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Barry J Milne - One of the best experts on this subject based on the ideXlab platform.

  • the role of low expectations in health and education investment and hazardous consumption
    2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little "social or health capital" may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a "rags to rags" sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for.

  • the role of low expectations in health and education investment and hazardous consumption
    Canadian Journal of Economics, 2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little ‘social or health capital’ may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a ‘rags to rags’ sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for. Les jeunes personnes qui possedent peu de capital social ou de sante peuvent etre plus susceptibles de s'adonner a la consommation de produits dangereux et d'eviter les investissements en capital humain, avec pour consequence qu'elles ne peuvent pas se sortir de ce cercle vicieux. D'abord, l'utilite Marginale decroissante peut accroitre l'avantage Marginal de cette consommation dangereuse, et les couts de l'investissement. Mais les jeunes personnes pauvres peuvent aussi avoir des expectatives plus faibles quant aux succes que leur reserve l'avenir, quels que soient les choix qu'elles fassent. Ces expectatives plus faibles peuvent reduire les couts futurs de la consommation dangereuse et les avantages a l'investissement. On teste l'effet des expectatives sur les decisions de fumer, de boire dangereusement, de faire de l'exercice, et de finir ses etudes secondaires, a l'aide d'une etude longitudinale des jeunes en Nouvelle Zelande. On montre que les expectatives de succes des jeunes de 15 ans predisent bien le fait qu'on va subsequemment fumer, faire de l'exercice et finir ses etudes secondaires, mais pas le fait de boire dangereusement. Meme si une portion de l'impact des expectatives peut etre expliquee par le faible capital social et capital de sante de depart, le quotient intellectuel, et d'autres facteurs, les expectatives demeurent un facteur qui a un effet direct sur la decision de fumer et de faire de l'exercice meme quand on a normalise les donnees pour tenir compte de ces facteurs.

Jeremy Clark - One of the best experts on this subject based on the ideXlab platform.

  • the role of low expectations in health and education investment and hazardous consumption
    2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little "social or health capital" may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a "rags to rags" sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for.

  • the role of low expectations in health and education investment and hazardous consumption
    Canadian Journal of Economics, 2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little ‘social or health capital’ may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a ‘rags to rags’ sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for. Les jeunes personnes qui possedent peu de capital social ou de sante peuvent etre plus susceptibles de s'adonner a la consommation de produits dangereux et d'eviter les investissements en capital humain, avec pour consequence qu'elles ne peuvent pas se sortir de ce cercle vicieux. D'abord, l'utilite Marginale decroissante peut accroitre l'avantage Marginal de cette consommation dangereuse, et les couts de l'investissement. Mais les jeunes personnes pauvres peuvent aussi avoir des expectatives plus faibles quant aux succes que leur reserve l'avenir, quels que soient les choix qu'elles fassent. Ces expectatives plus faibles peuvent reduire les couts futurs de la consommation dangereuse et les avantages a l'investissement. On teste l'effet des expectatives sur les decisions de fumer, de boire dangereusement, de faire de l'exercice, et de finir ses etudes secondaires, a l'aide d'une etude longitudinale des jeunes en Nouvelle Zelande. On montre que les expectatives de succes des jeunes de 15 ans predisent bien le fait qu'on va subsequemment fumer, faire de l'exercice et finir ses etudes secondaires, mais pas le fait de boire dangereusement. Meme si une portion de l'impact des expectatives peut etre expliquee par le faible capital social et capital de sante de depart, le quotient intellectuel, et d'autres facteurs, les expectatives demeurent un facteur qui a un effet direct sur la decision de fumer et de faire de l'exercice meme quand on a normalise les donnees pour tenir compte de ces facteurs.

Bonggeun Kim - One of the best experts on this subject based on the ideXlab platform.

  • the role of low expectations in health and education investment and hazardous consumption
    2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little "social or health capital" may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a "rags to rags" sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for.

  • the role of low expectations in health and education investment and hazardous consumption
    Canadian Journal of Economics, 2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little ‘social or health capital’ may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a ‘rags to rags’ sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for. Les jeunes personnes qui possedent peu de capital social ou de sante peuvent etre plus susceptibles de s'adonner a la consommation de produits dangereux et d'eviter les investissements en capital humain, avec pour consequence qu'elles ne peuvent pas se sortir de ce cercle vicieux. D'abord, l'utilite Marginale decroissante peut accroitre l'avantage Marginal de cette consommation dangereuse, et les couts de l'investissement. Mais les jeunes personnes pauvres peuvent aussi avoir des expectatives plus faibles quant aux succes que leur reserve l'avenir, quels que soient les choix qu'elles fassent. Ces expectatives plus faibles peuvent reduire les couts futurs de la consommation dangereuse et les avantages a l'investissement. On teste l'effet des expectatives sur les decisions de fumer, de boire dangereusement, de faire de l'exercice, et de finir ses etudes secondaires, a l'aide d'une etude longitudinale des jeunes en Nouvelle Zelande. On montre que les expectatives de succes des jeunes de 15 ans predisent bien le fait qu'on va subsequemment fumer, faire de l'exercice et finir ses etudes secondaires, mais pas le fait de boire dangereusement. Meme si une portion de l'impact des expectatives peut etre expliquee par le faible capital social et capital de sante de depart, le quotient intellectuel, et d'autres facteurs, les expectatives demeurent un facteur qui a un effet direct sur la decision de fumer et de faire de l'exercice meme quand on a normalise les donnees pour tenir compte de ces facteurs.

Richie Poulton - One of the best experts on this subject based on the ideXlab platform.

  • the role of low expectations in health and education investment and hazardous consumption
    2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little "social or health capital" may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a "rags to rags" sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for.

  • the role of low expectations in health and education investment and hazardous consumption
    Canadian Journal of Economics, 2006
    Co-Authors: Jeremy Clark, Bonggeun Kim, Richie Poulton, Barry J Milne
    Abstract:

    Young people with little ‘social or health capital’ may be more likely to take up hazardous consumption and shun investments in human capital, raising their likelihood of a ‘rags to rags’ sequence. First, Diminishing Marginal Utility could raise the Marginal benefit of hazardous consumption and the cost of investment. But poor youths may also have lower expectations of future success, independent of the choices they make. Lower expectations of success could reduce the future cost of hazardous consumption and benefit of investment. We test the effect of expectations on decisions to smoke, drink hazardously, exercise, and complete high school, using a longitudinal study of youth in New Zealand. We find that 15-year-olds' expectations of success predict the subsequent onset of smoking, lack of exercise, and failure to complete high school, but not hazardous drinking. While some of the influence of expectations can be explained by low social and health capital, IQ, and other factors, expectations retain a direct effect on smoking and exercise once these other factors are controlled for. Les jeunes personnes qui possedent peu de capital social ou de sante peuvent etre plus susceptibles de s'adonner a la consommation de produits dangereux et d'eviter les investissements en capital humain, avec pour consequence qu'elles ne peuvent pas se sortir de ce cercle vicieux. D'abord, l'utilite Marginale decroissante peut accroitre l'avantage Marginal de cette consommation dangereuse, et les couts de l'investissement. Mais les jeunes personnes pauvres peuvent aussi avoir des expectatives plus faibles quant aux succes que leur reserve l'avenir, quels que soient les choix qu'elles fassent. Ces expectatives plus faibles peuvent reduire les couts futurs de la consommation dangereuse et les avantages a l'investissement. On teste l'effet des expectatives sur les decisions de fumer, de boire dangereusement, de faire de l'exercice, et de finir ses etudes secondaires, a l'aide d'une etude longitudinale des jeunes en Nouvelle Zelande. On montre que les expectatives de succes des jeunes de 15 ans predisent bien le fait qu'on va subsequemment fumer, faire de l'exercice et finir ses etudes secondaires, mais pas le fait de boire dangereusement. Meme si une portion de l'impact des expectatives peut etre expliquee par le faible capital social et capital de sante de depart, le quotient intellectuel, et d'autres facteurs, les expectatives demeurent un facteur qui a un effet direct sur la decision de fumer et de faire de l'exercice meme quand on a normalise les donnees pour tenir compte de ces facteurs.

Fudong Zhang - One of the best experts on this subject based on the ideXlab platform.

  • Diminishing Marginal Utility revisited
    Social Science Research Network, 2015
    Co-Authors: Miles S Kimball, Fumio Ohtake, Daniel Reck, Yoshiro Tsutsui, Fudong Zhang
    Abstract:

    How quickly does Marginal Utility diminish? It depends on the dimension along which we consider concavity of the Utility function. This paper estimates the distribution of heterogeneous curvature parameters in individuals’ Utility functions from hypothetical choice data, while carefully accounting for survey response error. Types of curvature examined include relative risk aversion, intertemporal substitution, the altruism elasticity, and a new measure of how much more a dollar means to a poor family than to a rich family, called inequality aversion. The estimated distribution varies depending on the type of curvature we consider, with median values of curvature parameters ranging from 0.6 to 13.2. We estimate differences for different ways of asking about the same parameter for inequality aversion and risk aversion. Utility functions are most concave for situations involving altruism, followed by risk aversion, inequality aversion, and intertemporal substitution. Heterogeneity of curvature in the population also varies: altruism is the most heterogeneous, followed by risk aversion, intertemporal substitution, and inequality aversion. Nonetheless, curvature parameters are highly correlated (rho>0.8) across individuals for different means of examining the same parameter, and modestly correlated across dimensions in some cases, including inequality aversion and risk aversion (0.3), altruism and risk aversion (0.3), and altruism and inequality aversion (0.14).