Sustainable Consumption Research as Democratic Expertise

Academic proponents of sustainable consumption have marshaled considerable evidence over the past decade to support calls for more efficacious lifeways among residents of the world’s developed countries. Policymakers continue, however, to resist these recommendations because sustainable consumption runs counter to dominant tenets of neo-liberal economics and conventional political objectives. Unless investigators in the field can identify a cadre of clients that is interested in forming tacit partnerships, the concept of sustainable consumption is likely to remain little more than a prospective pursuit. This article suggests that there are some nascent indications that these kinds of alliances are developing. For sustainable consumption to take root in the policy sphere, it will be necessary to more actively foster these relationships and to cast this form of knowledge as a form of democratic counterexpertise that challenges elite economic and political institutions that regularly appropriate and deploy consumer science to advance their own interests.     

Some ideas and models in reliability theory

Summary Some questions about the meaning of reliability for the design of complex systems are discussed. Should the ideas of reliability be put in a broader framework, becoming applicable also to nontechnical systems, like a government organisation? In the mnd chapter some rather new failure models are reviewed and an interesting derivation of the Weibull distribution is discussed.     

ISOLATING THE WILD CARD OPTION

Many embedded options are difficult to value the wild card option in the Treasury bond futures contract is one of these embedded options. We illustrate how narrow theoretical bounds on the value of this option, relative to the price of the contract, may be obtained in the presence of other embedded options. Simulations suggest that the value of the wild card option is close to zero. This implies that, in this economy, a simpler pricing model of the Treasury bond futures contract, which ignores the wild card option, will result in only a small loss of accuracy.