The Emergence of Correlations in Studies of Global Economic Inter-dependence and Contagion

We construct a simple firm-based automata model for global economic inter-dependence of countries using modern notions of self-organized criticality and recently developed dynamical-renormalization-group methods (e.g., L. Pietronero et al., Phys. Rev. Lett., 72(11):1690 (1994); J. Hasty and K. Wiesenfeld, Phys. Rev. Lett., 81(8):1722, (1998)). We demonstrate how extremely strong statistical correlations can naturally develop between two countries even if the financial interconnections between those countries remain very weak. Potential policy implications of this result are also discussed.

Individual-level loss aversion in riskless and risky choices

Loss aversion can occur in riskless and risky choices. Yet, there is no evidence whether people who are loss averse in riskless choices are also loss averse in risky choices. We measure individual-level loss aversion in riskless choices in an endowment effect experiment by eliciting both WTA and WTP from each of our 360 subjects (randomly selected customers of a car manufacturer). All subjects also participate in a simple lottery choice task which arguably measures loss aversion in risky choices. We find substantial heterogeneity in both measures of loss aversion. Loss aversion in the riskless choice task and loss aversion in the risky choice task are highly significantly and strongly positively correlated. We find that in both choice tasks loss aversion increases in age, income, and wealth, and decreases in education.Loss aversion, endowment effect, field experiments

The Comparison of Linear Nip Pressing vs. Extended Nip Pressing on the Bulk and Strength of Unbleached Kraft Linerboard

It is of increasing importance to find improved methods of dewatering in the wet press section. New technology has allowed us to improve dewatering and final sheet properties with the press section. Presently, we are faced with a choice between two pressing configurations; the conventional roll press and the extended nip press. Both press configurations are discussed. The fundamental characteristics of paper which affect it\u27s properties are density, fiber dimensions, fiber strength, fiber orientation, and fiber bonding. This thesis investigates the effect of the pressure pulse on the final sheet properties of bulk and strength of a kraft linerboard. Strength and bulk should both be optimized in the manufacture of linerboard. With the proper press configuration this may be accomplished. The KMW dynamic press simulator, it\u27s operation, and it\u27s use in this thesis is discussed. The procedure of the experiment is also outlined. The results of the experiment produced three significant conclusions: 1) Extended nip pressing gives higher dewatering rates than conventional nip pressing at comparable energy levels. 2) The longer nip dwell time and lower maximum pressure imparted by the extended nip press is more beneficial for higher bulk. 3) Conventional roll nip pressing imparts higher internal bond strength when crushing is not a factor. Also, this type of pressing gives higher bulk at specific strength levels in comparison to the extended nip pressings

Breaking and Remaking Scripture: The Life, Death, and Afterlife of the Hornby-Cockerell Bible

This article examines the now fragmented early-13th century Hornby-Cockerell Bible from a variety of perspectives, including an overview of its known provenance history as a complete codex between 1880 and 1981, it\u27s subsequent breaking for profit and dispersal of its leaves around the world, and the specific--and peculiar--motivations behind the codex\u27s destruction. The essay also includes an analysis of the manuscript within the larger context of Bible production and use in the early-13th century, including an examination of its textual content and organization, its illuminated contents, and direct evidence of medieval reader activity preserved in marginal notes, nota bene marks, and doodles. Altogether, the article explores how Scripture, as presented and expressed in this particular manuscript, has been repackaged and revalued throughout history, from its creation as a usable medieval text, to its conversion into individual, single-folio units for sale, and its gradual reaggregation and recognition as a rare and dynamic witness to the complex evolution of the Bible in the Middle Ages. Also included is an appendix recording the textual and illuminated content, current location, and individual provenance histories of the 235 (of 440) surviving leaves the author has located or traced

Cognition and framing in sequential bargaining for gains and losses

Noncooperative game-theoretic models of sequential bargaining give an underpinning to cooperative solution concepts derived from axioms, and have proved useful in applications (see Osborne and Rubinstein 1990). But experimental studies of sequential bargaining with discounting have generally found systematic deviations between the offers people make and perfect equilibrium offers derived from backward induction (e.g., Ochs and Roth 1989). We have extended this experimental literature in two ways. First, we used a novel software system to record the information subjects looked at while they bargained. Measuring patterns of information search helped us draw inferences about how people think, testing as directly as possible whether people use backward induction to compute offers. Second, we compared bargaining over gains that shrink over time (because of discounting) to equivalent bargaining over losses that expand over time. In the games we studied, two players bargain by making a finite number of alternating offers. A unique subgame-perfect equilibrium can be computed by backward induction. The induction begins in the last period and works forward. Our experiments use a three-round game with a pie of $5.00 and a 50-percent discount factor (so the pie shrinks to$2.50 and $1.25 in the second and third rounds). In the perfect equilibrium the first player offers the second player$1.25 and keeps $3.75

Market Orientation, Innovativeness, and Performance of Food Companies

Food processors have seen escalating levels of competition over the past three decades. An underlying objective of this research is to gain a greater understanding of how food companies thrive in the face of this increased competition. This study incorporates market orientation theory (competitor orientation, customer orientation, and interfunctional coordination) and firm innovativeness to explain differences in firm financial performance. A national survey of food processors was conducted and structural equation modeling was used to test the hypotheses. The results show that the more successful firms are more internally focused (interfunctional coordination and innovativeness) than externally focused (competitor and customer orientation).firm performance, food industry, innovativeness, market orientation, structural equation modeling, Agribusiness, Marketing,