The Friedman-Savage Utility Function in Cross-cultural Perspective

A Cross-Cultural Perspective

CULTURAL ISSUES were included, although in a limited fashion, in the diagnostic manuals ICD-10 (World Health Organization, 1992) and DSM-IV (American Psychiatric Association, 1994). As Fabrega (1995) points out, the study of the cultural sciences as they pertain to psychiatry offers a necessary corrective to the increasing impersonality and reductionism that has come to characterize the neurobi...

Cross Cultural Research: EUC Perspective

3 Globalization is the key to survival in the 90’s. More and more companies are venturing overseas for new markets, manufacturing facilities or investments. Companies are globalizing through acquisitions, partnerships or joint ventures. Globalization, though lucrative, adds complexity in terms of organizational structure, management strategies and allocation of resources. Decision making become...

Death: A Cross-Cultural Perspective

A Friedman-Savage Consumer Almost Gambles: A Continuous Time Model of Consumption and Investment with Non-Concave Utility

We examine the consumption and portfolio decisions of an agent with Friedman-Savage type period utility in continuous time.We find the FriedmanSavage consumer does not gamble, but will aggressively invest in risky activities for wealth levels that support a minimum subsistence level of consumption. As the market premium of risk approaches zero, the agent becomes infinitely aggressive for these ...

Teen motherhood in cross-cultural perspective.

Teen motherhood is the prevalent childbearing pattern in most traditional populations. Yet early motherhood is associated with negative biological and social outcomes in the developed world. We review the teen pregnancy literature in light of this discrepancy, emphasizing two core debates. The first debate centers on whether teens have poor pregnancy outcomes compared to older women, and whethe...