Less of a Puzzle: a new look at the forward forex market

The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of spot exchange rates; and (f) the negative covariance between the expected spot return and expected forward speculative profit. It is unable to account for the forward market bias because the volatility of the expected spot return is too large relative to the volatility of the expected forward speculative profit.

Effect of chronic consumption of almonds on body weight in healthy humans

Small changes of diet may reduce CVD risk. One example is the inclusion of nuts. They are rich in fibre, unsaturated fatty acids and phytonutrients. However, their fat content and energy density raise concerns that chronic consumption will promote weight gain. Randomised intervention studies are required to evaluate whether this concern is well founded. This study's aim was to determine if the inclusion of a 1440 kJ serving of almonds in the daily diet results in positive energy balance, and body composition change. During a 23-week cross-over design study, participants were required to consume almonds for 10 weeks and were provided no advice on how to include them in their diet. For another 10 weeks (order counter-balanced), participants followed their customary diet and there was a 3-week washout between. The study group consisted of twenty women. Potential mechanisms of energy dissipation were measured. Ten weeks of daily almond consumption did not cause a change in body weight. This was predominantly due to compensation for the energy contained in the almonds through reduced food intake from other sources. Moreover, inefficiency in the absorption of energy from almonds was documented (P <0·05). No changes in resting metabolic rate, thermic effect of food or total energy expenditure were noted. A daily 1440 kJ serving of almonds, sufficient to provide beneficial effects on cardiovascular risk factors, may be included in the diet with limited risk of weight gain. Whether this can be generalised to other high-fat energy dense foods warrants evaluation.

Philosophers and practical men: Charles Babbage, Irish merchants and the economics of information

Before the emergence of coordination of production by firms, manufacturers and merchants traded in markets with asymmetric information. Evidence suggests that the practical knowledge thus gained by these agents was well in advance of contemporary political economists and anticipates twentieth-century developments in the economics of information. Charles Babbage, who regarded merchants and manufacturers as the chief sources of reliable economic data, drew on this knowledge as revealed in the evidence of manufacturers and merchants presented to House of Commons select committees to make an important pioneering contribution to the theory of production and exchange with information asymmetries.

Modeling energy consumption in error-prone IEEE 802.11-based wireless ad-hoc networks

In the IEEE 802.11 MAC layer protocol, there are different trade-off points between the number of nodes competing for the medium and the network capacity provided to them. There is also a trade-off between the wireless channel condition during the transmission period and the energy consumption of the nodes. Current approaches at modeling energy consumption in 802.11 based networks do not consider the influence of the channel condition on all types of frames (control and data) in the WLAN. Nor do they consider the effect on the different MAC and PHY schemes that can occur in 802.11 networks. In this paper, we investigate energy consumption corresponding to the number of competing nodes in IEEE 802.11's MAC and PHY layers in error-prone wireless channel conditions, and present a new energy consumption model. Analysis of the power consumed by each type of MAC and PHY over different bit error rates shows that the parameters in these layers play a critical role in determining the overall energy consumption of the ad-hoc network. The goal of this research is not only to compare the energy consumption using exact formulae in saturated IEEE 802.11-based DCF networks under varying numbers of competing nodes, but also, as the results show, to demonstrate that channel errors have a significant impact on the energy consumption.