Panic bank runs

We provide experimental evidence that panic bank runs occur in the absence of problems with fundamentals and coordination failures among depositors, the two main culprits identified in the literature. Depositors withdraw when they observe that others do so, even when theoretically they should not. Our findings suggest that panic also manifests itself in the beliefs of depositors, who overestimate the probability that a bank run is underway. Loss-aversion has a predictive power on panic behavior, while risk or ambiguity aversion do not

Do women panic more than men? an experimental study of financial decisions

We report experimental evidence on gender differences in financial decision-making that involves three depositors choosing whether to keep their money deposited or to withdraw it. We find that one's position in the line, the fact that one is being observed and observed decisions are key determinants in explaining the subjects’ behavior. Our main result is that men and women do not react differently to what is observed. However, there are gender differences regarding the effect of being observed: women value the fact of being observed more, while men value the number of subsequent depositors who observe them. Interestingly, risk aversion has no predictive power on depositors’ behavior

Overthrowing the dictator: a game-theoretic approach to revolutions and media

A distinctive feature of recent revolutions was the key role of social media (e.g. Facebook, Twitter and YouTube). In this paper, we study its role in mobilization. We assume that social media allow potential participants to observe the individual participation decisions of others, while traditional mass media allow potential participants to see only the total number of people who participated before them. We show that when individuals’ willingness to revolt is publicly known, then both sorts of media foster a successful revolution. However, when willingness to revolt is private information, only social media ensure that a revolt succeeds, with mass media multiple outcomes are possible, one of which has individuals not participating in the revolt. This suggests that social media enhance the likelihood that a revolution triumphs more than traditional mass media

Do social networks prevent or promote bank runs?

We report experimental evidence on the effect of observability of actions on bank runs. We model depositors’ decision-making in a sequential framework, with three depositors located at the nodes of a network. Depositors observe the other depositors’ actions only if connected by the network. Theoretically, a sufficient condition to prevent bank runs is that the second depositor to act is able to observe the first one's action (no matter what is observed). Experimentally, we find that observability of actions affects the likelihood of bank runs, but depositors’ choice is highly influenced by the particular action that is being observed. Depositors who are observed by others at the beginning of the line are more likely to keep their money deposited, leading to less bank runs. When withdrawals are observed, bank runs are more likely even when the mere observation of actions should prevent them

Think twice before running! Bank runs and cognitive abilities

We assess the effect of cognitive abilities on withdrawal decisions in a bank-run game. In our setup, depositors choose sequentially between withdrawing or keeping their funds deposited in a common bank. Depositors may observe previous decisions depending on the information structure. Theoretically, the last depositor in the sequence of decisions has a dominant strategy and should always keep the funds deposited, regardless of what she observes (if anything). Recognizing the dominant strategy, however, is not always straightforward. If there exists strategic uncertainty (e.g., if the last depositor has no information regarding the decisions of predecessors), then the identification of the dominant strategy is more difficult than in a situation with no strategic uncertainty (e.g., the last depositor is informed about all previous decisions). We find that cognitive abilities, as measured by the Cognitive Reflection Test (CRT), predict withdrawals in the presence of strategic uncertainty (participants with stronger abilities tend to iden- tify the dominant strategy more easily) but that the CRT does not predict behavior when strategic uncertainty is absent (JEL Class.: C91, D03, D8, G02, J16

eCOMMONtech: plataforma sofrware para monitorización del balance de Gases de Efecto Invernadero en el Marco de Mecanismos de Desarrollo Limpio Forestales y Proyectos REDD+

La monitorización de las condiciones que debe cumplir un área forestal en proyectos MDL o REDD de manera tradicional, es decir, mediante mediciones y controles in situ, conlleva unos costes difíciles de asumir. Por ello, se ha planteado el desarrollo de una metodología capaz de integrar tecnologías orientadas a la realización de inventarios de carbono en áreas forestales de países en vías de desarrollo, mediante la utilización de diferentes tecnologías (sensorización ambiental, teledetección espacial, técnicas forestales, internet, etc.) que permiten determinar aquellos procedimientos más eficaces desde el punto de vista de la calidad y fiabilidad de la información obtenida y del coste/beneficio; analizando, las mejoras que suponen frente a los métodos tradicionales. Para ello, se desarrollan algoritmos y métodos de análisis necesarios para extraer las variables e indicadores medioambientales con el fin de realizar la monitorización de los ciclos de carbono en ámbitos forestales atribuibles a proyectos de absorciones de CO2.El resultado es la creación de una plataforma web que permite la monitorización remota y en tiempo real de inventarios de carbono a través de la integración de datos provenientes de sistemas de sensorización, imágenes tratadas con tecnologías de observación de la tierra y datos de campo

Topological structures of the resistive pressure gradient turbulence with averaged poloidal flow

When a significant averaged poloidal flow is generated by the resistive pressure-gradient-driven turbulence the topological properties of the flow structures can change in some radial regions where the shear flow is large. We have applied the topological analysis approach that we have developed (2013 J. Phys. A: Math. Theor. 46 375501) to this situation and found that in addition to the filamentary vortex structures there are deformed toroidal structures that seem to act as transport barriers. Analysis of all these structures is presented here.This research was sponsored by DGICYT (Dirección General de Investigación Científica y Técnica) of Spain under Project No. ENE2012-38620-C02-02. One of us (B.A.C) also gratefully acknowledges the support from a 'Cátedra de Excelencia' from Universidad Carlos III and Banco de Santander

Rubidium-Rich Asymptotic Giant Branch Stars

A long debated issue concerning the nucleosynthesis of neutron-rich elements in Asymptotic Giant Branch (AGB) stars is the identification of the neutron source. We report intermediate-mass (4 to 8 solar masses) AGB stars in our Galaxy that are rubidium-rich owing to overproduction of the long-lived radioactive isotope 87Rb, as predicted theoretically 40 years ago. This represents a direct observational evidence that the 22Ne(alpha,n)25Mg reaction must be the dominant neutron source in these stars. These stars then challenge our understanding of the late stages of the evolution of intermediate-mass stars and would promote a highly variable Rb/Sr environment in the early solar nebula

Genomic Evolution of Two Acinetobacter baumannii Clinical Strains from ST-2 Clones Isolated in 2000 and 2010 (ST-2_clon_2000 and ST-2_clon_2010)

Acinetobacter baumannii is a successful nosocomial pathogen due to its ability to persist in hospital environments by acquiring mobile elements such as transposons, plasmids, and phages. In this study, we compared two genomes of A. baumannii clinical strains isolated in 2000 (ST-2_clon_2000) and 2010 (ST-2_clon_2010) from GenBank project PRJNA308422