Perceptions,fear, and economic loss: an application of prospect theory to environmental decision making

Most of the analysis of costs associated with the introduction of risky prospects has concerned contingent costs amenable to insurance programs. An important missing element is the current cost associated with changes in uncertainty. These costs are not amenable to insurance plans and require compensation in order to prevent transfers. In a novel approach, this paper develops an application of prospect theory to such questions, in an intergenerational context. The importance of such an application is demonstrated in a case study of the high-level nuclear waste repository (HNWR) siting decision. As a case study, the costliness of obtaining some elements of the analysis leads to a simulation approach, comparing prospect costs at the three sites that were under consideration by the U.S. Department of Energy. Finding that such costs can be large, we argue for a reassessment of current risk analysis approaches. On a policy note, on the basis of the prospect cost analysis here, the choice of the Yucca Mountain, Nevada, HNWR site seems ill-advised.     

The contribution by economists to middle eastern studies (1973–1998)

More economists have been involved in Middle Eastern studies during the last twenty‐five years than ever before, and economists from the region itself now rightly play a dominant role. Inevitably amongst economists there have been disagreements and different schools of thought, especially over the role of the state and the desirability of privatization and structural adjustment policies. There have also been different definitions of rentier states, and contrasting analysis of the dynamics of oil pricing and the effects of oil revenue. Much attention has been paid to regional economic integration issues, even though little has been achieved in that field. There is increasing interest in external trade and investment issues, but in a region where poverty persists, economists should perhaps focus more on the basic needs of the poor which are not being met. Applied microeconomic studies should be given greater priority, as macroeconomic issues have been exhaustively covered and debated.     

The Role of the Broker When Environmental Claims Occur

While environmental incidents tend to occur infrequently, they are often serious enough to disrupt the operations of the entities that experience releases of hazardous materials. The consequences of such events may include third-party claims for bodily injury and property damage, orders to clean up contamination, and regulatory actions against responsible parties. Fortunately, environmental insurance is available to provide protection against the financial consequences of a wide variety of pollution events. This article looks at the role of the broker in assisting clients to identify, analyze, and insure against environmental liability. With properly drafted policies and active participation in the claims management process, the broker can play a significant role in assuring that an environmental insurance policy responds as anticipated when an unexpected incident threatens a client's operations.     

The effects of tort reform on medical malpractice insurance markets: an empirical analysis.

I use statewide loss ratio data to assess empirically the manner in which tort reforms have affected relative prices and profitability, and underwriting risk in the medical malpractice insurance industry. The empirical evidence suggests that the imposition of statutory ceilings on recoveries both decreased risk and improved relative profitability. Reforms that codified the required standard of care appeared to have a beneficial effect on relative profitability in certain cases.     

Mandatory retirement and labor-force participation of respondents in the Retirement History Study

The Age Discrimination in Employment Act (ADEA) was amended in 1978 to prohibit mandatory retirement before age 70 in most occupations. The impact of this legislation on the probability of older persons remaining in the labor force is the primary concern of this article. Specifically, questions concerning which older workers are affected by mandatory-retirement provisions and the extent to which they are forced to retire and leave the labor force are examined. Tabular analysis of data from the Retirement History Study on persons aged 62-63 in 1969 shows significant variation in mandatory-retirement coverage between the public and private sectors and across industries, occupations, and demographic groups. Until age 65, the labor-force participation rate of those facing compulsory retirement is higher than or equal to that of those not covered but it drops significantly below the noncovered rate after 65. Logit analysis of the labor-force participation of persons before and after age 65 indicates that mandatory retirement at that age reduces the probability of retirement by approximately 16.7 percentage points for white men wage earners. This results in a decline in the labor-force participation rate of all men aged 66-67 of approximately 4 percentage points.     

Immunohistochemical analysis of forensic evidence from a double homicide

We report the use of immunohistochemical staining for analysis of forensic evidence from a double homicide. A 38-year-old woman and her 7-year-old daughter were murdered by multiple blows to the head and face with a tomahawk, resulting in multiple fragments of brain tissue scattered about the murder scene. The victims' husband and father was the main suspect, who maintained that he was out of town on business during the evening of the murders. However, a shirt taken from the suspect's car on the morning after the murders (secured by the police before the suspect visited the murder scene) was found to have two small stains. DNA analysis on the stains showed the presence of the deceased wife's DNA, and immunohistochemical stains on shirt fragments conclusively documented the presence of deep central nervous system tissue, providing the critical piece of evidence needed to arrest and prosecute the suspect. This report demonstrates that shirt or similar cloth fragments can be processed into paraffin blocks and subsequently immunostained to search for and classify types of tissue fragments that may be present on the fabric.     

Adolescent-Mother Agreement about Adolescent Problem Behaviors: Direction and Predictors of Disagreement

Correlations between adolescent and parent reports of adolescent problems are low in magnitude. In community samples adolescents tend to report more problems than parents and in clinical samples adolescents tend to report fewer problems than parents. Indices of agreement may be biased if some adolescents in a given sample report more problems and others report fewer problems than parents. In the current study, order and mean agreement between adolescent and maternal reports of adolescent internalizing and externalizing problems, taking into account the direction of disagreement, was examined in a community sample of 133 young adolescents and their mothers. Two-thirds to three-quarters of adolescents reported more problems than mothers. Accounting for the direction of discrepancies resulted in improved agreement between adolescents and mothers and differing patterns of predictors of discrepancies. Additionally, the results demonstrate the need to control for relations between adolescent-reported problems and discrepancies when exploring predictors of discrepancies. Erin T. Barker received her Ph.D. in Applied Developmental Psychology from the University of Alberta. Her research interests include internalizing and externalizing problems in adolescence and emerging adulthood. Marc H. Bornstein received his Ph.D. in Psychology from Yale University. He has contributed scientific papers in the areas of human experimental, methodological, comparative, developmental, cross-cultural, neuroscientific, pediatric, and aesthetic psychology. Diane L. Putnick received her Ph.D. in Developmental Psychology from George Washington University. Her research interests include child and family processes across cultures. Charlene Hendricks received her Ph.D. in Developmental Psychology from George Mason University. Her research interests are in the areas of early adolescent development and adjustment and families by adoption. Joan T. D. Suwalsky received her M.S. degree in Human Development from Cornell University. Her research interests include parent-child interaction and child development in at-risk populations, including families by adoption.