Coordination after gains and losses: Is prospect theory’s value function predictive for games?

We analyze the effects of prior gain and loss experiences on individuals’ behavior in two coordination games: battle of the sexes and simultaneous market entry. We propose subjectively transformed games that integrate elements of prospect theory, aggregation of prior and subsequent payoffs, and social projection. Mathematical predictions of behavior are derived based on equilibrium selection concepts. Males’ behavior in our experimental studies is largely consistent with our predictions. However, the behavior of many female respondents appears to be rather consistent with interpreting the initial random lottery outcomes used to manipulate prior experiences as a signal for the players’ abilities to compete. This could be related to females’ known uneasiness of competing against counterparts that might be male and thus, a generally higher salience of rivalry in our incentivized experiments. Females also chose to play far more mixed strategies than males indicating some uncertainty about what type of behavior is appropriate.Prospect Game Theory, Prior Outcomes, Coordination, Equilibrium Selection, Economic Experiment, Agribusiness, Agricultural and Food Policy, Financial Economics, Institutional and Behavioral Economics, Research Methods/ Statistical Methods, Risk and Uncertainty,

Holding on for too long? An experimental study on inertia in entrepreneurs’ and non-entrepreneurs’ disinvestment choices

Disinvestment, in the sense of project termination and liquidation of assets including the cession of a venture, is an important realm of entrepreneurial decision-making. This study presents the results of an experimental investigation modeling the choice to disinvest as a dynamic problem of optimal stopping in which the patterns of decisions are analyzed with entrepreneurs and non-entrepreneurs. Our experimental results reject the standard net present value approach as an account of observed behavior. Instead, most individuals seem to understand the value of waiting. Their choices are weakly related to the disinvestment triggers derived from a formal optimal stopping benchmark consistent with real options reasoning. We also observe a pronounced ‘psychological inertia’, i.e., most individuals hold on to a losing project for even longer than real options reasoning would predict. The study provides evidence for entrepreneurs and non-entrepreneurs being quite similar in their behavior.Real-Options, Disinvestment, Exit Behavior, Experimental Economics, Agribusiness, Agricultural and Food Policy, Agricultural Finance, Institutional and Behavioral Economics,

Closing down the Farm: An Experimental Analysis of Disinvestment Timing

Agrarian structures are often characterized by some kind of economic inertia. It is particularly puzzling why unprofitable farms persist over time instead of being sold. In this paper we analyze the exit decision of farmers using the real options approach. The validity of the real options theory is assessed by means of laboratory experiments. Our results show that real options models are able to predict actual disinvestment decisions better than traditional investment theory. Nevertheless, the observed disinvestment reluctance was even more pronounced as predicted by theory. This finding suggests the inclusion of bounded rationality into normative disinvestment models.Disinvestment, Real Options, Experimental Economics, Agricultural Finance, Farm Management, C91, D81, D92,

ZUM DESINVESTITIONSVERHALTEN LANDWIRTSCHAFTLICHER UNTERNEHMER: ERGEBNISSE EINER EXPERIMENTELLEN UNTERSUCHUNG

Desinvestition, Realoptionsansatz, Experimentelle Ökonomik, Agricultural Finance, Farm Management, Financial Economics, Research Methods/ Statistical Methods,

Design of bimetallic Au/Cu nanoparticles in ionic liquids: Synthesis and catalytic properties in 5‐(hydroxymethyl)furfural oxidation

In alloyed nanoparticles, synergistic electronic and/or geometric effects may enhance the catalytic properties compared to their monometallic counterparts. Herein, we address the synthesis of bimetallic Au/Cu nanoparticles with different compositions by wet chemical reduction in ionic liquids. The nanoparticles were successively supported on carbon. The ionic liquid could be recycled after synthesis. Annealing of the carbon-supported NPs at 400 °C led to NPs of the ordered intermetallic L1$_{0}$ AuCu phase. The nanoparticle-derived catalysts were characterized by X-ray diffraction analysis, transmission electron microscopy, X-ray photoelectron spectroscopy and optical emission spectroscopy with inductively coupled plasma. Oxidation of biomass-derived furans is a prominent process for biomass transformation into value-added chemicals. Herein, the oxidation of 5-hydroxymethyl-2-furfural (HMF) to 2,5-furandicarboxylic acid (FDCA) was chosen as a model reaction to evaluate the effect of Cu addition and intermetallic structure on the catalytic performance. Particularly Au/Cu nanoparticles with an Au/Cu ratio of 3 : 1 showed very high conversion to FDCA

Mechanistic Insights into the Selective Oxidation of 5-(Hydroxymethyl)furfural over Silver-based Catalysts

Silver-catalyzed oxidation of 5-(hydroxymethyl)furfural (HMF) to 5-hydroxymethyl-2-furancarboxylic acid (HFCA) was investigated using Ag/ZrO$_{2}$ and Ag/TiO$_{2}$ catalysts. The reaction proceeded very selectively without formation of the dicarboxylic acid in the presence of air and NaOH as a base. In situ X-ray absorption spectroscopy (XAS) performed systematically under varying reaction conditions in a specially designed cell evidenced that reduced silver particles are the catalytically active species in this reaction. Although an incomplete reduction of Ag/ZrO$_{2}$ and Ag/TiO$_{2}$ was observed after the catalyst preparation even after reduction in hydrogen, silver was reduced to the metallic state as soon as HMF was introduced to the reaction mixture at room temperature and stayed reduced throughout the reaction under conditions optimized for high HFCA yield. The degree of silver reduction and product formation differed for varying reaction conditions, indicating that reduced silver particles, a homogeneous base and oxygen are needed in order to achieve high HFCA yield. Based on the catalytic and spectroscopic experiments, a detailed reaction mechanism is proposed involving a dehydrogenation pathway of an intermediately formed geminal diol in basic aqueous solution

Cavitation In Reciprocating Positive Displacement Pumps

LectureOwing to their impressive properties reciprocating positive displacement pumps are used in many applications. Pumping fluids at high delivery pressures and metering are the areas of frequent use. The design of reciprocating pumps requires an exact knowledge of the appearing phenomena such as unacceptable pipeline pulsation and harmful cavitation. But cavitation in reciprocating positive displacement pumps is still an insufficiently understood problem. For a better understanding of the effects of incipient, partial and full cavitation in reciprocating positive displacement pumps high-speed camera measurements were done under real operating conditions using a horizontal single-acting plunger pump. Inspection windows were placed to capture all cavitation phenomena. Exemplarily the cavitation phenomena and their erosive potential are to be described on the basis of high-speed sequences for selected cavitation conditions. Also the mechanism of the incipient cavitation and the opening of the self acting valves could be clearly investigated with this experimental setup. Standards and guidelines were discussed concerning the economical operating of reciprocating positive displacement pumps

Supported gold- and silver-based catalysts for the selective aerobic oxidation of 5-(hydroxymethyl)furfural to 2,5-furandicarboxylic acid and 5-hydroxymethyl-2-furancarboxylic acid

The sustainable synthesis of two important intermediates relevant for the production of bio-based polymers, 2,5-furandicarboxylic acid (FDCA) and 5-hydroxymethyl-2-furancarboxylic acid (HFCA), via oxidation of 5-(hydroxymethyl)furfural (HMF) was investigated using supported gold- and silver-based catalysts in water with air as the oxidant. High yields and selectivities for the production of FDCA (89%) and HFCA (≥98%) were achieved under the optimized reaction conditions with Au/ZrO2 and Ag/ZrO2 catalysts, respectively. While FDCA was mainly formed in the presence of gold catalysts at a maximum productivity of 67 molFDCA h−1 molAu−1, silver catalysts showed a remarkably high activity in aldehyde oxidation producing HFCA in almost quantitative yields with a maximum productivity of 400 molHFCA h−1 molAg−1. By variation of the reaction parameters, the Au/ZrO2 catalyst could be tuned to produce also HFCA, whereas the Ag/ZrO2 catalyst exclusively produced HFCA in a wide range of reaction parameters. The observed differences in catalyst selectivities can be taken as a starting point for further mechanistic investigation on the oxidation of HMF, contributing to a fundamental understanding of this reaction which is particularly important for establishing the production of bio-based polymers

Towards an intensified process of biomass-derived monomers: The influence of HMF by-products on gold-catalyzed synthesis of 2,5-furandicarboxylic acid

The utilization of biomass and development of intensified processes are essential to establish a sustainable production of chemicals in the future. Herein, we report on a strategy that allows one to directly convert the biomass-derived platform molecule 5-(hydroxymethyl)furfural (HMF) over Au/ZrO2 in aqueous medium to 2,5-furandicarboxylic acid (FDCA), a renewable building block for biobased polymers like polyethylene furanoate. The focus lies on identifying the influence of 5-(hydroxymethyl)furfural synthesis byproducts, like unconverted sugars, levulinic acid, and formic acid as well as the remaining inorganics, on the synthesis of 2,5-furandicarboxylic acid to save the intermediate step of HMF purification. These components were added to the reaction mixture individually and in combination to study their effect. Although most of these substances lowered the FDCA yield, the reaction conditions could be optimized to produce FDCA quantitatively. Only the addition of levulinic acid led to a severe deterioration of the production of FDCA, which was attributed to poisoning of the catalyst. In a realistic technical scenario, the direct oxidation of impure HMF from unconcentrated sugar syrup in high FDCA yield (74%) was demonstrated. Catalyst stability was investigated in the presence of sugars. On the basis of these studies, highly needed recommendations for the HMF synthesis were developed to establish a more sustainable, technically feasible, and intensified process for direct FDCA production from sugars at industrial scales

PERCEPTIONS OF STUDENTS WITH MULTIPLE DISABILITIES AND TYPICALLY DEVELOPING PEERS

The purpose of this study was to investigate if students with multiple disabilities perceived a lower level of feeling cared about, more difficulty in school, and decreased mental health status, when compared to their typically developing peers. Data from 244 participants was extracted from the National Survey of Adolescent Health. Of this sample, 36 participants were identified as having multiple disabilities. Independent samples t-tests and multivariate analyses of variance were used to analyze data using the sample of the population. No significant results were found, indicating that there are no differences between the perceptions of students with multiple disabilities and their typically developing peers.   Article visualizations