Information Cascades: Evidence from An Experiment with Financial Market Professionals

Previous empirical studies of information cascades use either naturally occurring data or laboratory experiments with student subjects. We combine attractive elements from each of these lines of research by observing market professionals from the Chicago Board of Trade (CBOT) in a controlled environment. As a baseline, we compare their behavior to student choices in similar treatments. We further examine whether, and to what extent, cascade formation is influenced by both private signal strength and the quality of previous public signals, as well as decision heuristics that differ from Bayesian rationality. Analysis of over 1,500 individual decisions suggests that CBOT professionals are better able to discern the quality of public signals than their student counterparts. This leads to much different cascade formation. Further, while the behavior of students is consistent with the notion that losses loom larger than gains, market professionals are unaffected by the domain of earnings. These results are important in both a positive and normative sense.

The identification and production of varieties that increase the value of oats as a profitable component of organic production

Two experiments, one comprising husked, and the other naked, oats were established at Wakelyns Agroforestry, Suffolk in October 2004 to determine traits and varieties of oats suited to organic systems, and whether growing variety mixtures conferred any advantage. Unselected F2 breeding lines were also included for selection. Husked varieties had relatively higher yields; this may have been partly the result of poor establishment in the naked varieties. Variety height was found to be an important characteristic; tall oat varieties out-yielded the dwarfs. Two of the three variety mixtures containing the naked oat variety Expression yielded 8 and 9 % higher than the average of the component varieties. The data will be verified in the second year of replicated trials (2005/06), which will include the best performing husked and naked varieties, and a mixture of superior IGER-bred F2 breeding lines

Client’s championing characteristics that promote construction innovation

Purpose: clients or users of products, processes or services are being identified as potential sources of innovation in construction. There are concerns on the degree of innovation within the construction industry, despite having potential to be innovative. The role that can be played by the construction client to promote innovation in the industry is well documented. However, lack of knowledge on the desirable characteristics of the construction client was identified as one of the barriers for the construction client to be an effective innovation promoter. Accordingly, the paper evaluates the characteristics of the construction client that promotes innovation. Research Methodology: the multiple holistic case studies were used as the research strategy and semi-structured interviews were used as the principal data collection technique. Code-based content analysis and cognitive mapping were used to analyse the interviews. Data analysis was supported by two computer aided software namely NVivo and Decision explorer. Findings: clients can increase the efficiency of work carried out towards the construction process, stimulate team dynamics and team action through the championing characteristics which in turn can strengthen the innovation process that lead to the innovative product. Being a team player, promoting respect for people, and knowledge and information dissemination are identified as constituents of the championing characteristics of clients that promote innovation in construction projects. The personal skills of clients such as competence, value judgement, flexibility, and self motivation will energise the success of the championing characteristics. Originality/value: the client characteristics identified from the study widen the knowledge base of the client to successfully engage in construction innovation

Measurements of some parameters of thermal sparks with respect to their ability to ignite aviation fuel/air mixtures

A method used to generate thermal sparks for experimental purposes and methods by which parameters of the sparks, such as speed, size, and temperature, were measured are described. Values are given of the range of such parameters within these spark showers. Titanium sparks were used almost exclusively, since it is particles of this metal which are found to be ejected during simulation tests to carbon fiber composite (CFC) joints. Tests were then carried out in which titanium sparks and spark showers were injected into JP4/(AVTAG F40) mixtures with air. Single large sparks and dense showers of small sparks were found to be capable of causing ignition. Tests were then repeated using ethylene/air mixtures, which were found to be more easily ignited by thermal sparks than the JP4/ air mixtures

Sustainable production of organic wheat

The aim of the project is to use an ecological approach to analyse the interactions of a range of key agronomic variables in organic wheat production (wheat genotype, spatial arrangement of seed, seed density and wheat/white clover bi-cropping) to determine an optimal approach to improved and stabilised production. The fi rst set of data revealed that seedling competition was infl uenced by seed rate and drilling arrangement. Furthermore, the variety Hereward had increased emergence and establishment to Aristos. An interaction exists between wheat variety, seed rate and drilling arrangement on the level of canopy cover at different developmental stages – these factors are important for the suppression of weeds. The input of farmers in the selection of trial variables ensures results have a direct application to the industry. The results of yield and quality at harvest will provide further insights into the interaction of agronomic variables

Evolutionary breeding of healthy wheat: from plot to farm

Genetically diverse Composite Cross Populations (CCPs) may be useful in environmentally variable low-input systems as an alternative to pure line varieties. They are formed by hybridising lines with diverse evolutionary origins, bulking the F1 progeny, and allowing natural selection of the progeny in successive crop environments. CCPs derived from 10 high yielding parents (YCCPs), 12 high quality parents (QCCPs), or all 22 parents (YQCCPs), were grown at four sites (2 organic, 2 conventional) in the UK; they are currently (2006) in F5. The YCCPs out yielded the QCCPs, which had better quality characteristics. Although the CCPs performed within the range of the parents, the values obtained were often better than the mean of the parents. Some population samples are now being grown on farms and other sites in England, France, Germany and Hungary

Precision of tristimulus chromameter results from corticosteroid-induced skin blanching

The human skin blanching (vasoconstriction) assay has been in use for 3 decades as a tool for the assessment of the release of corticosteroids from topical dosage forms. Application of corticosteroids produces a whitening (blanching) of the skin, the intensity of which is directly related to the clinical efficacyof the formulation. Assessment of the intensity of the induced blanching has classically been, and continues to be, pe1fonned by visual grading, a method which has been criticised because of the subjectivenature of the assessment Recently there has been considerablediscussion in the literature regarding the use of the chromameter as an objective instrumental method of monitoring corticosteroid induced skin blanching for bioequivalence assessment purposes. The FDA has released a Guidance document recommending the use of the chromameter for this purpose. The chromameter measures colour in teims of three indices: the L-scale (light-dark), the a-scale (red-green) and the b-scale (yellow-blue).Any colour can be expressedabsolutelyin terms of these three values.The Guidance protocol suggests the use of only the a-scale values in quantifying the blanching response after correction of the data which includes subtraction of baseline and unmedicated site values. One of the unresolved issues in the FDA Guidance document is this method of data manipulation suggested since the instrument should be capable of assigning an absolute colour value to each site during the vasoconstriction period. The purpose of this study was to manipulate the instrumental data from a typical blanching study in a number of ways to investigate the appropriatenessof these suggested procedures

Topical corticosteroid-induced skin blanching measurement, eye or instrument?

We have read with interest a recent critique of the human skin blanching assay. We are concerned about the accuracy of statements and the interpretation of results presented in this publication. Having successfully employed this bioassay for over 15 years, and having noted similar, productive usage of this optimized technique reported from laboratories worldwide, the negativism expressed in the critique could dissuade potential researchers from employing this extremely useful assay procedure