Gravitational spreading and formation of new rift zones on overlapping volcanoes

Large volcanic edifices are often shaped by the coalescence of adjacent volcanoes as well as intrusive rift zones and gravitational spreading. To better understand the structure of such volcanoes we designed analogue experiments simulating gravitational spreading of an edifice made by overlapping cones of different age, and examined the formation of rift zones. The results allow distinction of two main rift geometries. (i) Spreading edifices of similar age that partly overlap, tend to develop a rift zone approximately perpendicular to the boundary of both volcanoes. Such a rift zone causes two volcanoes to grow together and form an elongated topographic ridge. (ii) Partly overlapping volcanoes of different age are spreading at different rates and thus form a rift zone parallel to the boundary of both volcanoes. Such a rift zone causes two volcanoes to structurally separate. The results are widely applicable for large volcanoes subject to rifting and flank spreading, which we demonstrate for Réunion Island and for southern Hawaii

Valuing Others’ Information under Imperfect Expectations

Sometimes we believe that others receive harmful information. However, Marschak’s value of information framework always assigns non-negative value under expected utility: it starts from the decision maker’s beliefs – and one can never anticipate information’s harmfulness for oneself. The impact of decision makers’ capabilities to process information and of their expectations remains hidden behind the individual and subjective perspective Marschak’s framework assumes. By introducing a second decision maker as a point of reference, this paper introduces a way for evaluating others’ information from a cross-individual, imperfect expectations perspective for agents maximising expected utility. We define the cross-value of information that can become negative – then the information is “harmfulâ€\x9D from a cross-individual perspective – and we define (mutual) cost of limited information processing capabilities and imperfect expectations as an opportunity cost from this same point of reference. The simple relationship between these two expected utility-based concepts and Marschak’s framework is shown, and we discuss evaluating short-term reactions of stock market prices to new information as an important domain of valuing others’ information. Copyright Springer Science+Business Media, LLC 2007value of information, decision under risk, imperfect expectations, cross-value of information, harmful information, stock market prices, D80, D82, D83,