title: An Investigation of Suboptimal Choice by Possums

authors: Hill, Stephanie Anne

subjects: Suboptimal choice

abstract: This study addressed the question of whether an overall preference for a suboptimal choice, previously found in pigeons (Stagner and Zentall, 2010), would be replicated with five brushtail possums. In Part One of this experiment possums responded on a concurrent-chain procedure where both alternatives had fixed-ratio 1 schedules in the initial link and a fixed-interval 10s in the terminal link. Two stimuli outcomes (four line orientations) are presented on the alternatives based on a probability of 0.20 or 0. 80. The left produced a discriminative stimulus with the right reinforcing on half of trials (20:50). Three of the five possums showed a consistent preference for the optimal alternative (50%), while the others showed a preference for the suboptimal (20%). When data was averaged possums showed a preference for the optimal alternative, which was not consistent with Stagner and Zentall’s (2010) earlier findings. Part Two of this investigation replicated Gipson, Alessandri, Miller and Zentall (2009), probabilities of stimuli appearing were changed to 50/50, with a discriminative stimulus on the left alternative and the probability of reinforcement on the optimal alternative increased to 75% (50:75). The discriminative stimuli were now more predictable than previously, when this was not present all possums showed a preference for the suboptimal alternative. When discriminative stimuli were associated with both alternatives (20:50), replicating Stagner, Laude and Zentall (2012), all possums showed all possums optimal preferences. An overall preference for the optimal alternative, seen during this study, is consistent with the findings reported in a more recent study by Trujano and Orduña’s (2015) with rats. This overall optimal preference is somewhat consistent with optimal foraging theory, however, this does not account for the suboptimal choices made by some possums. The suboptimal preferences seen by two possums in Part One and all in Part Two also loosely support previous findings that pigeons are under the control of discriminative stimuli.

text: An Investigation of Suboptimal Choice by Possums This study addressed the question of whether an overall preference for a suboptimal choice, previously found in pigeons (Stagner and Zentall, 2010), would be replicated with five brushtail possums. In Part One of this experiment possums responded on a concurrent-chain procedure where both alternatives had fixed-ratio 1 schedules in the initial link and a fixed-interval 10s in the terminal link. Two stimuli outcomes (four line orientations) are presented on the alternatives based on a probability of 0.20 or 0. 80. The left produced a discriminative stimulus with the right reinforcing on half of trials (20:50). Three of the five possums showed a consistent preference for the optimal alternative (50%), while the others showed a preference for the suboptimal (20%). When data was averaged possums showed a preference for the optimal alternative, which was not consistent with Stagner and Zentall’s (2010) earlier findings. Part Two of this investigation replicated Gipson, Alessandri, Miller and Zentall (2009), probabilities of stimuli appearing were changed to 50/50, with a discriminative stimulus on the left alternative and the probability of reinforcement on the optimal alternative increased to 75% (50:75). The discriminative stimuli were now more predictable than previously, when this was not present all possums showed a preference for the suboptimal alternative. When discriminative stimuli were associated with both alternatives (20:50), replicating Stagner, Laude and Zentall (2012), all possums showed all possums optimal preferences. An overall preference for the optimal alternative, seen during this study, is consistent with the findings reported in a more recent study by Trujano and Orduña’s (2015) with rats. This overall optimal preference is somewhat consistent with optimal foraging theory, however, this does not account for the suboptimal choices made by some possums. The suboptimal preferences seen by two possums in Part One and all in Part Two also loosely support previous findings that pigeons are under the control of discriminative stimuli.

year: 2016

title: The influence of maritime freight cost tail risk on publicly traded industrial and transport companies

authors: Akyildirim, E

subjects: ESG

abstract: This study examines the influence of maritime freight cost tail risk events on stock market prices of industrial and transport-related firms. Our findings reveal a significant asymmetry: extreme negative movements in these indices have a disproportionately large adverse impact on stock returns compared to extreme positive movements. As these indices serve as barometers of global economic health, sharp declines signal contractions in global demand, fuelling investor apprehension. These concerns outweigh the potential benefits of lower input costs for most firms. We also uncover substantial heterogeneity amongst stock responses. Notably, owing to their perceived higher risk, smaller firms and those with ESG controversies are more severely impacted by these negative tail-risk events. Further, we document that strong ESG commitments are sometimes beneficial during negative tail risk events, but not always. These mixed findings suggest that the effects of ESG commitments during tail risk events operate through multiple channels, and these impacts may vary depending on firm characteristics and the nature of the ESG activity.

text: The influence of maritime freight cost tail risk on publicly traded industrial and transport companies This study examines the influence of maritime freight cost tail risk events on stock market prices of industrial and transport-related firms. Our findings reveal a significant asymmetry: extreme negative movements in these indices have a disproportionately large adverse impact on stock returns compared to extreme positive movements. As these indices serve as barometers of global economic health, sharp declines signal contractions in global demand, fuelling investor apprehension. These concerns outweigh the potential benefits of lower input costs for most firms. We also uncover substantial heterogeneity amongst stock responses. Notably, owing to their perceived higher risk, smaller firms and those with ESG controversies are more severely impacted by these negative tail-risk events. Further, we document that strong ESG commitments are sometimes beneficial during negative tail risk events, but not always. These mixed findings suggest that the effects of ESG commitments during tail risk events operate through multiple channels, and these impacts may vary depending on firm characteristics and the nature of the ESG activity.

year: 2025

title: River Co-management and Planning in the Waikato: An Analysis of Regional and District Plans and Regional Policy Statement Compliance, and a New Approach to Plan Preparation

authors: den Ouden, Hester

subjects: co-management

abstract: The Waikato River is one of New Zealand most significant rivers.  It is an ancestor to one Iwi, significant to four other Iwi generates most of the country’s hydroelectricity and provides large amount of potable water to municipalities.
In 2010 and 2012 three Acts of parliament established the framework for the restoration and protection of the Waikato River Catchment.  It did so in three ways.  The River Co-Management Legislation (RCML) has significantly added to the policy framework under the Resource Management Act 1991 for the Waikato Regional and six Districts.  It introduced the requirement for co-management of decision-making at policy and regulatory approvals, and established the Waikato River Authority which manages a $270 million Clean-Up fund.
This research outlines the provisions of the three statutes that comprise the RCML, how legislation changed the hierarchy of the planning framework, and identifies areas where improvements could be made.  
The RCML introduces a ‘Vision and Strategy’ as a National Policy Statement for the area of the region within the Waikato River Catchment.  The ‘Vision and Strategy’ comprises 13 statements that are the Vision and 12 statements that are the strategy, collectively referred to as stratagems.  The research assesses each plan and policy statement within the Waikato River catchment to determine the nature and level of incorporation of the 25 stratagems of ‘Vision and Strategy’.
A new approach in planning is the requirement for the use of Maatauranga Maaori along with western science, the Māori and western science worldviews.  These worldviews are discussed.  Three Models that use Maatauranga Maaori principles are described.  The purpose of this has been to begin a discussion on the basis of another perspective in future plan and policy making that included better provisions based on the Maatauranga Maaori worldview.
The Planning Under a Co-operative Mandate (PUCM) project assisted in identify criteria against which to assess the regional and district plans and regional policy statement, their quality, comprehensiveness of inclusion of the ‘Vision and Strategy’ stratagems, and the required cascading nature of Objective policies and methods that are contain in the plans and regional policy statement.   
Key findings were that the provisions or inclusion of the ‘Vision and Strategy’ Stratagems was mixed, high in the case of scientifically quantifiable matters and poor and non-existent where matters to be included were less able to be quantified and qualified in a western science worldview.  The strengths and weakness of including the ‘Vision and Strategy’ Stratagems varied and the strength of that inclusion was identified.
A consequential finding was the overall quality of the plans themselves.  The first PUCM report to government in 2001 on plan quality, scored all six districts and regional plans below 50%.  Using PUCM project criteria to assess the degree to which the Stratagems were included in the plans in 2016 showed a similar result.  The consequential findings also found confusion over the nature of good objective, policy and method drafting.  It also found significant lack of cascading from objectives through policies to methods.

text: River Co-management and Planning in the Waikato: An Analysis of Regional and District Plans and Regional Policy Statement Compliance, and a New Approach to Plan Preparation The Waikato River is one of New Zealand most significant rivers.  It is an ancestor to one Iwi, significant to four other Iwi generates most of the country’s hydroelectricity and provides large amount of potable water to municipalities.
In 2010 and 2012 three Acts of parliament established the framework for the restoration and protection of the Waikato River Catchment.  It did so in three ways.  The River Co-Management Legislation (RCML) has significantly added to the policy framework under the Resource Management Act 1991 for the Waikato Regional and six Districts.  It introduced the requirement for co-management of decision-making at policy and regulatory approvals, and established the Waikato River Authority which manages a $270 million Clean-Up fund.
This research outlines the provisions of the three statutes that comprise the RCML, how legislation changed the hierarchy of the planning framework, and identifies areas where improvements could be made.  
The RCML introduces a ‘Vision and Strategy’ as a National Policy Statement for the area of the region within the Waikato River Catchment.  The ‘Vision and Strategy’ comprises 13 statements that are the Vision and 12 statements that are the strategy, collectively referred to as stratagems.  The research assesses each plan and policy statement within the Waikato River catchment to determine the nature and level of incorporation of the 25 stratagems of ‘Vision and Strategy’.
A new approach in planning is the requirement for the use of Maatauranga Maaori along with western science, the Māori and western science worldviews.  These worldviews are discussed.  Three Models that use Maatauranga Maaori principles are described.  The purpose of this has been to begin a discussion on the basis of another perspective in future plan and policy making that included better provisions based on the Maatauranga Maaori worldview.
The Planning Under a Co-operative Mandate (PUCM) project assisted in identify criteria against which to assess the regional and district plans and regional policy statement, their quality, comprehensiveness of inclusion of the ‘Vision and Strategy’ stratagems, and the required cascading nature of Objective policies and methods that are contain in the plans and regional policy statement.   
Key findings were that the provisions or inclusion of the ‘Vision and Strategy’ Stratagems was mixed, high in the case of scientifically quantifiable matters and poor and non-existent where matters to be included were less able to be quantified and qualified in a western science worldview.  The strengths and weakness of including the ‘Vision and Strategy’ Stratagems varied and the strength of that inclusion was identified.
A consequential finding was the overall quality of the plans themselves.  The first PUCM report to government in 2001 on plan quality, scored all six districts and regional plans below 50%.  Using PUCM project criteria to assess the degree to which the Stratagems were included in the plans in 2016 showed a similar result.  The consequential findings also found confusion over the nature of good objective, policy and method drafting.  It also found significant lack of cascading from objectives through policies to methods.

year: 2017