Life after Dreissena: The decline of exotic suspension feeder may have significant impacts on lake ecosystems

It is well documented that the introduction of dreissenid bivalves in eutrophic lakes is usually associated with decreases in turbidity and total phosphorus concentrations in the water column, concomitant increases in water clarity, as well as other physical changes to habitat that may have cascading effects on other species in the invaded waterbody. In contrast, there is a paucity of data on the ecological ramifications of the elimination or decline of dreissenids due to pollution, bottom hypoxia, or other mechanisms. Using data collected by the U.S. Environmental Protection Agency Great Lakes National Program Office's Long-Term Biology and Water Quality Monitoring Programs, we analyzed the impacts of the hypoxia-induced declines in Dreissena densities in the central basin of Lake Erie on major water chemistry and physical parameters. Our analysis revealed that the decline in Dreissena density in the central basin was concomitant with a decrease in spring dissolved silica concentrations and an increase in total phosphorus and near bottom turbidity not seen in the western or eastern basins. In contrast, opposite patterns in water quality were observed in the eastern basin which was characterized by a high and relatively stable Dreissena population. We are the first to report on observations suggesting that dreissenid-related shifts in water quality may be reversible by documenting that the sharp decline of Dreissena in the central basin of Lake Erie was concomitant with a shift from clear to turbid water.     

Belief elicitation in experiments: is there a hedging problem?

Belief-elicitation experiments usually reward accuracy of stated beliefs in addition to payments for other decisions. But this allows risk-averse subjects to hedge with their stated beliefs against adverse outcomes of the other decisions. So can we trust the existing belief-elicitation results? And can we avoid potential hedging confounds? We propose an experimental design that theoretically eliminates hedging opportunities. Using this design, we test for the empirical relevance of hedging effects in the lab. Our results suggest that hedging confounds are not a major problem unless hedging opportunities are very prominent. If hedging opportunities are transparent, and incentives to hedge are strong, many subjects do spot hedging opportunities and respond to them. The bias can go beyond players actually hedging themselves, because some expect others to hedge and best respond to this.     

NEW ZEALAND CREDIT UNION MERGERS

ABSTRACT ** : Research into the benefits of mergers in small financial institutions, in particular credit unions, is sparse. This study helps to fill this gap by analyzing recent intense merger activity in New Zealand credit unions. The major driver for these mergers was not the usual reason of attempting to increase efficiency for competitive purposes but rather enforced government action. Data envelopment analysis is used to explore changes in efficiency in merged credit unions between 1996 and 2001. Those credit unions not involved in merger activity are used as a control group. Overall, credit unions have become more efficient over the period, notably in those that undertook mergers. The Malmquist index indicates significant technological progress over the period but a slight regression in terms of efficiency.     

Responsibility for what? Fairness and individual responsibility

What should individuals be held responsible for? This is a fundamental question in much of the contemporary debate on distributive justice. Different fairness ideals, such as strict egalitarianism, and different versions of equal opportunity ethics and libertarianism give different answers to this question. In order to study the prevalence of these fairness ideals in society, we present the results from a dictator game where the distribution phase is preceded by a production phase. Each participant's contribution is a result of working time, productivity and price. We estimate what factors the participants hold each other responsible for and the weight they attach to fairness. In addition, we discuss how fairness preferences relate to business education and labour market experiences by comparing the estimates for business students at different stages of their education, and by comparing the estimates for final-year business students with the estimates for former business students with some years of work experience.     

Das Asset-Märchen der Federal Reserve

Die Federal Reserve ist laut dem Federal Reserve Act unter anderem dazu verpfl ichtet, stabile Preise zu gew?hrleisten. Das Erreichen dieses geldpolitischen Ziels wird offi ziell auf Ebene der Verbraucherpreise angesiedelt. Darüber hinaus bekr?ftigt die FED, dass kein explizites Asset Price Targeting betrieben wird. Dienen jedoch Verm?genspreise implizit als geldpolitisches Ziel?     

Connecting the dots: how personal need for structure produces false consumer pattern perceptions

The human tendency to recognize patterns even when none exist is shown to have applications in consumer behavior. The current research demonstrates that as one’s personal need for structure (PNS) increases (i.e., requiring predictability and disfavoring uncertainty), false consumer pattern perceptions emerge. Construal level moderates this relationship such that as abstract mindsets (high construal) seek out underlying explanations and enhance, concrete mindsets (low construal) evaluate consumer-related stimuli in terms of its contextual elements and therefore attenuate the effect. Types of consumer patterns are characterized by false expectations about the performance of a cellular phone (study 1), the association of human characteristics toward personal computers (study 2), and the development of beliefs in corporate conspiracy theories (study 3). This research has implications for practitioners and academics as it expands on the literature related to false pattern perceptions by investigating it through the lens of consumer decision-making.     

The effect of near- versus distant-future mindsets on socially responsible investors’ mutual fund preferences

Socially responsible investing (SRI) has seen tremendous growth in recent years. For SRI investors, choosing among potential SRI investments often requires making trade-offs between social responsibility and financial aspects of the investment. In this study, we examine contexts where investors are more versus less willing to make such trade-offs, specifically in the context of SRI-guided mutual funds among Muslim investors. We expect that priming a near-future mindset will make respondents less likely to trade-off social responsibility for financial considerations, whereas priming a distant-future mindset will make respondents more likely to make such trade-offs. Using a discrete choice experimental design among Saudi Arabian adults, we find support for our hypotheses. Managerial implications and directions for future research are discussed.     

Subjective adjustments to objective performance measures: The influence of prior performance

This field study examines whether and how supervisors’ subjective adjustments to objective performance measures are influenced by their prior subjective evaluations of employees. Evaluations were determined entirely subjectively in the sample internal audit organization in 2005. In 2006, the organization introduced a pay-for-performance incentive plan that established four objective measures of audit manager performance. Then, knowing the challenges of objectively measuring manager performance, the organization gave supervisors the discretion, mandate, and training to subjectively adjust each of the objective measures when performance as indicated on the individual measures misrepresented managers’ true performance.