The Emergence of Captive Finance Companies and Risk Segmentation of the Consumer Loan Market:Theory and Evidence

A parental seller with market power to some degree in its product market can earn rents. In this context, there is a gain to granting credit for the purchase of the product and thus the establishment of captive finance company for expanding the sales by offering loans to consumers who need financing for purchase of durable good. This paper examines the optimal behavior of such a durable good seller and its captive finance company when the consumer loan market is segmented into captive and independent lending institutions under symmetric and imperfect information on borrower’s creditworthiness. The model presents that one critical difference for captive finance company will be its credit standard. Specifically, the model indicates that captive finance company will follow a more lenient credit standard, leading to the prediction that the likelihood of repayment of a captive loan is lower than that of a bank loan, other things equal. This prediction is tested using unique data sets drawn from a major credit bureau in the U.S. The analysis of credit bureau data shows that a captive automobile loan is less likely to be repaid than a bank automobile loan, which supports the theoretical prediction.Monopolistic Competition, Consumer Loan Market, Captive Finance Company, Differential Loan Performances

Insect consciousness: Commitments, conflicts and consequences

Our target article, “Insects have the capacity for subjective experience,” has provoked a diverse range of commentaries. In this response we have collated what we see as the major themes of the discussion. It is clear that we differ from some commentators in our commitments to what subjective experience is and what the midbrain is capable of. Here we clarify where we stand on those points and how our view differs from some other influential perspectives. The commentaries have highlighted the most lively areas of disagreement. We revisit here the debates surrounding whether the cortex is essential for any form of consciousness in vertebrates, how to interpret interventionist evidence, and whether any specific behavioural criteria can be used to assess the occurrence of consciousness. We recognise that these debates will not be resolved once and for all in this discussion, and we take this opportunity to explore what new forms of experimental evidence might be needed to provide clarity. We emphasise how functional neurobiological analyses in combination with careful behavioural studies of a diverse range of animals will help progress our understanding of how neural circuits can support different forms of behaviour. Ultimately this will help us reach an understanding of how different conscious capacities could be supported by neural systems, and which animals are capable of them

Insects have the capacity for subjective experience

To what degree are non-human animals conscious? We propose that the most meaningful way to approach this question is from the perspective of functional neurobiology. Here we focus on subjective experience, which is a basic awareness of the world without further reflection on that awareness. This is considered the most basic form of consciousness. Tellingly, this capacity is supported by the integrated midbrain and basal ganglia structures, which are among the oldest and most highly conserved brain systems in vertebrates. A reasonable inference is that the capacity for subjective experience is both widespread and evolutionarily old within the vertebrate lineage. We argue that the insect brain supports functions analogous to those of the vertebrate midbrain and hence that insects may also have a capacity for subjective experience. We discuss the features of neural systems which can and cannot be expected to support this capacity as well as the relationship between our arguments based on neurobiological mechanism and our approach to the “hard problem” of conscious experience

The Roles of Dopamine and Related Compounds in Reward-Seeking Behavior Across Animal Phyla

Motile animals actively seek out and gather resources they find rewarding, and this is an extremely powerful organizer and motivator of animal behavior. Mammalian studies have revealed interconnected neurobiological systems for reward learning, reward assessment, reinforcement and reward-seeking; all involving the biogenic amine dopamine. The neurobiology of reward-seeking behavioral systems is less well understood in invertebrates, but in many diverse invertebrate groups, reward learning and responses to food rewards also involve dopamine. The obvious exceptions are the arthropods in which the chemically related biogenic amine octopamine has a greater effect on reward learning and reinforcement than dopamine. Here we review the functions of these biogenic amines in behavioral responses to rewards in different animal groups, and discuss these findings in an evolutionary context

The effects of room design on computer-supported collaborative learning in a multi-touch classroom.

While research indicates that technology can be useful for supporting learning and collaboration, there is still relatively little uptake or widespread implementation of these technologies in classrooms. In this paper, we explore one aspect of the development of a multi-touch classroom, looking at two different designs of the classroom environment to explore how classroom layout may influence group interaction and learning. Three classes of students working in groups of four were taught in the traditional forward-facing room condition, while three classes worked in a centered room condition. Our results indicate that while the outcomes on tasks were similar across conditions, groups engaged in more talk (but not more off-task talk) in a centered room layout, than in a traditional forward-facing room. These results suggest that the use of technology in the classroom may be influenced by the location of the technology, both in terms of the learning outcomes and the interaction behaviors of students. The findings highlight the importance of considering the learning environment when designing technology to support learning, and ensuring that integration of technology into formal learning environments is done with attention to how the technology may disrupt, or contribute to, the classroom interaction practices

Surface Passivation for 3-5 Semiconductor Processing: Stable Gallium Sulphide Films by MOCVD

Gallium sulphide (GaS) has been deposited on GaAs to form stable, insulating, passivating layers. Spectrally resolved photoluminescence and surface recombination velocity measurements indicate that the GaS itself can contribute a significant fraction of the photoluminescence in GaS/GaAs structures. Determination of surface recombination velocity by photoluminescence is therefore difficult. By using C-V analysis of metal-insulator-semiconductor structures, passivation of the GaAs with GaS films is quantified