Electoral cycles in savings bank lending

We provide causal evidence that German savings banks – where local politicians are by law involved in their management – systematically adjust lending policies in response to local electoral cycles. The different timing of county elections across states and the existence of a control group of cooperative banks – that are very similar to savings banks but lack their political connectedness – allow for clean identification of causal effects of county elections on savings banks’ lending. These effects are economically meaningful and robust to various specifications. Moreover, politically induced lending increases in incumbent party entrenchment and in the contestedness of upcoming elections

SOW: Digitization and longterm preservation of weather maps at ZAMG

The targets of this concept are: delivering a catalog of requirements; the evaluation of tools; possible file formats (e.g. FITS) necessary for digitization and longtime preservation of the historical weather maps at ZAMG (Central Institute for Meteorology and Geodynamics, Austria's national weather and geophysical service

Genetic Analyses of the Chimeric CYP11B1/CYP11B2 Gene in a Korean Family with Glucocorticoid-Remediable Aldosteronism

Glucocorticoid-remediable aldosteronism (GRA) is an autosomal-dominant inheritable form of hyperaldosteronism with early onset hypertension. GRA is caused by unequal crossing-over of the steroid 11β-hydroxylase (CYP11B1) and aldosterone synthase (CYP11B2) genes. As a result of chimeric gene duplication, aldosterone is ectopically synthesized in the adrenal zona fasciculata under the control of adrenocorticotropin. Here, we describe three cases of GRA in a Korean family. The proband-a 21-yr-old female-was incidentally found to have high blood pressure (170/108 mmHg). Her 46-yr-old father had been treated twice for cerebral hemorrhage at the ages of 29 and 39 yr. Her 15-yr-old brother had a 2-yr history of hypertension; however, he was never treated. Their laboratory test results showed normokalemia, hyporeninemia, hyperaldosteronism, and a high plasma aldosterone concentration-to-plasma renin activity ratio. Normal saline loading failed to suppress aldosterone secretion. However, dexamethasone administration effectively suppressed their plasma aldosterone concentrations. Following genetic analyses with PCR and direct sequencing to document the chimeric gene and crossover site, respectively, we identified CYP11B1/CYP11B2 and determined the breakpoint of unequal crossover to be located between intron 2 of CYP11B1 and exon 3 of CYP11B2

Price discontinuities in an online market for used cars

We study the price-setting behavior in a competitive market for used cars and provide empirical evidence for coarse information processing. Based on detailed field data from one of Europe’s largest online marketplaces for automotive vehicles, we document systematic and sizable price discontinuities at salient car-age and mileage thresholds. The price difference between two otherwise identical cars across registration years (where one was first registered in January and the other in December of the previous year) is up to five times larger than that between two cars first registered in any two subsequent months within a registration year. A similar pattern can be observed in the mileage dimension at 10,000-km odometer marks, which is in line with earlier findings in the literature. Being able to study discontinuities along two dimensions of the same good allows us to further our understanding toward a more general notion of inattentive behavior. While our results are compatible with a behavioral model of limited attention, we also provide evidence for a more traditional explanation based on search frictions

Price discontinuities in an online market for used cars

We use more than 63,000 datapoints from a German used car market website to document systematic and substantial price drops at vintage (= year of first registration) thresholds and 10,000 km odometer marks. The latter finding replicates the findings in Lacetera et al. (2012), whereas the first dimension cannot be analyzed with their US data because only German cars have such legally mandated and regulated “birthdates”. Hence we have the unique opportunity to study the presence of coarse information processing within the same dataset and decision problem but across two separate domains. We document that discontinuities in these two domains are of comparable size. While Lacetera et al. (2012) explain their result with a left-digit bias in the processing of numerical information, vintage discontinuities cannot be explained by this. We propose a slightly more general model of information prominence and availability bias to accommodate our findings

"Healthy, wealthy, and wise?" revisited: An analysis of the causal pathways from socio-economic status to health

Much has been said about the stylized fact that the economically successful are not only wealthier but also healthier than the less affluent. There is little doubt about the existence of this socio-economic gradient in health, but there remains a vivid debate about its source. In this paper, we review the methodological challenges involved in testing the causal relationships between socio-economic status and health. We describe the approach of testing for the absence of causal channels developed by Adams et al. (2003) that seeks identification without the need to isolate exogenous variation in economic variables, and we repeat their analysis using the full range of data that have become available in the Health and Retirement Study since, both in terms of observations years and age ranges covered. This analysis shows that causal inference critically depends on which time periods are used for estimation. Using the information of longer panels has the greatest effect on results. We find that SES causality cannot be ruled out for a larger number of health conditions than in the original study. An approach based on a reduced-form interpretation of causality thus is not very informative, at least as long as the confounding influence of hidden common factors is not fully controlled

Dietary divergence is associated with increased intra-specific competition in a marine predator

Optimal foraging theory predicts that when food is plentiful all individuals should take a small range of preferred prey types, but as competition increases less preferred prey will be included in the diet. This dietary switching may not be uniform among individuals, which produces discrete dietary clusters. We tested this hypothesis for gentoo penguins at Bird Island, South Georgia, using stable isotope analysis and biologging. Competition, in the form of the density of foraging dives, increased markedly from incubation to chick-rearing owing to increased foraging effort. Birds responded behaviourally by exploiting a greater portion of the available foraging radius and increasing dive depths. Dietary niche width doubled and two discrete dietary clusters appeared; one comprising birds that consumed mostly krill and another that ate a greater proportion of demersal fish. There were no differences in morphology between the dietary classes, but birds in the fish class had a tendency to dive deeper, which suggests a behavioural basis for specialization. Our findings are consistent with the hypothesis that intra-specific competition expands the population’s dietary niche width and drives divergence in diets among individuals

Possibilities of preparation of exotic radionuclide samples at PSI for scientific investigations

The interactions of high-energy protons with matter produce a large variety of radionuclides due to the diversity of the induced nuclear reactions. Some of those isotopes are very rare, exotic, and, in many cases, difficult to produce by complementary methods. Valuable isotopes, interesting for scientific and technological applications, can be extracted from samples stemming from the surroundings or components of a proton accelerator, in particular if the load of the initial particle current is relatively high (esp. in the Megawatt range). Since PSI operates one of the most powerful high-energy proton accelerators world-wide, this facility is best-suited for an R&D program aimed at "harvesting” such isotopes. An initiative called ERAWAST (Exotic Radionuclides from Accelerator Waste for Science and Technology) was started in 2006 in order to identify and motivate potential users. After six years, first achievements as well as realistic future plans for front-end experiments are available. The present contribution describes radiochemical separation techniques for selected examples, summarizes the most prominent results and gives an outlook on the upcoming experiments within the scope of the ERAWAST progra