Portfolio Selection with Narrow Framing: Probability Weighting Matters

This paper extends the model with narrow framing suggested by Barberis and Huang (2009) to also account for probability weighting and a convex-concave value function in the specification of cumulative prospect theory preferences on narrowly framed assets. We show that probability weighting is needed in order that investors reduce their holding of narrowly framed risky assets in the presence of negative skewness and high Sharpe ratios, which are typical characteristics of stock index returns. The model with framing and probability weighting can thus explain the stock participation puzzle under realistic assumptions on stock market returns. We also show that a convex-concave value function generates wealth effects that are consistent with empirical observations on stock market participation. Finally, we address the asset pricing implications of probability weighting in the model with narrow framing and show that in the case of negative skewness the equity premium of narrowly framed assets is much higher than when probability weighting is not taken into account.Narrow framing, cumulative prospect theory, probability weighting function,negative skewness, simulation methods

Utilization of Interactive Computer Graphics in Analyzing 3-dimensional Data Sets

Effective analysis of 3-dimensional data derived from ordination methods is facilitated by convenient and accurate means of viewing the results. The efficiency of utilizing an existing, operational interactive computer graphics system for this purpose is evaluated herein. An example of system use for principal components analysis of 21 samples is included

Advanced composite aileron for L-1011 transport aircraft: Aileron manufacture

The fabrication activities of the Advanced Composite Aileron (ACA) program are discussed. These activities included detail fabrication, manufacturing development, assembly, repair and quality assurance. Five ship sets of ailerons were manufactured. The detail fabrication effort of ribs, spar and covers was accomplished on male tools to a common cure cycle. Graphite epoxy tape and fabric and syntactic epoxy materials were utilized in the fabrication. The ribs and spar were net cured and required no post cure trim. Material inconsistencies resulted in manufacturing development of the front spar during the production effort. The assembly effort was accomplished in subassembly and assembly fixtures. The manual drilling system utilized a dagger type drill in a hydraulic feed control hand drill. Coupon testing for each detail was done

The effect of competition on the control of invading plant pathogens

1. New invading pathogen strains must compete with endemic pathogen strains to emerge and spread. As disease control measures are often non-specific, i.e. they do not distinguish between strains, applying control not only affects the invading pathogen strain but the endemic as well. We hypothesise that the control of the invasive strain could be compromised due to the non-specific nature of the control. 2. A spatially-explicit model, describing the East African cassava mosaic virus-Uganda strain (EACMV-UG) outbreak, is used to evaluate methods of controlling both disease incidence and spread of invading pathogen strains in pathosystems with and without an endemic pathogen strain present. 3. We find that while many newly introduced or intensified control measures (such as resistant cultivars or roguing) decrease the expected incidence, they have the unintended consequence of increasing, or at least not reducing, the speed with which the invasive pathogen spreads geographically. We identify which controls cause this effect and methods in which these controls may be applied to prevent it. 4. We found that the spatial spread of the invading strain is chiefly governed by the incidence at the wave front. Control can therefore be applied, or intensified, once the wave front has passed without increasing the pathogen’s rate of spread. 5. When trade of planting material occurs, it is possible that the planting material is already infected. The only forms of control in this study that reduces the speed of geographic spread, regardless of the presence of an endemic strain, are those that reduce the amount of trade and the distance over which trade takes place. 6. Synthesis and applications. Imposing trade restrictions before the epidemic has reached a given area and increasing other control methods only once the wave front has passed is the most effective way of both slowing down spread and controlling incidence when the presence of an endemic strain is unknow

Molecular biodiversity of cassava begomoviruses in Tanzania: evolution of cassava geminiviruses in Africa and evidence for East Africa being a center of diversity of cassava geminiviruses

Cassava is infected by numerous geminiviruses in Africa and India that cause devastating losses to poor farmers. We here describe the molecular diversity of seven representative cassava mosaic geminiviruses (CMGs) infecting cassava from multiple locations in Tanzania. We report for the first time the presence of two isolates in East Africa: (EACMCV-[TZ1] and EACMCV-[TZ7]) of the species East African cassava mosaic Cameroon virus, originally described in West Africa. The complete nucleotide sequence of EACMCV-[TZ1] DNA-A and DNA-B components shared a high overall sequence identity to EACMCV-[CM] components (92% and 84%). The EACMCV-[TZ1] and -[TZ7] genomic components have recombinations in the same genome regions reported in EACMCV-[CM], but they also have additional recombinations in both components. Evidence from sequence analysis suggests that the two strains have the same ancient origin and are not recent introductions. EACMCV-[TZ1] occurred widely in the southern part of the country. Four other CMG isolates were identified: two were close to the EACMV-Kenya strain (named EACMV-[KE/TZT] and EACMV-[KE/TZM] with 96% sequence identity); one isolate, TZ10, had 98% homology to EACMV-UG2Svr and was named EACMV-UG2 [TZ10]; and finally one isolate was 95% identical to EACMV-[TZ] and named EACMV-[TZ/YV]. One isolate of African cassava mosaic virus with 97% sequence identity with other isolates of ACMV was named ACMV-[TZ]. It represents the first ACMV isolate from Tanzania to be sequenced. The molecular variability of CMGs was also evaluated using partial B component nucleotide sequences of 13 EACMV isolates from Tanzania. Using the sequences of all CMGs currently available, we have shown the presence of a number of putative recombination fragments that are more prominent in all components of EACMV than in ACMV. This new knowledge about the molecular CMG diversity in East Africa, and in Tanzania in particular, has led us to hypothesize about the probable importance of this part of Africa as a source of diversity and evolutionary change both during the early stages of the relationship between CMGs and cassava and in more recent times. The existence of multiple CMG isolates with high DNA genome diversity in Tanzania and the molecular forces behind this diversity pose a threat to cassava production throughout the African continent

The structure of atomic nitrogen adsorbed on Fe(100)

Nitrogen atoms adsorbed on a Fe(100) surface cause the formation of an ordered c(2 × 2) overlayer with coverage 0.5. A structure analysis was performed by comparing experimental LEED I–V spectra with the results of multiple scattering model calculations. The N atoms were found to occupy fourfold hollow sites, with their plane 0.27 Å above the plane of the surface Fe atoms. In addition, nitrogen adsorption causes an expansion of the two topmost Fe layers by 10% (= 0.14 Å). The minimum r-factor for this structure analysis is about 0.2 for a total of 16 beams. The resulting atomic arrangement is similar to that in the (002) plane of bulk Fe4N, thus supporting the view of a “surface nitride” and providing a consistent picture of the structural and bonding properties of this surface phase

Cost-Effectiveness of Migraine Treatment: A Commentary

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/75050/1/j.1524-4733.2003.64005.x.pd