Why blame?

We provide experimental evidence that subjects blame others based on events they are not responsible for. In our experiment an agent chooses between a lottery and a safe asset; payment from the chosen option goes to a principal who then decides how much to allocate between the agent and a third party. We observe widespread blame: regardless of their choice, agents are blamed by principals for the outcome of the lottery, an event they are not responsible for. We provide an explanation of this apparently irrational behavior with a delegated-expertise principal-agent model, the subjects’ salient perturbation of the environment

Why a Neurosis?

Concluded from June, 1936 issue

Why De Minimis?

De minimis cutoffs are a familiar feature of risk regulation. This includes the quantitative individual risk thresholds for fatality risks employed in many contexts by EPA, FDA, and other agencies, such as the 1-in-1 million lifetime cancer risk cutoff; extreme event cutoffs for addressing natural hazards, such as the 100 - year - flood or 475 - year - earthquake; de minimis failure probabilities for built structures; the exclusion of low - probability causal models; and other policymaking criteria. All these tests have a common structure, as I show in the Article. A de minimis test, broadly defined, tells the decisionmaker to determine whether the probability of some outcome is above a low threshold and makes this determination relevant, in some way, to her choice. De minimis cutoffs are deeply problematic, and have been generally misunderstood by scholars. First, they are warranted - if at all - by virtue of policymakers\u27 bounded rationality. If policymakers were fully rational, de minimis cutoffs would have no justification. (This is true, I suggest, across a wide range of normative theories, and for the full gamut of de minimis tests). Second, although it seems plausible that some de minimis tests are justified once bounded rationality is brought into the picture, it is not clear which those are, or even how we should go about identifying them

Why Chromatic Imaging Matters

During the last two decades, the first generation of beam combiners at the Very Large Telescope Interferometer has proved the importance of optical interferometry for high-angular resolution astrophysical studies in the near- and mid-infrared. With the advent of 4-beam combiners at the VLTI, the u-v coverage per pointing increases significantly, providing an opportunity to use reconstructed images as powerful scientific tools. Therefore, interferometric imaging is already a key feature of the new generation of VLTI instruments, as well as for other interferometric facilities like CHARA and JWST. It is thus imperative to account for the current image reconstruction capabilities and their expected evolutions in the coming years. Here, we present a general overview of the current situation of optical interferometric image reconstruction with a focus on new wavelength-dependent information, highlighting its main advantages and limitations. As an Appendix we include several cookbooks describing the usage and installation of several state-of-the art image reconstruction packages. To illustrate the current capabilities of the software available to the community, we recovered chromatic images, from simulated MATISSE data, using the MCMC software SQUEEZE. With these images, we aim at showing the importance of selecting good regularization functions and their impact on the reconstruction.Comment: Accepted for publication in Experimental Astronomy as part of the topical collection: Future of Optical-infrared Interferometry in Europ

Why Do We Need Humanities?

The article is a philosophical reflection of the current status of the humanities in Slovakia. In many areas of our society there is an evident deficit in humanities-science knowledge, reflected also in parliamentary election results in 2016 and having serious consequences on our society. The article therefore suggests the possibility of transposing the knowledge of the humanities, particularly philosophy, in the educational process appropriate to the character of a pluralistic liberal democracy in the 21st century

Why Mergers Fail

A number of empirical studies have shown that negative abnormal returns often result shortly after a once promising merger is consummated. There are few consistent explanations, however, as to why so many mergers result in such poor performance. This paper sheds light on this issue by examining the effect that structural factors (including market concentration and R&D intensity) have on post-merger abnormal returns. The paper also attempts to assess how differences in valuation among bidders, along with the presence of multiple bidders, influencethe performance of the merged firm. Our findings show that firm value is positively impacted in the first one to three years post merger by acquiring related assets, but that participating in a merger wave in these years has a negative influence. Over longer periods of time these effects are not evident and instead post-merger performance is impacted foremost by intangible asset intensity.Mergers, Challenges, Abnormal Returns, Research and Development (R&D), Market Concentration

Why is order flow so persistent?

Order flow in equity markets is remarkably persistent in the sense that order signs (to buy or sell) are positively autocorrelated out to time lags of tens of thousands of orders, corresponding to many days. Two possible explanations are herding, corresponding to positive correlation in the behavior of different investors, or order splitting, corresponding to positive autocorrelation in the behavior of single investors. We investigate this using order flow data from the London Stock Exchange for which we have membership identifiers. By formulating models for herding and order splitting, as well as models for brokerage choice, we are able to overcome the distortion introduced by brokerage. On timescales of less than a few hours the persistence of order flow is overwhelmingly due to splitting rather than herding. We also study the properties of brokerage order flow and show that it is remarkably consistent both cross-sectionally and longitudinally.Comment: 42 pages, 15 figure

Why I Study' Bisexuality and beyond

This article addresses bisexuality, non-monogamy and SM and the ways these are represented in psychological literature. It offers some challenges to conventional perceptions and ways forward for studying these areas, based in my experiences of researching sexual communities over the last few years