Reciprocity as a foundation of financial economics

This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice

Actively evolving subglacial conduits and eskers initiate ice shelf channels at an Antarctic grounding line

Ice-shelf channels are long curvilinear tracts of thin ice found on Antarctic ice shelves. Many of them originate near the grounding line, but their formation mechanisms remain poorly understood. Here we use ice-penetrating radar data from Roi Baudouin Ice Shelf, East Antarctica, to infer that the morphology of several ice-shelf channels is seeded upstream of the grounding line by large basal obstacles indenting the ice from below. We interpret each obstacle as an esker ridge formed from sediments deposited by subglacial water conduits, and calculate that the eskers’ size grows towards the grounding line where deposition rates are maximum. Relict features on the shelf indicate that these linked systems of subglacial conduits and ice-shelf channels have been changing over the past few centuries. Because ice-shelf channels are loci where intense melting occurs to thin an ice shelf, these findings expose a novel link between subglacial drainage, sedimentation and ice-shelf stability

Subglacial lake drainage detected beneath the Greenland ice sheet

The contribution of the Greenland ice sheet to sea-level rise has accelerated in recent decades. Subglacial lake drainage events can induce an ice sheet dynamic response—a process that has been observed in Antarctica, but not yet in Greenland, where the presence of subglacial lakes has only recently been discovered. Here we investigate the water flow paths from a subglacial lake, which drained beneath the Greenland ice sheet in 2011. Our observations suggest that the lake was fed by surface meltwater flowing down a nearby moulin, and that the draining water reached the ice margin via a subglacial tunnel. Interferometric synthetic aperture radar-derived measurements of ice surface motion acquired in 1995 suggest that a similar event may have occurred 16 years earlier, and we propose that, as the climate warms, increasing volumes of surface meltwater routed to the bed will cause such events to become more common in the future

Decision-making heuristics for managing climate-related risks: introducing equity to the FREE framework

Managing climate-related risks is clouded in differing levels of uncertainty that are magnified when trying to understand their potential impacts on socio-ecological systems. The ‘cascade of uncertainty’ is particularly apparent in Africa where socio-ecological data are sparse, and the development and validation of impact models are at varying stages. In this context, using heuristics may serve as an effective way for policy makers to incorporate climate change knowledge into decision-making. Previous scholarship has identified the principles of Flexibility, Robustness and Economic low/no regrets in decision-making under uncertainty. In this chapter, we first make the case for adding Equity to these heuristics, where equity involves ensuring that reducing the climate change risk for one cohort of society does not result in its increase for another. Second, we describe how these principles have been applied under two DFID/NERC funded projects: ForPAc and AMMA-2050 through the use of Participatory Impact Pathways Analysis tools

The distinct roles of spirituality and religiosity in physical and mental health after collective trauma: a national longitudinal study of responses to the 9/11 attacks

Researchers have identified health implications of religiosity and spirituality but have rarely addressed differences between these dimensions. The associations of religiosity and spirituality with physical and mental health were examined in a national sample (N = 890) after the September 11, 2001 terrorist attacks (9/11). Health information was collected before 9/11 and health, religiosity, and spirituality were assessed longitudinally during six waves of data collection over the next 3 years. Religiosity (i.e., participation in religious social structures) predicted higher positive affect (β = .12), fewer cognitive intrusions (β = -.07), and lower odds of new onset mental (incidence rate ratio [IRR] = .88) and musculoskeletal (IRR = .94) ailments. Spirituality (i.e., subjective commitment to spiritual or religious beliefs) predicted higher positive affect (β = .09), lower odds of new onset infectious ailments (IRR = 0.83), more intrusions (β = .10) and a more rapid decline in intrusions over time (β = -.10). Religiosity and spirituality independently predict health after a collective trauma, controlling for pre-event health status; they are not interchangeable indices of religion

Iceberg melting substantially modifies oceanic heat flux towards a major Greenlandic tidewater glacier

Fjord dynamics influence oceanic heat flux to the Greenland ice sheet. Submarine iceberg melting releases large volumes of freshwater within Greenland’s fjords, yet its impact on fjord dynamics remains unclear. We modify an ocean model to simulate submarine iceberg melting in Sermilik Fjord, east Greenland. Here we find that submarine iceberg melting cools and freshens the fjord by up to ~5 °C and 0.7 psu in the upper 100-200 m. The release of freshwater from icebergs drives an overturning circulation, resulting in a ~10% increase in net up-fjord heat flux. In addition, we find that submarine iceberg melting accounts for over 95% of heat used for ice melt in Sermilik Fjord. Our results highlight the substantial impact that icebergs have on the dynamics of a major Greenlandic fjord, demonstrating the importance of including related processes in studies that seek to quantify interactions between the ice sheet and the ocean