scholarly journals How market ecology explains market malfunction

2021 ◽  
Vol 118 (26) ◽  
pp. e2015574118
Author(s):  
Maarten P. Scholl ◽  
Anisoara Calinescu ◽  
J. Doyne Farmer

Standard approaches to the theory of financial markets are based on equilibrium and efficiency. Here we develop an alternative based on concepts and methods developed by biologists, in which the wealth invested in a financial strategy is like the abundance of a species. We study a toy model of a market consisting of value investors, trend followers, and noise traders. We show that the average returns of strategies are strongly density dependent; that is, they depend on the wealth invested in each strategy at any given time. In the absence of noise, the market would slowly evolve toward an efficient equilibrium, but the statistical uncertainty in profitability (which is calibrated to match real markets) makes this noisy and uncertain. Even in the long term, the market spends extended periods of time away from perfect efficiency. We show how core concepts from ecology, such as the community matrix and food webs, give insight into market behavior. For example, at the efficient equilibrium, all three strategies have a mutualistic relationship, meaning that an increase in the wealth of one increases the returns of the others. The wealth dynamics of the market ecosystem explain how market inefficiencies spontaneously occur and gives insight into the origins of excess price volatility and deviations of prices from fundamental values.

2015 ◽  
Vol 12 (1) ◽  
pp. 1-12
Author(s):  
Sarah Hackett

Drawing upon a collection of oral history interviews, this paper offers an insight into entrepreneurial and residential patterns and behaviour amongst Turkish Muslims in the German city of Bremen. The academic literature has traditionally argued that Turkish migrants in Germany have been pushed into self-employment, low-quality housing and segregated neighbourhoods as a result of discrimination, and poor employment and housing opportunities. Yet the interviews reveal the extent to which Bremen’s Turkish Muslims’ performances and experiences have overwhelmingly been the consequences of personal choices and ambitions. For many of the city’s Turkish Muslim entrepreneurs, self-employment had been a long-term objective, and they have succeeded in establishing and running their businesses in the manner they choose with regards to location and clientele, for example. Similarly, interviewees stressed the way in which they were able to shape their housing experiences by opting which districts of the city to live in and by purchasing property. On the whole, they perceive their entrepreneurial and residential practices as both consequences and mediums of success, integration and a loyalty to the city of Bremen. The findings are contextualised within the wider debate regarding the long-term legacy of Germany’s post-war guest-worker system and its position as a “country of immigration”.


Author(s):  
Sally Treloyn ◽  
Matthew Dembal Martin ◽  
Rona Goonginda Charles

Repatriation has become almost ubiquitous in ethnomusicological research on Australian Indigenous song. This article provides insights into processes of a repatriation-centered song revitalization project in the Kimberley, northwest Australia. Authored by an ethnomusicologist and two members of the Ngarinyin cultural heritage community, the article provides firsthand accounts of the early phases of a long-term repatriation-centered project referred to locally as the Junba Project. The authors provide a sample of narratives and dialogues that deliver insight into experiences of the work of identifying recordings “in the archive” and cultural negotiation and use of recordings “on Country.” The entanglement of local epistemological frameworks with past and present collection, archival research, repatriation, and dissemination for intergenerational knowledge transmission between spirits, Country, and the living, is explored, showing how recordings move song knowledge from community to archive to community and from generation to generation, and move people in present-day communities. The chapter considers how these “moving songs” allow an interrogation of the fraught endeavor of intercultural collaboration in the pursuit of revitalizing Indigenous song traditions. It positions repatriation as a method that can support intergenerational knowledge transmission and as a method to consider past and present intercultural relationships within research projects and between cultural heritage communities and collecting institutions.


2020 ◽  
Vol 48 (7) ◽  
pp. 030006052094211
Author(s):  
Wei Zhang ◽  
Feng Xue ◽  
Quandong Bu ◽  
Xuemei Liu

Hypocalcemia is a rare, but reversible, cause of dilated cardiomyopathy. Although cardiomyopathy may cause severe heart failure, calcium supplementation can reverse heart failure. We report here a patient with uremia and secondary hyperparathyroidism, who was complicated by persistent hypocalcemia and refractory heart failure. The cardiac failure was refractory to treatment with digitalis and diuretics, but dramatically responded to calcium therapy and restoration of normocalcemia. As a result, the patient was eventually diagnosed with hypocalcemic cardiomyopathy. To the best of our knowledge, this is the first case of this disease to be reported in a patient with uremia. Findings from our case may help clinicians to better understand hypocalcemic cardiomyopathy. Our case might also provide new insight into long-term cardiac complications and prognoses of patients undergoing parathyroidectomy due to secondary hyperparathyroidism.


1998 ◽  
Vol 11 (1) ◽  
pp. 379-379
Author(s):  
P.L. Cottrell ◽  
L. Skuljan ◽  
P.M. Kilmartin ◽  
C. Gilmore ◽  
W.A. Lawson

For more than a decade we have been able to acquire and analyse a significant amount of photometric data of the highly variable R Coronae Borealis (RCB) stars. This has made been possible by a photometric service observing programme instigated at the Observatory. These photometric data have been combined with less extensive spectroscopic coverage, particularly of the decline phase of these stars. These have been supplemented by observations obtained at Mount Stromlo and Siding Spring Observatories for a radial velocity study. Significantly more spectroscopic observations are now being acquired with the development of a new medium resolution spectrograph at Mount John University Observatory. In this poster we will present recent photometric and spectroscopic results for a number of the RCB stars in our sample. This observational and analysis work can be used to provide further insight into the nature of these stars, their likely progeny and progenitors and the processes that are involved in the formation and evolution of the obscuring dust clouds which cause the decline phase.


2020 ◽  
Vol 55 (3) ◽  
pp. 151-162
Author(s):  
Danuta Urban ◽  
Joanna Sender ◽  
Ewelina Tokarz ◽  
Andrzej Różycki

AbstractIn view of the sensitivity of Liparis loeselii to changes in habitat conditions, we carried out a study with the aim to monitor population numbers, identify the individual features of the Liparis loeselii population, analyse habitat conditions, identify threats and propose conservation measures to preserve the species. The investigations were conducted in seven unmanaged objects located in three Natura 2000 areas in eastern Poland. The results of this study provide a new insight into Liparis loeselii ecology. The analysed populations inhabited some habitat types: extremely poor fen, transitional mire, rich fen, calcareous fen, spring-fed fen. The content of nutrients was similar in all the habitats. A CCA analysis revealed that the total carbon content, pH, and redox potential of the substrate determine differences between the habitats analysed. Juvenile individuals represented a maximum of 12% of the analysed populations and were the least abundant group of these plants. The flowering was primarily influenced by hydrological conditions. Based on the long-term observations reported in this article, it can be assumed that the species stands a chance of surviving at the localities analysed, provided that the habitat conditions do not change dramatically.


2019 ◽  
Vol 223 (2) ◽  
pp. 675-691 ◽  
Author(s):  
Fraser Kennedy ◽  
Andrew Martin ◽  
John P. Bowman ◽  
Richard Wilson ◽  
Andrew McMinn

2021 ◽  
pp. 146144482199671
Author(s):  
Jeanna Sybert

On December 3, 2018, Tumblr announced that it would ban sexually explicit content from the platform, drawing immediate backlash from users. The ensuing discord on the site is conceptualized here as contested platform governance, or a conflict between users and ownership, in which not only are a platform’s policies and features challenged, but also its core values, identity, and/or purposes are put into question. By examining 238 Tumblr posts, this analysis identifies the unique ways users combatted the ban and (re)inscribed community values, while also contesting the owners’ legitimacy to govern the platform. Holding implications for the site’s long-term survival, such conflicts capture a critical moment in which the boundaries of power between users and ownership are challenged and, possibly, transformed. By examining Tumblr’s Not Safe For Work (NSFW) ban through the lens of platform governance, this study offers insight into how power and its limits are negotiated online.


Author(s):  
Parisa Dehghani ◽  
Monireh Esameili Rad ◽  
Atefeh Zarepour ◽  
Ponnurengam Malliappan Sivakumar ◽  
Ali Zarrabi

: Diabetes mellitus (DM) is a type of chronic metabolic disease that has affected millions of people worldwide and is known with a defect in the amount of insulin secretion, insulin functions, or both. This deficiency leads to an increase in the amounts of glucose, which could be accompanied by long-term damages to other organs such as eyes, kidneys, heart, and nervous system. Thus, introducing an appropriate approach for diagnosis and treatment of different types of DM is the aim of several researches. By the emergence of nanotechnology and its application in medicine, new approaches were presented for these purposes. The object of this review article is to introduce different types of polymeric nanoparticles (PNPs), as one of the most important classes of nanoparticles, for diabetic management. To achieve this goal, at first, some of the conventional therapeutic and diagnostic methods of DM will be reviewed. Then, different types of PNPs, in two forms of natural and synthetic polymers with different properties, as a new method for DM treatment and diagnosis will be introduced. In the next section, the transport mechanisms of these types of nano-carriers across the epithelium, via paracellular and transcellular pathways will be explained. Finally, the clinical use of PNPs in the treatment and diagnosis of DM will be summarized. Based on the results of this literature review, PNPs could be considered one of the most promising methods for DM management.


2021 ◽  
Author(s):  
Katie Riddoch ◽  
Roxanne Hawkins ◽  
Emily S. Cross

To facilitate long-term engagement with social robots, emerging evidence suggests that modelling robots on social animals with whom many people form enduring social bonds – specifically, pet dogs – may be useful. However, scientific understanding of the features of pet dogs that are important for establishing and maintaining social bonds remains limited to broad qualities that are liked, as opposed to specific behaviours. To better understand dog behaviours that are perceived as important for facilitating social bonds between owner and pet, we surveyed current dog owners (n = 153) with open-ended questions about their dogs’ behaviours. Thematic analysis identified 7 categories of behaviours perceived as important to human-dog bonding, including: 1) attunement, 2) communication, 3) consistency and predictability, 4) physical affection, 5) positivity and enthusiasm, 6) proximity, and 7) shared activities. We consider the feasibility of translating these behaviours into a social robotic platform, and signpost potential barriers moving forward. In addition to providing insight into important behaviours for human—dog bonding, this work provides a springboard for those hoping to implement dog behaviours into animal-like artificial agents designed for social roles.


2021 ◽  
Vol 7 (5) ◽  
pp. 2916-2923
Author(s):  
Feng Shuo ◽  
Qi Yao ◽  
Gualberto A. Magdaraog

Objectives: The study focus on the capability needs of Business Process Outsourcing (BPO) employees for tobacco industry.The study is a quantitative and qualitative research study. It used a survey questionnaire to gather data needed for analysis. The respondents of the study were 50 employees of BPO companies in Clark Pampanga Philippines,where BPO industry is a trend. The findings show an up-to-date picture of BPO industries in Clark Pampanga and an insight into BPO human resources capabilities needs for tobacco industry. It may let Tobacco companies analyze own employee management system with increased precision. They still enabled us to define employment perspective and the challenges tobacco companies are facing, to identify the current BPO human resources capability issues and the long-term human resources trends for Tobacco industry. Together, they provide an exact depiction for the Tobacco industry and valuable foresights to both its employees and employers.


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