Consumer Expertise or Credit Risk? An empirical analysis of mortgage pricing

Loan mortgage interest rates are usually the result of a bank-customer negotiation process. Credit risk, consumer cross-buying potential, bundling, financial market competition and other features affecting the bargaining power of the parties could affect price. We argue that, since mortgage loan is a complex product, consumer expertise could be a relevant factor for mortgage pricing. Using data on mortgage loan prices for a sample of 1055 households for the year 2005 (Bank of Spain Survey of Household Finances, EFF-2005), and including credit risk, costs, potential capacity of the consumer to generate future business and bank competition variables, the regression results indicate that consumer expertise-related metrics are highly significant as predictors of mortgage loan prices. Other factors such as credit risk and consumer cross-buying potential do not have such a significant impact on mortgage prices. Our empirical results are affected by the credit conditions prior to the financial crisis and could shed some light on this issue.

Helping ourselves: the role of self-help groups in poverty alleviation through aquaculture

Self-help groups (SHGs) are ways for farmers and fishers, especially those who are poor, to come together and work together. They can be a useful entry point for outsiders, promote a supportive local environment, strengthen voices in decision-making and in negotiations with more powerful forces, increase the effectiveness of local actions, and provide easier access to micro-credit and other resources and services. This case study describes a rural aquaculture development context, in India, the development of SHGs and the concept of a ‘one-stop aqua shop’, set up and run by a federation of self-help groups in Kaipara village, West Bengal (a pilot state along with Jharkhand and Orissa). It outlines testing new ways to share information, as part of a series of revised procedures and institutional arrangements for service delivery recommended by farmers and fishers and prioritized by government, with support from the Department of International Development, London (DFID) Natural Resources Support Programme (NRSP) and the Network of Aquaculture Centres in Asia-Pacific (NACA) to the Support to Regional Aquatic Resources Management (STREAM) Initiative (10 p.)

Ancient DNA from Hunter-Gatherer and Farmer Groups from Northern Spain Supports a Random Dispersion Model for the Neolithic Expansion into Europe

10 p.

The Kaipara story: a closer look at the benefits of working together, the evolution of a federation of aquaculture self-help groups and a one-stop aqua shop in rural West Bengal

What is special about Kaipara is that most recently, they have founded a federation of Self-Help Groups that work together to develop their own support network and to draw in the support of others. This is a sophisticated ‘home-grown’ support infrastructure that is the subject of this story. (Pdf contains 8 pages).

Self-Help Groups

“‘Self-Help Groups’ are … “... A way to start working that helps to build up the social connections which people find useful in support of their livelihoods objectives” “... Helping people to agree things and to speak together, giving people a stronger voice in decision-making and in negotiating with more powerful forces” “... A way of increasing the effectiveness of local actions” “... Providing easier access to micro-credit and other resources and services” (Pdf contains 4 pages).

Lessons from the breeding program of rohu

For the first time in India, selective breeding work has been initiated at the Central Institute of Freshwater Aquaculture, Bhubaneswar, India in collaboration with the Institute of Aquaculture Research (AKVAFORSK), Norway. Rohu has been chosen as the model species because it enjoys the highest consumer preference among Indian major carps (IMC) although its performance was observed to be slower than other IMC. As this was the first ever selection work on any Indian major carp, many procedures and techniques for successful implementation of the programs were standardized (i.e. production of full-sib groups, establishment of model hatchery for selective breeding of carps, rearing of full-sib groups in partitioned nursery ponds, individual tagging with the Passive Integrated Transponder (PIT) tag, communal rearing, sampling, data analysis, field testing and dissemination of improved rohu). After four generations of selection, an average of 17 per cent higher growth per generation was observed in improved rohu.

Observations on the life history and identity of intraspecific groups of the anchoveta, Cetengraulis mysticetus, in Montijo Bay and Chiriquí Province, Panama

ENGLISH: Howard and Landa (1958) and Barrett and Howard (1961) have studied the life history of the anchoveta in most of the areas where this species occurs in important quantities. The Gulf of Panama was the only area of Panama included in these studies, as this was the only one from which sufficient samples were available. Berdegue (1958) compared certain meristic and morphometric characters of anchovetas from Montijo Bay and nine other areas of the eastern tropical Pacific Ocean. He found statistically significant differences, and concluded that the fish of the different areas belonged to separate "populations." Fish from Chiriquí province were not included in his study. Since the, completion of the above-mentioned studies, a number of collections of anchovetas from Montijo Bay and Chiriquí province have been obtained. In the present report use is made of this material to determine the salient facts regarding the life history of the anchoveta from these areas and to supplement the available knowledge of the identity of the intraspecific groups. Acknowledgment is extended to Dr. Milner B. Schaefer, formerly Director of Investigations, Inter-American Tropical Tuna Commission (now Director, Institute of Marble Resources, University of California), Mr. Clifford L. Peterson, Assistant Director of Investigations, and Mr. Edward F. Klima (now with the U. S. Bureau of Commercial Fisheries) for advice and assistance rendered to the project. The shrimp-boat samples were collected by Captains Robert Barrett, Stephen Barrett, and Chester McLean. SPANISH: Howard y Landa (1958) y Barrett y Howard (1961) han estudiado la historia natural de la anchoveta en la mayoría de las áreas en donde esta especie aparece en cantidades importantes. El Golfo de Panamá es la única area de Panamá incluida en estos estudios, ya que es la única de la cual hubo suficientes muestras disponibles. Berdegué (1958) camparó ciertos caracteres merístieos y morfométricos de la anehoveta del Golfo de Montijo y otras nueve áreas del Océano Pacífico Oriental Tropical. Encontró diferencias estadísticamente significativas e hizo la conclusión de que los peces de las diferentes áreas pertenecían a "poblaciones" separadas. Los peces de la Provincia de Chiriquí no fueron incluidos en su estudio. Desde la terminación de los estudios antes meneionados se obtuvieron varias recolecciones de anchovetas del Golfo de Montijo y de la Provincia de Chiriquí. En el presente informe se usó este material para determinar los hechos sobresalientes referentes a la historia natural de la anchoveta de estas áreas y suplir el conocimiento disponible de la identidadde los grupos intraespecíficos. Se hace extensivo un reconocimiento al Dr. Milner B. Schaefer, antiguo director de investigaciones de la Comisión Interamericana del Atún Tropical (ahora director del Institute of Marine Resources, University of California), al Sr. Clifford L. Peterson, asistente del director de investigaciones, y al Sr. Edward F. Klima (ahora can el U. S. Bureau of Commercial Fisheries) por su consejo y ayuda prestados en este proyecto. Las muestras de los barcos camaroneros fueron reeolectadas por los capitanes Robert Barrett, Stephen Barrett y Chester McLean

Fisheries marketing systems and consumer preferences in Puttalam District Sri-Lanka

The aim of this study was to understand the current and historic market situation for inland fish and it’s substitutes in order to identify which of the various production opportunities presented by the seasonal tank resource might have greatest relevance for marginal communities in the Dry-zone. Regional and sub-regional market networks for fish and meat products were investigated, ranking and scoring exercises used to characterise consumer demand in rain-fed areas of North West Province and secondary data sources were used to assess historic patterns of demand and supply [PDF contains 57 pages]

Estimation of the abundance of yellowfin tuna, Thunnus albacares, by age groups and regions within the Eastern Pacific Ocean

ENGLISH: Monthly estimates of the abundance of yellowfin tuna by age groups and regions within the eastern Pacific Ocean during 1970-1988 are made, using purse-seine catch rates, length-frequency samples, and results from cohort analysis. The numbers of individuals caught of each age group in each logged purse-seine set are estimated, using the tonnage from that set and length-frequency distribution from the "nearest" length-frequency sample(s). Nearest refers to the closest length frequency sample(s) to the purse-seine set in time, distance, and set type (dolphin associated, floating object associated, skipjack associated, none of these, and some combinations). Catch rates are initially calculated as the estimated number of individuals of the age group caught per hour of searching. Then, to remove the effects of set type and vessel speed, they are standardized, using separate weiznted generalized linear models for each age group. The standardized catch rates at the center of each 2.5 0 quadrangle-month are estimated, using locally-weighted least-squares regressions on latitude, longitude and date, and then combined into larger regions. Catch rates within these regions are converted to numbers of yellowfin, using the mean age composition from cohort analysis. The variances of the abundance estimates within regions are large for 0-, 1-, and 5-year-olds, but small for 1.5- to 4-year-olds, except during periods of low fishing activity. Mean annual catch rate estimates for the entire eastern Pacific Ocean are significantly positively correlated with mean abundance estimates from cohort analysis for age groups ranging from 1.5 to 4 years old. Catch-rate indices of abundance by age are expected to be useful in conjunction with data on reproductive biology to estimate total egg production within regions. The estimates may also be useful in understanding geographic and temporal variations in age-specific availability to purse seiners, as well as age-specific movements. SPANISH: Se calculan estimaciones mensuales de la abundancia del atún aleta amarilla por grupos de edad y regiones en el Océano Pacífico oriental durante 1970-1988, usando tasas de captura cerquera, muestras de frecuencia de talla, y los resultados del análisis de cohortes. Se estima el número de individuos capturados de cada grupo de edad en cada lance cerquero registrado, usando el tonelaje del lance en cuestión y la distribución de frecuencia de talla de la(s) muestra(s) de frecuencia de talla "más cercana/s)," "Más cercana" significa la(s) muestra(s) de frecuencia de talla más parecida(s) al lance cerquero en cuanto a fecha, distancia, y tipo de lance (asociado con delfines, con objeto flotante, con barrilete, con ninguno de éstos, y algunas combinaciones). Se calculan inicialmente las tasas de captura como el número estimado de individuos del grupo de edad capturado por hora de búsqueda. A continuación, para eliminar los efectos del tipo de lance y la velocidad del barco, se estandardizan dichas tasas, usando un modelo lineal generalizado ponderado, para cada grupo por separado. Se estima la tasa de captura estandardizada al centro de cada cuadrángulo de 2.5°-mes, usando regresiones de mínimos cuadrados ponderados localmente por latitud, longitud, y fecha, y entonces combinándolas en regiones mayores. Se convierten las tasas de captura dentro de estas regiones en números de aletas amarillas individuales, usando el número promedio por edad proveniente del análisis de cohortes. Las varianzas de las estimaciones de la abundancia dentro de las regiones son grandes para los peces de O, 1, Y5 años de edad, pero pequeñas para aquellos de entre 1.5 Y4 años de edad, excepto durante períodos de poca actividad pesquera. Las estimaciones de la tasa de captura media anual para todo el Océano Pacífico oriental están correlacionadas positivamente de forma significativa con las estimaciones de la abundancia media del análisis de las cohortes para los grupos de edad de entre 1.5 y 4 años. Se espera que los índices de abundancia por edad basados en las tasas de captura sean útiles, en conjunto con datos de la biología reproductiva, para estimar la producción total de huevos por regiones. Las estimaciones podrían asimismo ser útiles para la comprensión de las variaciones geográficas y temporales de la disponibilidad específica por edad a los barcos cerqueros, y también las migraciones específicas por edad. (PDF contains 35 pages.)

Möbius-like groups of homeomorphisms of the circle

A group G → Homeo_+(S^1) is a Möbius-like group if every element of G is conjugate in Homeo(S^1) to a Mobius transformation. Our main result is: given a Mobus like like group G which has at least one global fixed point, G is conjugate in Homeo(S^1) to a Möbius group if and only if the limit set of G is all of S^1 . Moreover, we prove that if the limit set of G is not SI, then after identifying some closed subintervals of S^1 to points, the induced action of G is conjugate to an action of a Möbius group.

We also show that the above result does not hold in the case when G has no global fixed points. Namely, we construct examples of Möbius-like groups with limit set equal to S^1, but these groups cannot be conjugated to Möbius groups.

Descriptive set theory and the ergodic theory of countable groups

The primary focus of this thesis is on the interplay of descriptive set theory and the ergodic theory of group actions. This incorporates the study of turbulence and Borel reducibility on the one hand, and the theory of orbit equivalence and weak equivalence on the other. Chapter 2 is joint work with Clinton Conley and Alexander Kechris; we study measurable graph combinatorial invariants of group actions and employ the ultraproduct construction as a way of constructing various measure preserving actions with desirable properties. Chapter 3 is joint work with Lewis Bowen; we study the property MD of residually finite groups, and we prove a conjecture of Kechris by showing that under general hypotheses property MD is inherited by a group from one of its co-amenable subgroups. Chapter 4 is a study of weak equivalence. One of the main results answers a question of Abért and Elek by showing that within any free weak equivalence class the isomorphism relation does not admit classification by countable structures. The proof relies on affirming a conjecture of Ioana by showing that the product of a free action with a Bernoulli shift is weakly equivalent to the original action. Chapter 5 studies the relationship between mixing and freeness properties of measure preserving actions. Chapter 6 studies how approximation properties of ergodic actions and unitary representations are reflected group theoretically and also operator algebraically via a group's reduced C^*-algebra. Chapter 7 is an appendix which includes various results on mixing via filters and on Gaussian actions.

An economic approach to consumer product ratings

In three essays we examine user-generated product ratings with aggregation. While recommendation systems have been studied extensively, this simple type of recommendation system has been neglected, despite its prevalence in the field. We develop a novel theoretical model of user-generated ratings. This model improves upon previous work in three ways: it considers rational agents and allows them to abstain from rating when rating is costly; it incorporates rating aggregation (such as averaging ratings); and it considers the effect on rating strategies of multiple simultaneous raters. In the first essay we provide a partial characterization of equilibrium behavior. In the second essay we test this theoretical model in laboratory, and in the third we apply established behavioral models to the data generated in the lab. This study provides clues to the prevalence of extreme-valued ratings in field implementations. We show theoretically that in equilibrium, ratings distributions do not represent the value distributions of sincere ratings. Indeed, we show that if rating strategies follow a set of regularity conditions, then in equilibrium the rate at which players participate is increasing in the extremity of agents' valuations of the product. This theoretical prediction is realized in the lab. We also find that human subjects show a disproportionate predilection for sincere rating, and that when they do send insincere ratings, they are almost always in the direction of exaggeration. Both sincere and exaggerated ratings occur with great frequency despite the fact that such rating strategies are not in subjects' best interest. We therefore apply the behavioral concepts of quantal response equilibrium (QRE) and cursed equilibrium (CE) to the experimental data. Together, these theories explain the data significantly better than does a theory of rational, Bayesian behavior -- accurately predicting key comparative statics. However, the theories fail to predict the high rates of sincerity, and it is clear that a better theory is needed.