'If I were going there, I wouldn't start from here'

A composer reflects on the perils of getting one's bearings in a new piece

Science For Sale - Interactions between academia and businesses could affect the future of scientific research

Book review of "The Perils, Rewards, and Delusions of Campus Capitalism," by Daniel S. Greenberg, University of Chicago Press, 2007

The Perils of Globalization and the World Trading System

The post-World War II world trading system is now more than fifty years old, and not surprisingly, it has evolved through a number of different stages of development and survived a series of perils. Recently, however, the perils seem even greater than before. The failure of the Seattle Ministerial Meeting of November-December 1999 focused the attention of the international community, almost like a prospective execution focusing the attention of the targeted person. A number of different factors have contributed to this perilous situation, and in this brief Essay, I want to look particularly at some of the institutional characteristics of the World Trade Organization ( WTO ), which may be contributing to, or inhibiting escape from, the perils. I will do this in four parts. Part I will be a brief reminder of the policy objectives and implications of the international economic system. Part II will overview the world trading system\u27s need for a cooperative international mechanism or institution. Part III will examine the characteristics needed for a successful institution of this type, which might be the WTO. Part IV will explore some problems connected with the current situation related to the needed characteristics

The perils of automaticity

Classical theories of skill acquisition propose that automatization (i.e., performance requires progressively less attention as experience is acquired) is a defining characteristic of expertise in a variety of domains (e.g., Fitts & Posner, 1967). Automaticity is believed to enhance smooth and efficient skill execution by allowing performers to focus on strategic elements of performance rather than on the mechanical details that govern task implementation (Williams & Ford, 2008). By contrast, conscious processing (i.e., paying conscious attention to one’s action during motor execution) has been found to disrupt skilled movement and performance proficiency (e.g., Beilock & Carr, 2001). On the basis of this evidence, researchers have tended to extol the virtues of automaticity. However, few researchers have considered the wide range of empirical evidence which indicates that highly automated behaviors can, on occasion, lead to a series of errors that may prove deleterious to skilled performance. Therefore, the purpose of the current paper is to highlight the perils, rather than the virtues, of automaticity. We draw on Reason’s (1990) classification scheme of everyday errors to show how an overreliance on automated procedures may lead to 3 specific performance errors (i.e., mistakes, slips, and lapses) in a variety of skill domains (e.g., sport, dance, music). We conclude by arguing that skilled performance requires the dynamic interplay of automatic processing and conscious processing in order to avoid performance errors and to meet the contextually contingent demands that characterize competitive environments in a range of skill domains

The perils of credit booms

We present a dynamic general equilibrium model of production economies with adverse selection in the financial market to study the interaction between funding liquidity and market liquidity and its impact on business cycles. Entrepreneurs can take on short-term collateralized debt and trade long-term assets to finance investment. Funding liquidity can erode market liquidity. High funding liquidity discourages firms from selling their good long-term assets since these good assets have to subsidize lemons when there is information asymmetry. This can cause a liquidity dry-up in the market for long-term assets and even a market breakdown, resulting in a financial crisis. Multiple equilibria can coexist. Credit booms combined with changes in beliefs can cause equilibrium regime shifts, leading to an economic crisis or expansion.Published versio

The Demand for Homeowners Insurance with Bundled Catastrophe Coverage

This paper analyzes the demand for homeowners insurance in markets subject to catastrophe losses and where consumers have choices in configuring their coverage for catastrophe and non-catastrophe perils. We estimate the demand for homeowner insurance in Florida and New York using two-stage least squares regression with advisory indicated loss costs as our proxy for the quantity of real insurance services demanded. We decompose the demand for insurance into the demand for coverage of catastrophe perils (i.e., hurricanes or windstorms) and the demand for non-catastrophe coverage and estimate these demand functions separately. Our results are relatively consistent in New York and Florida, including evidence that catastrophe demand is more price elastic than non-catastrophe demand. We also find evidence that consumers value options that expand coverage, buy more insurance when it is subsidized through regulatory price constraints, and consider state guaranty fund provisions when purchasing insurance.

The Perils of Government Investing

The current Social Security system is unsustainable. As President Clinton has pointed out, the only alternative to tax increases or benefit cuts is to increase the rate of return to investment of Social Security funds. That means either allowing individuals to invest their own Social Security taxes or allowing the government to invest them. Supporters of government investing claim that it would allow the government to reap the benefits of the higher returns available in private capital markets, incur lower administrative costs than individual accounts, and allow the government to spread the risk of poor investment performance. On the surface, that approach may have some appeal; in reality it is fraught with peril. It could potentially make the federal government the largest shareholder in American corporations, raising the possibility of government control of American business. In addition, there are serious questions about what types of investment the government would make. Political considerations and "social investing" are likely to influence the government's investment decisions, allowing the government to manipulate economic markets

The Perils of `Soft' SUSY Breaking

We consider a two dimensional SU(N) gauge theory coupled to an adjoint Majorana fermion, which is known to be supersymmetric for a particular value of fermion mass. We investigate the `soft' supersymmetry breaking of the discrete light cone quantization (DLCQ) of this theory. There are several DLCQ formulations of this theory currently in the literature and they naively appear to behave differently under `soft' supersymmetry breaking at finite resolution. We show that all these formulations nevertheless yield identical bound state masses in the decompactification limit of the light-like circle. Moreover, we are able to show that the supersymmetry-inspired version of DLCQ (so called `SDLCQ') provides the best rate of convergence of DLCQ bound state masses towards the actual continuum values, except possibly near or at the critical fermion mass. In this last case, we discuss improved extrapolation schemes that must supplement the DLCQ algorithm in order to obtain correct continuum bound state masses. Interestingly, when we truncate the Fock space to two particles, the SDLCQ prescription presented here provides a scheme for improving the rate of convergence of the massive t'Hooft model. Thus the supersymmetry-inspired SDLCQ prescription is applicable to theories without supersymmetry.Comment: 11 pages, Latex; 2 figures (EPS); Numerical results extended; conclusions revise

The perils of identity fraud

Among the fastest growing crimes in the country, identity fraud involves the acquisition of credit in someone else's name. What can you do to protect yourself? Julia Stewart of the Federal Reserve Bank of Boston explains.Consumer credit ; False personation ; Identification cards - Forgeries ; Fraud