A formal analysis of inconsistent decisions in intertemporal choice through subjective time perception.

The of this paper is subjective time perception in the context of intertemporal choice, that is to say, the process of making decisions on dated outcomes (monetary or not) by an individual or a group of individuals. In this setting, the Discounted Utility model and, more specifically, the exponential discounting have been the paradigmatic used to measure the preferences on delayed outcomes. However, this model can only be applied to consistent choices in which individuals do not change their preferences when the involved rewards are delayed the same time interval.

A socioeconomic approach to the profile of microcredit holders from the Hispanic minority in the USA.

The subject of this study is the microcredit market in the USA, more specifically in Florida. The justification for choosing this specific state is the massive presence of the Hispanic population. This will facilitate a generalization of the obtained results to the microcredit market in Latin American countries.

The improving sequence effect on monetary sequences.

Experimental studies reveal a preference for improving income sequences, challenging the axioms of the discounted utility model, such as the present value maximization principle. Through an experiment, we test the existence of this anomaly on short and long-term income sequences, by confirming previous experimental evidence. Although the participants are aware of the present value maximization, they select improving sequences of income mainly to cover their future spending needs, to feel motivation at work, and to receive a signal of success and status.

The Relative Importance of Globalization and Public Expenditure on Life Expectancy in Europe: An Approach Based on MARS Methodology.

Background: There has been a widespread debate about the overall impact of globalization on population, not just economically, but also in terms of health status. Moreover, the current health crisis is going to force governments to review the structure of the public budget to most effectively alleviate the negative economic and health effects on the population.

Objective: The aim of this paper is to analyze the relative importance of globalization and the public budget composition-specifically the participation of public expenditure on healthcare, social services and environment in gross domestic product (GDP)-on life expectancy at birth in European countries during the period 1995-2017.

An empirical approach to the "Trump Effect" on US financial markets with causal-impact Bayesian analysis.

In this paper, we have tested the existence of a causal relationship between the arrival of the 45th presidency of United States and the performance of American stock markets by using a relatively novel methodology, namely the causal-impact Bayesian approach. In effect, we have found strong causal relationships which, in addition to satisfying the classical Granger Causality linear test, have been quantified in absolute and relative terms. Our findings should be included in the context of one of the main markets anomalies, the so-called "calendar effects".

Sustainable and conventional banking in Europe.

At the end of the 20th century a new banking model, the so-called ethical banking, emerged becoming the maximum exponent of a socially responsible investment. The financial crisis in 2008 led to a distrust of the conventional financial system and consequently investors began to look with interest this new banking, which only invests in ethical activities and products, with social and environmental criteria, total transparency and a democratic management. The aim of this article is to analyze the economic structure of ethical banking, compared to that of conventional banking, by paying attention to its liquidity, coverage and solvency.

A measure of inconsistencies in intertemporal choice.

The aim of this paper is to derive an index able to indicate if a discount function exhibits increasing or decreasing impatience, and, even, in the last case, whether the decreasing impatience is moderate or strong. Moreover, it will be shown that the sign of this indicator coincides with the sign of the convexity index of the discount function when only considering the cases of increasing and decreasing impatience. Consequently, this parameter supposes an improvement of Prelec's index of convexity.

Economic situation, the key to understanding the links between CEOs' personal traits and the financial structure of large private companies.

Executives act based on their experiences, values, personality and personal interpretation of the situations which they face in their companies. Investigations in the field of Behavioral Corporate Finance have determined that there are some relations between CEOs' personal traits and financial decisions of large companies, but these results are based on indirect personal trait measurements and on public companies. To see whether such relations also exist between CEOs' personal traits and the financial structure of large private companies, we used psychometric tests to measure their level of optimism, risk attitude and affect heuristic, collected financial data for a period of fourteen years, and considered the economic situation of the country as a key factor in these relations.

A New Analysis on Self-Control in Intertemporal Choice and Mediterranean Dietary Pattern.

This paper completes Muñoz Torrecillas et al. (1) results and conclusions investigating the relationship between adherence to healthy dietary habits, specifically the Mediterranean Diet (hereinafter, MD), and impulsivity in intertemporal choices. Impulsivity can be defined as the strong preference for small immediate payoffs over larger delayed payoffs, and in the original study this behavior was captured by the parameter (discount rate of the hyperbolic discount function), calculated using an automated scoring mechanism.

A Causal Analysis of Life Expectancy at Birth. Evidence from Spain.

Background: From a causal point of view, there exists a set of socioeconomic indicators concerning life expectancy. The objective of this paper is to determine the indicators which exhibit a relation of causality with life expectancy at birth.

Methods: Our analysis applies the Granger causality test, more specifically its version by Dumitrescu-Hurlin, starting from the information concerning life expectancy at birth and a set of socioeconomic variables corresponding to 17 Spanish regions, throughout the period 2006-2016.

A fuzzy approach for analysing equitable and sustainable well-being in Italian regions.

Objectives: Recently, the Italian Institute of Statistics (ISTAT) and the National Council for Economy and Labor (CNEL) have proposed a measure for the equitable and sustainable well-being called the BES ("Benessere Equo e Sostenibile"). This paper aims to propose an original application of the fuzzy k-means approach to providing an analysis of the Italian regions according to their BES.

Methods: The fuzzy k-means algorithm was used for clustering the Italian regions according to BES data 2015.

Loan transactions associated to continuous distributions of capital.

The objective of this paper is to design a loan repayment plan adapted to the financed company with the aim to avoid a possible situation of illiquidity. More specifically, in this paper the sequence of payments which amortizes a loan is determined according to the distribution of the future income expected by the borrower. To do this, we will start from the concept of a continuous distribution of capital or, equivalently, a continuous annuity.

Self-Control in Intertemporal Choice and Mediterranean Dietary Pattern.

The Mediterranean Diet (hereinafter MD) is considered a healthy dietary pattern. Adherence to this pattern can be assessed by means of the KIDMED test by which individuals are assigned an index and classified into three groups of adherence to MD: high, medium, and low. In addition, impulsivity or impatience in intertemporal choice has been defined as a strong preference for small immediate rewards over large delayed ones.

Observed and Normative Discount Functions in Addiction and other Diseases.

The aim of this paper is to find a suitable discount function able to describe the progression of a certain addiction or disease under treatment as a discounting process. In effect, a certain indicator related to a disease decays over time in a manner which is mathematically similar to the way in which discounting has been modeled. We analyze the discount functions observed in experiments which study addictive and other problematic behaviors as well as some alternative hyperbola-like discount functions in order to fit the patience exhibited by the subject after receiving the treatment.

Measuring Impatience in Intertemporal Choice.

In general terms, decreasing impatience means decreasing discount rates. This property has been usually referred to as hyperbolic discounting, although there are other discount functions which also exhibit decreasing discount rates. This paper focuses on the measurement of the impatience associated with a discount function with the aim of establishing a methodology to compare this characteristic for two different discount functions.