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Book part
Publication date: 1 January 2006

Steven M. Suranovic and Robert S. Goldfarb

This paper presents a behavioral economics model with bounded rationality to describe an individual's food consumption choices that lead to weight gain and dieting. Using…

Abstract

This paper presents a behavioral economics model with bounded rationality to describe an individual's food consumption choices that lead to weight gain and dieting. Using a physiological relationship determining calories needed to maintain weight, we simulate the food consumption choices of a representative female over a 30-year period. Results show an individual will periodically choose to diet, but that diet will reduce weight only temporarily. Recurrence of weight gain leads to cyclical dieting, which reduces the trend rate of weight increase. Dieting frequency is shown to depend on decision period length, dieting costs, and habit persistence.

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The Economics of Obesity
Type: Book
ISBN: 978-1-84950-482-9

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Essays on Teaching Education and the Inner Drama of Teaching
Type: Book
ISBN: 978-1-78769-732-4

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Book part
Publication date: 22 November 2012

Tae-Seok Jang

This chapter analyzes the empirical relationship between the pricesetting/consumption behavior and the sources of persistence in inflation and output. First, a small-scale…

Abstract

This chapter analyzes the empirical relationship between the pricesetting/consumption behavior and the sources of persistence in inflation and output. First, a small-scale New-Keynesian model (NKM) is examined using the method of moment and maximum likelihood estimators with US data from 1960 to 2007. Then a formal test is used to compare the fit of two competing specifications in the New-Keynesian Phillips Curve (NKPC) and the IS equation, that is, backward- and forward-looking behavior. Accordingly, the inclusion of a lagged term in the NKPC and the IS equation improves the fit of the model while offsetting the influence of inherited and extrinsic persistence; it is shown that intrinsic persistence plays a major role in approximating inflation and output dynamics for the Great Inflation period. However, the null hypothesis cannot be rejected at the 5% level for the Great Moderation period, that is, the NKM with purely forward-looking behavior and its hybrid variant are equivalent. Monte Carlo experiments investigate the validity of chosen moment conditions and the finite sample properties of the chosen estimation methods. Finally, the empirical performance of the formal test is discussed along the lines of the Akaike's and the Bayesian information criterion.

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DSGE Models in Macroeconomics: Estimation, Evaluation, and New Developments
Type: Book
ISBN: 978-1-78190-305-6

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Article
Publication date: 1 March 1991

Chris Gardiner and John Henneberry

Develops a habitpersistence model which is based on the assumptionthat experience conditions present behaviour and expectations. Notesthat the model combines the adaptive…

Abstract

Develops a habitpersistence model which is based on the assumption that experience conditions present behaviour and expectations. Notes that the model combines the adaptive expectations hypothesis with the partial adjustment process. Concludes that accurate forecasts for declining regions are produced but the results for growing regions are not significant.

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Journal of Property Valuation and Investment, vol. 9 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 9 October 2017

Marko Korhonen, Mikko Puhakka and Matti Viren

The purpose of this paper is to investigate the determinants of aggregate suicides in 15 OECD countries during 1960-2010 using an economic model where changes in the…

Abstract

Purpose

The purpose of this paper is to investigate the determinants of aggregate suicides in 15 OECD countries during 1960-2010 using an economic model where changes in the welfare of consumers play the critical role for determining the number of suicides.

Design/methodology/approach

The hardship index based on economic theory is developed. In estimating the model, the authors apply the Pesaran et al. (2001) approach that allows the simultaneous estimation of the long-run and short-run parameters. To make sure that the authors’ findings are not specific to their method, the authors also use the generalized method of moments estimation in the panel set-up.

Findings

The authors found a relatively strong positive relationship between macroeconomic conditions, especially changes in aggregate consumption, and suicides. The relationship appears to be robust also in terms of the various control variables cited in the literature. The hardship index which is based on the habit persistence model of consumption predicts and explains the long-term behavior of suicides in most of the countries. Thus, the hardship index is a better economic explanatory variable than the unemployment rate or other proxies describing economic conditions.

Originality/value

Marrying the economic theory and econometric methods produces a reasonable empirical model to explain the connection between aggregate economic conditions and suicides.

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International Journal of Social Economics, vol. 44 no. 10
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 7 November 2016

Mohsen Ali Murshid, Zurina Mohaidin and Goh Yen Nee

The role of patient’s characteristics in the prescribing decision of physicians comprises two major constructs: drug request and expectations. The purpose of this paper…

Abstract

Purpose

The role of patient’s characteristics in the prescribing decision of physicians comprises two major constructs: drug request and expectations. The purpose of this paper was to examine the existing literature on patient characteristics and then explore the circumstances that reinforce the connection between patient characteristics (drug requests and expectations) and physician prescribing decision.

Design/methodology/approach

A survey of the literature was carried out across online databases from 1994 to 2015, and 25 reviewed articles were identified. The influence of patient factors on physician prescribing decisions was identified in the articles. A conceptual model to investigate the patient characteristics that influence physicians’ prescribing decision was the developed.

Findings

There have been numerous studies on the effect of patient characteristics on physician prescription decision. Some studies discovered patient’s request for drug and expectations strongly influence physicians’ prescribing decision, whereas others found only minor or no relation. To resolve this ambiguity, there is a need to precisely understand how patient factors affect prescribing decisions of physicians, under different contexts and conditions. This review contends that contextual variables – drug characteristics, drug cost/benefits ratio and physician habit persistence – are determining factors in this debate.

Research limitations/implications

The study recommends further studies on the influence of each factor on physician prescribing behaviour and an evaluation of the proposed model and moderating variables.

Originality/value

This paper is the first significant step towards recognizing contextual variables that may moderate the relationship between a patient’s drug request and expectations and prescribing behaviour. This research contributes to resolving the debate on the ways patient factors affect prescribing behaviour.

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International Journal of Pharmaceutical and Healthcare Marketing, vol. 10 no. 4
Type: Research Article
ISSN: 1750-6123

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Article
Publication date: 10 February 2012

Rodrigo Romo and José M. Gil

Focussing on Latin American immigrants in Barcelona, the objective of this paper is twofold: to measure their degree of ethnical identity; and to analyse the relationship…

Abstract

Purpose

Focussing on Latin American immigrants in Barcelona, the objective of this paper is twofold: to measure their degree of ethnical identity; and to analyse the relationship between food habits and their ethnical identity.

Design/methodology/approach

Face‐to‐face interviews with a representative sample of Latin American immigrants in the Metropolitan area of Barcelona are undertaken. Ethnic identity is measured using the MEIM scale, which combines aspects from the social identity and personal development theories. Finally, a Multinomial Logit Model is used to identify the relationship between food habits and ethnical identity.

Findings

Results indicate that the higher the level of ethnic identity and feeling of belonging of immigrants in Catalonia, the greater the persistence of dietary habits from the country of origin. Contrasting with results from other studies, no correlation is found between the persistence of dietary habits and either the length of time spent in Spain or the level of integration into the Catalan culture (measured through use of the Catalan language).

Research limitations/implications

Findings should logically be interpreted within the context of the population and sample studied. Further research should be addressed to analyze other immigrant groups such as Muslims, Asians and Eastern Europeans.

Originality/value

This study explores the strength of traditional food habits of immigrants living in a foreign cultural environment and the role of ethnic identity in contributing to this strength. While past literature focussing on this topic is based on atheoretical and partial indicators to measure ethnic identity, this study provides evidence on the usefulness of using a theory‐based and multidimensional measure. The behaviour of Latin American immigrants in Spain is used as a case study.

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British Food Journal, vol. 114 no. 2
Type: Research Article
ISSN: 0007-070X

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Review of Marketing Research
Type: Book
ISBN: 978-0-85724-726-1

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Article
Publication date: 8 February 2013

Svein Ottar Olsen, Ana Alina Tudoran, Karen Brunsø and Wim Verbeke

This study aims to address the role of habit strength in explaining loyalty behaviour.

Abstract

Purpose

This study aims to address the role of habit strength in explaining loyalty behaviour.

Design/methodology/approach

The study uses 2,063 consumers' data from a survey in Denmark and Spain, and multigroup structural equation modelling to analyse the data. The paper describes an approach employing the psychological meanings of the habit construct, such as automaticity, lack of awareness or very little conscious deliberation.

Findings

The findings suggest that when habits start to develop and gain strength, less planning is involved, and that the loyalty behaviour sequence mainly occurs guided by automaticity and inertia. A new model with habit strength as a mediator between satisfaction and loyalty behaviour provides a substantial increase in explained variance in loyalty behaviour over the traditional model with intention as a mediator.

Originality/value

This study contributes to the existent literature by providing an extension of the prevalent consumer loyalty theorizing by integrating the concept of habit strength and by generating new knowledge concerning the conscious/strategic and unconscious/automatic nature of consumer loyalty. The study derives managerial implications on how to facilitate habit formation and how to influence habit‐based versus intention‐based loyalty behaviour. The external validity of this study is assured by nationwide representative samples in two countries.

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European Journal of Marketing, vol. 47 no. 1/2
Type: Research Article
ISSN: 0309-0566

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Book part
Publication date: 22 November 2012

Fabio Milani

This paper surveys the treatment of expectations in estimated Dynamic Stochastic General Equilibrium (DSGE) macroeconomic models.A recent notable development in the…

Abstract

This paper surveys the treatment of expectations in estimated Dynamic Stochastic General Equilibrium (DSGE) macroeconomic models.

A recent notable development in the empirical macroeconomics literature has been the rapid growth of papers that build structural models, which include a number of frictions and shocks, and which are confronted with the data using sophisticated full-information econometric approaches, often using Bayesian methods.

A widespread assumption in these estimated models, as in most of the macroeconomic literature in general, is that economic agents' expectations are formed according to the Rational Expectations Hypothesis (REH). Various alternative ways to model the formation of expectations have, however, emerged: some are simple refinements that maintain the REH, but change the information structure along different dimensions, while others imply more significant departures from rational expectations.

I review here the modeling of the expectation formation process and discuss related econometric issues in current structural macroeconomic models. The discussion includes benchmark models assuming rational expectations, extensions based on allowing for sunspots, news, sticky information, as well as models that abandon the REH to use learning, heuristics, or subjective expectations.

Details

DSGE Models in Macroeconomics: Estimation, Evaluation, and New Developments
Type: Book
ISBN: 978-1-78190-305-6

Keywords

1 – 10 of over 2000