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Ideology and the Theory of Political Choice
There is no unified theory that can explain both voter choice and where choices come from. Hinich and Munger fill that gap with their model of political communication based on ideology.
Rather than beginning with voters and diffuse, atomistic preferences, Hinich and Munger explore why large groups of voters share preference profiles, why they consider themselves \"liberals\" or \"conservatives.\" The reasons, they argue, lie in the twin problems of communication and commitment that politicians face. Voters, overloaded with information, ignore specific platform positions. Parties and candidates therefore communicate through simple statements of goals, analogies, and by invoking political symbols. But politicians must also commit to pursuing the actions implied by these analogies and symbols. Commitment requires that ideologies be used consistently, particularly when it is not in the party's short-run interest.
The model Hinich and Munger develop accounts for the choices of voters, the goals of politicians, and the interests of contributors. It is an important addition to political science and essential reading for all in that discipline.
\"Hinich and Munger's study of ideology and the theory of political choice is a pioneering effort to integrate ideology into formal political theory. It is a major step in directing attention toward the way in which ideology influences the nature of political choices.\" --Douglass C. North
\". . . represents a significant contribution to the literature on elections, voting behavior, and social choice.\" --Policy Currents
Melvin Hinich is Professor of Government, University of Texas. Michael C. Munger is Associate Professor of Political Science, University of North Carolina.
eBook
Efficient coding of subjective value
Polanía et al. show that, similarly to sensory signals, subjective preferences guiding choice are represented by the brain in a manner that accounts for regularities of the environment, thereby optimizing use of limited neural processing resources.
Journal Article
The Elgar companion to public choice
The Elgar Companion to Public Choice, Second Edition, brings together leading scholars in the field of political economy to introduce readers to the latest research in public choice. The Companion lays out a comprehensive history of the field and, in five additional parts, it explores public choice contributions to the study of the origins of the state, the organization of political activity, the analysis of decision-making in non-market institutions, the examination of tribal governance and to modeling and predicting the behavior of international organizations and transnational terrorism. Wit.
Book
Large language models for generating medical examinations: systematic review
Background
Writing multiple choice questions (MCQs) for the purpose of medical exams is challenging. It requires extensive medical knowledge, time and effort from medical educators. This systematic review focuses on the application of large language models (LLMs) in generating medical MCQs.
Methods
The authors searched for studies published up to November 2023. Search terms focused on LLMs generated MCQs for medical examinations. Non-English, out of year range and studies not focusing on AI generated multiple-choice questions were excluded. MEDLINE was used as a search database. Risk of bias was evaluated using a tailored QUADAS-2 tool.
Results
Overall, eight studies published between April 2023 and October 2023 were included. Six studies used Chat-GPT 3.5, while two employed GPT 4. Five studies showed that LLMs can produce competent questions valid for medical exams. Three studies used LLMs to write medical questions but did not evaluate the validity of the questions. One study conducted a comparative analysis of different models. One other study compared LLM-generated questions with those written by humans. All studies presented faulty questions that were deemed inappropriate for medical exams. Some questions required additional modifications in order to qualify.
Conclusions
LLMs can be used to write MCQs for medical examinations. However, their limitations cannot be ignored. Further study in this field is essential and more conclusive evidence is needed. Until then, LLMs may serve as a supplementary tool for writing medical examinations. 2 studies were at high risk of bias. The study followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines.
Journal Article
Incorporating social interaction into hybrid choice models
The aim of this paper is to develop a methodological framework for the incorporation of social interaction effects into choice models. The developed method provides insights for modeling the effect of social interaction on the formation of psychological factors (latent variables) and on the decision-making process. The assumption is based on the fact that the way the decision maker anticipates and processes the information regarding the behavior and the choices exhibited in her/his social environment, affects her/his attitudes and perceptions, which in turn affect her/his choices. The proposed method integrates choice models with decision makers’ psychological factors and latent social interaction. The model structure is simultaneously estimated providing an improvement over sequential methods as it provides consistent and efficient estimates of the parameters. The methodology is tested within the context of a household aiming to identify the social interaction effects between teenagers and their parents regarding walking-loving behavior and then the effect of this on mode to school choice behavior. The sample consists of 9,714 participants aged from 12 to 18 years old, representing 21 % of the adolescent population of Cyprus. The findings from the case study indicate that if the teenagers anticipate that their parents are walking lovers, then this increases the probability of teenagers to be walking-lovers too and in turn to choose walking to school. Generally, the findings from the application result in: (a) improvements in the explanatory power of choice models, (b) latent variables that are statistically significant, and (c) a real-world behavioral representation that includes the social interaction effect.
Journal Article
Consumption and Portfolio Choice Under Loss Aversion and Endogenous Updating of the Reference Level
We explicitly derive and explore the optimal consumption and portfolio policies of a loss-averse individual who endogenously updates his or her reference level over time. We find that the individual protects current consumption by delaying painful reductions in consumption after a drop in wealth, and increasingly so with higher degrees of endogeneity. The incentive to protect current consumption is stronger with a medium wealth level than with a high or low wealth level. Furthermore, this individual adopts a conservative investment strategy in normal states and typically a more aggressive strategy in good and bad states. Endogeneity of the reference level increases overall risk-taking and generates an incentive to reduce risk exposure with age even without human capital. The welfare loss that this individual would suffer under the conventional constant relative risk aversion (CRRA) consumption and portfolio policies easily exceeds 10%.
This paper was accepted by Tyler Shumway, finance.
Journal Article