Black swans or dragon kings? A simple test for deviations from the power law

We develop a simple test for deviations from power law tails, which is based on the asymptotic properties of the empirical distribution function. We use this test to answer the question whether great natural disasters, financial crashes or electricity price spikes should be classified as dragon kings or 'only' as black swans

Media(ted) discourses and climate change : a focus on political subjectivity and (dis)engagement

Research has shown that the media are the main source of information and the main factor shaping people’s awareness and concern in relation to climate change and therefore have an important role in setting the public agenda. As a key forum for the production, reproduction and transformation of the meaning of public issues, the media influence understandings of risks, responsibilities, as well as of the functioning of democratic politics. This article argues that the media also matter to citizens’ perception of their (potential) political agency or their political subjectivity. Media representations construct particular ‘subject positions’ for individuals and cultivate dispositions to action or inaction. The article discusses the importance of citizens’ political engagement with climate change and points out some aspects of media(ted) discourses that may constrain the perceived possibilities of participation in the politics of climate change. While engagement with climate change has multiple dimensions and a number of barriers have been identified through empirical studies, this article offers a critique of the role of the media in political engagement with the problem and suggests avenues for future research.The author is grateful to the Portuguese Funda A, o para a CiIncia e a Tecnologia for funding the project 'The Politics of Climate Change: Discourses and Representations' (POCI/COM56973/2004), to Jan Zienkowski for relevant comments on this paper, and to the reviewers who provided detailed feedback

A finite difference method for pricing European and American options under a geometric Lévy process

In this paper we develop a numerical approach to a fractional-order differential Linear Complementarity Problem (LCP) arising in pricing European and American options under a geometric Lévy process. The LCP is first approximated by a nonlinear penalty fractional Black-Scholes (fBS) equation. We then propose a finite difference scheme for the penalty fBS equation. We show that both the continuous and the discretized fBS equations are uniquely solvable and establish the convergence of the numerical solution to the viscosity solution of the penalty fBS equation by proving the consistency, stability and monotonicity of the numerical scheme. We also show that the discretization has the 2nd-order truncation error in both the spatial and time mesh sizes. Numerical results are presented to demonstrate the accuracy and usefulness of the numerical method for pricing both European and American options under the geometric Lévy process

Glucosinolates, myrosinase hydrolysis products, and flavonols found in rocket (Eruca sativa and Diplotaxis tenuifolia)

Rocket species have been shown to have very high concentrations of glucosinolates and flavonols, which have numerous positive health benefits with regular consumption. In this review we highlight how breeders and processors of rocket species can utilize genomic and phytochemical research to improve varieties and enhance the nutritive benefits to consumers. Plant breeders are increasingly looking to new technologies such as HPLC, UPLC, LC-MS and GC-MS to screen populations for their phytochemical content to inform plant selections. Here we collate the research that has been conducted to-date in rocket, and summarise all glucosinolate and flavonol compounds identified in the species. We emphasize the importance of the broad screening of populations for phytochemicals and myrosinase degradation products, as well as unique traits that may be found in underutilized gene bank resources. We also stress that collaboration with industrial partners is becoming essential for long-term plant breeding goals through research