cssi/SciSciGPT-SciSciNet huggingface dataset:
Heisenberg idempotents on unipotent groups

Let G be a possibly disconnected algebraic group over an algebraically closed field k of characteristic p > 0, such that its neutral connected component, H = G0, is a unipotent group. We recall that an algebraic group over k is defined to be a smooth group scheme of finite type over k. Let us fix a prime number l 6= p. If X is a k-scheme, we use D(X) to denote the bounded derived category of Ql-complexes on X. If the group G acts on X, we use DG(X) to denote G-equivariant bounded derived category of Ql-complexes on X.
Junior Must Pay: Pricing the Implicit Put in Privatizing Social Security

Summary. Proposals that a portion of the Social Security Trust Fund assets be invested in equities entail the possibility that a severe decline in equity prices will render the Fund’s assets insufficient to provide the currently mandated level of benefits. In this event, existing taxpayers may be compelled to act as insurers of last resort. The cost to taxpayers of such an implicit commitment equals the value of a put option with payoff equal to the benefit’s shortfall. We calibrate an OLG model that generates realistic equity premia and value the put. With 20 percent of the Fund’s assets invested in equities, the highest level currently under serious discussion, we value a put that guarantees the currently mandated level of benefits at one percent of GDP, or a temporary increase in Social Security taxation of, at most, 20 percent. We value a put that guarantees 90 percent of benefits at .03 percent of GDP. In contrast to the earlier literature, our results account for the significant changes in the distribution of security returns resulting from Trust Fund purchases.
Nonlinear Instability in a Semiclassical Problem

We consider a nonlinear evolution problem with an asymptotic parameter and construct examples in which the linearized operator has spectrum uniformly bounded away from \({{\rm Re}\; z \geq 0 }\) (that is, the problem is spectrally stable), yet the nonlinear evolution blows up in short times for arbitrarily small initial data.
Microstates at the boundary of AdS

The bound states of the D1D5 brane system have a known gravitational description: flat asymptotics, an anti-de Sitter region, and a ‘cap’ ending the AdS region. We construct perturbations that correspond to the action of chiral algebra generators on Ramond ground states of D1D5 branes. Abstract arguments in the literature suggest that the perturbation should be pure gauge in the AdS region; our perturbation indeed has this structure, with the nontrivial deformation of the geometry occurring at the ‘neck’ between the AdS region and asymptotic infinity. This ‘non-gauge’ deformation is needed to provide the nonzero energy and momentum carried by the perturbation. We also suggest implications this structure may have for the majority of microstates which live at the cap.
Why do these match? Explaining the behavior of image similarity models

Explaining a deep learning model can help users understand its behavior and allow researchers to discern its shortcomings. Recent work has primarily focused on explaining models for tasks like image classification or visual question answering. In this paper, we introduce Salient Attributes for Network Explanation (SANE) to explain image similarity models, where a model's output is a score measuring the similarity of two inputs rather than a classification score. In this task, an explanation depends on both of the input images, so standard methods do not apply. Our SANE explanations pairs a saliency map identifying important image regions with an attribute that best explains the match. We find that our explanations provide additional information not typically captured by saliency maps alone, and can also improve performance on the classic task of attribute recognition. Our approach's ability to generalize is demonstrated on two datasets from diverse domains, Polyvore Outfits and Animals with Attributes 2. Code available at: this https URL
Temperature-Induced uncoupling of cell cycle regulators.

The early stages of development involve complex sequences of morphological changes that are both reproducible from embryo to embryo and often robust to environmental variability. To investigate the relationship between reproducibility and robustness we examined cell cycle progression in early Drosophila embryos at different temperatures. Our experiments show that while the subdivision of cell cycle steps is conserved across a wide range of temperatures (5–35 ​°C), the relative duration of individual steps varies with temperature. We find that the transition into prometaphase is delayed at lower temperatures relative to other cell cycle events, arguing that it has a different mechanism of regulation. Using an in vivo biosensor, we quantified the ratio of activities of the major mitotic kinase, Cdk1 and one of the major mitotic phosphatases PP1. Comparing activation profile with cell cycle transition times at different temperatures indicates that in early fly embryos activation of Cdk1 drives entry into prometaphase but is not required for earlier cell cycle events. In fact, chromosome condensation can still occur when Cdk1 activity is inhibited pharmacologically. These results demonstrate that different kinases are rate-limiting for different steps of mitosis, arguing that robust inter-regulation may be needed for rapid and ordered mitosis.
BPIFB3 interacts with ARFGAP1 and TMED9 to regulate non-canonical autophagy and RNA virus infection.

Autophagy is a degradative cellular pathway that targets cytoplasmic contents and organelles for turnover by the lysosome. Various autophagy pathways play key roles in the clearance of viral infections, and many families of viruses have developed unique methods for avoiding degradation. Some positive stranded RNA viruses, such as enteroviruses and flaviviruses, usurp the autophagic pathway to promote their own replication. We previously identified the endoplasmic reticulum-localized protein BPIFB3 as an important negative regulator of non-canonical autophagy that uniquely impacts the replication of enteroviruses and flaviviruses. Here, we find that many components of the canonical autophagy machinery are not required for BPIFB3 depletion induced autophagy and identify the host factors that facilitate its role in the replication of enteroviruses and flaviviruses. Using proximity-dependent biotinylation (BioID) followed by mass spectrometry, we identify ARFGAP1 and TMED9 as two cellular components that interact with BPIFB3 to regulate autophagy and viral replication. Importantly, our data demonstrate that non-canonical autophagy in mammalian cells can be controlled outside of the traditional pathway regulators and define the role of two proteins in BPIFB3 depletion mediated non-canonical autophagy.
Google Dataset Search by the Numbers

Scientists, governments, and companies increasingly publish datasets on the Web. Google’s Dataset Search extracts dataset metadata—expressed using schema.org and similar vocabularies—from Web pages in order to make datasets discoverable. Since we started the work on Dataset Search in 2016, the number of datasets described in schema.org has grown from 500K to almost 30M. Thus, this corpus has become a valuable snapshot of data on the Web. To the best of our knowledge, this corpus is the largest and most diverse of its kind. We analyze this corpus and discuss where the datasets originate from, what topics they cover, which form they take, and what people searching for datasets are interested in. Based on this analysis, we identify gaps and possible future work to help make data more discoverable.
Early Cardiac Effects of Contemporary Radiation Therapy in Patients With Breast Cancer.

Purpose To characterize the early changes in echocardiographically derived measures of cardiac function with contemporary radiation therapy (RT) in breast cancer and to determine the associations with radiation dose-volume metrics, including mean heart dose (MHD). Methods and Materials In a prospective longitudinal cohort study of 86 patients with breast cancer treated with photon or proton thoracic RT, clinical and echocardiographic data were assessed at 3 time points: within 4 weeks before RT initiation (T0), within 3 days before 6 weeks after the end of RT (T1), and 5 to 9 months after RT completion (T2). Associations between MHD and echocardiographically derived measures of cardiac function were assessed using generalized estimating equations to define the acute (T0 to T1) and subacute (T0 to T2) changes in cardiac function. Results The median estimates of MHD were 139 cGy (interquartile range, 99-249 cGy). In evaluating the acute changes in left ventricular ejection fraction (LVEF) from T0 to T1, and accounting for the time from RT, age, race, preexisting cardiovascular disease, and an interaction term with anthracycline or trastuzumab exposure and MHD, there was a modest decrease in LVEF of borderline significance (0.22%; 95% confidence interval [CI], –0.44% to 0.01%; P = .06) per 30-day interval for every 100 cGy increase of MHD. Similarly, there was a modest worsening in longitudinal strain (0.19%; 95% CI, –0.01% to 0.39%; P = .06) per 30-day interval for each 100 cGy increase in MHD. We did not find significant associations between MHD and changes in circumferential strain or diastolic function. Conclusions With modern radiation planning techniques, there are modest subclinical changes in measures of cardiac function in the short-term. Longer-term follow-up studies are needed to determine whether these early changes are associated with the development of overt cardiac disease.
Talking About Abortion (Listening Optional)

Whether we can expect others to listen—and whether we choose to listen to others—have become central challenges in handling conflicts around polarized and high-profile political matters. For those who study alternative dispute resolution (“ADR”), these concerns about listening hit especially close to the bone because they implicate some of the most foundational precepts of dispute resolution practice. This paper explores some of these implications in the context of the fight over reproductive rights, with special focus on the “listening dilemma” that people experience when navigating extremely difficult conversations around crucial political entitlements, especially when those entitlements are in the process of being made and unmade. Paying closer attention to the listening dilemma and other unusually challenging dynamics in public conflicts makes plain the importance of social context when deciding what interventions may be applicable or appropriate. As it turns out, these interventions include listening—but not as dogma and only to the extent that listening makes sense, given goals and context.
Generative VoxelNet: Learning Energy-Based Models for 3D Shape Synthesis and Analysis.

3D data that contains rich geometry information of objects and scenes is valuable for understanding 3D physical world. With the recent emergence of large-scale 3D datasets, it becomes increasingly crucial to have a powerful 3D generative model for 3D shape synthesis and analysis. This paper proposes a deep 3D energy-based model to represent volumetric shapes. The maximum likelihood training of the model follows an "analysis by synthesis" scheme. The benefits of the proposed model are six-fold: first, unlike GANs and VAEs, the model training does not rely on any auxiliary models; second, the model can synthesize realistic 3D shapes by Markov chain Monte Carlo (MCMC); third, the conditional model can be applied to 3D object recovery and super-resolution; fourth, the model can serve as a building block in a multi-grid modeling and sampling framework for high resolution 3D shape synthesis; fifth, the model can be used to train a 3D generator via MCMC teaching; sixth, the unsupervisedly trained model provides a powerful feature extractor for 3D data, which is useful for 3D object classification. Experiments demonstrate that the proposed model can generate high-quality 3D shape patterns and can be useful for a wide variety of 3D shape analysis.
Solving Power System Differential Algebraic Equations Using Differential Transformation

This paper proposes a novel non-iterative method to solve power system differential algebraic equations (DAEs) using the differential transformation, which is a mathematical tool able to obtain power series coefficients by transformation rules instead of calculating high order derivatives and has proved to be effective in solving state variables of nonlinear differential equations in our previous study. This paper further solves non-state variables, e.g. current injections and bus voltages, directly with a realistic DAE model of power grids. These non-state variables, nonlinearly coupled in network equations, are conventionally solved by numerical methods with timeconsuming iterations, but their differential transformations are proved to satisfy formally linear equations in this paper. Thus, a non-iterative algorithm is designed to analytically solve all variables of a power system DAE model with ZIP loads. From test results on a Polish 2383-bus system, the proposed method demonstrates fast and reliable time performance compared to traditional numerical approaches including the implicit trapezoidal rule method and a partitioned scheme using the explicit modified Euler method and Newton Raphson method.
The electronic structure of the actinide oxides and their singly and doubly charged cations: A ligand field approach

Ligand field theory (LFT) calculations of energy levels were performed for the neutral actinide monooxides (AnO) and their singly and doubly ionized cations (AnO+ and AnO2+ by treating the molecular electronic states as Anm+ free-ion energy levels (where An ∈ Th through Lr and m=1, 2, 3, or 4) perturbed by the electric field of O2- or O-. LFT parameters obtained from fits to the energy levels of ThO, ThO+, UO, and UO+ were used to compute molecular energy levels for the lowest energy (maximum Sc, maximum Lc) 5f-core states of An4+, An3+, An2+, and An+ for the majority of the An4+O2-, An3+O-, An3+O2-, An2+O-, An2+O2- , and An+O- electronic configurations. Simple linear relationships enabled predictions of the dissociation energies for AnO, AnO+ and AnO2+ (where An ∈ Bk through Lr) and ionization energies for AnO and AnO+ (where An ∈ Bk through Lr), mainly based on recent accurate experimental data for the ionization energies of An atoms (where An ∈ Fm, Md, No, and Lr) and correlations with the energetics of the atoms and ions.
DDPNOpt: Differential Dynamic Programming Neural Optimizer

Interpretation of Deep Neural Networks (DNNs) training as an optimal control problem with nonlinear dynamical systems has received considerable attention recently, yet the algorithmic development remains relatively limited. In this work, we make an attempt along this line by reformulating the training procedure from the trajectory optimization perspective. We first show that most widely-used algorithms for training DNNs can be linked to the Differential Dynamic Programming (DDP), a celebrated second-order method rooted in the Approximate Dynamic Programming. In this vein, we propose a new class of optimizer, DDP Neural Optimizer (DDPNOpt), for training feedforward and convolution networks. DDPNOpt features layer-wise feedback policies which improve convergence and reduce sensitivity to hyper-parameter over existing methods. It outperforms other optimal-control inspired training methods in both convergence and complexity, and is competitive against state-of-the-art first and second order methods. We also observe DDPNOpt has surprising benefit in preventing gradient vanishing. Our work opens up new avenues for principled algorithmic design built upon the optimal control theory.
Active Task-Inference-Guided Deep Inverse Reinforcement Learning

We consider the problem of reward learning for temporally extended tasks. For reward learning, inverse reinforcement learning (IRL) is a widely used paradigm. Given a Markov decision process (MDP) and a set of demonstrations for a task, IRL learns a reward function that assigns a real-valued reward to each state of the MDP. However, for temporally extended tasks, the underlying reward function may not be expressible as a function of individual states of the MDP. Instead, the history of visited states may need to be considered to determine the reward at the current state. To address this issue, we propose an iterative algorithm to learn a reward function for temporally extended tasks. At each iteration, the algorithm alternates between two modules, a task inference module that infers the underlying task structure and a reward learning module that uses the inferred task structure to learn a reward function. The task inference module produces a series of queries, where each query is a sequence of subgoals. The demonstrator provides a binary response to each query by attempting to execute it in the environment and observing the environment's feedback. After the queries are answered, the task inference module returns an automaton encoding its current hypothesis of the task structure. The reward learning module augments the state space of the MDP with the states of the automaton. The module then proceeds to learn a reward function over the augmented state space using a novel deep maximum entropy IRL algorithm. This iterative process continues until it learns a reward function with satisfactory performance. The experiments show that the proposed algorithm significantly outperforms several IRL baselines on temporally extended tasks.
Keeping up with the Joneses: Changing Rating Standards and the Buildup of Capital by U.S. Property-Liability Insurers

There has been a net propensity over the last decade for the dominant rating agency of the U.S. insurance industry, A.M. Best, to downgrade property-liability insurers. This could reflect a general deteriorating credit worthiness of the industry or an increase in the performance thresholds Best's has deemed necessary to achieve a given rating class. Consistent with a recent study of corporate bond ratings, we find evidence there has been an increase in rating stringency. Specifically, we show pressure for insurers to maintain their existing ratings provides a plausible explanation of the dramatic buildup of capital in the industry during the 1990s. In addition, our analysis suggests Best's raised the bar in terms of the capital required to maintain the highest ratings differentially relative to the increase in standards they required for lower rated categories. The actual pattern of capital buildup across firms in different rating categories is consistent with an attempt by high quality firms to defend these ratings.
How the World Achieved Consensus on Monetary Policy

The worldwide progress in monetary policy is a great achievement and, especially considering the situation 30 years ago, a remarkable success story. I describe how the world achieved a working consensus on the core principles of monetary policy by the late 1990s. I survey the muddled state of affairs in the 1970s, and then ask: What happened in Federal Reserve policy to produce an understanding of the practical principles of monetary policy? How did formal institutional support for targeting low inflation abroad follow from an international acceptance of these ideas? And how did a consensus theoretical model develop in academia? I explain how the modern theoretical consensus -- known alternatively as the New Neoclassical Synthesis or the New Keynesian model of monetary policy -- reinforces key advances: the priority for price stability; the targeting of core rather than headline inflation; the importance of credibility for low inflation; and preemptive interest rate policy supported by transparent objectives and procedures. Of course, a working consensus does not constitute complete agreement. Accordingly, the conclusion identifies important monetary policy issues that remain to be explored.
The Relationships between Permanent and Transitory Movements in U.S. Output and the Unemployment Rate

This paper estimates the permanent and transitory movements in U.S. output and the unemployment rate and the relationships between them. The results suggest that permanent movements in U.S. output and the unemployment rate are important for explaining overall fluctuations. Further, the correlation between changes in these series arises in large part due to the relationship between their permanent components.
Closing the Theory Gap: How the Economic Theory of Property Rights Can Help Bring ‘‘Stakeholders’’ Back into Theories of the Firm

The so-called ‘‘stakeholder theory of the firm’’ has been a much-maligned concept in academia for the last few decades. Developed in the 1970s and 1980s by management theorists to provide a framework for analyzing how large corporations interact with, and manage their relationships with various parties who are involved in or affected by activities of the corporation, stakeholder theory enjoyed a brief period of ascendancy in the late 1970s and early 1980s. The theory, as Edward Freeman, one of the leading advocates of stakeholder theory explained it, ‘‘identifies the relevant set of actors in the environment of a business’’ and defines ‘‘stakeholder management’’ as ‘‘the idea that the tasks of managers in a business are to manage the stakeholder relationships in a way that achieves the purpose of the business.’’ 1 Stakeholder theory has faced two serious intellectual challenges from the time it emerged. 2 First, it did not have rigorous theoretical underpinnings to give it substance and to make it useful for fashioning decision rules that have proved to be helpful in practice. The idea of a stakeholder – defined by Freeman as ‘‘any group or individual who can affect or is affected by a business,’’ 3 – was overly broad, for example, giving no guidance as to how competing interests of various stakeholders should be balanced. And the various formulations of stakeholder theory have been almost completely ad hoc. Second, an alternative model of the critical relationships in a corporation emerged from economic theorists at about the same time that stakeholder theory emerged from management theorists. The alternative model – agency theory – appeared, by contrast to be highly rigorous and well-specified. It could even be modeled mathematically to generate seemingly clear decision
The effectiveness of monetary policy transmission under capital inflows: Evidence from Asia☆

Abstract The effectiveness of the monetary policy transmission mechanism in open economies could be impaired if interest rates are driven primarily by global factors, especially during periods of large capital inflows. The main objective of this paper is to assess whether this is true for emerging Asia's economies. Using a dynamic factor model and a structural vector autoregression model, we show that long-term interest rates in Asia are indeed predominantly driven by global factors. However, monetary policy transmission mechanism remains effective in the region, as it operates predominantly through short-term interest rates. Nevertheless, the monetary transmission mechanism, though effective, is somewhat weaker in Asia during the periods of surges in capital inflows.
Arbitration, Bankruptcy and Public Policy: A Contractarian Analysis

As arbitration agreements become more common, bankruptcy courts increasingly encounter arbitration agreements to which a bankruptcy debtor is a party. Bankruptcy judges must then determine whether to enforce an otherwise valid arbitration clause or to refuse enforcement and decide the underlying dispute themselves. To date, bankruptcy judges facing these issues have tended to see arbitration as a competing, quasi-judicial forum. They typically refuse to enforce arbitration agreements when they find that bankruptcy policy would favor resolution in the bankruptcy proceeding instead of in some other adjudicative forum. Building on previous work, I contend in this article that arbitration is best understood not as a type of quasi-adjudication, but as a species of contract, with the award equivalent to a contract term agreed upon by the parties ex ante. I argue that arbitration agreements should be enforced by bankruptcy courts unless enforcement would prevent a party from vindicating its statutory bankruptcy rights, and that bankruptcy courts should then decide whether to enforce the award by considering whether the award would contravene the policy of bankruptcy law if it had been a contract term. In practice, my proposal is for enforcement of arbitration agreements with a more robust degree of judicial review of awards than arbitration law typically allows.
Abandoning the Orphans: An Open Access Approach to Hostage Works

The lengthening of the duration of copyright protection and the elimination of copyright registration formalities have contributed to the rise of so-called orphan works: works that remain subject to copyright law but whose owners cannot be identified and located by someone who wishes to make use of the work in a manner that requires permission of the copyright owner. In this Article I examine one of the root causes of the inability to address the orphan work problem: the metaphor of the “orphan” itself. I propose that these works should not be viewed as orphans, but rather as “hostages”—constrained in their movement by the restricting combination of the set of rules established by copyright law and the absence of the owner who could release the works from what binds them in their confinement. The hostage metaphor leads to a clearer recognition that what is needed is not a stand in for the “parent” of these orphans, rather what is called for is an incentive for responsible parties to operate as “special forces” to free the hostages. I propose a limited immunity for entities that act as “special forces” in freeing the hostages. The immunity should be available when an entity non-negligently identifies a work as a hostage work and provides an open access copy of that work with the hostage-freeing information attached in human and machine readable form. I also suggest that courts should employ equitable doctrines to limit the infringement remedies available against derivative work creators that would discourage copyright owners from delaying in making their presence and availability known. Adopting this approach would provide an appropriate level of protection for copyright owners and significantly reduce a form of waste created by the hostage work problem. © 2012 Lydia Pallas Loren. † Professor of Law and Kay Kitagawa and Andy Johnson-Laird Faculty Scholar, Lewis & Clark Law School. I thank Tricia Juettemeyer for her research assistance, participants at the 2012 Works-In-Progress in Intellectual Property (WIPIP) workshop and at a 2012 Lewis & Clark Faculty Workshop for helpful feedback on earlier iterations of this project, Tomas Gomez-Arostegui for insightful suggestions on a earlier draft of this Article, and Pamela Samuelson for her invitation to participate in this symposium and her ongoing encouragement on this project. 1431-1470_LOREN_032013_WEB (DO NOT DELETE) 3/20/2013 8:28 PM 1432 BERKELEY TECHNOLOGY LAW JOURNAL [Vol. 27:1431
Accession of the Czech Republic, Hungary, and Poland to the European Union: Impacts on Agricultural Markets

We analyse the consequences on agricultural markets of enlargement of the European Union (EU) to include the Czech Republic, Hungary, and Poland. We produce a market outlook up to 2010 for two enlargement scenarios assuming different policy restrictions on grain and dairy production in the acceding countries. Accession of the three Central and Eastern European countries (CEECs) leads to a permanent but moderate decrease in EU prices for most commodities. In the three acceding CEECs, domestic prices increase drastically, final consumption of agricultural products decreases in most instances, while production increases. Higher domestic prices in the CEECs reduce exports of most commodities to non-union countries. Consequently, excess supplies are placed in stocks or exported to the original 15 member countries. Supply management mechanisms in the dairy and grain sectors would reduce the build-up of surpluses in the new member states, but limit their ability to take advantage of the expanded market. Accession of the three CEECs would increase the CAP budget over its proposed maximum if area payments are extended to incoming crop producers.
Incentive–Compatible Prehospital Triage in Emergency Medical Services

The Emergency Medical Services (EMS) system is designed to handle life-threatening emergencies, but a large and growing number of non-emergency patients are accessing hospital-based healthcare through EMS. A recent national survey estimated that 17% of ambulance trips to hospital Emergency Departments (EDs) were medically unnecessary, and that medically unnecessary trips make up an increasing proportion of all EMS trips. These non-emergency patients are a controllable arrival stream that can be re-directed to an appropriate care provider, reducing congestion in EDs, reducing costs to patients and healthcare payers, and improving patient health, but prehospital triage to identify these patients is almost never implemented by EMS providers in the United States. By studying healthcare reimbursement structures, we find that prehospital triage is unlikely to occur with traditional fee-for-service reimbursements, regardless of how effective the triage process may be. However, offering bundled payments to EMS providers would provide them with an incentive to conduct prehospital triage, and, moreover, with incentive to improve their triage effectiveness. Bundled payments also align with a current trend for Medicare to move away from fee-for-service and toward value-based purchasing, making it a practical step to address hospital ED crowding.
Stop Shutting the Door on Renters: Protecting Tenants from Foreclosure Evictions

This article discusses existing and proposed federal and state law affecting tenants’ rights in foreclosure. As “Foreclosure” signs rapidly join “For Sale” signs across the country, the national foreclosure crisis has not only displaced homeowners, but a plethora of renters as well. The approach taken by states concerning tenants affected by foreclosure varies greatly. Furthermore, a recently enacted federal law, created specifically to help tenants in foreclosure, does not relieve the uncertainty in resolving this issue. In addition to being the first to critique the new federal law, this article offers recommendations for legislation that may better protect tenants from foreclosure-related evictions.
Medical decision-making for incapacitated elders: A "therapeutic interests" standard.

Abstract Some older individuals lack sufficient present cognitive and/or emotional ability to make and express autonomous decisions personally. In those situations, health-care providers routinely turn to available formal or informal surrogates who often must apply the best interests standard in making decisions for the incapacitated person. This article contends that defining the best interests standard of surrogate decision-making for older adults in terms of optimal or ideal choices (truly the patient's “best” interests) frequently sets out an unrealizable goal for surrogates to satisfy. Instead, a decision-making standard based on the incapacitated person's “therapeutic” interests is more realistic and hence more honest to adopt and apply from legal, ethical, and medical perspectives.
A model of a systemic bank run

Abstract This paper provides a model of the view that the 2008 financial crisis is reminiscent of a bank run, focussing on six stylized key features. In particular, core financial institutions have invested their funds in asset-backed securities rather than committed to long-term projects: in distress, these can potentially be sold to a large pool of outside investors at steep discounts. I consider two different motives for outside investors and their interaction with banks trading asset-backed securities: uncertainty aversion versus adverse selection. I shall argue that the version with uncertainty averse investors is more consistent with the stylized facts than the adverse selection perspective: in the former, the crisis deepens, the larger the market share of distressed core banks, while a run becomes less likely instead as a result in the adverse selection version. Therefore, the outright purchase of troubled assets by the government at prices above current market prices may both alleviate the financial crises as well as provide tax payers with returns above those for safe securities.
Investment beliefs of endowments

United States university and college endowments now hold close to oneâ€ third of their portfolios in private equity and hedge funds. We estimate the implied beliefs of endowments on these alternative assetsâ€™ returns relative to equities and bonds. At the end of 2012, the typical endowment believes that its private equity investments will outperform a portfolio of conventional assets by 3.9% per year, and hedge funds will outperform by 0.7% per year. Taking into account the implied equity exposures in alternative asset positions, the effective equity holding of endowments is approximately 60%.
Financial Planners: Educating Widows in Personal Financial Planning.

Widows constitute a growing segment of the U.S. population; however, very little has been done to educate them on the basics of personal financial planning. The creation and implementation of financial planning education programs for widows can help them become more financially literate and free them from anxiety and fear. Interviews with eight financial planners and 12 of their widow clients, along with research into financial planning education programs form the basis for this paper. Research findings include suggestions for financial education content in the topic areas of financial planner qualities, goal setting, cash flow management, risk management, investment management, and estate planning. Implications for the role of financial planners and non-profit educational institutions in the financial education of widows are discussed.
The Jobless Recovery: Does it Signal a New Era of Productivity-Led Growth?

BY FAR THE MOST WIDELY NOTED and puzzling aspect of the current economic recovery is its failure to create jobs. While payroll employment in seven previous recessions increased a full 7 percent in the first twenty-three months following the NBER business cycle trough, such employment increased by only 0.8 percent-just over one-tenth as much-from March 1991 to March 1993.' Part of the explanation of negligible job growth lies in the recovery's relatively slow pace of output growth, which has been little more than one-third the usual postwar pace.2 The remaining part of the job puzzle stems from the ebullient performance of productivity-that is, output per hour in the nonfarm business sector-which registered a growth rate of 3.2 percent in the four quarters ending in 1992:4, the most rapid rate recorded in any similar period
Cold Case File: Indictable Acts and Officer Accountability in Marbury v. Madison

Starting from the position that officer accountability is a core value of American constitutionalism, this article reassesses Marbury v. Madison in light of the indictable acts connected to the nondelivery of Marbury's commission. First, it reads Chief Justice Marshall's opinion against the background of personal and political hostility among the principals, including between Marbury and President Jefferson. Second, it identifies avenues of further redress open to Marbury before and after the Supreme Court's refusal of the mandamus order, and it considers why they were not pursued. Finally, having identified alternative procedural traditions on which Marshall could have drawn, and reviewed decisions by state and federal judges in analogous suits against officers, it concludes that Marbury's deepest contribution was to elevate the principle of jurisdiction over the imperative of remedy in constitutional decision making.
Betrayal aversion is reasonable

This article was written in response to Cass Sunstein’s, Moral Heuristics. We accept Sunstein’s claim that people often use moral heuristics to make judgments and decisions. Indeed, given people’s desire for social goals such as fairness, justice, and trustworthiness, it would be strange if moral intuitions did not impact the decisions people make. However, it is less clear that these moral intuitions - or moral heuristics - are as prone to systematic error as the classic heuristics in situations that include a risk of betrayal. We disagree with Sunstein about when the relevant moral heuristic may be said to “misfire”. We suggest that the moral heuristic people apply to avoid the possibility of safety-product betrayal may be reasonable.
The Uncomfortable Truths and Double Standards of Bribery Enforcement

In recent years, Foreign Corrupt Practices Act (FCPA) enforcement has become a top priority for the U.S. government, and government enforcement officials have stated that “we in the United States are in a unique position to spread the gospel of anti-corruption” and that FCPA enforcement ensures not only that the United States “is on the right side of history, but also that it has a hand in advancing that history.”1 However, the FCPA is not the only statute in the federal criminal code concerning bribery. Rather, the FCPA was modeled in large part after the U.S. domestic bribery statute, and when speaking of its FCPA enforcement program, the government has recognized that it “could not be effective abroad if we did not lead by example here at home.”2 Indeed, the policy reasons motivating Congress to enact the FCPA—that corporate payments were subverting the democratic process, undermining the integrity and stability of government, and eroding public confidence in basic institutions—apply with equal force to domestic bribery. Against this backdrop, this Article explores through various case studies and examples whether the United States’s crusade against bribery suffers from uncomfortable truths and double standards. Through these case
"Minute and Separate": Considering the Admissibility of Videotaped Forensic Interviews in Child Sexual Abuse Cases After Crawford and Davis

Child sexual abuse is one of the least prosecuted crimes in the United States in part because of the many evidentiary challenges prosecutors face. In 2004, the Supreme Court introduced a new standard for determining the admissibility of out-of-court statements made by declarants who are unavailable to testify at trial. In Crawford v. Washington, the Supreme Court held that testimonial statements are only admissible at trial if the declarant is unavailable to testify and there was a prior opportunity for cross-examination. This Note will examine Crawford’s impact on the admissibility of videotaped forensic interviews with child victims of sexual abuse and suggest that courts adopt a “minute and separate” approach when deciding whether statements contained in those interviews are tes-
Delegation, Agency and Agenda Setting in the Treaty of Amsterdam

This paper applies a principal-agent model of delegation, agency and agenda setting to the 1996 intergovernmental conference and the Treaty of Amsterdam, in order to understand both the delegation of powers to supranational organizations in the new Treaty, and the efforts of such organizations to set the agenda for the conference. At Amsterdam, the member governments of the European Union delegated new powers to the Commission, the Court of Justice, and especially the European Parliament; these new powers, however, are carefully hedged with elaborate mechanisms to control, if not eliminate, supranational autonomy in the future. In the intergovernmental conference, moreover, the EU’s supranational organizations attempted to influence the outcome of the negotiations as informal agenda setters, but they were limited in their ability to do so by the information-rich content of the IGC. However, while the influence of the Commission, Court and Parliament was indeed limited in the intergovernmental conference and at Amsterdam, we should beware of generalizing from IGCs to the day-to-day workings of EU politics, where the powers of the supranational organizations are far greater than in any intergovernmental conference. Kurzfassung Dieses Papier wendet auf die Regierungskonferenz 1996 und den Vertrag von Amsterdam ein principal-agent-Modell der Befugnisubertragung, des Handelns und des Agendasetting an, um sowohl die Ubertragung von Befugnissen auf die supranationalen Organe im neuen Vertrag als auch die Bemuhungen solcher Organe, die Agenda der Konferenz zu bestimmen, zu verstehen. In Amsterdam ubertrugen die EU-Regierungen neue Befugnisse auf die Kommission, den Gerichtshof und im besonderen auf das Europaische Parlament; diese neuen Kompetenzen sind allerdings sorgfaltig durch ausgeklugelte Mechanismen begrenzt, um die supranationale Autonomie in Zukunft zu kontrollieren, wenn nicht sogar zu beseitigen. Daruber hinaus versuchten die supranationalen Organe der EU in der Regierungskonferenz das Ergebnis der Verhandlungen als informelle Agendasetter zu beeinflussen, waren jedoch darin durch die Informationsdichte der IGK behindert. Obwohl der Einflus der Kommission, des Gerichtshofs und des Parlaments in der Regierungskonferenz und in Amsterdam in der Tat sehr beschrankt war, sollte nicht der Fehler gemacht werden, von IGKs auf die Alltagsgeschafte der EU-Politik zu schliesen, da die supranationalen Organe dort bei weiten einflusreicher sind als in einer IGK.
Social networks with two sets of actors

Traditional network research analyzes relational ties within a single group of actors: the models presented in this paper involve relational ties exist beteen two distinct sets of actors. Statistical models for traditional networks in which relations are measured within a group simplify when modeling unidirectional relations measured between groups. The traditional paradigm results in a one-mode socionatrix; the network paradigm considered in this paper results in a two-mode socionatrix; A statistical model is presented, illustrated on a sample data set, and compared to its traditional counterpart. Extensions are discussed, including those that model multivariate relations simultaneously, and those that allow for the inclustion of attributes of the individuals in the group.
How re‐designing angular logos to be rounded shapes brand attitude: consumer brand commitment and self‐construal

Purpose – This research aims to explore how consumer responses to logo redesign (from angular to rounded) are contingent on brand commitment and self‐construal. The authors aim to explore two issues. First, what is the role of brand commitment on response to logo redesign and underlying brand attitude? Second, how does situational accessible self‐construal influence brand commitment in situations like this?Design/methodology/approach – This research uses two field experiments; one using the general public via mall intercepts and the second with undergraduate college students.Findings – In two studies the authors show that brand commitment negatively influences evaluation of inconsistent information (i.e. rounded logo), and this negative logo evaluation mediates the impact on brand attitude. They also find that motivated reasoning may be at play showing that when faced with inconsistent information brand commitment not only increases thought generation but, specifically, negative thoughts about the logo. S...
Unilateral Steps to End High Seas Fishing

In discussions about the overexploitation of the vast oceans that lie beyond national jurisdiction, one bold proposal is to close fishing entirely on the high seas. Existing research suggests that converting the high seas into a giant reserve for fish might increase overall global fish catches by boosting fish catches within the adjoining areas of the oceans under national control. This conversion also might help to protect marine biological diversity, which is particularly important in an era of climate change. This Essay identifies the potential that the United States — a significant importer of high seas fish — might unilaterally take steps to end fishing on the high seas, using its market leverage. This Essay then analyzes the advantages and disadvantages of taking unilateral steps to end fishing on the high seas and the conditions under which the United States might take such steps.
Determinants and Consequences of Tax Service Provider Choice in the Not-for-Profit Sector†

This study examines the determinants and consequences of tax service provider choice among not-for-profit (NFP) organizations. Understanding how clients choose among professional services firms for tax services is important both because of the economic significance of tax service revenues to public accounting firms and because of regulatory changes to the market for tax services following the Sarbanes-Oxley Act. Because public accounting firms compete with law and consulting firms for tax clients, we examine whether factors that influence the organizational structure of professions – client proximity and knowledge availability – influence clients’ decisions to purchase tax services. Using data from the U.S. NFP sector where the decision to purchase tax services is observable for all organizations, we find that NFPs are less likely to retain their auditor for tax services as distance to the auditor and knowledge availability increase. We document that self-preparing NFPs are more likely to misreport executive compensation on their return, and we find no differences in misreporting between auditor and non-auditor paid preparers. Finally, we find that NFPs receive lower donor contributions after changing from paid preparers to self-preparing the Form 990.
On the causes and consequences of hedonic adaptation

Abstract We provide a simple evolutionary explanation for the emergence of hedonic adaptation. The model’s key assumption is that, apart from guiding long-term behavior, some sensations fulfill warning and defense roles (e.g., pain). Contrary to the alternative evolutionary explanations for hedonic adaptation ( Robson, 2002 , Rayo and Becker, 2007 ), our theory can explain why some sensations are adaptive, while others (with warning/defense roles) are not adaptive at all. Finally, we show that differential adaptation has important welfare and policy implications.
Utilization of oral contraception: The impact of direct and indirect restrictions on access to abortion

Abstract Utilizing variation across U.S. state abortion restrictions on minors and different levels of provider availability, we measure whether women under the age of 25 are less careful in using contraception if abortions are less costly, in terms of both financial and opportunity cost. The effects of abortion restrictions for minors are largest and the most significant for women aged 18 and younger, and the effect of these restrictions decrease in magnitude and significance gradually as women age. As the percent of the state's women without a provider increases, abortions are more difficult to obtain, and women are more likely to use the pill. When a larger percentage of women have a provider, abortions are more easily obtained, and there is a negative effect on pill usage. These results indicate that young women are forward thinking when making their contraceptive decisions, relative to the direct and indirect restrictions on abortion access.