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We evaluate the hypothesis of temporal stability in risk preferences using two recent data sets from longitudinal lab experiments. Both experiments included a combination of decision tasks that allows one to identify a full set of structural parameters characterizing risk preferences under Cumulative Prospect Theory (CPT), including loss aversion. We consider temporal stability in those structural parameters at both population and individual levels. The population-level stability pertains to whether the distribution of risk preferences across individuals in the subject population remains stable over time. The individual-level stability pertains to within-individual correlation in risk preferences over time. We embed the CPT structure in a random coefficient model that allows us to evaluate temporal stability at both levels in a coherent manner, without having to switch between different sets of models to draw inferences at a specific level.

We review the use of behavior from television game shows to infer risk attitudes. These shows provide evidence when contestants are making decisions over very large stakes, and in a replicated, structured way. Inferences are generally confounded by the subjective assessment of skill in some games, and the dynamic nature of the task in most games. We consider the game shows Card Sharks, Jeopardy!, Lingo, and finally Deal Or No Deal. We provide a detailed case study of the analyses of Deal Or No Deal, since it is suitable for inference about risk attitudes and has attracted considerable attention.

We take Cumulative Prospect Theory (CPT) seriously by rigorously estimating structural models using the full set of CPT parameters. Much of the literature only estimates a subset of CPT parameters, or more simply assumes CPT parameter values from prior studies. Our data are from laboratory experiments with undergraduate students and MBA students facing substantial real incentives and losses. We also estimate structural models from Expected Utility Theory (EUT), Dual Theory (DT), Rank-Dependent Utility (RDU), and Disappointment Aversion (DA) for comparison. Our major finding is that a majority of individuals in our sample locally asset integrate. That is, they see a loss frame for what it is, a frame, and behave as if they evaluate the net payment rather than the gross loss when one is presented to them. This finding is devastating to the direct application of CPT to these data for those subjects. Support for CPT is greater when losses are covered out of an earned endowment rather than house money, but RDU is still the best single characterization of individual and pooled choices. Defenders of the CPT model claim, correctly, that the CPT model exists “because the data says it should.” In other words, the CPT model was borne from a wide range of stylized facts culled from parts of the cognitive psychology literature. If one is to take the CPT model seriously and rigorously then it needs to do a much better job of explaining the data than we see here.

The aim of this work is to investigate the decomposition behaviour of the activator species commonly used in the wave solder no-clean flux systems and to estimate the residue amount left after subjecting the samples to simulated wave soldering conditions.

Changes in the chemical structure of the activators were studied using Fourier transform infrared spectroscopy technique and were correlated to the exposure temperatures within the range of wave soldering process. The amount of residue left on the surface was estimated using standardized acid-base titration method as a function of temperature, time of exposure and the substrate material used.

The study shows that there is a possibility of anhydride-like species formation during the thermal treatment of fluxes containing weak organic acids (WOAs) as activators (succinic and DL-malic). The decomposition patterns of solder flux activators depend on their chemical nature, time of heat exposure and substrate materials. Evaporation of the residue from the surface of different materials (laminate with solder mask, copper surface or glass surface) was found to be more pronounced for succinic-based solutions at highest test temperatures than for adipic acid. Less left residue was found on the laminate surface with solder mask (∼5-20 per cent of initial amount at 350°C) and poorest acid evaporation was noted for glass substrates (∼15-90 per cent).

The findings are attributed to the chemistry of WOAs typically used as solder flux activators. The results show the importance WOA type in relation to its melting/boiling points and the impact on the residual amount of contamination left after soldering process.

The results show that the evaporation of the flux residues takes place only at significantly high temperatures and longer exposure times are needed compared to the temperature range used for the wave soldering process. The extended time of thermal treatment and careful choice of fluxing technology would ensure obtaining more climatically reliable product.

We design experiments to jointly elicit risk and time preferences for the adult Danish population. The experimental procedures build on laboratory experiments that have used traditional subject pools. The field experiments utilize field sampling designs that we developed, and procedures that were chosen to be relatively transparent in the field with non-standard subject pools. Our overall design was also intended to be a general template for such field experiments in other countries. We examine the characterization of risk over a wider domain for each subject than previous experiments, allowing more precise estimates of risk attitudes. We also examine individual discount rates over six time horizons, as the first stage in a panel experiment in which we revisit subjects to test consistency and stability of responses over time. Risk and time preferences are heterogeneous, varying by observable individual characteristics. On a methodological level, we implement a refinement of existing procedures which elicits much more precise estimates, and also mitigates framing effects.

As interest in technology ethics is increasing, so is the interest in bringing schools of ethics from non-Western philosophical traditions to the field, particularly when it comes to information and communication technology. In light of this development and recent publications that result from it, this paper aims to present responds critically to recent work on Confucian virtue ethics (CVE) and technology.

Four critiques are presented as theoretical challenges to CVE in technology, claiming that current literature insufficiently addresses: overall applicability, collective ethics issues, epistemic overconfidence within technology corporations and amplification of epistemic overconfidence by the implementation of CVE. These challenges make use of general CVE literature and work on technology critique, political philosophy, epistemology and business ethics.

Implementing CVE in technology may yield some benefits, but these may be outweighed by other outcomes, include strengthening hierarchies, widening inequities, increasing, rather than limiting, predictive activity, personal data collection, misinformation, privacy violations and challenges to the democratic process.

Though not directly advocating against CVE, the paper reveals hitherto unidentified and serious issues that should be addressed before CVE are used to inform ethics guidelines or regulatory policies. It also serves as a foundation for further inquiry into how Eastern philosophy more broadly can inform technology ethics in the West.

Business model innovations (BMIs), their drivers and outcomes are attracting increasing attention in academic literature. However, previous studies have mainly focused on large companies, while knowledge of BMI in small-to-medium-sized enterprises (SMEs) is limited. Therefore, the purpose of this paper is to add new insights into how related BMI drivers, practices and outcomes are in relation to SMEs.

An extensive review of the existing literature was performed. Consequently, the relationships between BMI drivers, BMI practices and outcomes of BMI were developed as a conceptual framework. An empirical study was carried out. A structural equation modeling (SEM) procedure was used to empirically test the model using a quantitative data set of Lithuanian SMEs (n=73).

The study provides insights into the relations between BMI drivers, BMI practices and outcomes of BMI in SMEs. The findings of SEM, four drivers (innovation activities, strategic orientation, market and technology turbulence, respectively) are indicated to contribute to BMI of SMEs. In addition, the results proved that the implementation of BMI practices leads to strategic and architectural changes in firms and has a positive impact on SMEs performance and innovativeness.

Empirical research is focused on a limited number of internal and external BMI drivers, which have an influence on BMI in SMEs from one geographical region. Consequently, there are many external and internal BMI drivers which also may have an influence on BMI in SMEs, such as industry life cycle, organizational inertia and leadership. Meanwhile, SMEs possess multiple characteristics, i.e. a phase of maturity, gender of CEO, firm size and industry; therefore, the aforesaid aspects are considered to be significant limitations. In addition, the importance of SMEs characteristics as mediators for the effects on a firm’s performance and innovativeness should be considered in future research avenues.

Findings of this research can be used by SME managers to better understand how firms might actively engage in BMI practices, what drivers lead to BMI and, in turn, affect their firm’s performance and innovativeness. SME managers should be encouraged to pay attention to strategic and architectural changes of BM that can contribute to enterprise performance and innovativeness.

This paper adds to the stream of BMI research by empirically exploring drivers and outcomes of BMI in SMEs. In addition, this paper fulfills research gaps proposed by Bouwman et al. (2018), Foss and Saebi (2017), Heikkilä, Bouwman and Heikkilä (2018) and Lambert and Davidson (2013), and enhances the current overall understanding of BMIs.