Ambiguity Aversion and Household Portfolio Choice Puzzles: Empirical Evidence

We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks

Evaluation of PCR primer selectivity and phylogenetic specificity by using amplification of 16S rRNA genes from betaproteobacterial ammonia-oxidizing bacteria in environmental samples

The effect of primer specificity for studying the diversity of ammonia-oxidizing betaproteobacteria (βAOB) was evaluated. βAOB represent a group of phylogenetically related organisms for which the 16S rRNA gene approach is especially suitable. We used experimental comparisons of primer performance with water samples, together with an in silico analysis of published sequences and a literature review of clone libraries made with four specific PCR primers for the βAOB 16S rRNA gene. With four aquatic samples, the primers NitA/NitB produced the highest frequency of ammonia-oxidizing-bacterium-like sequences compared to clone libraries with products amplified with the primer combinations βAMOf/βAMOr, βAMOf/Nso1255g, and NitA/Nso1225g. Both the experimental examination of ammonia-oxidizing-bacterium-specific 16S rRNA gene primers and the literature search showed that neither specificity nor sensitivity of primer combinations can be evaluated reliably only by sequence comparison. Apparently, the combination of sequence comparison and experimental data is the best approach to detect possible biases of PCR primers. Although this study focused on βAOB, the results presented here more generally exemplify the importance of primer selection and potential primer bias when analyzing microbial communities in environmental samples

Community analysis of aggregated bacteria in southern Lake Baikal

The main aim of this study is to unveiling the community structure of aggregated bacteria in lake Baikal and determining the relations with free-living bacteria. For achieving this aim, FISH method was applied to free-living and aggregated bacteria in Lake Baikal at April, 2001. Bacterial counts of free-living bacteria by DAPI staining ranged from 0.2×10⁶ to 3.2×10⁶ cells·ml⁻¹, which decreased with depths, whereas aggregated bacterial numbers dramatically increased with depths, ranged from 0.4×10⁴ to 3.3×10⁴ cells·ml⁻¹. Also, the ratios of EUB probe binding cells to DAPI counts ranged from 52.3 to 74.1% in free-living bacteria, from 39.6 to 66.7% in aggregated bacteria, respectively. Community composition of aggregated bacteria was very different from free-livng bacteria. Especially, that is remarked at 25m depth which is observed the highest value phytoplankton. The vertical profile of aggregated bacteria community was very particular. β-Proteobacteria was increasing with depth till 100m. In 250m depth, γ-Proteobacteria was 44% of DAPI bound cells, while other groups were less than 1%. In conclusion, the bacterial community structures of free-living and aggregated bacteria were very different, and they sustain the independent ecosystem separately.Article信州大学山地水環境教育研究センター研究報告 2: 91-95(2004)departmental bulletin pape

International Conference VIDEO-ANALYSIS: METHODOLOGY AND METHODS

We test the relation between ambiguity aversion and five household portfolio choice puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company stock ownership, and portfolio under-diversification. In a representative US household survey, we measure ambiguity preferences using custom-designed questions based on Ellsberg urns. As theory predicts, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and foreign stock ownership, but it is positively related to own-company stock ownership. Conditional on stock ownership, ambiguity aversion is related to portfolio under-diversification, and during the financial crisis, ambiguity-averse respondents were more likely to sell stocks

Experimental research of terminal control area operations under uncertainty conditions

The experimental research of terminal control area operations under uncertainty conditions is considered. The Identification and assessment of threat factors in air traffic controller operation, identification of the point of controllers’ extreme operational conditions appearance and recommendations on associated errors capture and mitigation and improvement of airspace structure on the strategic planning phase are considered

Automatic ROI detection and classification of the Achilles tendon ultrasound images

Ultrasound (US) imaging plays an important role in medical imaging technologies. It is widely used because of its ease of use and low cost compared to other imaging techniques. Specifically, ultrasound imaging is used in the detection of the Achilles Tendon (AT) pathologies as it detects important details. For example, US imaging is used for AT rupture that affects about 1 in 5,000 people worldwide. Decision support systems are important in medical imaging, as they assist radiologist in detecting probable diagnoses and lesions. The work presented in this paper concerns the development of a software application to detect changes in the AT ultrasound images and subsequently classify them into normal or abnormal. We propose an approach that fully automates the detection for the Region of Interest (ROI) in ultrasound AT images. The original image is divided into six blocks with 1 cm size in each direction. The blocks lie inside the vulnerable area considered as our ROI. The proposed system achieved an accuracy of 97.21%

Self-organising comprehensive handover strategy for multi-tier LTE-advanced heterogeneous networks

Long term evolution (LTE)-advanced was introduced as real fourth generation (4G) with its new features and additional functions, satisfying the growing demands of quality and network coverage for the network operators' subscribers. The term muti-tier has also been recently used with respect to the heterogeneity of the network by applying the various subnetwork cooperative systems and functionalities with self-organising capabilities. Using indoor short-range low-power cellular base stations, for example, femtocells, in cooperation with existing long-range macrocells are considered as the key technical challenge of this multi-tier configuration. Furthermore, shortage of network spectrum is a major concern for network operators which forces them to spend additional attentions to overcome the degradation in performance and quality of services in 4G HetNets. This study investigates handover between the different layers of a heterogeneous LTE-advanced system, as a critical attribute to plan the best way of interactive coordination within the network for the proposed HetNet. The proposed comprehensive handover algorithm takes multiple factors in both handover sensing and decision stages, based on signal power reception, resource availability and handover optimisation, as well as prioritisation among macro and femto stations, to obtain maximum signal quality while avoiding unnecessary handovers

Impact of long-range interactions on the disordered vortex lattice

The interaction between the vortex lines in a type-II superconductor is mediated by currents. In the absence of transverse screening this interaction is long-ranged, stiffening up the vortex lattice as expressed by the dispersive elastic moduli. The effect of disorder is strongly reduced, resulting in a mean-squared displacement correlator = characterized by a mere logarithmic growth with distance. Finite screening cuts the interaction on the scale of the London penetration depth \lambda and limits the above behavior to distances R<\lambda. Using a functional renormalization group (RG) approach, we derive the flow equation for the disorder correlation function and calculate the disorder-averaged mean-squared relative displacement \propto ln^{2\sigma} (R/a_0). The logarithmic growth (2\sigma=1) in the perturbative regime at small distances [A.I. Larkin and Yu.N. Ovchinnikov, J. Low Temp. Phys. 34, 409 (1979)] crosses over to a sub-logarithmic growth with 2\sigma=0.348 at large distances.Comment: 9 pages, no figure

Cross-cultural regularities in the cognitive architecture of pride

Pride occurs in every known culture, appears early in development, is reliably triggered by achievements and formidability, and causes a characteristic display that is recognized everywhere. Here, we evaluate the theory that pride evolved to guide decisions relevant to pursuing actions that enhance valuation and respect for a person in the minds of others. By hypothesis, pride is a neurocomputational program tailored by selection to orchestrate cognition and behavior in the service of: (i) motivating the costeffective pursuit of courses of action that would increase others' valuations and respect of the individual, (ii) motivating the advertisement of acts or characteristics whose recognition by others would lead them to enhance their evaluations of the individual, and (iii) mobilizing the individual to take advantage of the resulting enhanced social landscape. To modulate how much to invest in actions that might lead to enhanced evaluations by others, the pride system must forecast the magnitude of the evaluations the action would evoke in the audience and calibrate its activation proportionally. We tested this prediction in 16 countries across 4 continents (n = 2,085), for 25 acts and traits. As predicted, the pride intensity for a given act or trait closely tracks the valuations of audiences, local (mean r = +0.82) and foreign (mean r = +0.75). This relationship is specific to pride and does not generalize to other positive emotions that coactivate with pride but lack its audience-recalibrating function

Search for direct production of charginos and neutralinos in events with three leptons and missing transverse momentum in √s = 7 TeV pp collisions with the ATLAS detector

A search for the direct production of charginos and neutralinos in final states with three electrons or muons and missing transverse momentum is presented. The analysis is based on 4.7 fb−1 of proton–proton collision data delivered by the Large Hadron Collider and recorded with the ATLAS detector. Observations are consistent with Standard Model expectations in three signal regions that are either depleted or enriched in Z-boson decays. Upper limits at 95% confidence level are set in R-parity conserving phenomenological minimal supersymmetric models and in simplified models, significantly extending previous results