...The Nature of Risk Preferences: Evidence from Insurance Choices Levon Barseghyany Francesca Molinari Cornell University Cornell University Ted O’ Donoghue Joshua C. Teitelbaum Cornell University Georgetown University July 21, 2010 Abstract We use data on households’ deductible choices in auto and home insurance to estimate a structural model of risky choice that incorporates "standard" risk aversion (concave utility over …nal wealth), loss aversion, and nonlinear probability weighting. Our estimates indicate that nonlinear probability weighting plays the most important role in explaining the data. More speci…cally, we …nd that standard risk aversion is small, loss aversion is nonexistent, and nonlinear probability weighting is large. When we estimate restricted models, we …nd that nonlinear probability weighting alone can better explain the data than standard risk aversion alone, loss aversion alone, and standard risk aversion and loss aversion combined. Our main …ndings are robust to a variety of modeling assumptions. JEL classi…cations: D01, D03, D12, D81, G22 Keywords: deductible, loss aversion, probability weighting, risk aversion We are grateful to Darcy Steeg Morris for excellent research assistance. For helpful comments, we thank Matthew Rabin as well as seminar and conference participants at Berkeley, UCLA, the Second Annual Behavioral Economics Conference, the Summer 2010 Workshop on Behavioral/Institutional Research and Financial...
Words: 19303 - Pages: 78
...BEST DRIVING SCHOOL, INC. 300 MAIN STREET (Mailing address) SOUTHBRIDGE, MA 01550 Tel.: 508-764-0444 (www.bestdrivingschoolinc.com) COSTS AND POLICIES Complete Driver Ed. Program (Includes: 30 hrs classroom, 12 hrs. Behind the Wheel, 6 hrs. Observation, 2 hr. Parental Class) .. …………………..….. $ 599.00 Additional Behind the Wheel Lesson …..…………………………………………………………………………………..$ 45.00 Missed lesson charge……………………………………………………………………………………………………. …..$ 50.00 Use of Vehicle and Sponsor for a Road Test at the RMV……………..……………………………………………...….. $ 90.00 On-Site Road Test Fee (Includes Sponsor, 1hr Warm-up, and the registry on-site road test fee)..…..…………….….$110.00 Returned check fee …………………………………………………………………………………………………………..$ 25.00 Schedule2Drive fee (paid directly to Schedule2Drive.com)......……………………………………………………….…..$ 15.00 REGISTRY FEES Drivers’ Ed Certificate…………...……...…………………………………………………………………………………..$ 15.00 Learners Permit Test ………………………………………………………………………..………………………………$ 30.00 License Test Application ……………………………………………………………………….………………………….. $ 35.00 Five Year License ………………………………………………………………………..…………………………………. $ 50.00 Please Note There Are No Refunds NOTICE: ALL fees are subject to change at any time Driving School fees shown are in effect as of 07/01/14 GENERAL INFORMATION ▪ A 24 hr. notice is required for cancellation of a Behind the Wheel lesson or there will be a charge of $50.00 for the missed lesson ▪ Student may need to arrange for a ride...
Words: 915 - Pages: 4
...HRM/531 Human Capital Management Learning Team A Reflection/Training Plan Week 5 One of the best practices for a business is to have a solid need assessment, training method and training evaluation practice in place. In this paper we will go over the following: * Needs assessment * Environmental analysis * Organizational analysis * Demographical analysis * Operational analysis * Individual analysis * Training methods * Types of media * Learning principles * Training for learning skills or facts * Effectiveness of methods * Training evaluation strategies * Criteria * Pretests * Monitoring and observing training * Collecting feedback * Implementing feedback Needs Assessment Environmental analysis The purpose of the assessment phrase is to define what employees should learn in relation to job behavior. (Cascio 2013) For example with Landslide limousine all job duties and description should be defined and there should be training in place to make sure of the employees success. Organizational analysis Focuses on identifying whether training supports the company’s strategic direction, whether managers, peers, employees support training activity and what training resources are available. (Cascio2013) So with your current budget as a startup company we recommend you be conservative with your training since resources will be limited. We suggest a lot of training should...
Words: 2266 - Pages: 10
...EPIDEMIOLOGY OF DISASTERS IN AFRICA THE EPIDEMILOGY OF ROAD TRAFFIC ACCIDENTS In their study (Mantulya, Muli-Muisiime 2001), from 1977 to 1996 there was a considerable up tendencies in the number of RTAs in Kenya simultaneously with the affiliated fatalities and injuries. In their study, founded on principle accounts, the total number of street traffic misfortunes for the 10 years time span (1987-1996) was 114.741. these misfortunes producing 23124 killings and 125 907 injuries. Thirty-nine per hundred of wounds were described to have been severe. Information from pursue ups of the wounds to work out eventual wellbeing conclusion was not gladly available. In the 10 ear gap from 1987 to 1996 the number of RTAs had increased by 65%. The usual policeman statistics from 1992 to 1996 recognise two foremost determinants of RTAs; person going by car mistake, and strains with travellers, pedal cyclists and vehicles defects accounting for a little number of RTAs. CAUSES OF ROAD TRAFFIC ACCIDENTS Most traffic misfortunes are initiated by multiplicity of factors. This may be a blend of human mistakes and failings, poor street measures and situation and vehicle defects. Traditionally, RTAs are split up into three groups; therefore the Man; the Vehicle and the Traffic Environment. These three constituents are the foremost components which considerably assist to RTIs premier to either death or disability. Gekonge (1990) discovered that 85% of determinants were attributed...
Words: 1135 - Pages: 5
...Bachelor of Arts (HONS) Business Studies | CCCB | Submitted to: Dr. Tom TanSubmitted by: Muhammad Nouman KhanStudent ID # 0109WTEKKN0614 | | Table of Contents 1.0 Introduction 2 1.1 What is Change and Change Management 2 2.0 Literature Review 4 2.1 Drivers of change 4 2.1.1 Globalisation to change 4 2.1.2 Education to Change 4 2.1.3 Technology to change 4 2.2 The Process of managing change 5 2.2.1 Force Field Analysis on Change 5 2.2.2 Lewin’s Change Model 6 3.0 Change Management 7 3.1 John Kotter: Leading Change in today’s business 7 Urgency growth 8 Build Guiding Team 8 Getting Right Vision 8 Communicating for buy-in 9 Empower Action 9 Creating Short-term wins 9 Don’t Let Up 9 Make Change Stick 10 4.0 Conclusion 11 References 12 1.0 Introduction 1.1 What is Change and Change Management The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking. “Albert Einstein”. Basically, definition of change is to make or create something different. Indeed, change happens to two reasons which are change for better or worse. Moreover, change means a movement from current state to a transition and a future state. In fact change happens all around the world such as in our community, work and at home. (Thomas G. Cumming, 2009) Figure 1: Change structure, Source: (Change Management Tuitorial , 2014) In fact, change happens everywhere even in companies therefore...
Words: 3707 - Pages: 15
... Quizlet Driver's Ed - Texas Set containing 75 terms by musicgirl952 Flashcards Learn Speller Test Scatter Like this study set? Create a free account List Scores Info You're either excited or scared to death at this very moment - you're about to take your permit test! Here's some helpful study questions. Answers are according to Texas Driver's Ed practice test. Original Alphabetical What do you do in case of a blow-out? Steer firmly, take your foot off the gas and brake cautiously. A flashing red traffic light means: Stop, look and yield before proceeding. At 20 miles per hour, the reaction distance is: 44 feet. The maximum fine for a person age 21 or older who is driving and drinking alcohol is: $500 When turning left from a three lane, one way street, you should turn from the: Left lane A solid yellow line on your side of the center stripe means: Do Not Pass When parking near a corner, you may park your vehicle no closer than: 20 feet from a crosswalk If you are being passed, you should: Keep in your lane You must always stop when: A traffic officer tells you to. When you hear a siren coming, you should: Yield to the emergency vehicle. If you are teaching a beginner to drive, you must: Be a licensed driver age 21 years or older. You must give a signal either by hand and arm or by signal device: Anytime you change lanes. If a child ran into the road 60-65 feet...
Words: 1495 - Pages: 6
...Driver's Ed - Texas 75 terms by musicgirl952 Study Flashcards Learn Speller Test Play Scatter Space Race Like this study set? Create a free account to save it. List Scores Info Upgrade to remove ads You're either excited or scared to death at this very moment - you're about to take your permit test! Here's some helpful study questions. Answers are according to Texas Driver's Ed practice test. Original Alphabetical What do you do in case of a blow-out? Steer firmly, take your foot off the gas and brake cautiously. A flashing red traffic light means: Stop, look and yield before proceeding. At 20 miles per hour, the reaction distance is: 44 feet. The maximum fine for a person age 21 or older who is driving and drinking alcohol is: $500 When turning left from a three lane, one way street, you should turn from the: Left lane A solid yellow line on your side of the center stripe means: Do Not Pass When parking near a corner, you may park your vehicle no closer than: 20 feet from a crosswalk If you are being passed, you should: Keep in your lane You must always stop when: A traffic officer tells you to. When you hear a siren coming, you should: Yield to the emergency vehicle. If you are teaching a beginner to drive, you must: Be a licensed driver age 21 years or older. You must give a signal either by hand and arm or by signal device: Anytime you change lanes. If a child ran into...
Words: 1502 - Pages: 7
...in living your life you should try to cultivate excellence in all that you do and all that others do. These excellences or virtues are both moral and non-moral. For instance, this principle takes the long look at one’s character and is somewhat forgiving of an occasional slipup that is not in consonance with that person’s historical character.” Thus, for instance, people who lied occasionally were not necessarily immoral or bad people if they did not lie regularly. These lies are especially acceptable for instance if the person only lies in order to protect another person’s safety or feelings. Utilitarianism Meanwhile, Stanford Encyclopedia of Philosophy (Driver, 2009) explains that “utilitarianism is generally held to be the view that the morally right action is the action that produces the most good. One thing to note is that the theory is a form of consequentialism: the right action is understood entirely in terms of consequences produced. On the utilitarian view one ought to maximize the overall good — that is, consider the good of others as well as one's own good.” In the practice of the utilitarianism principle one might assert that lies could be to destructive if left up to the individuals to...
Words: 680 - Pages: 3
...Business Strategy ST3S03A Module Workbook: 2015 CONTENTS 1. Module Introduction 2. Module Aims and Learning Outcomes 3. Teaching methods 4. Lecture/Tutorial Programme 5. Unit Descriptors 6. Reading 7. Assessment Please note that information contained in this document may be subject to amendment. This workbook is the copyright of Dan Taylor, Simon Brooks & Paul Davies. The material contained in it may only be used for teaching purposes in association with the Business School of the University of South Wales, and with the explicit permission of the authors. 1. Module Introduction – What is this module about? Welcome to the workbook for Business Strategy. This book contains all the background information you need for the whole course, together with the lecture and tutorial programme. Use this book as your key reference for information on the course. Most of the frequently asked questions you are likely to raise are answered here. Please note that while this information is correct at the time of going to press, we reserve the right to alter the programme and other course details from time to time. This will be done through announcements in lectures and on Blackboard, the web-based learning environment. It is imperative that students access Blackboard regularly to ensure they are aware of any changes. This course is intended to be an informative and interesting introduction to strategic...
Words: 4077 - Pages: 17
...MLA Style: Citing Sources and Formatting Not only does a good research paper include thorough research and thoughtful analysis, it follows specific rules for citing sources and formatting. This brief guide will illustrate how to correctly reference your sources and set up your paper. Connections Education® students should use Modern Language Association (MLA) style for citing sources and formatting. MLA style is commonly used in many middle and high schools as well as in colleges and universities across the country. The MLA publishes the MLA Handbook for Writers of Research Papers. This is a very useful book, as it goes into great depth explaining the steps for writing a paper. The book is available at most bookstores, and your local library likely has copies. If you run into an issue, such as citing a source that is not covered in this guide, it is best to find the proper way of citing your source by consulting the MLA Handbook or by asking your teacher. This guide covers the basics for formatting and citing sources. However, always follow the specific guidelines presented by your teacher. For instance, if you want to incorporate pictures or other images into your paper, ask your teacher about the best way to do this. Depending on your teacher’s preference, images could be included within the body of the paper or in an appendix. Formatting Your Paper 1 Here are some basic steps for setting up your paper. 1. Paper Size and Margins – Your paper should be set to 8.5 inches...
Words: 3006 - Pages: 13
...INTI INTERNATIONAL UNIVERSITY COURSE STRUCTURE Programme: Bachelor of Business (BBUS) 1. 2. 3. 4. Name of Course/Module : E-Commerce Course Code: MGT3227 Rationale for the inclusion of the course/module in the programme : This module is designed to provide an insight into the area of e-commerce. Electronic commerce lies at the forefront of modern marketing and strategic management, altering the competitive landscape for large and small corporations alike. The Internet and new media are reshaping industries, creating new opportunities, and challenging existing commercial models and relationships. Total Face to Face Total Total Student Learning Time (SLT) L T P O A B/O IL L = Lecture T = Tutorial P = Practical(Lab) O= Others A= Assessment B/O=Blended /Online learning IL= Independent learning 5. 6. 7. 8. 9. 42 12 2 10 102 Credit Value: 4 Prerequisite (if any): Nil Learning outcomes: On completion of the course, students will be able to: 1. Discuss on the concepts and importance of the building blocks of e-commerce. 2. Demonstrate an ability to identify and analyse of the e-commerce prospects and their practical business significance 3. Analyse the issues related to the best practice of E Commerce contributing towards the organization, consumer and society. Synopsis: This course is designed to provide students with a basic understanding of the underpinnings of electronic commerce in order to make informed...
Words: 882 - Pages: 4
...International Journal of Arts and Commerce Vol. 2 No. 11 December, 2013 EFFECTS OF STRATEGIC MANAGEMENT DRIVERS ON ORGANIZATIONAL PERFORMANCE: A SURVEY OF THE HOTEL INDUSTRY IN KENYAN COAST Uzel Jean Mzera Mutindi 1 PhD Candidate at JKUAT, MSA CBD, Kenya. Contact: jeanmzera@yahoo.com Prof. G.S. Namusonge, PhD 2 Full Professor, EPD JKUAT, Kenya. Contact: gsnamusonge@yahoo.co.uk Dr. J. Obwogi, PhD 3 Technical University of Mombasa, Kenya. Contact: Josephobwogi@yahoo.com ABSTRACT This study seeks to examine the effects of Strategic Management drivers on the performance of classified hotels in Kenyan Coast. The specific objectives are the effects of: customer relationship management strategy, strategic planning, competitive positioning, information communication Technology and organizational learning on the performance of the hotel industry in Kenyan Coast. The study seeks to determine the conceptualized Strategic Management Drivers’ influence on the performance of hotels in Kenyan Coast. The study will adopt a mixed research design which will be both quantitative and qualitative. The target population of the study will be 180 managers of classified hotels in Kenya’s Coast. The sampling technique to be used will be stratified random sampling. Secondary and primary data will be collected using a self administered questionnaire. The questionnaire will be piloted in order to check for validity and reliability. Questionnaires will be administered through...
Words: 11117 - Pages: 45
...could not exist without a set of rules that govern human behavior or business interactions. Law plays a significant role in the successful operation of business and society. Laws regulate social behavior, which leads to a society that runs efficiently. Laws also supply ethical standards and expectations, while providing rules of conduct, measures to enforce those rules, and a means for settling disputes. Other functions of law include: peacekeeping; checking government power and promoting personal freedom; facilitating planning and the realization of reasonable expectations; promoting economic growth through free competition; promoting social justice; and protecting the environment (Mallor, Barnes, Bowers, and Langvardt). It is important to note that without laws to govern the actions of people and businesses, society would not be able to function effectively, and commerce would likely collapse. The law serves many roles in business and society. Where this is most apparent is in its three classifications: 1. Criminal and Civil Law – Criminal law is the law through which public commitment of crimes are prosecuted by governing bodies, whereas civil law is the law through which private parties may bring lawsuits against one another for real...
Words: 841 - Pages: 4
...the New Norm Sitting down, whether in a vehicle, office or home, has become the principal offender in a worldwide obesity and diabetes pandemic that is damaging healthcare systems to the breaking point and increasing health risks to millions of overweight people. Administrations everywhere consider solutions that are economically feasible, easy to implement and improves patient health all at the same time. Together, they may have discovered their answer in a simple piece of engineering able to resolve all of these issues; the bicycle. However, research suggests that American society is not cyclist friendly due to drivers and/or cyclists not always being properly trained. Also, there is a need for bike lanes and laws that require road sharing. For the last five decades, only motorized vehicles have been considered in street designs throughout our country. Driver focused polices, education, and behaviors are an important part of the cycling safety encounter. Revolution in road and cycling infrastructure design is also needed as our population keeps growing. Care needs to be taken and investments made to ensure that everyone has a safe place to travel. In many ways, there has never been a better time to be a bicyclist. If you thought there were more bicyclists on the roads lately, you’d be right. Biking is thriving. The number of cyclists are growing vastly. More and more, people are using bikes to commute to work, schools and stores or simply for the enjoyment and the health...
Words: 2665 - Pages: 11
...Broadening Perspective: Managerial Analysis Ideal Manufacturing Company is a company that is based out of Sycamore, Illinois, which has sustained a company that does research and production of farm related equipment. The company has been manufacturing the farming equipment for a number of years. Ideal Manufacturing has been the single supplier to outside manufacturing companies that are looking to hire research and development companies for special projects. The research and development department happenings have included an overhead cost center that delivers their services to the internal manufacturing departments. In-house the department’s costs have risen to an ultimate high, which has led to Ideal Manufacturing to begin to reflect on the idea of letting a much larger manufacturing company to be responsible for the hiring and the departments de elopement of special projects. There are four various types merchandise lines that are involved which is the market analysis, product design, product development, and prototype testing. Each one of these departments is designed to help create ranch, agronomic, and farmstead related type of machinery products. The research and development department has yet to sell its services to external organizations; however due to the extended past of achievements, bigger companies that also produce agronomic products have contacted Ideal Manufacturing Company has been contracted for the development and research of very specific assignments...
Words: 1117 - Pages: 5
