On Rational Bubbles and Fat Tails

This paper addresses the statistical properties of time series driven by rational bubbles a la Blanchard and Watson (1982). Using insights on the behavior of multiplicative stochastic processes, we demonstrate that the tails of the unconditional distribution emerging from such bubble processes follow power-laws (exhibit hyperbolic decline). More precisely, we find that rational bubbles predict a fat power tail for both the bubble component and price differences with an exponent m smaller than 1. The distribution of returns is dominated by the same power-law over an extended range of large returns. Although power-law tails are a pervasive feature of empirical data, these numerical predictions are in disagreement with the usual empirical estimates. It, therefore, appears that exogenous rational bubbles are hardly reconcilable with some of the stylized facts of financial data at a very elementary level.rational bubbles, random difference equations, multiplicative processes, rational bubbles, random difference equations, multiplicative processes, fat tails.

CO 515 Forgiveness in the Counseling Process

Hargrave, T. (2001). Forgiving the Devil: Coming to terms with damaged relationships. Phoeniz, AZ: Zeig, Tucker & Theisen, Inc. Holeman, V. T. (2004). Reconcilable Differences: Healing and Hope for Troubled Marriages. Downers Grove, IL: InterVarsity Press. Jones, G. (1995). Embodying Forgiveness. Grand Rapids, MI: Wm. B. Eerdmans. Shults, F. L., & Sandage, S. J. (2003). The Faces of Forgiveness. Grand Rapids, MI: Baker Academic. Worthington, E.L. (2003). Forgiving and Reconciling: Bridges to Wholeness and Hope. Downers Grove, IL: InterVarsity Press.https://place.asburyseminary.edu/syllabi/2841/thumbnail.jp

Lockean Freedom and the Proviso’s Appeal to Scientific Knowledge

I argue in this paper that Locke and contemporary Lockeans underestimate the problems involved in their frequent, implicit assumption that when we apply the proviso we use the latest scientific knowledge of natural resources, technology, and the economy’s operations. Problematic for these theories is that much of the pertinent knowledge used is obtained through particular persons’ labor. If the knowledge obtained through individuals’ labor must be made available to everyone and if particular persons’ new knowledge affects the proviso’s proper application, then some end up without freedom to pursue their own ends and some find their freedom subject to others’ arbitrary will

Reconcilable differences?: Portuguese obstetricians' and midwives' contrasting perspectives on childbirth, and women’s birthing experiences

Based on recent ethnographic research in Portugal, this paper examines contrasting perspectives of doctors and midwives regarding their roles in childbirth, the institutional contexts in which these divergent perspectives are enacted and sustained, and the inter-related experiences of birthing women. It was found that obstetricians’ rhetoric around birth focused on potential risk; interventions were often explicated through a perception of childbirth as a risk-laden, and potential emergency, situation. Within this discourse, hospital-based birth was presented as a triumph of progress. Technical measures were justified using institutional rationales, such as the use of anaesthetic pain relief during labour to ensure tranquillity within the maternity units and the induction of labour to guarantee “throughput” and free up hospital beds. Midwives, contrastingly, described their philosophy of care as one focused on offering women presence, guidance, and a range of informed choices in the management of birth, and professed their commitment to an ideal model of normal birth founded on minimal intervention, except in cases of clinical necessity. Both professional groups expressed mutual respect for each other´s skills and respective roles. However, the co-existence of different professional rationales within the same hospital setting, they admitted, resulted in tensions. These were found to be exacerbated by historical power dynamics and the present spatial and organisational separation of the two groups. Selected extracts from Portuguese women´s birth narratives from the same study are utilised to elucidate the variegated experiences of women, and the modes by which authoritative knowledge is reproduced. The potential ramifications of the current situation for the provision of effective maternity care are discussed, and the conceptualisation of women as autonomous consumers of services is challenged

CO 515 Forgiveness in the Counseling Process

Enright, R. D. (2001). Forgiveness is a choice: A step-by-step process for resolving anger and restoring hope. Washington, DC:American Psychological Association. Holeman, V. T. (2004). Reconcilable differences: Hope and healing for troubled marriages. Downers Grove, IL: InterVarsity Press. Jones, G. (1995). Embodying forgiveness. Grand Rapids, MI: Wm. B. Eerdmans. Nowuen, H. J.M. (1992). The return of the prodigal son. New York: Image Books. Volf, M. (1996). Exclusion and Embrace. Nashville, TN: Abingdon Press. Worthington, E.L. (2003). Forgiving and reconciling: Bridges to wholeness and hope. Downers Grove, IL: InterVarsity Press.https://place.asburyseminary.edu/syllabi/3638/thumbnail.jp