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

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

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

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

Distribution of pectins in the pollen apertures of Oenothera hookeri.velans ster/+ster.

Cell wall pectins are some of the most complex biopolymers known, and yet their functions remain largely mysterious. The aim of this paper was to deepen the study of the spatial pattern of pectin distribution in the aperture of Oenothera hookeri.velans ster/+ster fertile pollen. We used “in situ” immunocytochemical techniques at electron microscopy, involving monoclonal antibodies JIM5 and JIM7 directed against pectin epitopes in fertile pollen grains of Oenothera hookeri.velans ster/+ster. The same region was also analyzed by classical cytochemistry for polysaccharide detection. Immunogold labelling at the JIM7 epitope showed only in mature pollen labelling mainly located at the intine endo-aperture region. Cytoplasmic structures near the plasma membrane of the vegetative cell showed no labelling gold grains. In the same pollen stage the labelling at the JIM5 epitope was mostly confined to a layer located in the limit between the endexine and the ektexine at the level of the border of the oncus. Some tubuli at the base of the ektexine showed also an accumulation of gold particles. No JIM5 label was demonstrated in the aperture chamber and either in any cytoplasmic structure of the pollen grains. The immunocytochemical technique, when compared with the traditional methods for non- cellulose polysaccharide cytochemistry is fare more sensitive and allows the univocal determination of temporal and spatial location of pectins recognized by the JIM7 and JIM5 MAbs.publishedVersio

Texture advection on discontinuous flows

Texture advection techniques, which transport textures using a velocity field, are used to visualize the dynamics of a flow on a triangle mesh. Some flow phenomena lead to velocity fields with discontinuities that cause the deformation of the texture which is not properly controlled by these techniques. We propose a method to detect and visualize discontinuities on a flow, keeping consistent texture advection at both sides of the discontinuity. The method handles the possibility that the discontinuity travels across the domain of the flow with arbitrary velocity, estimating its speed with least-squares approximation. The technique is tested with different sample scenarios and with two avalanche scenes, showing that it can run at interactive rates

Frailty is associated with objectively assessed sedentary behaviour patterns in older adults: Evidence from the Toledo Study for Healthy Aging (TSHA)

Objective: The aim of this study was to examine the association of sedentary behaviour patterns with frailty in older people. Setting: Clinical setting. Design: Cross-sectional, observational study. Participants and measurements: A triaxial accelerometer was used in a subsample from the Toledo Study for Healthy Aging (519 participants, 67–97 years) to assess several sedentary behaviour patterns including sedentary time per day, the number and duration (min) of breaks in sedentary time per day, and the proportion of the day spent in sedentary bouts of 10 minutes or more. Frailty was assessed using the Frailty Trait Scale (FTS). Regression analysis was used to ascertain the associations between sedentary behaviour patterns and frailty. Results: Sedentary time per day and the proportion of the day spent in sedentary bouts of 10 minutes or more, were positively associated with frailty in the study sample. Conversely, the time spent in breaks in sedentary time was negatively associated with frailty. Conclusion: In summary, breaking up sedentary time and time spent in sedentary behaviour are associated with frailty in older people