How Useful Are Environmental Safety Standards in Economics - the Example of Safe Minimum Standards for Protection of Species

The use of environmental safety standards is being increasingly advocated, and economists are being increasingly required to adapt their policy models to take account of such standards, e.g. by the use of transferable environmental damage quotas. The use of these standards may be a consequence of a greater desire to achieve more sustainable development and preserve the natural wealth available to future generations. An important means to this goal is to preserve biodiversity and genetic variability. Safe minimum standards for conservation of wildlife have been suggested as a way to achieve this. Sometimes safe minimum standards for conservation of species are defined in terms of their minimum viable populations and their minimum habitat requirements. However, as a review of recent scientific literature indicates, these safe minimum standards are very uncertain

Strategic asset allocation and market timing: a reinforcement learning approach

We apply the recurrent reinforcement learning method of Moody, Wu, Liao, and Saffell (1998) in the context of the strategic asset allocation computed for sample data from US, UK, Germany, and Japan. It is found that the optimal asset allocation deviates substantially from the fixed-mix rule. The investor actively times the market and he is able to outperform it consistently over the almost two decades we analyze. Copyright Springer Science+Business Media, LLC 2007Dynamic asset allocation, Bond/equity ratio, Reinforcement Learning,

Titan Surface Temperatures from Cassini CIRS

Thermal radiation from the surface of Titan reaches space through a spectral window at 19-microns wavelength. After removing the effects of the atmosphere, measurement of this radiance gives the brightness temperature of the surface. The Composite Infrared Spectrometer (CIRS) has made such measurements during the Cassini prime mission. These observations cover a wide range of emission angles, thereby constraining the contributions from atmospheric radiance and opacity. With the more complete latitude coverage and much larger dataset, we have been able to improve upon the original results from Voyager IRIS. CIRS measures an equatorial surface brightness temperature, averaged over longitude, of 93.7 +/- 0.6 K. This agrees with the HASI temperature at the Huygens landing site. The latitude dependence of surface brightness temperature exhibits an approximately 2 K decrease toward the South Pole and 3 K decrease toward the North Pole. The lower surface temperatures seen at high latitudes are consistent with conditions expected for lake formation