Anomalies in Economics and Finance

The term “anomaly” played a crucial role in Thomas Kuhn’s characterization of scientific progress. For Kuhn, an anomaly is a puzzle which challenges an accepted paradigm. Puzzles only achieve anomalous status once an alternative paradigm becomes available which allows explanation of the puzzle. Anomalies were introduced into the finance literature by Michael Jensen but more as resolvable puzzles than Kuhnian anomalies. They entered economics via Richard Thaler who saw behavioural economics as the alternative to the neoclassical paradigm. Both authors use the term anomaly in a deliberately Kuhnian manner. Kuhn formulated his ideas by looking back across the history of physics. By contrast, behavioural economists use Kuhn’s concepts in a forward-looking manner as a marketing tool for their ideas.anomaly, behavioural, effects.

A 100 kW experimental wind turbine: Simulation of starting, overspeed, and shutdown characteristics

The ERDA/NASA 100 kW experimental wind turbine is modeled on a digital computer in order to study the performance of a wind turbine under operating conditions. Simulation studies of starting, overspeed, and shutdown performance were made. From these studies operating procedures, precautions, and limitations are prescribed

Design of wideband vibration-based electromagnetic generator by means of dual-resonator

This paper describes the design of a wideband electromagnetic energy harvester that utilizes a novel dual-resonator method to improve the operational frequency range of the vibration-based generator. The device consists of two separate resonator systems (coil and magnet), which each comply with their respective resonance frequencies. This is because both resonators are designed in such a way that both magnet and coil components will oscillate at an additive phase angle, and hence create greater relative motion between the two dominating resonance frequencies, which realizes the wideband generator. Each resonator system consists of a distinctive cantilever beam, one attached with four magnets and steel keepers, the other attached with a copper coil and stainless steel holder as the free end mass. Both cantilevers are clamped and fitted to a common base that is subjected to a vibration source. Basic analytical models are derived and a numerical model is implemented in MATLAB-Simulink. Electromagnetic, structural modal and static mechanical analysis for the design of the prototype are completed using ANSYS finite element tools. For a 0.8 m s−2 acceleration, the open-loop voltage obtained from the experiment shows a good correlation with those from the simulation. Peak induced voltage is measured to be 259.5Vrms as compared to 240.9Vrms from the simulator at 21.3 Hz, which implies an error range of 7.7%. The results also indicate that there is a maximum of 58.22% improvement in the induced voltage within the intermediate region which occurs at the intersection point between the output response plots of two single resonator generators

Kinetics of the Photoreduction of \u3cem\u3ep\u3c/em\u3e-nitrobenzoic Acid on Ag and AgxAu1-x Nanoparticle Films

A recent strategy to increase the efficiency of photovoltaic and photoemissive devices has been to include metal nanolayers in contact with an organic layer inside these devices. Metal nanoparticles (especially Ag and Au) are known to catalyze photoreactions of organic molecules on their surfaces. The reactivity of organics at nanometal surfaces has implications for device lifetimes; therefore, it is important to understand how nanoparticle size and composition influence reaction rates. The photoreduction of p-nitrobenzoate (PNBA) to p,p’-azodibenzoate (PPADBA) on Ag nanoparticles is an excellent model system for studying such reactions. We have measured the reaction rate of PNBA to PPADBA on Ag and Au based nanoparticle surfaces using surface-enhanced Raman spectroscopy (SERS). SERS is a highly sensitive spectroscopic tool, which provides molecular fingerprints that can be used to identify molecular species present on metal nanoparticle surfaces. These surfaces are made from layers from Ag and AgxAu1-x alloy nanoparticles with diameters ranging from 50-80 nm

Models for Non-Exclusive Multinomial Choice, with Application to Indonesian Rural Households

Textbook discussions of discrete choice modelling focus on binomial and multinomial choice models in which agents select a single response. We consider the situation of non-exclusive multinomial choice. The widely used Marginal Logit Model imposes independence and has other disadvantages. We propose two models which account for non-exclusive and dependent multiple responses and require at least one response. In the first and simpler specification, the Poisson-multinomial, households first choose the number of responses to a specific shock, and then the specific choices are identified to maximize household utility conditional on the former choice. The second specification, the threshold-multinomial, generalizes the standard multinomial logit model by supposing that agents will choose more than one response if the utility they derive from other choices is “close” to that of the utility-maximizing choice. We apply these two approaches to reported responses of rural Indonesian rural households to demographic and economic shocks.Discrete choice models, Marginal logit, Shocks, Risk coping strategies

Representation in Econometrics: A Historical Perspective

Measurement forms the substance of econometrics. This chapter outlines the history of econometrics from a measurement perspective - how have measurement errors been dealt with and how, from a methodological standpoint, did econometrics evolve so as to represent theory more adequately in relation to data? The evolution is organized in terms of four phases: 'theory and measurement', 'measurement and theory', 'measurement with theory' and 'measurement without theory'. The question of how measurement research has helped in the advancement of knowledge advance is discussed in the light of this history.Econometrics, History, Measurement error

FIRM-LEVEL HEDONIC ANALYSIS OF U.S. PRODUCED SURIMI: IMPLICATIONS FOR PROCESSORS AND RESOURCE MANAGERS

Firm-level data on U.S. produced surimi, the only seafood product that is graded on the objective measurement of several quality characteristics, are used to estimate the effect of production variables (e.g., hours between harvest and processing) and policy variables (e.g., fishing seasons) on product characteristics. Transactions data are then used to estimate hedonic equations and derive implicit prices for each characteristic of surimi used to produce seafood analogs and traditional products in the U.S. and Japanese markets, respectively. Implicit prices are also estimated for surimi grade, production location (onshore, at-sea), and production date. Results indicate that several factors (including species) significantly affect surimi characteristics. Color and gel strength have the largest price impact, and market conditions alter the relative prices associated with improving certain characteristics. Overall results demonstrate that management decisions that affect fish quality—and, therefore, processed product quality and price—directly affect the wholesale value of the fishery.Resource /Energy Economics and Policy,

Habitual prospective memory in schizophrenia

Background Prospective memory (PM), the act of remembering that something has to be done in the future without any explicit prompting to recall, provides a useful framework with which to examine problems in internal-source monitoring. This is because it requires distinguishing between two internally-generated processes, namely the intention to perform an action versus actual performance of the action. In habitual tasks, such as taking medicine every few hours, the same PM task is performed regularly and thus it is essential that the individual is able to distinguish thoughts (i.e., thinking about taking the medicine) from actions (i.e., actually taking the medicine). Methods We assessed habitual PM in patients with schizophrenia by employing a laboratory analogue of a habitual PM task in which, concurrently with maneuvering a ball around an obstacle course (ongoing activity), participants were to turn over a counter once during each trial (PM task). After each trial, participants were asked whether they had remembered to turn the counter over. Results Patients with schizophrenia made a disproportionate number of errors compared to controls of reporting that a PM response had been made (i.e., the counter turned over) after an omission error (i.e., the counter was not turned over). There was no group difference in terms of reporting that an omission error occurred (i.e., forgetting to turn over the counter) when in fact a PM response had been made. Conclusion Patients with schizophrenia displayed a specific deficit distinguishing between two internally-generated sources, attributable to either poor source monitoring or temporal discrimination

Integrated command, control, communications and computation system functional architecture

The functional architecture for an integrated command, control, communications, and computation system applicable to the command and control portion of the NASA End-to-End Data. System is described including the downlink data processing and analysis functions required to support the uplink processes. The functional architecture is composed of four elements: (1) the functional hierarchy which provides the decomposition and allocation of the command and control functions to the system elements; (2) the key system features which summarize the major system capabilities; (3) the operational activity threads which illustrate the interrelationahip between the system elements; and (4) the interfaces which illustrate those elements that originate or generate data and those elements that use the data. The interfaces also provide a description of the data and the data utilization and access techniques