This review was undertaken to address concerns raised by the US Army Corps of Engineers (Corps) regarding the value of projects authorized to improve environmental quality. Value gained from present resource use can typically be measured in monetary terms. More controversial -and prohibited by Corps policy -is the monetary measurement of the nonuse value gained by deferring present-day use in f...

We introduce a category that represents varying risk as well as ambiguity. We give a generalized conditional expectation as a presheaf for this category, which not only works as a traditional conditional expectation given a σ-field but also is compatible with change of measure. Then, we reformulate dynamic monetary value measures as a presheaf for the category. We show how some axioms of dynami...

Stimuli associated with monetary reward can become powerful cues that effectively capture visual attention. We examined whether such value-driven attentional capture can be induced with monetary feedback in the absence of an expected cash payout. To this end, we implemented images of U.S. dollar bills as reward feedback. Participants knew in advance that they would not receive any money based o...

The main objective of monetary policy1 is to protect the value of the currency. This task is complicated by the long and variable lags between changes in the monetary policy stance and its ultimate effect on inflation. The delay between changes in monetary policy and their full effect on inflation could be as long as two and a half years. This means that monetary policy decisions have to be for...

In a passive monetary and active fiscal policy regime, changes in the value of public debt generate wealth effects on households. Then, in contrast to the active monetary and passive fiscal policy regime, inflation moves oppositely from the inflation target and a stronger reaction of interest rates to inflation increases the response of inflation to shocks. Moreover, a higher level of public de...

Using functional MRI, we examined how the affective experience of choice, the means by which individuals exercise control, is modulated by the valence of potential outcomes (gains, losses). When trials involved potential gains, participants reported liking cues predicting a choice opportunity better than cues predicting no choice opportunity--an effect that corresponded with blood-oxygen-level-...

In Australia we spend about one-sixth of GDP to protect life and health in one way or another. This is a substantial diversion of resources away from other goods. Accordingly we would like to know whether this level of expenditure on health and safety is appropriate or whether it is too large or small. To assess such issues, quantitative measures of the value of life and health, and of safety, ...

We consider leadership equilibria in dynamic linear rational expectations models with specific reference to monetary and fiscal policy interactions. We pay particular attention to the strategic relationships between policymakers and the private sector. We find that in a dynamic game that although leadership may not matter much, giving leadership to a constrained policymaker should be avoided.

When humans are offered the choice between rewards available at different points in time, the relative values of the options are discounted according to their expected delays until delivery. Using functional magnetic resonance imaging, we examined the neural correlates of time discounting while subjects made a series of choices between monetary reward options that varied by delay to delivery. W...