Evaluating Fund Performance by Compromise Programming with Linear‐Quadratic Composite Metric: An Actual Case on The CaixaBank in Spain

This paper proposes an additive measure on the basis of compromise programming to evaluate fund performance from multiple criteria, of which the most usual are profitability and risk. This proposal is motivated by the fact that compromise programming is a sound decision support model to obtain scores of alternatives by minimizing weighted distances to an ideal point, the weights reflecting the investor's preferences for the criteria. To define the distance objective function, the linear‐quadratic composite metric is used, which combines advantages of linear and non‐linear objective functions. A critical advantage of compromise programming for fund performance evaluation is that the model can be extended to more than two financial criteria while other measures currently used (either ratio‐based or leverage‐based measures) only consider two criteria, say, profitability and risk. In the application, three investor's profiles are defined, which involve different weighting systems and lead to different fund rankings. These rankings are compared with domination relationships, the latter formulating if a fund is dominated or non‐dominated by convex combinations of other funds. Numerical tables are provided with data, computational process and results, which are analysed. Copyright © 2012 John Wiley & Sons, Ltd.     

Youth with Chronic Pain and Postural Orthostatic Tachycardia Syndrome (POTS): Treatment Mediators of Improvement in Functional Disability

Intensive pain rehabilitation programs are effective in increasing functioning for youth with chronic pain (CP). However, the utility of such programs for youth with CP and co-morbid postural orthostatic tachycardia syndrome (POTS) is rarely examined. In addition, studies examining mediators of treatment for CP are sparse. This paper compares treatment outcomes for youth with CP (n?=?117) and youth with CP?+?POTS (n?=?118). Additionally, depression and pain catastrophizing were tested as potential mediators of treatment effects. Significant treatment improvements were found for functional disability, depression, pain catastrophizing, and perceived pain intensity but with no differences between groups. Improvements in depressed mood, pain catastrophizing (helplessness subscale), and pain severity partially mediated functioning improvement. Pain severity was not a significant mediator in the CP?+?POTS group. We concluded that depression and pain catastrophizing, especially the helplessness domain, can impact functioning improvement in adolescents with CP and POTS and are particularly important to target in treatment.     

A generalization of the theory of subjective probability and expected utility

A generalization of the usual approach to the expected utility theory is given, with the aim of representing the state of belief of an agent who may decline on grounds of ignorance to express a preference between a given pair of acts and would, therefore, be considered irrational from a Bayesian point of view. Taking state, act, and outcome as primitive concepts, a utility function on the outcomes is constructed in the usual way. Each act is represented by a utility-valued function on the states — but not all such functions are taken to represent acts. A weaker than usual set of axioms on preferences between acts is now postulated. It is shown that any agent can be represented by a risk function that assigns to each (mixed) state a number that gives the maximum loss (in utility) the agent might expect should be the actual state of the world. The form of the risk function is determined, both in general and in important particular cases. The results show that any rational agent behaves as though he were acting under the guidance of a set of Bayesian (or, more generally, pseudo-Bayesian) advisors.     

The anxiety buffering function of close relationships: mortality salience effects on the readiness to compromise mate selection standards

This research examines the utility of a terror management approach to understanding the motivations and emotional consequences of compromise in mate selection. One hundred and sixty‐eight undergraduates completed a self‐esteem scale and a scale tapping ideal mate characteristics, and were then assigned either to a mortality salience, physical pain salience, or neutral condition. Half of the participants rated their readiness to compromise ideal mate standards and the remaining half completed a neutral scale. Then, participants completed a scale tapping their emotional state. Mortality salience led participants to significantly compromise their mate requirements. This effect seemed to be most pronounced among high self‐esteem participants who also experienced the greatest amount of guilt when compromising under mortality salient conditions. Low self‐esteem participants who compromised under mortality salient conditions reacted with higher levels of shame. The results are discussed in terms of the anxiety buffering functions of close relationships. Copyright © 2002 John Wiley & Sons, Ltd.     

Predicting the use of corporal punishment: Child aggression,parent religiosity,and the BDNF gene

Corporal punishment (CP) has been associated with deleterious child outcomes, highlighting the importance of understanding its underpinnings. Although several factors have been linked with parents’ CP use, genetic influences on CP have rarely been studied, and an integrative view examining the interplay between different predictors of CP is missing. We focused on the separate and joint effects of religiosity, child aggression, parent's gender, and a valine (Val) to methionine (Met) substitution in the brain‐derived neurotrophic factor (BDNF) gene. Data came from a twin sample (51% male, aged 6.5 years). We used mothers’ and fathers’ self‐reports of CP and religiosity, and the other parent's report on child aggression. Complete data were available for 244 mothers and their 466 children, and for 217 fathers and their 409 children. The random split method was employed to examine replicability. For mothers, only the effect of religiosity appeared to replicate. For fathers, several effects predicting CP use replicated in both samples: child aggression, child sex, religiosity, and a three‐way (GxExE) interaction implicating fathers’ BDNF genotype, child aggression and religiosity. Religious fathers who carried the Met allele and had an aggressive child used CP more frequently; in contrast, secular fathers’ CP use was not affected by their BDNF genotype or child aggression. Results were also repeated longitudinally in a subsample with age 8–9 data. Findings highlight the utility of a bio‐ecological approach for studying CP use by shedding light on pertinent gene‐environment interaction processes. Possible implications for intervention and public policy are discussed.

     

A Note on the Power of Multiattribute One‐switch Utility Functions

One‐switch utility functions model situations in which the preference between two alternatives switches only once as the outcome of one attribute of both alternatives changes from low to high. Recent research cites evidence that the sum of exponential functions (sumex) is the most convincing type for modelling one‐switch utility functions. Sumex functions allow to model exactly one preferential switch and they are convenient for estimating one‐switch utility functions. However, it is unclear so far if sumex functions are suitable to model preferential switches that are perceivable by a decision maker. This paper first analyses how different the utility of two alternatives before and after a preferential can be modelled with sumex functions given that the preferential switch is caused by a particular attribute outcome improvement. It thereafter investigates how accurately decision makers perceive such utility differences. Copyright © 2015 John Wiley & Sons, Ltd.     

Economic optimization by compromise programming: The joint production model

In a basic microeconomic model (joint production and consumer's utility curves) three key optima appear: the best technological mix, the maximum profit point and the consumer's utility optimum. Compromise analysis can help to clarify their connections. This paper and other recent research attempt to specify the conditions which guarantee that these three optima coincide. Thus compromise programming becomes a valuable surrogate of economic optimization.     

Assessment of children's receptive vocabulary using event-related brain potentials: Development of a clinically valid test

The combined verbal and motor impairments characteristic of children with disorders such as Cerebral Palsy (CP) frequently compromise the accuracy of standard psychometric assessments. What is needed is a test to measure language that does not require verbal or motor responses. This study was designed to determine whether single-word receptive vocabulary could be assessed in young children without CP, using an ERP-compatible test based on Form M of the Peabody Picture Vocabulary Test-Revised (PPVT-R). Fifteen 10-year-old children with normal levels of psychometric intelligence participated. Ninety pictures were selected from the PPVT-R (Form M), representing three levels of single-word receptive vocabulary (Preschool, Child-Adolescent, Adult). Each picture was presented twice (pseudo-random), once paired with a spoken word that was semantically congruent with the picture and once paired with a semantically incongruent word. The children's N400 was significantly larger to incongruent than to congruent pairs, but only when the vocabulary was within their repertoire. The results are discussed in terms of electrophysiologic correlates of acquired language and the clinical use of this ERP test as an adjunct to assessing patients with moderate to severe communication and/or motor impairments (e.g., cerebral palsy, autism, head injury).     

文化价值观是一种特殊货币形式

金钱是一种经人们约定的用来测量商品价值的独特测量工具。同样地, 文化价值也是能让人对自身价值做出一致评价的一种独特的测量工具。本文在综述有关研究的基础上提出一个观点：文化价值和金钱价值在人类的发展史上、神经机制、行为以及认知方面是重叠的。作者认为, 文化价值和货币都是基于类似的进化功能而产生的。其次, 当进行与社会价值观一致的活动(如捐赠和合作)时, 其行为所激活的脑区和获得金钱时所激活的脑区是相同的。同样地, 当进行违反社会价值观的活动(如欺骗和攻击)时, 其行为所激活的脑区和失去金钱所激活的脑区是相同的。第三, 相对于亲社会行为和获得金钱, 我们对社会背叛和失去金钱会更敏感(如厌恶损失)。第四, 全球化对金钱体系和价值体系的影响是相似的。     

An Interactive Approach for Multicriteria Decision Making Using a Tchebycheff Utility Function Approximation

Multicriteria decision making (MCDM) can provide an efficient mean for considering various and conflicting objectives to reveal the alternative that maximizes the decision maker's (DM) utility. In this paper, we propose a new interactive MCDM method for implicit alternatives to help a DM obtain a most preferred solution. We employ a Tchebycheff function to generate weights for objectives consistent with the DM's responses to pairwise comparisons between alternatives and present a mixed integer linear programming formulation to generate these weights. Thus, we approximate the DM's utility function by a Tchebycheff function and generate weights consistent with the DM's responses. We test our approach with different true utility functions on various sized multiple criteria linear programming problems. The computational results show that even with non‐Tchebycheff true utility functions, our method can generate alternatives very close to the optimal solution with few questions. The comparison of our results with other methods reveals its advantages. Copyright © 2013 John Wiley & Sons, Ltd.     

A Maximizing Model of Occupational Decision-Making

This paper proposes a theory of occupational choice derived from the tenets of economic decision-making. It asserts that the determinants of occupational choice are: (a) the chooser's occupational utility functions (preference system); (b) the resources or inputs at the disposal of the individual; and (c) the anticipated consequences of employing given resources in various occupations with differing potential for gratification. The strategy employed in the resolution of choice is maximization of net gain. The concept of substitutability of occupational utility functions is introduced, and the genesis of utility is discussed.     

Rationality and Value: The Epistemological Role of Indeterminate and Agent-dependent Values

An important trend in contemporary epistemology centers on elaborating an old idea of pragmatist pedigree: theory selection (and in general the process of changing view and fixing beliefs) presupposes epistemic values. This article focuses on analyzing the case where epistemic values are indeterminate or when the sources of valuation are multiple (epistemic values like coherence and simplicity need not order options in compatible ways). According to the theory that thus arises epistemic alternatives need not be fully ordered by an underlying notion of information-value and therefore the usual economic techniques of optimization cannot be applied in order to compute optimal contractions. But in cases of this sort it is still rational to maximize, i.e. to deem an option as choosable when it is not known to be worse that any other. We present here basic results about a notion of liberal contraction based on maximizing quasi-orderings. This requires the previous solution of some open problems in the theory of rational choice functions, namely a full characterization of choice functions rationalizable in terms of maximization of quasi-transitive relations. We conclude by discussing the problem of what is the adequate feasible set for calculating maximizing solutions for contraction problems and by considering the epistemological roots of some counterexamples against the most fundamental axioms on choice functions (like α). While the first part of the paper shows how economic insights can be used to improve our understanding of the principles of belief formation and change, this final section reverses this strategy by showing the utility of epistemological insights and techniques for providing invariance conditions capable of regulating the applicability of the pure principles of choice.     

Representation of subjective preferences under ambiguity

The objective of this paper is to show how potentially incomplete preferences of a decision maker (DM) on acts can be modelled formally in a subjective ambiguity perspective. We identify acts as functions from a state space Ω to bounded support (finitely additive) probabilities over a set X of prizes. Then, we characterize preferences over equibounded acts a which have a numerical representation by the family of functionals , where u is a cardinal utility on X (representing the risk attitude of the DM) and Π is a unique pointwise closed convex set of probabilities on all events in Ω (representing the ambiguity perceived by the DM). To this end, in addition to the usual independence and continuity assumptions, we add completeness and dominance for preferences restricted to constant acts; moreover, we consider two other properties (subjective monotonicity and coherence) related with the preferences of a DM who is not able, owing to his partial knowledge, to evaluate any event in Ω.     

Decomposition of multivariate utility functions in non-additive expected utility theory

In expected utility many results have been derived that give necessary and/or sufficient conditions for a multivariate utility function to be decomposable into lower-dimensional functions. In particular, multilinear, multiplicative and additive decompositions have been widely discussed. These utility functions can be more easily assessed in practical situations. In this paper we present a theory of decomposition in the context of nonadditive expected utility such as anticipated utility or Choquet expected utility. We show that many of the results used in conventional expected utility carry over to these more general frameworks. If preferences over lotteries depend only on the marginal probability distributions, then in expected utility the utility function is additively decomposable. We show that in anticipated utility the marginality condition implies not only that the utility function is additively decomposable but also that the distortion function is the identity function. We further demonstrate that a decision maker who is bivariate risk neutral has a utility function that is additively decomposable and a distortion function q for which q(½) = ½.     

Beyond statistical inference: A decision theory for science

Traditional null hypothesis significance testing does not yield the probability of the null or its alternative and, therefore, cannot logically ground scientific decisions. The decision theory proposed here calculates the expected utility of an effect on the basis of (1) the probability of replicating it and (2) a utility function on its size. It takes significance tests—which place all value on the replicability of an effect and none on its magnitude—as a special case, one in which the cost of a false positive is revealed to be an order of magnitude greater than the value of a true positive. More realistic utility functions credit both replicability and effect size, integrating them for a single index of merit. The analysis incorporates opportunity cost and is consistent with alternate measures of effect size, such as r2 and information transmission, and with Bayesian model selection criteria. An alternate formulation is functionally equivalent to the formal theory, transparent, and easy to compute.     

Computer‐Aided Psychotherapy for Anxiety Disorders: A Meta‐Analytic Review

Computer‐aided psychotherapy (CP) is said to (1) be as effective as face‐to‐face psychotherapy, while requiring less therapist time, for anxiety disorder sufferers, (2) speed access to care, and (3) save traveling time. CP may be delivered on stand‐alone or Internet‐linked computers, palmtop computers, phone‐interactive voice response, DVDs, and cell phones. The authors performed a meta‐analysis of 23 randomised controlled studies (RCTs) that compared CP with non‐CP in anxiety disorders: phobias, n = 10; panic disorder/agoraphobia, n = 9; PTSD, n = 3; obsessive–compulsive disorder, n = 1. Overall mean effect size of CP compared with non‐CP was 1.08 (95% confidence interval: 0.84–1.32). CP and face‐to‐face psychotherapy did not differ significantly from each other (13 comparisons, d = ?0.06). Much caution is needed when interpreting the findings indicating that outcome was unrelated to type of disorder, type of comparison group, mode of CP delivery (Internet, stand‐alone PC, palmtop), and recency of the CP system and that effect size decreased when more therapist time was replaced by the computer. Because CP as a whole was as effective as face‐to‐face psychotherapy, certain forms of CP deserve to be integrated into routine practice.     

A methodology to assess the utility of future space systems

The Air Force SPACECAST 2020 study identified and prioritized some future space systems and technologies required in the next century. This paper presents the results of research on the SPACECAST 2020 value model. The model determines and prioritizes future space systems’ utility towards controlling and exploiting space. This research identifies the assumptions and simplifications in the additive utility function and assesses modifications. The research shows that mutual utility independence of the mission areas is a reasonable assumption. Mutual utility independence allows the use of the multiplicative and multilinear utility functions. Also, the SPACECAST 2020 scoring functions used the same scoring scale and only measured the utility of future capabilities. This study makes modifications to the SPACECAST 2020 measure-of-merit scoring functions. It replaces most of these functions with either a concave, convex, linear or ‘S’ scoring function, which have expanded capability ranges to include both current and future capabilities. The modified scoring functions and alternative utility functions do not alter the SPACECAST 2020 results but do improve the credibility and future usefulness of the model. This study shows that the initial assumption of using an additive utility function is also valid. © 1997 John Wiley & Sons, Ltd.     

Personal and general belief in a just world as judgement norms

Research on the belief in a just world (BJW) has focused on its intra-individual functions (e.g., psychological well-being) and its inter-individual consequences (e.g., derogation of victims). Recent theorizing, however, has indicated that the BJW may also have more societal functions and consequences, serving as a legitimizing device of the status quo. The studies in the current paper focus on this latter view and are based on Alves and Correia's ( 2008 ) research which found that the expression of high personal and general belief in a just world is injunctively normative. Two experimental studies aimed at ascertaining three issues: (1) the dimension(s) of social value (social utility and/or social desirability) on which the BJW normativity anchors; (2) whether the expression of moderate BJW is also injunctively normative; and (3) whether the injunctive normativity of the BJW is related to perceptions of truth. Results indicate that moderate and high personal and general BJW are normative. Yet, whereas the normativity of personal BJW anchors both on social utility and social desirability, that of general BJW anchors only on social utility. We discuss personal and general BJW as judgement norms, whose normativity may not be personally acknowledged (in the case of general BJW) and does not necessarily derive from being perceived as true, but from the fact that such norms carry social value at least in individualistic societies.