Following the Herd: An Economic Analysis of the Effects of Herd Mentality on the U.S. Housing Bubble

One focus of economics in the recent years has been the integration of human behavior, including that of herd behavior, into economic thought. Herd behavior can be defined as the way that individuals, who have private information, end up acting together as a group inadvertently, without planned action. It is thought to be caused by incomplete information and subsequently information cascades. Does this behavior exist, and if it does, did it have any effect on the recent housing market? The last twelve years provide a good opportunity to test whether or not herd behavior exists in the housing market, and if it had any effect on the housing bubble. While controlling for other factors, time series regressions were run from the period of 1990 to 2009 in order to find evidence of herding in this market. Anecdotal evidence and regression results indicate that herd behavior does exist, that it does have effects on the housing market, and that it did help cause the recent housing bubble. Considering the high price of homeownership, herd behavior likely has effects on other markets, not just the market for homes. Policy actions should be taken in order to reduce the occurrence of this type of behavior in the future, to further limit the volatility of all markets, including housing and to help prevent future economic crises

Power in management and organization science

This paper reviews and evaluates the concept of power in management and organization science. In order to organize the extant literature on this topic, we develop a framework that identifies four faces of power (i.e. coercion, manipulation, domination, and subjectification) and four sites of power (i.e. power enacted “in”, “through”, “over”, and “against” organizations). This allows us to evaluate assumptions both shared and contested in the field. Building on the review, the paper then points to potentially novel areas of research that may extend our understandings of organizational power in management and organization science

MMP for co-rank one foliation on threefolds

We prove existence of flips, special termination, the base point free theorem and, in the case of log general type, the existence of minimal models for F-dlt foliated log pairs of co-rank one on a projective threefold. As applications, we show the existence of F-dlt modifications and F-terminalisations for foliated log pairs and we show that foliations with canonical or F-dlt singularities admit non-dicritical singularities. Finally, we show abundance in the case of numerically trivial foliated log pairs

Eocene–early Oligocene climate and vegetation change in southern China: Evidence from the Maoming Basin

Although the Eocene-Oligocene climate transition marks a critical point in the development of the ‘icehouse’ global climate of the present little is known about this important change in the terrestrial realm at low latitudes. Our palynological study of the Shangcun Formation shows it to be early Oligocene in age: palyno-assemblages in the lower part of the formation indicate a cool interval dominated by conifer pollen in the earliest Oligocene followed by a warmer regime in the second half of the early Oligocene. To quantify middle Eocene to late early Oligocene climate conditions at low (~ 20°N) palaeolatitudes in southern Asia several thousand leaf fossil specimens from the Maoming Basin, southern China, were subjected to a multivariate (CLAMP) analysis of leaf form. For terrestrial palaeoclimate comparisons to be valid the palaeoaltitude at which the proxy data are obtained must be known. We find that leaves preserved in the Youganwo (middle Eocene), Huangniuling (late Eocene) and Shangcun (early Oligocene) formations were likely to have been deposited well above sea level at different palaeoelevations. In the Youganwo Formation fine-grained sediments were deposited at an altitude of ~ 1.5 km, after which the basin dropped to ~ 0.5 km by the time the upper Huangniuling sediments were deposited. The basin floor then rose again by 0.5 km reaching an altitude of approximately 1 km in which the Shangcun Formation fine-grained sediments were accumulated. Within the context of these elevation changes the prevailing climates experienced by the Youganwo, Lower Huangniuling, Upper Huangniuling and Shangcun fossil floras were humid subtropical with hot summers and warm winters, but witnessed a progressive increase in rainfall seasonality. By the early Oligocene rainfall seasonality was similar to that of the modern monsoonal climate of Guangdong Province, southern China. All floras show leaf physiognomic spectra most similar to those growing under the influence of the modern Indonesia-Australia Monsoon, but with no evidence of any adaptation to today's South or East Asia Monsoon regimes. The Upper Huangniuling Flora, rich in dipterocarp plant megafossils, grew in the warmest conditions with the highest cold month mean temperature and at the lowest altitude

Selective and Sequential Catalytic Chemical Depolymerization and Upcycling of Mixed Plastics

Chemical recycling to monomer (CRM) provides a useful technique to allow for polymer-to-monomer-to-polymer circular economies. A significant challenge remains, however, in the treatment of mixed plastics by CRM in which unselective depolymerization requires either presorting of plastics or purification processes postdepolymerization, both of which add cost to waste plastic processing. We report a simple, yet selective, chemical depolymerization of three commonly used polymers, poly(lactic acid) (PLA), bisphenol A polycarbonate (BPA-PC), and polyethylene terephthalate (PET), using inexpensive and readily available common metal salt/organobase dual catalysts. By a judicious choice of catalyst and conditions, selective and sequential depolymerization of mixtures of the polymers was demonstrated. Furthermore, the potential for upcycling of polymers to value-added monomers was explored through the application of alternative nucleophiles within the depolymerization.</p

Enhanced hydrogen storage in Ni/Ce composite oxides

The properties of dried (but not calcined) coprecipitated nickel ceria systems have been investigated in terms of their hydrogen emission characteristics following activation in hydrogen. XRD and BET data obtained on the powders show similarities to calcined ceria but it is likely that the majority of the material produced by the coprecipitation process is largely of an amorphous nature. XPS data indicate very little nickel is present on the outermost surface of the particles. Nevertheless, the thermal analytical techniques (TGA, DSC and TPD-MS) indicate that the hydrogen has access to the catalyst present and the nickel is able to generate hydrogen species capable of interacting with the support. Both unactivated and activated materials show two hydrogen emission features, viz. low temperature and high temperature emissions (LTE and HTE, respectively) over the temperature range 50 and 500 °C. A clear effect of hydrogen interaction with the material is that the activated sample not only emits much more hydrogen than the corresponding unactivated one but also at lower temperatures. H2 dissociation occurs on the reduced catalyst surface and the spillover mechanism transfers this active hydrogen into the ceria, possibly via the formation and migration of OH− species. The amount of hydrogen obtained (0.24 wt%) is 10× higher than those observed for calcined materials and would suggest that the amorphous phase plays a critical role in this process. The affiliated emissions of CO and CO2 with that of the HTE hydrogen (and consumption of water) strongly suggests a proportion of the hydrogen emission at this point arises from the water gas shift type reaction. It has not been possible from the present data to delineate between the various hydrogen storage mechanisms reported for ceria

Higher analogues of the discrete-time Toda equation and the quotient-difference algorithm

The discrete-time Toda equation arises as a universal equation for the relevant Hankel determinants associated with one-variable orthogonal polynomials through the mechanism of adjacency, which amounts to the inclusion of shifted weight functions in the orthogonality condition. In this paper we extend this mechanism to a new class of two-variable orthogonal polynomials where the variables are related via an elliptic curve. This leads to a `Higher order Analogue of the Discrete-time Toda' (HADT) equation for the associated Hankel determinants, together with its Lax pair, which is derived from the relevant recurrence relations for the orthogonal polynomials. In a similar way as the quotient-difference (QD) algorithm is related to the discrete-time Toda equation, a novel quotient-quotient-difference (QQD) scheme is presented for the HADT equation. We show that for both the HADT equation and the QQD scheme, there exists well-posed $s$-periodic initial value problems, for almost all \s\in\Z^2. From the Lax-pairs we furthermore derive invariants for corresponding reductions to dynamical mappings for some explicit examples.Comment: 38 page

Semi-classical Laguerre polynomials and a third order discrete integrable equation

A semi-discrete Lax pair formed from the differential system and recurrence relation for semi-classical orthogonal polynomials, leads to a discrete integrable equation for a specific semi-classical orthogonal polynomial weight. The main example we use is a semi-classical Laguerre weight to derive a third order difference equation with a corresponding Lax pair.Comment: 11 page