Optimal Credit Rationing in Not-For-Profit Financial Institutions

We examine the dynamic optimization problem for not-for-profit financial institutions (NFPs) that maximize consumer surplus, not profits. We characterize the optimal dynamic policy and find that it involves credit rationing. Interest rates set by mature NFPs will typically be more favorable to customers than market rates, as any surplus is distributed in the form of interest rate subsidies, with credit rationing being required to prevent these subsidies from distorting loan volumes from their optimal levels. Rationing overcomes a fundamental problem in NFPs; it allows them to distribute the surplus without distorting the volume of activity from the efficient level.

On Suffering and Sympathy: Jude the Obscure, Evolution and Ethics

This article links Thomas Hardy’s exploration of sympathy in Jude the Obscure to contemporary scientific debates over moral evolution. Tracing the relationship between pessimism, progressivism, and determinism in Hardy’s understanding of sympathy, it also considers Hardy’s conception of the author as enlarger of “social sympathies”--a position, I argue, that was shaped by Leslie Stephen’s advocacy of novel writing as moral art. Considering Hardy’s engagement with writings by Charles Darwin, T. H. Huxley, Herbert Spencer, and others, I explore the novel’s participation in a debate about the evolutionary significance of sympathy and its implications for Hardy’s understanding of moral agency. Hardy, I suggest, offered a stronger defence of morality based on biological determinism than Darwin, but this determinism was linked to an unexpected evolutionary optimism.

Genome-wide association study identifies five new schizophrenia loci

We examined the role of common genetic variation in schizophrenia in a genome-wide association study of substantial size: a stage 1 discovery sample of 21,856 individuals of European ancestry and a stage 2 replication sample of 29,839 independent subjects. The combined stage 1 and 2 analysis yielded genome-wide significant associations with schizophrenia for seven loci, five of which are new (1p21.3, 2q32.3, 8p23.2, 8q21.3 and 10q24.32-q24.33) and two of which have been previously implicated (6p21.32-p22.1 and 18q21.2). The strongest new finding (P = 1.6 x 10(-11)) was with rs1625579 within an intron of a putative primary transcript for MIR137 (microRNA 137), a known regulator of neuronal development. Four other schizophrenia loci achieving genome-wide significance contain predicted targets of MIR137, suggesting MIR137-mediated dysregulation as a previously unknown etiologic mechanism in schizophrenia. In a joint analysis with a bipolar disorder sample (16,374 affected individuals and 14,044 controls), three loci reached genome-wide significance: CACNA1C (rs4765905, P = 7.0 x 10(-9)), ANK3 (rs10994359, P = 2.5 x 10(-8)) and the ITIH3-ITIH4 region (rs2239547, P = 7.8 x 10(-9)).

Performance enhancement of polymer nanocomposites via multiscale modelling of processing and properties

This paper provides an overview of research on modelling of the structure–property interactions of polymer nanocomposites in manufacturing processes (stretch blow moulding and thermoforming) involving large-strain biaxial stretching of relatively thin sheets, aimed at developing computer modelling tools to help producers of materials, product designers and manufacturers exploit these materials to the full, much more quickly than could be done by experimental methods alone. The exemplar systems studied are polypropylene and polyester terephalate, with nanoclays. These were compounded and extruded into 2mm thick sheet which was then biaxially stretched at 155°C for the PP and 90 to 100°C for the PET. Mechanical properties were determined for the unstretched and stretched materials, together with TEM and XRD studies of structure. Multi-scale modelling, using representative volume elements is used to model the properties of these products.

Structural mimics for the active site of [NiFe] hydrogenase

Hydrogenases are enzymes that catalyse the reversible two-electron oxidation of H-2. The [NiFe] hydrogenases have been characterised spectroscopically and by single crystal X-ray diffraction, and show an active site incorporating a heterobinuclear [NiFe] centre bridged by two cysteine S-donors. Low molecular weight synthetic complex models, which structurally mimic the dithiolate-bridged [NiFe] centre, serve as important probes of structure and chemistry at the active site and are the subject of this review. (C) 2001 Elsevier Science B.V. All rights reserved.