Memory in contracts: the experience of the EBRD (1991-2003)

The objective of this paper is to identify the role of memory in repeated contracts with moral hazard in financial intermediation. We use the database we have built containing the contracts signed by the European Bank for Reconstruction and Development EBRD between 1991 and 2003. Our framework is a standard setting of repeated moral hazard. After having controlled for the adverse selection component, we are able to prove that client reputation is the discrimination device according to which the bank fixes the amount of credit for the established clients. Our results unambiguously isolate the effect of memory in the bank's lending decisions.

Memory of Recessions

This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in mainstream macroeconomic models that economic fluctuations do not change potential output paths, the evidence is that they do in the case of recessions. A model is proposed to explain this phenomenon, based on an analogy with water flows in porous media. Because of the discrete adjustments made by heterogeneous economic agents in such a world, potential output displays hysteresis with regard to aggregate demand shocks, and thus retains a memory of the shocks associated with recessions.

A test of long memory hypothesis based on self-similarity

This paper develops a new test of true versus spurious long memory, based on log-periodogram estimation of the long memory parameter using skip-sampled data. A correction factor is derived to overcome the bias in this estimator due to aliasing. The procedure is designed to be used in the context of a conventional test of significance of the long memory parameter, and composite test procedure described that has the properties of known asymptotic size and consistency. The test is implemented using the bootstrap, with the distribution under the null hypothesis being approximated using a dependent-sample bootstrap technique to approximate short-run dependence following fractional differencing. The properties of the test are investigated in a set of Monte Carlo experiments. The procedure is illustrated by applications to exchange rate volatility and dividend growth series.

As the world turns: short-term human spatial memory in egocentric and allocentric coordinates

We aimed to determine whether human subjects' reliance on different sources of spatial information encoded in different frames of reference (i.e., egocentric versus allocentric) affects their performance, decision time and memory capacity in a short-term spatial memory task performed in the real world. Subjects were asked to play the Memory game (a.k.a. the Concentration game) without an opponent, in four different conditions that controlled for the subjects' reliance on egocentric and/or allocentric frames of reference for the elaboration of a spatial representation of the image locations enabling maximal efficiency. We report experimental data from young adult men and women, and describe a mathematical model to estimate human short-term spatial memory capacity. We found that short-term spatial memory capacity was greatest when an egocentric spatial frame of reference enabled subjects to encode and remember the image locations. However, when egocentric information was not reliable, short-term spatial memory capacity was greater and decision time shorter when an allocentric representation of the image locations with respect to distant objects in the surrounding environment was available, as compared to when only a spatial representation encoding the relationships between the individual images, independent of the surrounding environment, was available. Our findings thus further demonstrate that changes in viewpoint produced by the movement of images placed in front of a stationary subject is not equivalent to the movement of the subject around stationary images. We discuss possible limitations of classical neuropsychological and virtual reality experiments of spatial memory, which typically restrict the sensory information normally available to human subjects in the real world.

Las nuevas tecnologías en la circulación de los discursos literarios y artísticos

La acelerada invención de nuevos hardware y software van modificando, casi diariamente, la percepción del mundo, y, por lo tanto, la producción cultural, permeabilizando conceptos como arte-literatura, cuadro-libro, imagen-texto. Si bien estas parejas han sido siempre objeto del discurso teórico, la discusión asume hoy una urgencia creciente al momento que las nuevas tecnologías exponen lo que estaba refugiado en el reino de la teoría. La misma forma de comprender la realidad se ve afectada por la inmediatez de estos medios. La investigación analiza la obra de diferentes autores de los nuevos medios que trabajan en torno a la problemática de la representación de la memoria en esta perspectiva contemporánea. El trabajo de investigación desarrollado en la Tesis Doctoral se centra en la forma de representación de la memoria, así como esta planteada en la obra de Chris Marker. Interesan especialmente los últimos dispositivos creados por el autor en el marco de las llamadas nuevas tecnologías y los nuevos espacios de exposición de cine. El proyecto propone un análisis en torno a la memoria que dichos discursos sugieren a través de los temas que les son propios: archivo, identidades culturales, contribución del espectador, base de datos y tratamiento tecnológico de la información. Se ha seleccionado la obra de Chris Marker por las características de realización y de discurso que permiten una amplia discusión sobre las llamadas nuevas tecnologías y el mundo que éstas representan en el nuevo espacio híbrido construido entre las artes visuales, la literatura y la tecnología.

Olfactory and/or visual cues for spatial navigation through ontogeny: olfactory cues enable the use of visual cues

This study analyzed the spatial memory capacities of rats in darkness with visual and/or olfactory cues through ontogeny. Tests were conducted with the homing board, where rats had to find the correct escape hole. Four age groups (24 days, 48 days, 3-6 months, and 12 months) were trained in 3 conditions: (a) 3 identical light cues; (b) 5 different olfactory cues; and (c) both types of cues, followed by removal of the olfactory cues. Results indicate that immature rats first take into account olfactory information but are unable to orient with only the help of discrete visual cues. Olfaction enables the use of visual information by 48-day-old rats. Visual information predominantly supports spatial cognition in adult and 12-month-old rats. Results point out cooperation between vision and olfaction for place navigation during ontogeny in rats.

Visual management of sags and incidents gathered in distribution substations for power quality management

Monitor a distribution network implies working with a huge amount of data coining from the different elements that interact in the network. This paper presents a visualization tool that simplifies the task of searching the database for useful information applicable to fault management or preventive maintenance of the network

Electrical neuroimaging of memory discrimination based on single-trial multisensory learning.

Multisensory experiences influence subsequent memory performance and brain responses. Studies have thus far concentrated on semantically congruent pairings, leaving unresolved the influence of stimulus pairing and memory sub-types. Here, we paired images with unique, meaningless sounds during a continuous recognition task to determine if purely episodic, single-trial multisensory experiences can incidentally impact subsequent visual object discrimination. Psychophysics and electrical neuroimaging analyses of visual evoked potentials (VEPs) compared responses to repeated images either paired or not with a meaningless sound during initial encounters. Recognition accuracy was significantly impaired for images initially presented as multisensory pairs and could not be explained in terms of differential attention or transfer of effects from encoding to retrieval. VEP modulations occurred at 100-130ms and 270-310ms and stemmed from topographic differences indicative of network configuration changes within the brain. Distributed source estimations localized the earlier effect to regions of the right posterior temporal gyrus (STG) and the later effect to regions of the middle temporal gyrus (MTG). Responses in these regions were stronger for images previously encountered as multisensory pairs. Only the later effect correlated with performance such that greater MTG activity in response to repeated visual stimuli was linked with greater performance decrements. The present findings suggest that brain networks involved in this discrimination may critically depend on whether multisensory events facilitate or impair later visual memory performance. More generally, the data support models whereby effects of multisensory interactions persist to incidentally affect subsequent behavior as well as visual processing during its initial stages.

Absence of snapshot memory of the target view interferes with place navigation learning by rats in the water maze

Contribution of visual and nonvisual mechanisms to spatial behavior of rats in the Morris water maze was studied with a computerized infrared tracking system, which switched off the room lights when the subject entered the inner circular area of the pool with an escape platform. Naive rats trained under light-dark conditions (L-D) found the escape platform more slowly than rats trained in permanent light (L). After group members were swapped, the L-pretrained rats found under L-D conditions the same target faster and eventually approached latencies attained during L navigation. Performance of L-D-trained rats deteriorated in permanent darkness (D) but improved with continued D training. Thus L-D navigation improves gradually by procedural learning (extrapolation of the start-target azimuth into the zero-visibility zone) but remains impaired by lack of immediate visual feedback rather than by absence of the snapshot memory of the target view.

Accurate memory for object location by individuals with intellectual disability: Absolute spatial tagging instead of configural processing?

Using head-mounted eye tracker material, we assessed spatial recognition abilities (e.g., reaction to object permutation, removal or replacement with a new object) in participants with intellectual disabilities. The "Intellectual Disabilities (ID)" group (n=40) obtained a score totalling a 93.7% success rate, whereas the "Normal Control" group (n=40) scored 55.6% and took longer to fix their attention on the displaced object. The participants with an intellectual disability thus had a more accurate perception of spatial changes than controls. Interestingly, the ID participants were more reactive to object displacement than to removal of the object. In the specific test of novelty detection, however, the scores were similar, the two groups approaching 100% detection. Analysis of the strategies expressed by the ID group revealed that they engaged in more systematic object checking and were more sensitive than the control group to changes in the structure of the environment. Indeed, during the familiarisation phase, the "ID" group explored the collection of objects more slowly, and fixed their gaze for a longer time upon a significantly lower number of fixation points during visual sweeping.

Spatial relational learning and memory abilities do not differ between men and women in a real-world, open-field environment

This study assesses gender differences in spatial and non-spatial relational learning and memory in adult humans behaving freely in a real-world, open-field environment. In Experiment 1, we tested the use of proximal landmarks as conditional cues allowing subjects to predict the location of rewards hidden in one of two sets of three distinct locations. Subjects were tested in two different conditions: (1) when local visual cues marked the potentially-rewarded locations, and (2) when no local visual cues marked the potentially-rewarded locations. We found that only 17 of 20 adults (8 males, 9 females) used the proximal landmarks to predict the locations of the rewards. Although females exhibited higher exploratory behavior at the beginning of testing, males and females discriminated the potentially-rewarded locations similarly when local visual cues were present. Interestingly, when the spatial and local information conflicted in predicting the reward locations, males considered both spatial and local information, whereas females ignored the spatial information. However, in the absence of local visual cues females discriminated the potentially-rewarded locations as well as males. In Experiment 2, subjects (9 males, 9 females) were tested with three asymmetrically-arranged rewarded locations, which were marked by local cues on alternate trials. Again, females discriminated the rewarded locations as well as males in the presence or absence of local cues. In sum, although particular aspects of task performance might differ between genders, we found no evidence that women have poorer allocentric spatial relational learning and memory abilities than men in a real-world, open-field environment.

The Biblioteca de Catalunya: working for the present and the future

The Biblioteca de Catalunya (BC) was created in 1907 by the Institut d’Estudis Catalans (IEC). In 1914 the Mancomunitat de Catalunya gave the library its condition of cultural and public service, open to researchers and scholars. The library underwent several changes as a consequence of political events, along the most of 20th century. In 1981 it was recognized by law as national library and it recovered its foundational aim of gathering, preserving and disseminating the bibliographical output of Catalonia and the production related with the Catalan linguistic field. As the proud host of ANADP2, the BC wants to show the attendees to the conference how, since 2004, has positioned itself to face the challenge of the new informational and technological paradigm. The library strategy for oncoming years includes giving open and free access online to the digitization of many of his collections through the portals MDC (Digital Memory of Catalonia), ARCA (Old Catalan Serials Archive) and Google Books project; the creation of the Web Archive of Catalonia and, as the last step in the consolidation of its policy, a high-security preserving repository named COFRE, based on the international guidelines and initiatives and the experience of the BC itself.

Multisensory context portends object memory.

Multisensory processes facilitate perception of currently-presented stimuli and can likewise enhance later object recognition. Memories for objects originally encountered in a multisensory context can be more robust than those for objects encountered in an exclusively visual or auditory context [1], upturning the assumption that memory performance is best when encoding and recognition contexts remain constant [2]. Here, we used event-related potentials (ERPs) to provide the first evidence for direct links between multisensory brain activity at one point in time and subsequent object discrimination abilities. Across two experiments we found that individuals showing a benefit and those impaired during later object discrimination could be predicted by their brain responses to multisensory stimuli upon their initial encounter. These effects were observed despite the multisensory information being meaningless, task-irrelevant, and presented only once. We provide critical insights into the advantages associated with multisensory interactions; they are not limited to the processing of current stimuli, but likewise encompass the ability to determine the benefit of one's memories for object recognition in later, unisensory contexts.

The role of auditory cortices in the retrieval of single-trial auditory-visual object memories.

Single-trial encounters with multisensory stimuli affect both memory performance and early-latency brain responses to visual stimuli. Whether and how auditory cortices support memory processes based on single-trial multisensory learning is unknown and may differ qualitatively and quantitatively from comparable processes within visual cortices due to purported differences in memory capacities across the senses. We recorded event-related potentials (ERPs) as healthy adults (n = 18) performed a continuous recognition task in the auditory modality, discriminating initial (new) from repeated (old) sounds of environmental objects. Initial presentations were either unisensory or multisensory; the latter entailed synchronous presentation of a semantically congruent or a meaningless image. Repeated presentations were exclusively auditory, thus differing only according to the context in which the sound was initially encountered. Discrimination abilities (indexed by d') were increased for repeated sounds that were initially encountered with a semantically congruent image versus sounds initially encountered with either a meaningless or no image. Analyses of ERPs within an electrical neuroimaging framework revealed that early stages of auditory processing of repeated sounds were affected by prior single-trial multisensory contexts. These effects followed from significantly reduced activity within a distributed network, including the right superior temporal cortex, suggesting an inverse relationship between brain activity and behavioural outcome on this task. The present findings demonstrate how auditory cortices contribute to long-term effects of multisensory experiences on auditory object discrimination. We propose a new framework for the efficacy of multisensory processes to impact both current multisensory stimulus processing and unisensory discrimination abilities later in time.

Single-trial multisensory memories affect later auditory and visual object discrimination.

Multisensory memory traces established via single-trial exposures can impact subsequent visual object recognition. This impact appears to depend on the meaningfulness of the initial multisensory pairing, implying that multisensory exposures establish distinct object representations that are accessible during later unisensory processing. Multisensory contexts may be particularly effective in influencing auditory discrimination, given the purportedly inferior recognition memory in this sensory modality. The possibility of this generalization and the equivalence of effects when memory discrimination was being performed in the visual vs. auditory modality were at the focus of this study. First, we demonstrate that visual object discrimination is affected by the context of prior multisensory encounters, replicating and extending previous findings by controlling for the probability of multisensory contexts during initial as well as repeated object presentations. Second, we provide the first evidence that single-trial multisensory memories impact subsequent auditory object discrimination. Auditory object discrimination was enhanced when initial presentations entailed semantically congruent multisensory pairs and was impaired after semantically incongruent multisensory encounters, compared to sounds that had been encountered only in a unisensory manner. Third, the impact of single-trial multisensory memories upon unisensory object discrimination was greater when the task was performed in the auditory vs. visual modality. Fourth, there was no evidence for correlation between effects of past multisensory experiences on visual and auditory processing, suggestive of largely independent object processing mechanisms between modalities. We discuss these findings in terms of the conceptual short term memory (CSTM) model and predictive coding. Our results suggest differential recruitment and modulation of conceptual memory networks according to the sensory task at hand.