Technique, Control, and also Know-how Consulting

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Technique, Control, and also Know-how Consulting

8 A Reference Point

There were no significant effects for the two treatment variables; so the model reported in Sable 2 contains the results of an ordinary least squares regression of the initial reference point on self-esteem and self-esteem squared. Although this is a post hoc analysis, it does indicate that self-esteem did play a role in influencing the initial reference points for these subjects. The low R (.22), however, suggests that this effect is modest in size. Prospect theory is a descriptive extension of expected utility theory, a theoretical framework long used by economists and decision scientists both to describe how individuals make decisions and to prescribe how they should make decisions. Prospect theory essentially addresses the descriptive shortcomings of expected utility theory, which are numerous and widely documented in the decision research literature . Issues relating to the normative (i.e., prescriptive) aspects of expected utility theory warrant separate treatment, and they are not discussed here (cf. Lopes 1983).

Reference points data tables for Galileo/Apollo and Worldspan/Axess can be retrieved either from the Reference Data download on the Travelport Developers site or using the ReferenceDataRetrieve services. Reference can be used to search for hotel properties by postal code for Galileo and Apollo only. If a reference point is not recognized, an error message is returned with a list of similar names. Send the request again with a different Reference Point name and/or city code. Retrieve reference point location data from the Reference Point data tables.

The significance level for each term reported in Table 1 is based on the difference in chi-square between a full-model containing all of the reference point terms and a “reduced” model omitting the term being tested. This difference is distributed as chi-square with one degree of freedom . With the exception of FRP3 ($400), the results are in the hypothesized direction and at least marginally significant. For FRP3, the $400 final reference point should result in a positive frame and thus produce a higher proportion of risk averse choices, which did not occur. Within the limited range of the pilot study, we do find moderate support for H1. We note that the proportions of participants who reported the effect of the reference point in frame choice differed between the low and high reference point groups .

Ten items were designed to reveal high self-esteem, and ten items were designed to reveal low self-esteem. Subjects responded by indicating their degree of agreement or disagreement with each item on a seven-point scale anchored by terms such as “always” and “never”. The ten low self-esteem items were reverse scored, and the twenty items were summed to produce an overall measure of self-esteem. Risk attitudes were measured using a variant of the Huber and Puto risk attitude scale. Subjects were given 6 pairs of gambles , each involving a choice between a sure outcome and a probabilistic outcome, and were asked to choose the one from each pair they would prefer to play. Previous studies have shown that the selected frames can become important linguistic cues from which listeners can infer background information, such as situational shifts (e.g., shifts in the amount of water) or speakers’ trust (Sher and McKenzie, 2006; Keren, 2007).

It is not a direct estimator of risk but rather a reference point to gauge the potential effects. The tablebelow describes the different stages at which reference points can be determined and highlights specific considerations for gathering baseline data during each stage of the emergency. The task, materials, and procedure were basically the same as in Experiments 2 and 3A with the exception of the priming task. In Experiment 3B, participants were presented with one of the pictures and asked how much they liked it. They expressed their preferences with “I like,” “Neither like nor dislike,” or “I don’t like.” Thus, unlike the procedure in Experiments 2 and 3A, the participants did not provide a numerical estimate, but only their preference for the picture.

Tasks in the three experiments were approved by the Ethics Committee of Graduate School of Arts and Sciences at the University of Tokyo (Approval No. 380). All of the participants provided their web-based informed consent instead of written consent. @State and @Country values are returned in the response, as well as the applicable IATA city/airport code .

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