cost discounting behavior.Cost discounting,is a phenomenon whereby a decline of subjective value is observed given a time delay before receiving,or losing,something of value.This raises the question:what traits and skills do these young individuals possess that allow them to inhibit acting to obtain an immediate reward?A common explanation by delayed discounting researchers is that individuals who have a higher subjective value as a function of time(i.e.,discount less),are able to control their emotional response to the reward(Gómez-Miñambres et al.,2017).By delving further into both emotion and discounting research,it becomes more apparent that the two factors interact,and deserve more attention in behavioural science and consumer behaviour research.Methods:Participants(N=144)were recruited from the John Molson School of Business Participant Pool.To induce emotion,images from the international affective picture system were used.Participants were randomly assigned to one of the five emotional priming conditions(neutral valence×neutral arousal,low valence×low arousal,low valence×high arousal,high valence×low arousal,high valence×high arousal).After viewing a series of 20 pictures that were presented sequentially for 5 seconds per image,participants were then tested in either cost scenario($1,000 or$25,000),with a succession of choices between incurring a fixed cost now,or a increased cost over a given time delay(e.g.,PAY$1,000 today,or PAY$1,250 in 1 month).Results:In both the$1,000 and$25,000 cost conditions,it was shown that the null hypothesis was approximately 16 times more likely to explain the variance accounted for(BF01=16.05,error=1.37%)in this experiment.However,it is noteworthy to address that between high arousal×positive valence and high arousal×negative valence conditions,the two conditions at opposing ends of the emotional priming spectrum,a significant difference was observed,t(64)=−2.27,P=0.03,d=0.56,BF10=2.00,error=0.01%,in their respective discounting rates.Conclusions:A significant result between the two previously mentioned subgroups is the comparison between the respective cost discounting behaviour of two most extreme ends of the pictorial emotional priming spectrum.These findings are to be taken anecdotally for a variety reason.The overall effect of difference between the five subgroups’discounting rates was observed to be vastly more probabilistic of the null hypothesis.The data collected for the current study demonstrates an association between visually induce emotional affect and cost-oriented decision making.However,there is in need of further investigation in order to establish any definitive linkages.
基金Financial support from the Spanish Ministry of Science and Innovation(SEJ2007-62081,SEJ2006-06309 and ECO2009-09120)Basque Government(IT-313-07),the Government of Andalusia Project for Excellence in Research(P07.SEJ.02547)and the Women’s Institute of Spain(2008.031)
文摘Empirical results are presented showing that people who acknowledge pain anticipation when expecting an injury experience higher sensitivity to pain (GREP, Robinson et al., 2001). The positive correlation between sensitivity and anticipation is highly significant. However, no relationship is found between anticipation and pain endurance.
基金supported by the 12th Five Year National Key Technologies R&D Program of China[2012BAC20B05]
文摘Solving the dispute over historical greenhouse gases emission responsibility is critical for the future climate agreement.This article borrows the methodology from the carbon budget proposal,but further develops this approach by proposing discount of the historical responsibility due to the technology advance.Firstly,it studies the Annex I countries'mitigation and financial responsibilities of the historical emission in the carbon budget proposal;furthermore,it analyzes the results and implications of the discount approach.Results show that the discount method significantly reduces the burden of the mitigation and financial responsibilities of the Annex I countries.Thus,we claim that the discount approach is a systematic,pragmatic,and fair approach to solve the historical responsibility dispute and financial problems for the post-2020international climate institutions.
基金This study is supported by the National Natural Science Foundation of China(Grant No.71501065,71221001,71790593,71572055,71573077 and 71850012).
文摘Behavioral studies have revealed the sub-additive discounting pattern,which is at odds with the prevailing hyperbolic discounting framework that explains intertemporal choices.In this study,we demonstrate that completely and partially sophisticated individuals who are aware of their shifting preferences over time may exhibit sub-additive discounting behaviors.More importantly,these behaviors are not determined by whether an individual has hyperbolic time preferences or not.Instead,we show that the choices of reference points and partial projection bias may be the underlying drivers of the observed sub-additive discounting.
文摘“This durian smells amazing!What variety is it?”“Do you offer any discounts for buying ice cream in bulk?”“One durian pizza and one portion of fresh durian,please!”At a tropical-themed shop in Nanning East Station,a chorus of customer questions filled the air.Student clerks smiled as they answered inquiries,swiftly packing each order.
基金supported by the National Natural Science Foundation of China(71471171,71071150,91432302,31620103905,31471005,and 71761167001)the Science Frontier Program of the Chinese Academy of Sciences(QYZDJSSW-SMC019)+2 种基金the Shenzhen Peacock Plan(KQTD2015033016104926)the Guangdong Pearl River Talents Plan Innovative and Entrepreneurial Team(2016ZT06S220)the CAS Key Laboratory of Behavioral Science,Institute of Psychology(Y5CX052003)
文摘An important and unresolved question is how human brain regions process information and interact with each other in intertemporal choice related to gains and losses. Using psychophysiological interaction and dynamic causal modeling analyses, we investigated the functional interactions between regions involved in the decision- making process while participants performed temporal discounting tasks in both the gains and losses domains. We found two distinct intrinsic valuation systems underlying temporal discounting in the gains and losses domains： gains were specifically evaluated in the medial regions, including the medial prefrontal and orbitofrontal cortices, and losses were evaluated in the lateral dorsolateral prefrontal cortex. In addition, immediate reward or pun- ishment was found to modulate the functional interactions between the dorsolateral prefrontal cortex and distinct regions in both the gains and losses domains： in the gains domain, the mesolimbic regions; in the losses domain, the medial prefrontal cortex, anterior cingulate cortex, and insula. These findings suggest that intertemporal choice of gains and losses might involve distinct valuation systems, and more importantly, separate neural interactions may implement the intertemporal choices of gains and losses. These findings may provide a new biological perspective for understanding the neural mechanisms underlying intertemporal choice of gains and losses.
基金support for a three-year project funded by the ARC(Australian Research Council funding scheme DP170101227)with which first author’s visiting fellowship was provided for his visit to UoW between Jan 2019 and Dec 2019+1 种基金support provided by the National Natural Science Foundation of China(No.12101554)the Fundamental Research Funds for Zhejiang Provincial Universities(No.GB202103001).
文摘This article addresses the problem of pricing European options when the underlying asset is not perfectly liquid.A liquidity discounting factor as a function of market-wide liquidity governed by a mean-reverting stochastic process and the sensitivity of the underlying price to market-wide liquidity is firstly introduced,so that the impact of liquidity on the underlying asset can be captured by the option pricing model.The characteristic function is analytically worked out using the Feynman–Kac theorem and a closed-form pricing formula for European options is successfully derived thereafter.Through numerical experiments,the accuracy of the newly derived formula is verified,and the significance of incorporating liquidity risk into option pricing is demonstrated.
基金The Achievements of Young Fund Project of Humanitiesand Social Science of Ministry of Education(No.07JC790028)the NationalNatural Science Foundation of China (No.70671025).
文摘The polynomial spline model, which belongs to the static term structure model of interest rates, is studied. Every cash flow of the project is discounted relatively accurately by obtaining the discount rate from the static term structure model of interest rates. A simple basic model, which belongs to the dynamic term structure model, is studied, and the option pricing formula under changing risk-free rates is obtained by bringing it into the option pricing formula. Both dynamic and static term structure models are estimated by the use of the data of buy-back rates and the Shanghai Stock Exchange, and an example is given to compare the differences between the traditional method and the method under the changes in the interest rates and the discount rates.
基金Supported by the Shandong Provincial Natural Science Foundation of China(ZR2020MA035 and ZR2023MA093)。
文摘This paper investigates the dividend problem with non-exponential discounting in a dual model.We assume that the dividends can only be paid at a bounded rate and that the surplus process is killed by an exponential random variable.Since the non-exponential discount function leads to a time inconsistent control problem,we study the equilibrium HJB-equation and give the associated verification theorem.For the case of a mixture of exponential discount functions and exponential gains,we obtain the explicit equilibrium dividend strategy and the corresponding equilibrium value function.Besides,numerical examples are shown to illustrate our results.
文摘Advancements in neuroscience research present opportunities and challenges,requiring substantial resources and funding.To address this,we describe here“Poke And Delayed Drink Intertemporal Choice Task(POKE-ADDICT)”,an open-source,versatile,and cost-effective apparatus for intertemporal choice testing in rodents.This allows quantification of delay discounting(DD),a cross-species phenomenon observed in decision making which provides valuable insights into higher-order cognitive functioning.In DD,the subjective value of a delayed reward is reduced as a function of the delay for its receipt.Using our apparatus,we implemented an effective intertemporal choice paradigm for the quantification of DD based on an adjusting delayed amount(ADA)algorithm using mango juice as a reward.Our paradigm requires limited training,a few 3D-printed parts and inexpensive electrical components,including a Raspberry Pi control unit.Furthermore,it is compatible with several in vivo procedures and the use of nose pokes instead of levers allows for faster task learning.Besides the main application described here,the apparatus can be further extended to implement other behavioral tests and protocols,including standard operant conditioning.In conclusion,we describe a versatile and cost-effective design based on Raspberry Pi that can support research in animal behavior,decision making and,more specifically,delay discounting.
文摘In mathematical physics and psychology, “quantum decision theory” has been proposed to explain anomalies in human decision-making. One of such quantum models has been proposed to explain time inconsistency in human decision over time. In this study, we conducted a behavioral experiment to examine which quantum decision models best account for human intertemporal choice. We observed that a q-exponential model developed in Tsallis’ thermodynamics (based on Takahashi’s (2005) nonlinear time perception theory) best fit human behavioral data for both gain and loss, among other quantum decision models.
基金The National Natural Science Foundation of China(No.70771026)
文摘The development and deployment of privary preserving supply chain quantity discount contract design can allow supply chain collaborations to take place without revealing any participant＇s data to others, reaping the benefits of collaborations wbile avoiding the drawbacks of privacy information disclosure. First, secure multi-party computation protocols are applied in the joint-ordering policy between a single supplier and a single retailer, the joint-ordering policy can be conducted without disclosing private cost information of any of the other supply chain partners. Secondly, secure multi-party computation protocols are applied in the privacy preserving supply chain quantity discount contract design between a single supplier and a single retailer. The information disclosure analyses of the algorithm show that： the optimal quantity discount of the jointordering policy can be conducted without disclosing private cost information of any of the other supply chain partners; the above protocol can be implemented without mediators; the privacy preserving quantity discount algorithm can be mutually verifiable and has solved the problem of asymmetric information.
基金supported by grant VEGA 1/0181/12 from the Slovak Ministry of Education,Science,Research,and Sport.
文摘Infinite horizon discrete time non-cooperative games with observable actions of players and discounting of future single period payoffs are a suitable tool for analyzing emergence and sustainability of cooperation between all players because they do not contain the last period. A subgame perfect equilibrium is a standard solution concept for them. It requires only immunity to unilateral deviations in any subgame. It does not address immunity to deviations by coalitions. In particular, it does not rule out cooperation based on punishments of unilateral deviations that the grand coalition would like to forgive. We first briefly review concepts of renegotiation-proofness that rule out such forgiveness. Then we discuss the concept of strong perfect equilibrium that requires immunity to all deviations by all coalitions in all subgames. In games with only one level of players (e.g. members of the population engaged in the same type of competitive activity), it fails to exist when the Pareto efficient frontier of the set of single period payoff vectors has no sufficiently large flat portion. In such a case, it is not possible to punish unilateral deviations in a weakly Pareto efficient way. In games with two levels of players (e.g. members of two populations with symbiotic relationship, while activities within each population are competitive), it is possible to overcome this problem. The sum of benefits of all players during a punishment can be the same as when nobody is punished but its distribution between the two populations can be altered in favor of the punishers.
文摘Accounting of bank bill business is a difficult point in financial instrument accounting. At present, some inherited methods in practical operation are not completely consistent with the principles and requirements of accounting standards. From the perspective of accounting standards, this paper discusses the accounting treatment issues involved in each link of bank bill's acceptance, discount and conversion, and discusses the causes of forming the current operating practices and suggestions for improvement.
