Skewness Preference: Specialized Knowledge, Preference for Lotteries, or Deviations from Rational Expectations Equilibriums?

2019 ◽  
Author(s):  
Oghenovo A. Obrimah
Keyword(s):  
Rational Expectations ◽  
Specialized Knowledge ◽  
Skewness Preference

Natural Language and a Computer System in Medical Research*)

1979 ◽  
Vol 18 (01) ◽  
pp. 15-17 ◽  
Author(s):  
Ileana C. Johnson ◽  
S. L. Tsao ◽  
I. D. J. Bross ◽  
D. P. Shedd
Keyword(s):  
Head And Neck Cancer ◽  
Natural Language ◽  
Roswell Park Memorial Institute ◽  
Basic Form ◽  
Specialized Knowledge ◽  
Complete Control ◽  
Processing Data ◽  
Remote Terminal ◽  
Initial Stage ◽  
Cancer Project

A series of computer programs are now available for processing data whose basic form is narrative (natural language), numerical or a combination of the two. This system was developed in the Department of Biostatistics of Roswell Park Memorial Institute, to enable an investigator to have complete control of the data — from the initial stage of entering the data to the final stage of analysis. Specialized knowledge of computers is not necessary in order to implement the different procedures. By following the instructions specified in various manuals and by basically just pushing a button of a remote terminal the procedures are activated and executed. This system is actually used for maintaining the data of a head and neck cancer project.

Rational Expectations and Inflation

2017 ◽  
Author(s):  
Thomas J. Sargent
Keyword(s):  
World War I ◽  
French Revolution ◽  
Rational Expectations ◽  
Ronald Reagan ◽  
Fiscal Policies ◽  
Economic Policies ◽  
Budget Deficits ◽  
Nobel Lecture ◽  
Economic Decisions ◽  
The French Revolution

This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which the author was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. This book engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. It focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, the book finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition includes the author's 2011 Nobel lecture, “United States Then, Europe Now.” It also features new articles on the macroeconomics of the French Revolution and government budget deficits.

The Micro and Macro of Managerial Beliefs

2020 ◽  
Author(s):  
Jose Maria Barrero
Keyword(s):  
Rational Expectations ◽  
Asset Price ◽  
Heterogeneous Firms ◽  
Adjustment Costs ◽  
Consumer Welfare ◽  
Sales Growth ◽  
Firm Level ◽  
Managerial Decisions ◽  
Managerial Beliefs ◽  
Growth Volatility

This paper studies how biases in managerial beliefs affect managerial decisions, firm performance, and the macroeconomy. Using a new survey of US managers I establish three facts. (1) Managers are not over-optimistic: sales growth forecasts on average do not exceed realizations. (2) Managers are overprecise (overconfident): they underestimate future sales growth volatility. (3) Managers overextrapolate: their forecasts are too optimistic after positive shocks and too pessimistic after negative shocks. To quantify the implications of these facts, I estimate a dynamic general equilibrium model in which managers of heterogeneous firms use a subjective beliefs process to make forward-looking hiring decisions. Overprecision and overextrapolation lead managers to overreact to firm-level shocks and overspend on adjustment costs, destroying 2.1 percent of the typical firm’s value. Pervasive overreaction leads to excess volatility and reallocation, lowering consumer welfare by 0.5 to 2.3 percent relative to the rational expectations equilibrium. These findings suggest overreaction may amplify asset-price and business cycle fluctuations.

Autism Spectrum Disorder: Essentials for a Dental Expert

2020 ◽  
Author(s):  
Reddy V
Keyword(s):  
Health Care ◽  
Oral Health ◽  
Clinical History ◽  
Oral Health Care ◽  
Autism Spectrum ◽  
Patient Support ◽  
Specialized Knowledge ◽  
Support Strategies ◽  
Important Concern ◽  
The Cost

Unique is a method that could help diagnosing a psychiatry condition, such as autism, by properly completing a patient's clinical history, with a comprehensive physical examination. It is important to diagnose individuals with autism spectrum, since providing a good oral health care to these people requires that the dentist has specialized knowledge, an increased awareness and care while performing the treatment, and even patient support strategies which must be adapted to each case. Every patient with autism is different to the rest, which makes their diagnosis and treatment difficult. Likewise, not all dentists are qualified to provide a good oral health care to patients diagnosed with autism spectrum, so many families must fight with that barrier every day. Finally, not every person with autism, or their families, are able to afford the cost of dental care with a qualified dentist, which is an important concern for them.

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