While numerous Western countries first experienced cultural rationalization, next economic modernization, and then faced the challenges of population aging and pension policy reform, both Latin America and China, in contrast, are dealing with these challenges in the context of much less developed economies and stronger traditional cultures. In this article we analyze old-age pension reform effo...

Abstract We propose a new measure of deviations from expected utility theory. For any positive number e, we give characterization the datasets with rationalization that is within e (in beliefs, utility, or perceived prices) (EU) theory, under assumption risk aversion. The can then be used as how far data to EU apply our methodology three large-scale experiments. Many subjects in these experimen...

This paper documents that the earnings yield and book-to-price combine to predict equity returns in a way that is consistent with the rational pricing of risk. It is well known that earnings yields predict returns in the cross-section, consistent with standard formulas that show that the earnings yield equals the required return when there is no expected earnings growth beyond that from retenti...

Alkenes containing N-heteroaromatics are known to be poor partners in cross-metathesis reactions, probably due to catalyst deactivation caused by the presence of a nitrogen atom. However, some examples of ring-closing and cross-metathesis involving alkenes that incorporate N-heteroaromatics can be found in the literature. In addition, recent mechanistic studies have focused on the rationalizati...

In Computer Science, conceptual modelling and formalization are the basis for developing automated systems, "intelligent" or not. It is often taken for granted that formalization is possible and desirable. In the Language/Action perspective, this assumption has been challenged. The Language/Action perspective promotes "communicative action", in the sense of Habermas, as the building block of in...

The concept of distance rationalizability allows one to define new voting rules or rationalize existing ones via a consensus, i.e., a class of elections that have a unique, indisputable winner, and a distance over elections: A candidate is declared an election winner if she is the consensus candidate in one of the nearest consensus elections. Many classic voting rules are defined or can be repr...

This paper contributes to the theory of rational choice under sequential criteria. Following the approach initiated by Manzini and Mariotti (2007) for single-valued choice functions, we characterize choice correspondences that are rational by two sequential criteria under a mild consistency axiom. Rationales ensuring the sequential rationalization are explicitly constructed and a uniquely deter...

When rationalization is carried out in the community the result is that all forms of work must be considered in the same way as modern industrial work, whether it be office-work, administration, ?r even work in hospitals and the care of the sick in general. This produces four important results, i.e. (a) increasingly specialised jobs, (b) industrial organization, (c) specialized working environm...