Financial Transaction Tax: Small is Beautiful

The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially undesirable transactions when more direct means of doing so are unavailable for political or practical reasons. Some financial transactions are indeed likely to do more harm than good, especially when they contribute to the systemic risk of the financial system. However, such a financial transaction tax should be very small, much smaller than the negative externalities in question, because it is a blunt instrument that also drives out socially useful transactions. There is a case for taxing over-the-counter derivative transactions at a somewhat higher rate than exchange-based derivative transactions. More targeted remedies to drive out socially undesirable transactions should be sought in parallel, which would allow, after their implementation, to reduce or even phase out financialtransaction taxes

Adult labour market implications of antisocial behaviour in childhood and adolescence: findings from a UK longitudinal study

While antisocial behaviour in younger age groups is largely viewed as a public externality issue, there are also reasons for expecting less favourable life-course outcomes for those individuals who follow antisocial developmental pathways. Data from a UK longitudinal study of delinquent development in a cohort of working class boys are used to model the adult labour market implications of different antisocial developmental pathways to age 32. A series of probit estimations suggests that children identified as troublesome by peers and teachers at an early age, and who subsequently engaged in delinquent behaviour throughout their adolescence, had a significantly higher probability of experiencing long periods of time out of the workforce prior to age 32 and lengthy periods of unemployment and/or low paid work at both age 18 and at age 32. A Heckman selectivity model estimated on weekly earnings at age 32 does not provide evidence that antisocial development in children and adolescents is associated with a lower wage. However, the findings from a two-part model suggest that antisocial boys will have significantly lower levels of expected earnings from employment at 32 years--an effect that is almost entirely the result of lower rates of workforce participation. While a full causal, structural model of labour outcomes is not developed, there is tentative evidence that relatively poor employment outcomes for antisocial boys are mediated through poor educational attainment at secondary school and higher rates of criminal conviction in early adulthood.

Bull in a China Shop: Alternate Reality Games and Transgressive Fan Play in Social Media Franchises

In this article I examine the role of fan ARGs in Lonelygirl15 (LG15), a video blog that became one of the first social media franchises of YouTube. Eager to explore the narrative possibilities of Internet technologies, its creators set out to provide community-based storytelling that embodied the general spirit of coauthorship. To ensure viral distribution, the videos were shot to evoke the maximum amount of curiosity, teasing their viewers with a seemingly simple plot laden with clues that promised a deeper mystery. While fan creativity was encouraged, the concerns over creating a commercially viable story led to careful management of fan activities and strict definition of the boundaries of the LG15 canon. Intrigued by the mysterious beginnings of the show, some fans created ARG spin-offs to deliver a more engaging experience than the show initially offered. I argue that early fan ARGs became tactics through which fans engaged in transgressive play and negotiated a more meaningful role within the franchise

Spectroscopic Study of the Thermal Degradation of PVP-Capped Rh and Pt Nanoparticles in H-2 and O-2 Environments

Poly(N-vinylpyrrolidone (PVP)-capped platinum and rhodium nanoparticles (7-12 nm) have been Studied with UV-vis, FTIR, and Raman spectroscopy. The absorption bands in the region of 190-900 nm are shown to be sensitive to the electronic structure of surface Rh and Pt atoms as well as to the aggregation of the nanoparticles. In-situ FTIR-DRIFT spectroscopy of the thermal decay of PVP-stabilized Rh and Pt nanoparticles in H-2 and O-2 atmospheres in temperatures ranging from 30 to 350 degrees C reveals the decomposition of PVP above 200 degrees C; PVP transforms into a "polyamide-polyene"-like material that is, in turn, converted into a thin layer of amorphous carbon above 300 degrees C. Adsorbed carbon monoxide was used as a probing molecule to monitor changes of the electronic structure of surface Rh and Pt atoms and accessible surface area. The behavior of surface Rh and Pt atoms with ligated CO and amide groups of pyrrolidones resembles that of surface coordination compounds.close222