Herding and Contrarian Behavior in Financial Markets: An Experimental Analysis

We are the first paper to analyse and confirm the existence and extent of rational informational herding and rational informational contrarianism in a financial market experiment, and to compare and contrast these with the equivalent irrational phenomena. In our study, subjects generally behaved according to benchmark rationality. Moreover, traders who should herd or be contrarian in theory are the significant source of both. Behavioural modifications or allowing risk aversion add little to performance and insight. JEL Classification: C91, D82, G14

Company Competitiveness as a Variable Success Strategy for the Territory and the Environment

Supporting the fortunes of the Made in Italy agri-food brand are the best quality products which can be found throughout the Italian territory and which, in many cases, derive from Southern Italy, with a particularly interesting role assumed by Campania and Sicily.The Sicily Region boasts a varied and peculiar food and wine heritage, especially from a qualitative point of view, the Born in Sicily brand, made with excellent raw materials which constitute and support the development of important production lines within the agro-industrial sector.Among the most important food industries in Italy and on the island, there are some operating in the confectionery industry. Today the fast-growing confectionery industry contributes a great deal to the agri-food system.This study analyzes the agri-food system both in Italy and Sicily, highlighting the main sectors which contribute to make the Made in Italy brand competitive around the world and how companies have succeeded in starting up some interesting internationalization processes.This the reason why a specific case regarding a Sicilian confectionery industry is examined so as to understand how it was able to create such a successful innovative product, establishing itself on both the national and international market.The results show that entrepreneurial skills contribute a great deal to creating business competitiveness and territorial development

Measuring National Mood with Music: Using Machine Learning to Construct a Measure of National Valence from Audio Data

We propose a new measure of national valence based on the emotional content of a country’s most popular songs. We first trained a machine learning model using 191 different audio features embedded within music and use this model to construct a long-run valence index for the UK. This index correlates strongly and significantly with survey-based life satisfaction and outperforms an equivalent text-based measure. Our methods have the potential to be applied widely and to provide a solution to the severe lack of historical time-series data on psychological well-being

Universal design as resilient urban space plan strategy. New scenarios for environmental resources’ sustainable management

Nowadays, urban framework, stressed by the growing anthropic pressure and its constantly evolving use requests is split by uneven structures, contexts, users and patchy needs, which come out to be inefficient and ineffective in access and management. This fact is directly connected both with morph-functional structure of urban texture and its continuous changing trends. The most important consequences of this situation are some negative effects that produce entropy, mistaken anthropic space uses, ecological networks decrease and most of all a substantial urban life quality reduction connected with mobility problems and non-resilient spaces’ use at the different plan scales. These elements make it necessary to restart thinking about environmental resources’ sustainable use and management. Universal design comes out to be a useful tool related to urban space planning strategies in terms of resilient choices and actions. Design for all plan approach also represents a good solution for matching people needs to urban environmental quality improvement. This idea is supported by the experience of a certain case study, that considers universal design application positive effects on open public space plan strategy in Oslo, together with an example of an active use of water to plan a sustainable public space in Rotterdam

Marketing strategy, social responsibility, and value chain in the agri-food system

The agri-food sector has changed significantly over the years, moving from a simple production system to a more and more industrialized one. For agents/operators involved in this sector, ensuring product quality and environmental externalities has become the key point to gaining a competitive advantage. In this context, corporate social responsibility (CSR) fits perfectly. This study analyzes the influence of CSR practices on the economic performance of a random sample of 130 agri-food companies in Italy. The results of an analysis of multiple linear regression models show that the economic performance (measured through value added and income) of agri-food enterprises seems to be influenced statistically by workplace CSR practices. Analysis of another model, during which we studied the relationship between income and the CSR practices (independent variables), highlights that operating results (economic performance) can be improved by CSR practices regarding the workplace, environment, and local community. Thus, empirical evidence shows that some CSR practices have positive effects on economic performance, with several implications for theory and practice

A Reinforcement Learning Approach to the Design of Quantum Chains for Optimal Energy Transfer

We propose a bottom-up approach, based on Reinforcement Learning, to the design of a chain achieving efficient excitation-transfer performances. We assume distance-dependent interactions among particles arranged in a chain under tight-binding conditions. Starting from two particles and a localised excitation, we gradually increase the number of constitutents of the system so as to improve the transfer probability. We formulate the problem of finding the optimal locations and numbers of particles as a Markov Decision Process: we use Proximal Policy Optimization to find the optimal chain-building policies and the optimal chain configurations under different scenarios. We consider both the case in which the target is a sink connected to the end of the chain and the case in which the target is the right-most particle in the chain. We address the problem of disorder in the chain induced by particle positioning errors. We are able to achieve extremely high excitation transfer in all cases, with different chain configurations and properties depending on the specific conditions.Comment: 8 pages, 6 figure

Subchondroplasty in the treatment of bone marrow lesions of the knee: Preliminary experience on first 15 patients

Purpose The aim of this prospective study was to assess the effectiveness in terms of pain relief and functional improvement of the Subchondroplasty procedure in the treatment of osteoarthritis-related bone marrow lesions (BMLs) of the knee. Methods The study included first 15 consecutive patients undergone to Subchon-droplasty procedure for the treatment of chronic degenerative BMLs in which previous conservative treatment have failed. Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) scores, Knee Injury and Osteoarthritis Outcome Scores (KOOS), and visual analog scale (VAS) pain scores were obtained preoperatively and at 1, 6, and 12 months of follow-up. Results WOMAC scores significantly improved from 39.7 \ub1 20.2 before surgery to 26.8 \ub1 16.1 at the 1-month follow-up (p = 0.045). A further significant improvement to 15.5 \ub1 12.7 (p = 0.02) and to 8.6 \ub1 3.1 (p <0.01) was obtained both at 6-month and at 1-year follow-up. KOOS scores improved significantly from 47.5 \ub1 16.6 before surgery to 65.4 \ub1 14.9 at 1 month (p = 0.013) and to 80.4 \ub1 15.1 at 6-month follow-up (p = 0.01). A further improvement to 85.6 \ub1 15.1 was recorded 1 year postoperatively, although nonsignificant. VAS score showed a significant improvement from 55.8 \ub1 20.5 preoperatively to 36.2 \ub1 16.9 at 1 month (p = 0.008) and to 18.2 \ub1 17.3 at 6-month follow-up (p = 0.005). This further improved to 12.8 \ub1 17.9 at 1-year follow-up, although not significantly. Conclusion Subchondroplasty procedure represents a safe and valid surgical option in the treatment of osteoarthritis-related BMLs of the knee, providing an improvement in terms of pain relief and functional recovery. Longer studies are required to evaluate how long these improvements may last. Level of Evidence Therapeutic case-series, Level IV study