We study asset prices in an economy where investors derive direct utility not only from consumption but also from uctuations in the value of their Žnancial wealth. They are loss averse over these uctuations, and the degree of loss aversion depends on their prior investment performance. We Žnd that our framework can help explain the high mean, excess volatility, and predictability of stock ret...

Professor Qiang Li graduated from Tianjin Medical University and got systematic training in surgical oncology in Princess Alexander Hospital of University of Queensland. He is expertised in surgical treatment of liver cancer, pancreatic cancer, and cholangiocarcinoma, especially in resection of high bile duct carcinoma and hilar cholangiocarcinoma. He is now vice president of Tianjin Medical Un...

Abstract Atmospheric blocking events, which cause abnormal weather conditions, have been studied from a viewpoint of quasi‐stationary barotropic circulation systems because their apparent lack vertical tilt. However, this work demonstrates that events often such structure anomalies in geopotential height and temperature are horizontally out‐of‐phase, allowing to produce fluxes heat against the ...

blocking antibodies are valuable tools for inhibiting the specific receptor- ligand interactions. the interaction of co-stimulatory molecules on the antigen presenting cells with their ligands on t cells is an essential step for t cell activation. in the present study, the effect of blocking antibody against cd40 on its t cell stimulatory potential is investigated. the dcs (dendritic cells) wer...

The prospect of gaining money is an incentive widely at play in the real world. Such monetary motivation might have particularly strong influence when the cognitive system is challenged, such as when needing to process conflicting stimulus inputs. Here, we employed manipulations of reward-prospect and attentional-preparation levels in a cued-Stroop stimulus conflict task, along with the high te...

Whilst Cumulative Prospect theory (CPT) provides an explanation of gambling on longshots at actuarially unfair odds, it cannot explain why people might bet on more favoured outcomes. This paper shows that this is explicable if the degree of loss aversion experienced by the agent is reduced for small-stake gambles (as a proportion of wealth), and probability distortions are greater over losses t...