scholarly journals On the value(s) of time: Workers’ value of their time depends on mode of valuation

2021 ◽  
Vol 118 (34) ◽  
pp. e2105710118
Author(s):  
Gal Smitizsky ◽  
Wendy Liu ◽  
Uri Gneezy
Keyword(s):  
Labor Market ◽  
Exchange Rates ◽  
Analytical Approach ◽  
Fixed Time ◽  
Maximum Amount ◽  
Elicitation Method ◽  
Compensation Structure ◽  
Elicitation Methods ◽  
Dollar Amount

In this paper, we investigate how individuals make time–money tradeoffs in labor contexts in which they are either asked to work to earn money or to pay money to avoid work. Theory predicts that exchange rates between time and money are invariant to the elicitation method. Results from our experiments, however, show otherwise, highlighting inconsistencies in how individuals consider their time. In the first two experiments, participants work to earn money, and we compare two incentivized elicitation methods. In the first, “Fixed-Time mode,” we fix the amount of time participants need to work and elicit the minimum dollar amount they require to do the job. In the second, “Fixed-Money mode,” we fix the amount of money we pay participants and ask for the maximum amount of time they are willing to work for that pay. We similarly vary elicitation procedures in Experiment 3 for paying money to avoid work. Translating the results into pay per hour, we find that in Fixed-Time mode, valuation of time is stable across durations, based on an analytical approach. By contrast, in Fixed-Money mode, participants increase their pay-per-hour demand when the amount of money increases, indicating a less calculated and more emotional view of time. Our results demonstrate that individuals’ value of their time of labor can be fluid and dependent on the compensation structure. Our findings have implications for theories of time valuation in the labor market.

Monetary policy, the labor market, and pegged exchange rates

2010 ◽  
pp. 166-204
Author(s):  
Peter Flaschel ◽  
Gang Gong ◽  
Willi Semmler
Keyword(s):  
Monetary Policy ◽  
Labor Market ◽  
Exchange Rates

ON THE TIME-DEPENDENT OCCUPANCY DISTRIBUTION OF THE G/G/1 QUEUING SYSTEM

2009 ◽  
Vol 23 (2) ◽  
pp. 261-280 ◽  
Author(s):  
Jorge Limón–Robles ◽  
Martin A. Wortman
Keyword(s):  
Closed Form ◽  
Analytical Approach ◽  
Marked Point ◽  
Fixed Time ◽  
Queuing System ◽  
Time Dependent ◽  
Marked Point Process ◽  
Batch Arrivals ◽  
Occupancy Distribution

This article offers an approach for studying the time-dependent occupancy distribution for a modest generalization of the GI/G/1 queuing system in which interarrival times and service times, although mutually independent, are not necessarily identically distributed. We develop and explore an analytical model leading to a computational approach that gives tight bounds on the occupancy distribution. Although there is no general closed-form characterization of probability law dynamics for occupancy in the GI/G/1 queue, our results offer what might be termed “near-closed-form” in that accurate plots of the transient occupancy distribution can be constructed with an insignificant computational burden. We believe that our results are unique; we are unaware of any alternative analytical approach leading to a numerical characterization of the time-dependent occupancy distribution for the G/G/1 queuing systems considered here.Our analyses employ a marked point process that converges to the occupancy process at any fixed time t; it is shown that this process forms a Markov chain from which the transient occupancy law is available. We verify our analytical approach via comparison with the well-known closed-form expressions for time-dependent occupancy distribution of the M/M/1 queue. Additionally, we suggest the viability of our approach, as a computational means of obtaining the time-dependent occupancy distribution, through straightforward application to a Gamma[x]/Weibull/1 queuing system having batch arrivals and batch job services.

Comparison of four contingent valuation methods to estimate the economic value of a pneumococcal vaccine in Bangladesh

2008 ◽  
Vol 24 (04) ◽  
pp. 481-487 ◽  
Author(s):  
Rebekah R. Heinzen ◽  
John F. P. Bridges
Keyword(s):  
Pneumococcal Vaccine ◽  
Demand Curve ◽  
Dichotomous Choice ◽  
Elicitation Method ◽  
Payment Card ◽  
Bidding Game ◽  
Elicitation Methods ◽  
Demand Curves ◽  
Elicitation Format ◽  
Choice Method

Objectives:To compare four contingent valuation elicitation methods as a means to estimate the value of a pneumococcal vaccine in Bangladesh and to test if the elicitation methods are subject to bias and if they produce valid responses.Methods:Three hundred sixty-one households with at least one child under 5 years of age were recruited in Dhaka, Bangladesh. Subjects were cluster-randomized to various elicitation methods: open-ended, dichotomous choice (at one of two asking prices), payment card (one of two cards with differing ranges). The dichotomous choice method was then followed up with a bidding game methodology, with the dichotomous choice price acting as the starting price for the bidding game. Analysis focused on summary statistics, demand curve estimation and multivariate regression analysis to test for validity and bias.Results:Thirty-one households refused to participate, leaving a total of 330 participating households (a 91.4 percent response rate). Willingness to pay estimates varied significantly across the methods (p< .001), with average estimates varying between $2.34 and $18 (US). The open-ended elicitation method was found to produce highly inflated values that were insensitive to construct validity tests. The dichotomous choice method produced quantity (demand) estimates rather than value estimates, and there was some evidence of yea saying. The payment card elicitation method was found to be affected by range bias. The bidding game elicitation method was found to be less sensitive to starting point bias and yea-saying.Conclusions:Different elicitation format do give rise to different demand curves; however, this may be partially due to the fact that they do not measure the same outcome. For example, the dichotomous choice format produces a demand curve, while the payment card, open-ended and bidding game produce inverse demand curves. All formats are prone to multiple biases. When choosing an elicitation format, it is important to first consider the purpose and use of the data. Each elicitation method has strengths and weaknesses and can be used for different purposes in technology assessment.

scholarly journals Challenges in Saudi Universities Shift Toward a Knowledge Society

2015 ◽  
Vol 9 (1) ◽  
pp. 1734-1739
Author(s):  
Ali S. Alshayea
Keyword(s):  
Higher Education ◽  
Saudi Arabia ◽  
Labor Market ◽  
Analytical Approach ◽  
Knowledge Society ◽  
Government Funding ◽  
Faculty Members ◽  
National Strategy ◽  
Knowledge Based ◽  
The Relationship

Higher education in Saudi Arabia is facing several challenges posed by a set of transformations in society in general, and the economy in particular. As economies become increasingly knowledge-based, universities bear the burden of helping the community transform into a knowledge society. This paper focuses on the most important challenges facing Saudi universities as they shift toward becoming contributors to a knowledge society. Using a descriptive analytical approach, data was collected from several studies and published statistics. A range of challenges was discovered, the most important of them are a heavy reliance on government funding, poor productivity of faculty members, the gap between the outputs of universities and the labor market, the absence of strategic planning for higher education, the absence of a national strategy for scientific research, and the weakness of the relationship between undergraduate majors and the needs of the community.

scholarly journals The Deliberative Action in the Labor Market of Iraqi Art The Concepts and the Application

Al-academy ◽  
2019 ◽  
pp. 91-102 ◽  
Keyword(s):  
Labor Market ◽  
Production Process ◽  
Contemporary Art ◽  
Analytical Approach ◽  
Social Structures ◽  
Deliberative Discourse ◽  
Applied Approach

The analysis of the orientations of Iraqi art commodification contributed to the discovery of deliberation, which was founded in the deliberative discourse in the trends towards commodification in the Iraqi art, since the important transformations in social structures and relations produced a dictionary with new vocabulary and tools that replaced the traditions and norms that have been in circulation for a century. Deliberation and commodification have become more prevalent in the mechanics and trends of the art where the pace of change is becoming increasingly frantic towards the market. The general market for art constitutes one of the most effective phenomena within contemporary art, that there has been a proliferation of sales auctions, markets and halls and became part of the production process, and there is a general agreement on the deliberative consumerism and the functional use which has reverted the course of art in different directions in its procedural form. The research has adopted the descriptive analytical approach that determines the image which the phenomenon of deliberation must take. This approach is not limited to knowing the characteristics of the phenomenon, but extends beyond that to know the variables and factors that cause its existence, diagnosis and description, and the research will has adopted the applied approach in the analysis of some of its outputs.

Cardinal and Rank Ordering of Criteria — Addressing Prescription within Weight Elicitation

2015 ◽  
Vol 14 (06) ◽  
pp. 1299-1330 ◽  
Author(s):  
Aron Larsson ◽  
Mona Riabacke ◽  
Mats Danielson ◽  
Love Ekenberg
Keyword(s):  
Decision Analysis ◽  
Case Studies ◽  
Rank Order ◽  
Real Life ◽  
Decision Makers ◽  
Elicitation Method ◽  
Easy Method ◽  
Elicitation Methods ◽  
Precision Time ◽  
Simple Ratio

Weight elicitation methods in multi-criteria decision analysis (MCDA) are often cognitively demanding, require too much precision, time and effort. Some of the issues may be remedied by connecting elicitation methods to an inference engine facilitating a quick and easy method for decision-makers to use weaker input statements, yet being able to utilize these statements in a method for decision evaluation. In this paper, we propose a fast and practically useful weight elicitation method, answering to many of the requirements. The method builds on the ideas of rank-order methods, but can also take imprecise cardinal information into account. The method is subsequently employed in two real-life case studies and compared to a case where a simple ratio weight procedure using exact input statements was employed.

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