Safety Traps

Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of a feedback effect from the interest rate to risk aversion, two equilibria can emerge: a standard equilibrium and a "safe" one in which investors invest in safer assets. We refer to the dynamics of this second equilibrium as a safety trap because it is self-reinforcing as investors accumulate more wealth and show it to be consistent with Japan's lost decade.

Luomutuotteiden ostamiseen vaikuttavat tekijät: Case Lappeenrannan K-citymarket

Tutkimuksen tavoite oli selvittää sitä ristiriitaa, joka vallitsee kuluttajien ilmoittaman ja todellisen luomutuotteiden ostokäyttäytymisen välillä. Tätä ristiriitaa tutkittiin selvittämällä ostoprosessin eri osia ja niihin vaikuttavia tekijöitä, kuten sitoutumisastetta, arvoja ja asenteita. Tutkimusmenetelmänä käytettiin kyselytutkimusta, jonka aineisto kerättiin kontrolloidulla kyselyllä yhden viikon aikana Lappeenrannan K-citymarketissa.Tulokset osoittivat, että kuluttajat ostavat luomutuotteita, jos ne koetaan omaa itseä hyödyttäviksi, eli tärkeimmät ostamisen syyt olivat hyvä maku, lisäaineettomuus ja terveellisyys. Sen sijaan kollektiivinen etu, kuten ympäristöystävällisyys, ei ollut kovinkaan tärkeä luomunostoperuste. Näyttäisi myös siltä, että ne, jotka arvo- ja ajatusmaailmansa puolesta olisivat potentiaalisia luomutuotteiden kuluttajia, ostavat muita tuotteita tottumuksen perusteella.

L'exploration temporelle comme modalité du voyage imaginaire dans la bande dessinée franco-belge (1930-1980)

In this paper, I explore the motif of time travel in science fictional French comics until the eighties. Time travel incorporates a fascinating potential for narrative representation, since moving back in time may multiply timelines, according to the well-known paradox of the grandfather. This virtuality has become very popular in novels and in movies, since In his Bootstraps (Heinlein, 1941) and La Jetée (Marker, 1962) until the recent Looper (Johnson, 2012) but it has been rarely represented in French comics before the eighties and the apparition of time paradoxes in series like "Yoko Tsuno" and, mostly, "Valérian agent spatio-temporel". Firstly, many modalities of time travel do not engender time paradoxes, like exploration of prehistoric sanctuaries, imaginary travel, or cryogenic sleep followed by an awakening if a future world with no hope to return in the past. Secondly, time travel has been mostly interpreted as a mere extension of the classic motif of the "extraordinary journey", as exemplified for centuries in fictions by Verne, Mercier, Swift, or Stevenson. Thus, the graphic potential of time travel for the representation of spectacular exotic worlds has predominated in French comic tradition, and this tendency has been encouraged by the dominant mode of publication until the end of the sixties. Indeed, complex scriptwriting involving multiple timelines would not fit the form of a weekly feuilleton addressed to a young audience, because it would be too demanding cognitively speaking. It illustrates also the dominance of graphic concerns over a taste for complex scriptwriting in many comics of this period. Still, the development of time paradoxes in Pierre Christin scriptwriting underlines the potential of the media when it is published in series of albums or in graphic novels. At the same time, Jean-Claude Mézières drawings-featuring spectacular representations of foreign worlds-show that the visual interest of spectacular time travels remains a central issue for this popular graphic medium. Cette étude porte sur le motif du voyage temporel dans la bande dessinée franco-belge de science- fiction jusque dans les années quatre-vingt. Le voyage temporel intègre un potentiel fascinant pour la représentation narrative, étant donné que le retour dans le passé est susceptible d'engendrer des lignes temporelles multiples, selon le paradoxe bien connu du « grand-père ». Cette virtualité est devenue très populaire dans les romans et dans les films, depuis In his Bootstraps (Heinlein, 1941) et La Jetée (Marker, 1962) jusqu'au récent Looper (Johnson, 2012), mais elle a rarement été représentée dans la bande dessinée franco-belge avant les années quatre-vingt et l'apparition de paradoxes temporels dans des séries comme « Yoko Tsuno » et, surtout, « Valérian agent spatio-temporel ». Tout d'abord, de nombreuses modalités du voyage dans le temps n'engendrent aucun paradoxe, par exemple l'exploration de sanctuaires préhistoriques, le voyage illusoire ou le sommeil cryogénique suivi d'un réveil dans le futur, sans espoir de revenir dans le passé. Deuxièmement, le voyage dans le temps a été plus souvent interprété comme une simple extension du motif classique du « voyage extraordinaire », tel qu'on le retrouve, depuis le XVIIIe siècle, les fictions de Verne, Mercier, Swift ou Stevenson. Ainsi, le potentiel graphique du voyage dans le temps pour la représentation de mondes exotiques spectaculaires a prédominé dans la tradition franco-belge et cette tendance a été encouragée par le mode de publication dominant jusqu'à la fin des années soixante. En effet, l'écriture de scénarios complexes impliquant de multiples lignes temporelles ne semble pas adaptée à la forme d'un feuilleton hebdomadaire destiné à un jeune public, parce qu'il aurait été trop exigeant, cognitivement parlant. Cela illustre également la prédominance de préoccupations graphiques sur l'écriture de scénarios complexes dans de nombreuses bandes dessinées de cette période. Pourtant, le développement de paradoxes temporels dans les scénarios de Pierre Christin souligne le potentiel du média quand il est publié en série d'albums ou dans des romans graphiques. Parallèlement, les dessins de Jean-Claude Mézières, qui proposent des représentations spectaculaires de mondes étrangers, montre que l'intérêt visuel du voyage dans le temps demeure une question centrale pour ce média populaire.

Detecting Heterogeneous Risk Attitudes with Mixed Gambles

We propose a task for eliciting attitudes toward risk that is close to real-world risky decisions which typically involve gains and losses. The task consists of accepting or rejecting gambles that provide a gain with probability p and a loss with probability 1−p . We employ finite mixture models to uncover heterogeneity in risk preferences and find that (i) behavior is heterogeneous, with one half of the subjects behaving as expected utility maximizers, (ii) for the others, reference-dependent models perform better than those where subjects derive utility from final outcomes, (iii) models with sign-dependent decision weights perform better than those without, and (iv) there is no evidence for loss aversion. The procedure is sufficiently simple so that it can be easily used in field or lab experiments where risk elicitation is not the main experiment.

Timing of visual stimuli in V1 and V5/MT: fMRI and TMS

Time perception is used in our day-to-day activities. While we understand quite well how our brain processes vision, touch or taste, brain mechanisms subserving time perception remain largely understudied. In this study, we extended an experiment of previous master thesis run by Tatiana Kenel-Pierre. We focused on time perception in the range of milliseconds. Previous studies have demonstrated the involvement of visual areas V1 and V5/MT in the encoding of temporal information of visual stimuli. Based on these previous findings the aim of the present study was to understand if temporal information was encoded in V1 and extrastriate area V5/MT in different spatial frames i.e., head- centered versus eye-centered. To this purpose we asked eleven healthy volunteers to perform a temporal discrimination task of visual stimuli. Stimuli were presented at 4 different spatial positions (i.e., different combinations of retinotopic and spatiotopic position). While participants were engaged in this task we interfered with the activity of the right dorsal V1 and the right V5/MT with transcranial magnetic stimulation (TMS). Our preliminary results showed that TMS over both V1 and V5/MT impaired temporal discrimination of visual stimuli presented at specific spatial coordinates. But whereas TMS over V1 impaired temporal discrimination of stimuli presented in the lower left quadrant, TMS over V5/MT affected temporal discrimination of stimuli presented at the top left quadrant. Although it is always difficult to draw conclusions from preliminary results, we could tentatively say that our data seem to suggest that both V1 and V5/MT encode visual temporal information in specific spatial frames.

Fundamentals of beer and hop chemistry

Beer brewing is an intricate process encompassing mixing and further elaboration of four essential raw materials, including barley malt, brewing water, hops and yeast. Particularly hops determine to a great extent typical beer qualities such as bitter taste, hoppy flavour, and foam stability. Conversely, hop-derived bitter acids account for an offending lightstruck flavour, which is formed on exposure of beer to light. These various processes are presented in detail, while due emphasis is placed on state-of-the-art hop technology, which provides brewers with efficient means to control bitterness, foam, and light-stability thereby allowing for the production of beers with consistent quality.

An update on EMU sovereign yield spread drivers in times of crisis: A panel data analysis

We empirically investigate the determinants of EMU sovereign bond yield spreads with respect to the German bund. Using panel data techniques, we examine the role of a wide set of potential drivers. To our knowledge, this paper presents one of the most exhaustive compilations of the variables used in the literature to study the behaviour of sovereign yield spreads and, in particular, to gauge the effect on these spreads of changes in market sentiment and risk aversion. We use a sample of both central and peripheral countries from January 1999 to December 2012 and assess whether there were significant changes after the outbreak of the euro area debt crisis. Our results suggest that the rise in sovereign risk in central countries can only be partially explained by the evolution of local macroeconomic variables in those countries.

An update on EMU sovereign yield spread drivers in times of crisis: A panel data analysis

We empirically investigate the determinants of EMU sovereign bond yield spreads with respect to the German bund. Using panel data techniques, we examine the role of a wide set of potential drivers. To our knowledge, this paper presents one of the most exhaustive compilations of the variables used in the literature to study the behaviour of sovereign yield spreads and, in particular, to gauge the effect on these spreads of changes in market sentiment and risk aversion. We use a sample of both central and peripheral countries from January 1999 to December 2012 and assess whether there were significant changes after the outbreak of the euro area debt crisis. Our results suggest that the rise in sovereign risk in central countries can only be partially explained by the evolution of local macroeconomic variables in those countries.

The relevance of theobromine for the beneficial effects of cocoa consumption.

Cocoa consumption began in America and in the mid sixteenth Century it quickly spread to Europe. Beyond being considered a pleasant habit due to its rich sweet lingering taste, chocolate was considered a good nutrient and even a medicine. Traditionally, health benefits of cocoa have been related with the high content of antioxidants of Theobroma cocoa beans. However, the direct psychoactive effect due to methylxanthines in cocoa is notable. Theobromine and caffeine, in the proportions found in cocoa, are responsible for the liking of the food/beverage. These compounds influence in a positive way our moods and our state of alertness. Theobromine, which is found in higher amounts than caffeine, seems to be behind several effects attributed to cocoa intake. The main mechanisms of action are inhibition of phosphodiesterases and blockade of adenosine receptors. Further mechanisms are being explored to better understand the health benefits associated to theobromine consumption. Unlike what happens in other mammals -pets- included, theobromine is safe for humans and has fewer unwanted effects than caffeine. Therefore, theobromine deserves attention as one of the most attractive molecules in cocoa.

Antioxidants used in oils, fats and fatty foods

Lipid oxidation is certainly one of the most important alterations that affect both oils or fats and foods that contain them. It is responsible for the development of unpleasant taste and smell in foods, making them unsuitable for consuming. The use of antioxidants permits a longer useful life of these products. This work presents a bibliographic review of research carried out in order to evaluate the antioxidant activity of natural or synthetic substances used in the conservation of food lipid. Among such substances, the following antioxidants are highlighted: butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT), tertiary butylhydroquinone (TBHQ), propyl gallate (PG), tocopherols, phenolic acids and isolated compounds from rosemary and oregano.

Análises quali- e quantitativa de cafés comerciais via ressonância magnética nuclear

Coffee is one of the beverages most widely consumed in the world and the "cafezinho" is normally prepared from a blend of roasted powder of two species, Coffea arabica and Coffea canephora. Each one exhibits differences in their taste and in the chemical composition, especially in the caffeine percentage. There are several procedures proposed in the literature for caffeine determination in different samples like soft drinks, coffee, medicines, etc but most of them need a sample workup which involves at least one step of purification. This work describes the quantitative analysis of caffeine using ¹H NMR and the identification of the major components in commercial coffee samples using 1D and 2D NMR techniques without any sample pre-treatment.

Determinação do perfil de compostos voláteis e avaliação do sabor e aroma de bebidas produzidas a partir da erva-mate (Ilex paraguariensis)

Volatile compounds from green and roasted yerba mate were analyzed by gas chromatography/mass spectrometry and the flavor profile from yerba mate beverages was determined by descriptive quantitative analyses. The main compounds tentatively identified in green mate were linalool, alpha-terpineol and trans-linalool oxide and in roasted mate were (E,Z)-2,4-heptadienal isomers and 5-methylfurfural. Green mate infusion was qualified as having bitter taste and aroma as well as green grass aroma while roasted mate was defined as having a smooth, slightly burnt aroma. The relationship between the tentatively identified compounds and flavor must be determined by olfatometric analysis.

Analytical investigation of chromium and zinc in sweet, sour and bitter tasting fruits, vegetables and medicinal plants

Sweet, sour and bitter tasting fruits, vegetables and medicinal plants are an important component of human diet. The role of chromium and zinc in carbohydrate metabolism for control of diabetes is highlighted in selected commodities. Average levels of chromium and zinc in sweet taste were 0.69 ± 0.48 mg kg-1 and 4.81 ± 4.31 mg kg-1 respectively with correlation of 0.545, while in sour taste the values were 22.5 ± 22.0 mg kg-1 and 24.5 ± 11.8 mg kg-1 respectively with the correlation of 0.239 and in bitter taste, 0.61 ± 0.33 mg kg-1 and 4.70 ± 3.54 mg kg-1 respectively with correlation of 0.343. Overall, sour tasting commodities were found higher in levels of chromium and zinc and are recommended as food supplement for diabeties. None of these species contain metals above the toxic level.

Avaliação sensorial de cachaça

The hedonic level of commercial cachaças, was evaluated by consumers and by a tasters. The results of sensorial methods analyzed trough Principal Components Analysis, Hierarchical Cluster Analysis and the Pearson linear correlation indicated that the best classified cachaças were produced in copper stills and aged in oak casks. By contrast the worst classified exhibited as the main features be not aged and high alcohol percentage. The index of preference is positively correlated with the intensity of yellow color, wood flavor, sweetness and fruit aroma. There is a negative preference correlation with the acidity, the taste of alcohol and bitterness.