Judgments of path, not heading, guide locomotion

To steer a course through the world, people are almost entirely dependent on visual information, of which a key component is optic flow. In many models of locomotion, heading is described as the fundamental control variable; however, it has also been shown that fixating points along or near one's future path could be the basis of an efficient control solution. Here, the authors aim to establish how well observers can pinpoint instantaneous heading and path, by measuring their accuracy when looking at these features while traveling along straight and curved paths. The results showed that observers could identify both heading and path accurately (similar to 3 degrees) when traveling along straight paths, but on curved paths they were more accurate at identifying a point on their future path (similar to 5 degrees) than indicating their instantaneous heading (similar to 13 degrees). Furthermore, whereas participants could track changes in the tightness of their path, they were unable to accurately track the rate of change of heading. In light of these results, the authors suggest it is unlikely that heading is primarily used by the visual system to support active steering.

Older adults encode-but do not always use-perceptual details: intentional versus unintentional effects of detail on memory judgments

Investigations of memory deficits in older individuals have concentrated on their increased likelihood of forgetting events or details of events that were actually encountered (errors of omission). However mounting evidence demonstrates that normal cognitive aging also is associated with an increased propensity for errors of commission-shown in false alarms or false recognition. The present study examined the origins of this age difference. Older and younger adults each performed three types of memory tasks in which details of encountered items might influence performance. Although older adults showed greater false recognition of related lures on a standard (identical) old/new episodic recognition task, older and younger adults showed parallel effects of detail on repetition priming and meaning-based episodic recognition (decreased priming and decreased meaning-based recognition for different relative to same exemplars). The results suggest that the older adults encoded details but used them less effectively than the younger adults in the recognition context requiring their deliberate, controlled use.

'The Elements' and Hobbesian moral thinking

It is easy to read Hobbes's moral thinking as a deviant contribution to 'modern' natural law, especially if Leviathan (1651) is read through a lens provided by De Cive (1642). But The Elements of Law (1640) encourages the view that Hobbes's argument is 'physicalist', that is, that it requires no premises beyond those required by his physics of matter in motion. The Elements included a draft De Homine and its argument is intimately connected with De Cive's; it shows how such concepts as 'reason', 'right', 'natural law' and 'obligation' can be understood in physicalist terms. But Hobbes's decision to print the latter work in isolation has led to serious misunderstandings

Judgments, forecasts and decisions: an analysis of fund managers over time

Decision theory is the study of models of judgement involved in, and leading to, deliberate and (usually) rational choice. In real estate investment there are normative models for the allocation of assets. These asset allocation models suggest an optimum allocation between the respective asset classes based on the investors’ judgements of performance and risk. Real estate is selected, as other assets, on the basis of some criteria, e.g. commonly its marginal contribution to the production of a mean variance efficient multi asset portfolio, subject to the investor’s objectives and capital rationing constraints. However, decisions are made relative to current expectations and current business constraints. Whilst a decision maker may believe in the required optimum exposure levels as dictated by an asset allocation model, the final decision may/will be influenced by factors outside the parameters of the mathematical model. This paper discusses investors' perceptions and attitudes toward real estate and highlights the important difference between theoretical exposure levels and pragmatic business considerations. It develops a model to identify “soft” parameters in decision making which will influence the optimal allocation for that asset class. This “soft” information may relate to behavioural issues such as the tendency to mirror competitors; a desire to meet weight of money objectives; a desire to retain the status quo and many other non-financial considerations. The paper aims to establish the place of property in multi asset portfolios in the UK and examine the asset allocation process in practice, with a view to understanding the decision making process and to look at investors’ perceptions based on an historic analysis of market expectation; a comparison with historic data and an analysis of actual performance.