Some Simple Economics of Crowdfunding

It is not surprising that the financing of early-stage creative projects and ventures is typically geographically localized since these types of funding decisions are usually predicated on personal relationships and due diligence requiring face-to-face interactions in response to high levels of risk, uncertainty, and information asymmetry. So, to economists, the recent rise of crowdfunding - raising capital from many people through an online platform - which offers little opportunity for careful due diligence and involves not only friends and family but also many strangers from near and far, is initially startling. On the eve of launching equity-based crowdfunding, a new market for early-stage finance in the U.S., we provide a preliminary exploration of its underlying economics. We highlight the extent to which economic theory, in particular transaction costs, reputation, and market design, can explain the rise of non-equity crowdfunding and offer a framework for speculating on how equity-based crowdfunding may unfold. We conclude by articulating open questions related to how crowdfunding may affect social welfare and the rate and direction of innovation

The Hydrochemistry of Groundwater in Some Communities in the Ayensu River Basin in the Central Region of Ghana

Hydrochemical analysis of groundwater samples in some communities in the Ayensu river basin of the central Region of Ghana was used to establish the hydrochemistry of the study area. The methodology consisted of physicochemical sampling and laboratory analysis of groundwater resources in the Basin and basic statistical analysis of the laboratory results. Generally, the groundwater is weakly acidic with a mean pH value of 6.32, had high electrical conductivity and TDS values in the range, 256.4 µS cm-1 to 2313.3 µS cm-1 and 101.7 mg/L to 1247.0 mg/L respectively. The groundwater in the area is undersaturated with respect to carbonate phases and is fresh except for one borehole at Gyangyanadze which has TDS value of 1247.0 mg/L considered as saline water.  The dominant water types in the study area are Na- Cl, Ca- Mg - Cl and Ca - Mg - SO4. The groundwater is to a large extent potable. However, approximately 13% of the groundwater samples had chloride concentrations slightly exceeding the respective WHO maximum acceptable limits for drinking water. Approximately 43%, 16% and 10% respectively of the water samples had Al3+, Fe2+ and Cd2+ concentrations above the respective WHO maximum acceptable limit for drinking water.  Silicate mineral weathering is probably the main process through which major ions enter the groundwater. Keywords:Groundwater quality  hydrochemistry  silicate weathering  Central Region  Ghana 

The Geography of Crowdfunding

Perhaps the most striking feature of "crowdfunding" is the broad geographic dispersion of investors in small, early-stage projects. This contrasts with existing theories that predict entrepreneurs and investors will be co-located due to distance-sensitive costs. We examine a crowdfunding setting that connects artist-entrepreneurs with investors over the internet for financing musical projects. The average distance between artists and investors is about 3,000 miles, suggesting a reduced role for spatial proximity. Still, distance does play a role. Within a single round of financing, local investors invest relatively early, and they appear less responsive to decisions by other investors. We show this geography effect is driven by investors who likely have a personal connection with the artist-entrepreneur ("family and friends"). Although the online platform seems to eliminate most distance-related economic frictions such as monitoring progress, providing input, and gathering information, it does not eliminate social-related frictions.

Physico-Chemical Analysis of Surface and Groundwater in the Ayensu River Basin in the Central Region of Ghana

The hydrochemistry of the Ayensu river basin in the central Region of Ghana has been established. The methodology consisted of physicochemical sampling and laboratory analysis of both groundwater and surface water resources in the Basin and basic statistical analysis of the laboratory results.. Generally, the groundwater is weakly acidic with a mean pH value of 6.33±0.01, had high electrical conductivity and TDS values in the range, 297.65 to 6011.0 and 100.85 to 2746.0 respectively. Three main hydrochemical facies have been identified in the basin. These are Na- Cl, Ca- Mg - Cl and Ca - Mg - SO4 water types. Groundwater is to a large extent potable. However, approximately 24% and 22% respectively of groundwater samples had chloride and sulphate concentrations slightly exceeding the respective WHO maximum acceptable limits for drinking water. The concentrations of aluminium, iron and manganese were the only minor ions that significantly exceeded their respective detection limits. Nearly 43% of the groundwater samples had the Al3+ concentrations exceeding the WHO acceptable limit of 0.2 mg/l for drinking water, which reflects the acidic nature of the groundwater. The main geochemical process influencing the hydrochemistry of the Ayensu river basin is mineral dissolution. Keywords Groundwater quality, hydrochemistry, Mineral dissolution, Central Region Ghana. 

Slack Time and Innovation

The relationship between slack resources and innovation is complex, with the literature linking slack to both breakthrough innovations and resource misallocation. We reconcile these conflicting views by focusing on a novel mechanism: the role slack time plays in the endogenous allocation of time and effort to innovative projects. We develop a theoretical model that distinguishes between periods of high- (work weeks) versus low- (break weeks) opportunity costs of time. Low-opportunity cost time during break weeks may induce (1) lower quality ideas to be developed (a selection effect); (2) more effort to be applied for any given idea quality (an effort effect); and (3) an increase in the use of teams because scheduling is less constrained (a coordination effect). As a result, the effect of an increase in slack time on innovative outcomes is ambiguous, because the selection effect may induce more low-quality ideas, whereas the effort and coordination effect may lead to more high-quality, complex ideas. We test this framework using data on college breaks and on 165,410 Kickstarter projects across the United States. Consistent with our predictions, during university breaks, more projects are posted in the focal regions, and the increase is largest for projects of either very high or very low quality. Furthermore, projects posted during breaks are more complex, and involve larger teams with diverse skills. We discuss the implications for the design of policies on slack time

FOXO-regulated transcription restricts overgrowth of Tsc mutant organs

FOXO is thought to function as a repressor of growth that is, in turn, inhibited by insulin signaling. However, inactivating mutations in Drosophila melanogaster FOXO result in viable flies of normal size, which raises a question over the involvement of FOXO in growth regulation. Previously, a growth-suppressive role for FOXO under conditions of increased target of rapamycin (TOR) pathway activity was described. Here, we further characterize this phenomenon. We show that tuberous sclerosis complex 1 mutations cause increased FOXO levels, resulting in elevated expression of FOXO-regulated genes, some of which are known to antagonize growth-promoting pathways. Analogous transcriptional changes are observed in mammalian cells, which implies that FOXO attenuates TOR-driven growth in diverse species

Recovering Protein-Protein and Domain-Domain Interactions from Aggregation of IP-MS Proteomics of Coregulator Complexes

Coregulator proteins (CoRegs) are part of multi-protein complexes that transiently assemble with transcription factors and chromatin modifiers to regulate gene expression. In this study we analyzed data from 3,290 immuno-precipitations (IP) followed by mass spectrometry (MS) applied to human cell lines aimed at identifying CoRegs complexes. Using the semi-quantitative spectral counts, we scored binary protein-protein and domain-domain associations with several equations. Unlike previous applications, our methods scored prey-prey protein-protein interactions regardless of the baits used. We also predicted domain-domain interactions underlying predicted protein-protein interactions. The quality of predicted protein-protein and domain-domain interactions was evaluated using known binary interactions from the literature, whereas one protein-protein interaction, between STRN and CTTNBP2NL, was validated experimentally; and one domain-domain interaction, between the HEAT domain of PPP2R1A and the Pkinase domain of STK25, was validated using molecular docking simulations. The scoring schemes presented here recovered known, and predicted many new, complexes, protein-protein, and domain-domain interactions. The networks that resulted from the predictions are provided as a web-based interactive application at http://maayanlab.net/HT-IP-MS-2-PPI-DDI/

Acute mountain sickness.

Acute mountain sickness (AMS) is a clinical syndrome occurring in otherwise healthy normal individuals who ascend rapidly to high altitude. Symptoms develop over a period ofa few hours or days. The usual symptoms include headache, anorexia, nausea, vomiting, lethargy, unsteadiness of gait, undue dyspnoea on moderate exertion and interrupted sleep. AMS is unrelated to physical fitness, sex or age except that young children over two years of age are unduly susceptible. One of the striking features ofAMS is the wide variation in individual susceptibility which is to some extent consistent. Some subjects never experience symptoms at any altitude while others have repeated attacks on ascending to quite modest altitudes. Rapid ascent to altitudes of 2500 to 3000m will produce symptoms in some subjects while after ascent over 23 days to 5000m most subjects will be affected, some to a marked degree. In general, the more rapid the ascent, the higher the altitude reached and the greater the physical exertion involved, the more severe AMS will be. Ifthe subjects stay at the altitude reached there is a tendency for acclimatization to occur and symptoms to remit over 1-7 days

Mammal responses to global changes in human activity vary by trophic group and landscape

Wildlife must adapt to human presence to survive in the Anthropocene, so it is critical to understand species responses to humans in different contexts. We used camera trapping as a lens to view mammal responses to changes in human activity during the COVID-19 pandemic. Across 163 species sampled in 102 projects around the world, changes in the amount and timing of animal activity varied widely. Under higher human activity, mammals were less active in undeveloped areas but unexpectedly more active in developed areas while exhibiting greater nocturnality. Carnivores were most sensitive, showing the strongest decreases in activity and greatest increases in nocturnality. Wildlife managers must consider how habituation and uneven sensitivity across species may cause fundamental differences in human–wildlife interactions along gradients of human influence.Peer reviewe