Measuring the Influence of Commodity Fund Trading on Soybean Price Discovery

The increase in commodity fund trading in the agricultural commodity futures markets has raised concern that this trading is degrading the price discovery performance of these markets. We used the Beveridge-Nelson Decomposition procedure to estimate the price discovery performance of the soybean futures and spot markets. We found that the price discovery performance of the soybean futures market has improved along with the increased commodity fund trading. Our results indicated that a portion of the price discovered in the soybean futures market is passed to the spot market.price discovery, commodity funds, cointegration, Beveridge-Nelson decomposition,

Gravitational Effects in Quantum Mechanics

To date, both quantum theory, and Einstein's theory of general relativity have passed every experimental test in their respective regimes. Nevertheless, almost since their inception, there has been debate surrounding whether they should be unified and by now there exists strong theoretical arguments pointing to the necessity of quantising the gravitational field. In recent years, a number of experiments have been proposed which, if successful, should give insight into features at the Planck scale. Here we review some of the motivations, from the perspective of semi-classical arguments, to expect new physical effects at the overlap of quantum theory and general relativity. We conclude with a short introduction to some of the proposals being made to facilitate empirical verification.Comment: 24 pages, 3 figures, review article. Submitted to Contemporary Physic

Virtue and austerity

Virtue ethics is often proposed as a third way in health-care ethics, that while consequentialism and deontology focus on action guidelines, virtue focuses on character; all three aim to help agents discern morally right action although virtue seems to have least to contribute to political issues, such as austerity. I claim: (1) This is a bad way to characterize virtue ethics. The 20th century renaissance of virtue ethics was first proposed as a response to the difficulty of making sense of ‘moral rightness’ outside a religious context. For Aristotle the right action is that which is practically best; that means best for the agent in order to live a flourishing life.There are no moral considerations besides this. (2) Properly characterized, virtue ethics can contribute to discussion of austerity. A criticism of virtue ethics is that fixed characteristics seem a bad idea in ever-changing environments; perhaps we should be generous in prosperity, selfish in austerity. Furthermore, empirical evidence suggests that people indeed do change with their environment. However, I argue that virtues concern fixed values not fixed behaviour; the values underlying virtue allow for different behaviour in different circumstances: in austerity, virtues still give the agent the best chance of flourishing. Two questions arise. (a) In austere environments might not injustice help an individual flourish by, say, obtaining material goods? No, because unjust acts undermine the type of society the agent needs for flourishing. (b) What good is virtue to those lacking the other means to flourish? The notion of degrees of flourishing shows that most people would benefit somewhat from virtue. However, in extreme circumstances virtue might harm rather than benefit the agent: such circumstances are to be avoided; virtue ethics thus has a political agenda to enable flourishing. This requires justice, a fortiori when in austerity

C-type lectin-like receptors of the dectin-1 cluster : ligands and signaling pathways

Peer reviewedPublisher PD