I collect data on subjects' information acquisition during real and hypothetical risky choices using process-tracing software called Mouselab. I also measure subjects' cognitive ability using the cognitive reflective test (CRT). On average, measured risk preferences are not significantly different across real and hypothetical settings. However, cognitive ability is inversely related to risk aversion when choices are hypothetical, but it is unrelated when the choices are real. This interaction between cognitive ability and hypothetical setting is consistent with the notion that some individuals, specifically higher-ability individuals, treat hypothetical choices as "puzzles" and may help explain why some studies find that subjects indicate that they are more tolerant of risk when they make hypothetical choices than when they make real choices. On average, subjects demonstrate a similar degree of consistency across settings, and there are also no significant differences across settings in the amount of time subjects take to make a choice, the amount of information they acquire, or how they distribute their attention. I also find evidence to suggest that subjects acquire information in a manner consistent with the implicit calculation of expected utility. Specifically, individuals do not merely make choices "as if" they are integrating probabilities and outcomes, it appears that they actually are. Moreover, as they progress through a series of choices in a commonly used risk preference elicitation method, their information acquisition becomes progressively more consistent with integration models. Finally, on average, individuals appear to acquire information in real and hypothetical settings in similar ways.

In dieser Studie führten 37 adulte Patienten mit einer Aufmerksamkeitsdefizit-/Hyperaktivitätsstörung (ADHS) ein Delay Discounting (DD) - Paradigma aus, während gleichzeitig mittels Funktioneller-Nahinfrarotspektroskopie (fNIRS) die Gehirnaktivität der „Regions of Interest“ (ROIs) des Orbitofrontalen-Kortex (OFC) und des Dorsolateralen-Präfrontalen-Kortex (dlPFC) gemessen wurde. Mittels Fragebögen und eines Delay Discounting Tasks (DDT) wurden zusätzlich Verhaltensparameter erhoben und flossen in den Auswertungsprozess mit ein. Vorausgegangene Untersuchungen weisen auf ein hypofunktionel-les dopaminerges System bei ADHS-Patienten hin, welches mit der ADHS-Pathogenese in Zusammenhang gebracht wird. Vor allem im Präfrontalen-Kortex (PFC), bestehend unter anderem aus OFC und dlPFC, erfolgt die Metabolisierung von Dopamin durch die Catechol-O-Methyltransferase (COMT). Hierbei hängt die Metabolisierungsgeschwindigkeit vom genetischen COMT-Val158Met- Polymorphismus ab. Die Einflussnahme dieses COMT-Val158Met-Polymorphismus auf die kortikale Aktivität der ROIs und Impulsivität ist ebenfalls Gegenstand dieser Dissertation („Imaging Genetics“). Adulte ADHS Patienten zeigten eine verstärkte Aktivität des OFC der Entscheidungskategorie „verzögert“ im Verhältnis zu der Entscheidungskategorie „sofort“. Die gemessene Impulsivität korrelierte mit der kortikalen Gehirnaktivität „DD-Kontrast“. Es konnte kein Zusammenhang zwischen Verhaltensparameter und Gehirnaktivität mit dem COMT-Polymorphismus gezeigt werden. Die erhöhte Aktivität des OFC bei der Entscheidungskategorie verzögert unterstützt die These der „Delay Aversion“ des „Dual Pathway Model“. Eine enge Konnektivität der stark dopaminerg innervierten kortiko-striataler Strukturen in Form des OFC und der Amygdala, welche Einfluss auf die ADHS-Pathogenese nehmen, erscheint somit plausibel. / In this study 37 adult subjects with ADHD (Attention Deficit Hyperactivity Disorder) performed a validated Delay Discounting (DD) paradigm. By using near-infrared-spectroskopy (NIRS) functional brain activation in the regions of interest (ROIs) was measured. The ROIs are represented by the Orbito-Frontal-Cortex (OFC) and the Dorsolateral Prefrontal Cortex (dlPFC). Additionally questionnaires with relation to behaviour and a Delay Discounting Task (DDT) were interpreted. Former studies indicate a hypo-functional dopaminergic system in ADHD pathology. Mainly the Prefrontal Cortex (PFC), including the OFC and the dlPFC, metabolizes dopamine with the Catechol-O-Methyltransferase (COMT). Velocity of this metabolism depends on the COMT-Val158Met-polymorphism. This effect is generally known by the term “imaging genetics”. Adult ADHD subjects showed a stronger activation in the OFC in the DD category “delayed” than in the category “now”. Measured impulsivity correlated with the cortical brain activity “DD-Kontrast”. No significant relation between the COMT polymorphism an the cortical brain activity or behaviour could be shown. The stronger activation of the OFC in the category “delayed” underlines the thesis of “Delay Aversion” from the “Dual Pathway Model”. A close connectivity between the dopaminergic corticostriatal brain regions of the amygdala and the OFC, which have an influence to the ADHD pathology, seem to be a plausible approach.

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Mental accounting is a technique for asserting self-control in the face of consumption decisions, functioning as a categorization system for income and expenses. A body of evidence supports the concept that consumers are driven by perception and emotion, not rational economic thought. Mental accounting is subject to the effects of cognitive biases, leading to imperfect financial behavior. In the following paper, I present a proposal for three consecutive experiments designed to investigate the influence that advanced planning (the formation of mental budgets) and unexpected financial shocks (windfalls) can have on our use of mental accounting to regulate spending. The dependent variable is a dollar measure of how much consumers indicated they are “willing to pay” (WTP) to hypothetically purchase a typical good. The experiments share an intertemporal manipulation of a monthly budget creation task. Experiment one investigates the combined effects of positive and negative windfalls and budget creation on WTP. Experiment 2 explores boundary conditions of timing on loss aversion by manipulating the length of the time period that separates a negative windfall from the WTP task. Experiment 3 focuses on one time period, manipulating wording of a negative financial shock to focus on framing effects. The three experiments, if carried out, should reveal significant effects on WTP, suggesting that manipulations of framing and timing can lead to inconsistent spending behaviors even in the presence of a self-control tool (the mental budget).

The most commonly used method of euthanasia of laboratory rodents is exposure to carbon dioxide (CO₂), but recent studies have shown that rodents find this gas aversive. The aim of my thesis was to evaluate rat aversion to inhalant agents that could be used as humane alternatives to CO₂. The first study used approach-avoidance testing to examine rat responses to argon-induced hypoxia when argon was introduced at flow rates of 40-239% of the test cage volume per min. Rats never remained in the test cage long enough to lose consciousness when tested with argon. They consumed fewer reward items, stopped eating sooner, and left the test cage more quickly than when tested with air. Rats stopped eating and left the test cage when the oxygen (O₂) concentration had dropped to about 7.7 and 6.8%, respectively, but these O₂ concentrations are too high to cause unconsciousness. Although humans exposed to hypoxia report only subtle symptoms that include cognitive impairments and light headedness, rats are burrowing rodents and could therefore be more sensitive to these effects. I conclude that argon is not a humane alternative to CO₂. The second study used approach-avoidance testing to evaluate rat responses to different concentrations of the inhalant anaesthetics halothane and isoflurane introduced with vaporizers or from soaked cotton balls. On the first day of exposure to anaesthetics, most rats remained in the test cage until they were ataxic and showing difficulty returning to the home cage. On subsequent days of testing most rats left the test cage within seconds, but if given the option, all promptly returned and stayed until they were ataxic, indicating that the learned aversion is transient. Rats were likely sedated by the time they chose to leave, suggesting that forced exposure from the onset of aversion until loss of consciousness is less of a welfare concern than forced exposure to non-sedating agents. I suggest that the use of inhalant anaesthetics for inducing unconsciousness prior to euthanasia is a more humane method than the commonly used CO₂.

ABSTRACT Title:                         Lucrative deals How service offers and its clients is forms by Optional Framing                 Level:                       Bachelor, Business Administration Author:                     Gabriel Krogius, Mikaela Sörensen Supervisor:              Jonas Kågström, department of economics Date:                         2013, August Introduction:           That the human mind may be directed by how an offer is designed is not news. However, what is new in the following thesis is whether a person is affected in the case of a service rather than, as previously research, a physical product. Does a person find it harder to separate with something rather than to add an option? Aim:                          The aim for this thesis is to examine how Optional Framing has affection on service offerings/companies, and in this case on real estate brokerage services. Is it, as earlier, when the human can form her own offer, the final price ends up higher when she is about to add options than removing them? Method:                    The thesis emanates to achieve earlier results where the difference in this case is that our thesis is targeting service offerings. It applies through a positivistic deductive method. The empirical data is collected from a quantitative sample of survey answers, where one part of the groups is faced to remove options from a deluxe-offer and the other part of the group is about to add options to a standard-offer. The survey was created with episodic support from a sample of interviews with active real estate agents. Discussion:               The thesis shows that earlier results approve within service companies and its offers, in this case real estate brokerage. We can interpret that the human mind is directed through Optional Framing and that the deluxe-offer ends with a higher price and more options to it than the standard-offer. The correlation analysis shows us connection between some of the offers services that can benefit real estate brokerage in the future. Future research:     We hope that foundations have been created for future research that can lead on to further understanding about the customers view on real estate brokerage services and how to make them more attractive. Contribution:           Real estate brokerage can benefit from the results in this thesis where they further can implement the work from comparison of theory and empirical.  Key words:              Loss Aversion, The Endowment Effect, Status Quo Bias and also Framing/Optional Framing.

Women, on average, are found in systematically different careers than men. The reason for this phenomenon is not fully understood, in part because expectations play a vital role in the process of career choice. Different religious groups have different beliefs on the importance of child bearing, so fertility expectations should differ by religious group. I include a woman's religious denomination in regressions on mea- sures of occupational flexibility. Jehovah's Witnesses choose the most flexible careers followed by Pentecostal, Catholic, Baptist, and Mainline Protestant women. Jewish women generally choose the least flexible careers. This is consistent with the human capital notion that women are choosing different careers than men rather than being forced into different job paths. If women are choosing jobs that allow them to take responsibility for home pro- duction, how does this affect their husbands? Male wage regressions that include marital status dummy variables find a marriage wage premium of 10 to 40%. This premium may occur because wives are taking responsibility for home production and husbands are free to focus their attention on productivity at work. It may also be that factors unobserved to the researcher may make a man more productive and more likely to marry. I use religious denomination as a proxy for specialization within the home. Men in more traditional religious denominations enjoy a higher marriage wage premium, which is evidence that household specialization of labor is an important cause of the wage premium. The choice of a career, whether to marry, and most other important life decisions are dependent on one's risk tolerance. The role of risk preferences in such choices is not fully understood, largely because relative risk aversion (y) is hard to empirically quantify. Chetty (2006) derives a formula for ° based on the link between utility and labor supply decisions. I estimate y at the micro level using the 1996 Panel Study of Income Dynamics. I compare y to an estimate based on hypothetical gambles and find the measures substantially different. This supports Chetty's claim that ex- pected utility theory cannot suffciently explain choices under uncertainty in different domains.

Foot and Mouth Disease (FMD) could have a significant impact on the U.S. agriculture industry and the welfare of U.S. producers and U.S. consumers. In order to address the potential impact from animal disease outbreaks, this project is designed to utilize a combined epidemic and economic modeling framework to evaluate animal disease management strategies which can be used to reduce the potential losses in an unusual event such as FMD outbreaks. In this study, we compare the welfare changes among three different parties with different strategies using, 1) ANOVA analysis; 2) cost benefit analysis; and 3) Risk Aversion Coefficient (RAC) analysis. Four types of index feedlots are selected in the study including, Feedlot Type 1 (> 50,000 heads of animals), Feedlot Type 4 (backgrounder feedlot), Large Beef Grazing (>100 heads of animals), and Backyard (<10 heads of animals). Results suggest that early detection of FMD events has the advantage in reducing risk as shown in the epidemiological impacts. Enhanced surveillance is found to be a preferred mitigation strategy for U.S. consumers in the scenario of smaller feedlot disease introductions (e.g. Large Beef Grazing and Backyard) and for U.S. producers in the larger feedlot disease introduction scenarios (e.g. Feedlot Type 1 and Feedlot Type 4). Adequate vaccination is not cost effective when seeking to minimize average loss but becomes a preferred strategy when the risk aversion rises. Risk modeling with stochastic programming adopted in this study also confirms the importance of incorporating risk evaluation into decision making process. It offers another option for us to evaluate the mitigation strategies. Two portfolio models are adopted in this study including, E-V model (mean variance portfolio choice model) and Unified model. The results show that the preference for control strategies depends on risk attitude. Early detection proves to be preferable for U.S. consumers and is also preferred by U.S. processors and producers as Risk Aversion Parameters (RAP) rises. Adequate vaccination strategy can benefit U.S. consumers but does not give U.S. processors a better outcome. Adequate vaccination provides a better choice for U.S. producers when the RAP rises. Enhanced surveillance is preferred for U.S. consumers. For U.S. processors, enhanced surveillance does not give a better risk/return outcome. U.S. producers are likely to switch their preferences from regular surveillance to enhanced surveillance as their RAP rises.

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Numerous studies have shown a discrepancy between how much an individual will accept to give up an object and how much an individual will pay to acquire the same good. This discrepancy is more commonly known as the endowment effect. Although scholars have generated a vast literature demonstrating the existence of the endowment effect, the underlying psychological mechanisms that account for this phenomenon remain a source of controversy. In the following dissertation, two different psychological processes are proposed to account for the WTP/WTA discrepancy: the use of a bargaining script and cognitive engagement through object interaction. Experiment 1 explores how the use of a bargaining schema affects buyers' and sellers' valuations of a mug. Experiment 2 examines the role object interaction plays in an individual's decisions about an object's value. Each of these studies presents new data that provide novel insights into the potential psychological processes that underlie the endowment effect. / text