Bias or rationality? The case of UK commercial real estate investment

Purpose – The purpose of this paper is to test the hypothesis that investment decision making in the UK direct property market does not conform to the assumption of economic rationality underpinning portfolio theory. Design/methodology/approach – The developing behavioural real estate paradigm is used to challenge the idea that investor “man” is able to perform with economic rationality, specifically with reference to the analysis of the spatial dispersion of the entire UK “investible stock” and “investible locations” against observed spatial patterns of institutional investment. Location quotients are derived, combining different data sets. Findings – Considerably greater variation in institutional property holdings is found across the UK than would be expected given the economic and stock characteristics of local areas. This appears to provide evidence of irrationality (in the strict traditional economic sense) in the behaviour of institutional investors, with possible herding underpinning levels of investment that cannot be explained otherwise. Research limitations/implications – Over time a lack of distinction has developed between the cause and effect of comparatively low levels of development and institutional property investment across the regions. A critical examination of decision making and behaviour in practice could break this cycle, and could in turn promote regional economic growth. Originality/value – The entire “population” of observations is used to demonstrate the relationships between economic theory and investor performance exploring, for the first time, stock and local area characteristics.

Neural and psychological maturation of decision-making in adolescence and young adulthood

We examined the maturation of decision-making from early adolescence to mid-adulthood using fMRI of a variant of the Iowa gambling task. We have previously shown that performance in this task relies on sensitivity to accumulating negative outcomes in ventromedial PFC and dorsolateral PFC. Here, we further formalize outcome evaluation (as driven by prediction errors [PE], using a reinforcement learning model) and examine its development. Task performance improved significantly during adolescence, stabilizing in adulthood. Performance relied on greater impact of negative compared with positive PEs, the relative impact of which matured from adolescence into adulthood. Adolescents also showed increased exploratory behavior, expressed as a propensity to shift responding between options independently of outcome quality, whereas adults showed no systematic shifting patterns. The correlation between PE representation and improved performance strengthened with age for activation in ventral and dorsal PFC, ventral striatum, and temporal and parietal cortices. There was a medial-lateral distinction in the prefrontal substrates of effective PE utilization between adults and adolescents: Increased utilization of negative PEs, a hallmark of successful performance in the task, was associated with increased activation in ventromedial PFC in adults, but decreased activation in ventrolateral PFC and striatum in adolescents. These results suggest that adults and adolescents engage qualitatively distinct neural and psychological processes during decision-making, the development of which is not exclusively dependent on reward-processing maturation.

Gradient competence at the syntax-discourse interface

In this article, we present additional support of Duffield's (2003, 2005) distinction between Underlying Competence and Surface Competence. Duffield argues that a more fine-grained distinction between levels of competence and performance is warranted and necessary. While underlying competence is categorical, surface competence is more probabilistic and gradient, being sensitive to lexical and constructional contingencies, including the contextual appropriateness of a given construction. We examine a subset of results from a study comparing native and learner competence of properties at the syntax-discourse interface. Specifically, we look at the acceptability of Clitic Right Dislocation in native and L2 Spanish, in discourse-appropriate context. We argue that Duffield's distinction is a possible explanation of our results.

Poverty-of-the-stimulus and SLA epistemology: considering L2 knowledge of aspectual phrasal semantics

Coupling a review of previous studies on the acquisition of grammatical aspects undertaken from contrasting paradigmatic views of second language acquisition (SLA) with new experimental data from L2 Portuguese, the present study contributes to this specific literature as well as general debates in L2 epistemology. We tested 31 adult English learners of L2 Portuguese across three experiments, examining the extent to which they had acquired the syntax and (subtle) semantics of grammatical aspect. Demonstrating that many individuals acquired target knowledge of what we contend is a poverty-of-the-stimulus semantic entailment related to the checking of aspectual features encoded in Portuguese preterit and imperfect morphology, namely, a [±accidental] distinction that obtains in a restricted subset of contexts, we conclude that UG-based approaches to SLA are in a better position to tap and gauge underlying morphosyntactic competence, since based on independent theoretical linguistic descriptions, they make falsifiable predictions that are amenable to empirical scrutiny, seek to describe and explain beyond performance, and can account for L2 convergence on poverty-of-the-stimulus knowledge as well as L2 variability/optionality.

Sometimes they use it, sometimes they don’t: an epistemological discussion of L2 morphological production and its use as a competence measurement

The main goal of all approaches to adult second language acquisition (SLA) is to accurately describe and explain the overall acquisition process. To accomplish this, SLA researchers must come to agree on some key issues. In this commentary, I defend the necessity of the competence/performance distinction and how this relates to why an examination of morphological production presents challenges for SLA research. I suggest that such a methodology is meaningful only when it is dovetailed with procedures that test for related syntactic/semantic knowledge.

The structure of paranoia in the general population

Background: Psychotic phenomena appear to form a continuum with normal experience and beliefs, and may build on common emotional interpersonal concerns. Aims: We tested predictions that paranoid ideation is exponentially distributed and hierarchically arranged in the general population, and that persecutory ideas build on more common cognitions of mistrust, interpersonal sensitivity and ideas of reference. Method: Items were chosen from the Structured Clinical Interview for DSM-IV Axis II Disorders (SCID-II) questionnaire and the Psychosis Screening Questionnaire in the second British National Survey of Psychiatric Morbidity (n = 8580), to test a putative hierarchy of paranoid development using confirmatory factor analysis, latent class analysis and factor mixture modelling analysis. Results: Different types of paranoid ideation ranged in frequency from less than 2% to nearly 30%. Total scores on these items followed an almost perfect exponential distribution (r = 0.99). Our four a priori first-order factors were corroborated (interpersonal sensitivity; mistrust; ideas of reference; ideas of persecution). These mapped onto four classes of individual respondents: a rare, severe, persecutory class with high endorsement of all item factors, including persecutory ideation; a quasi-normal class with infrequent endorsement of interpersonal sensitivity, mistrust and ideas of reference, and no ideas of persecution; and two intermediate classes, characterised respectively by relatively high endorsement of items relating to mistrust and to ideas of reference. Conclusions: The paranoia continuum has implications for the aetiology, mechanisms and treatment of psychotic disorders, while confirming the lack of a clear distinction from normal experiences and processes.

The relevance of context in property law: a case for judicial restraint?

A distinction between the domestic and commercial context is commonly drawn in property law discourse and has been brought into focus by three recent House of Lords' decisions. The thesis of this paper is that while the distinction is a useful explanatory tool, it runs into difficulties when given legal effect by the courts. There is a definitional problem in understanding what is included within each context. Indeed, the distinction assumes the existence of a dichotomy when, in fact, the domestic and commercial spheres are better seen as a continuum. In Stack v Dowden, the majority of the House of Lords gave legal effect to context and considered that different rules should apply to determine ownership of the home. This paper locates its decision in the broader debate on judicial restraint and creativity. By analogy with current discussion of due deference in public law, it is suggested that, in light of the policy issues involved and the broader ramifications of the decision, insufficient justification was given for the approach adopted by the majority.

Linguistic experiments and ordinary language philosophy

J.L. Austin is regarded as having an especially acute ear for fine distinctions of meaning overlooked by other philosophers. Austin employs an informal experimental approach to gathering evidence in support of these fine distinctions in meaning, an approach that has become a standard technique for investigating meaning in both philosophy and linguistics. In this paper, we subject Austin's methods to formal experimental investigation. His methods produce mixed results: We find support for his most famous distinction, drawn on the basis of his `donkey stories', that `mistake' and `accident' apply to different cases, but not for some of his other attempts to distinguish the meaning of philosophically significant terms (such as `intentionally' and `deliberately'). We critically examine the methodology of informal experiments employed in ordinary language philosophy and much of contemporary philosophy of language and linguistics, and discuss the role that experimenter bias can play in influencing judgments about informal and formal linguistic experiments.

The heuristic application of explanatory theories in international relations

Explanatory theorists increasingly insist that their theories are useful even though they cannot be deductively applied. But if so, then how do such theories contribute to our understanding of international relations? I argue that explanatory theories are typically heuristically applied: theorists’ accounts of specific empirical episodes are shaped by their theories’ thematic content, but are not inferred from putative causal generalizations or covering laws. These accounts therefore gain no weight from their purely rhetorical association with theories’ quasi-deductive arguments: they must be judged on the plausibility of their empirical claims. Moreover, the quasi-deductive form in which explanatory theories are typically presented obscures their actual explanatory role, which is to indicate what sort of explanation may be required, to provide conceptual categories, and to suggest an empirical focus. This account of how theoretical explanations are constructed subverts the nomothetic–idiographic distinction that is often used to distinguish International Relations from History.

Putting the emotion back: exploring the role of emotion in disengagement

This chapter explores the nature of disengagement and the role played by emotions and in doing so will disentangle the overlapping theories and definitions of both engagement and disengagement. The research that forms the basis for the chapter comes from two related studies exploring engagement and disengagement in 10 large UK public and private sector organisations. Both studies used an interpretive approach involving 75 managers and employees. The chapter suggests the that emotions play a mediating role in the process of disengagement and the emotional reaction involved provides a distinction to being ‘not engaged’. It highlights the confusion that different approaches bring to distinguishing engagement and disengagement from other job attitudes.

Variation among Attic fine wares: the case of the Pan Painter's pelikai

This paper is a case study of the continuum between standardization and variation in the production of red-figure Athenian fine wares in the first half of the 5th century BC. An investigation of the Pan Painter's pelikai reveals that they fall into 3 distinct groups, according to size. While the pelikai in each group are also distinguishable from each other by shape, pattern, and iconography, the next clearest distinction between the groups (after size) is in their style of decoration. The pelikai in the largest group, which is comprised of small pelikai, are particularly distinct from the Pan Painter's broader oeuvre of ca. 220 vases insofar as they exemplify a lackadaisical painting style, which I have termed banausic, on account of its frequent use for images of craftsmen, women at work, and other such genre images. While this casual style is antithetical to the Pain Painter's refined style, for which he is better known, and which he employs for his large pelikai, affinities between the 2 styles—as judged by his confident line, anatomical details, and other technical features—permit the conclusion that this group of pelikai were executed by one and the same craftsman as the others. As with all of the vases attributed to this talented painter, however, the pelikai—whether large or small—are decorated with a great bariety of images. While most painted Athenian vases are understood to have been individually created, not mass-produced, the Pan Painter's coherent group of small pelikai seem to have been created en masse, in a uniform size and shape and with a distinct decorative style. This group of standardized vases represents a body of work executed under the influence or at the behest of a specific vase workshop. The form of the small pelikai in fact allows us to associate them with the Geras Painter. With his work on these small pelikai, perhaps in the latter part of his career, the Pan Painter may have intentionally minimized variability in favour of standardization, to meet market demands.

Adverbial quantification and perfective/imperfective interpretive nuances in L2 Portuguese

Slabakova (2006b) poses and directly addresses the question of whether or not there is a maturational effect (a critical/sensitive period) that affects the semantic component. She demonstrates that there is no empirical evidence suggesting that adults are unable to acquire phrasal semantic properties, even when the accessing of semantic universals is conditioned upon the acquisition of L2 morphosyntactic features (see Dekydtspotter and Sprouse 2001, Slabakova and Montrul 2003). In light of this, the authors test for interpretive properties associated with the aspectual projection higher (outer) AspP in advanced English learners of adult L2 Portuguese via their knowledge of [+/- accidental] related nuances in adverbially quantified preterit and imperfect sentences (Lenci and Bertinetto 2000; Menéndez-Benito 2002). In two experiments, the authors test for L2 knowledge of this [+/- accidental] distinction via semantic felicitousness judgments of adverbially quantified preterit and imperfect sentences depending on a supporting context as well as related restrictions on subject DP interpretations. Overall, the data show that advanced learners acquire this distinction. As the authors discuss, the present data support Full Access theories (White 1989, Schwartz and Sprouse 1996; Duffield and White 1999) and the No-Critical Period for semantics position (Slabakova 2006b), demonstrating that the syntax-semantics interface is not an inevitable locus for fossilization.

Unique structural properties associated with mouse prion Δ105-125 protein

Murine prion protein deleted for residues 105-125 is intrinsically neurotoxic and mediates a TSE-like phenotype in transgenic mice. Equivalent and overlapping deletions were expressed in E.coli, purified and analyzed. Among mutants spanning the region 95-135, a construct lacking solely residues 105-125 had distinct properties when compared with the full-length prion protein 23-231 or other deletions. This distinction was also apparent followed expression in eukaryotic cells. Unlike the full-length protein, all deletion mutants failed to bind to synthetic membranes in vitro. These data suggest a novel structure for the 105-125 deleted variant that may relate to its biological properties

Healing the wounds of war: memories of violence and the making of history in Zimbabwe's most recent past.

How does a society less than two decades after a liberation war which involved large sections of the population come to terms with the memories of violence and war — a war in which there was no clear distinction between insurgent and counter‐insurgent, liberator and oppressor and in which the majority of the casualties can be found among the rural civilian population? This was a predicament not exclusive to Zimbabwe, but one which also applies to Mozambique, South Africa and, more recently, to Rwanda. Since its independence Zimbabwe has been a prime example of successful reconciliation. Ranger has argued that spiritual healing has contributed importantly to coming to terms with the trauma of war through turning violence into history. Here it will be argued that an analysis of the intersections between memories of violence, healing, and history reveals a twofold process. Social healing is made possible by a shift from conviction and compensation to revealing without convicting. At the same time healing provides an arena for communities in which competing and contesting memories of violence are renegotiated. Through these processes sense is being made of the past; history is being made.

Realism and reality formats

The chapter focuses on the relationships between 'Reality TV' and other ‘realist’ forms and genres of television. This issue is connected to larger debates about ‘televisuality’, and the understanding of the distinctiveness of the medium. Television processes and worries over reality in all of its genres, so that realism becomes a particularly ambiguous term. One meaning focuses on the actual scenes, places and people are represented rather than imagined. A second meaning refers to television’s representation of recognisable and often contemporary experience. Another meaning of realism refers to the development of new and different forms to give access to the real. Furthermore, the establishment of category distinctions in television, such as between factual and fictional forms, or between drama and documentary, could be seen as increasingly problematic in contemporary television. Reality TV can thought of as the trying-out of forms and modes of address in one genre or form that are adopted from apparently different genres and forms, thus creating connection and distinction simultaneously. This chapter addresses these distinctions and ambiguities within Reality TV, using examples including One Born Every Minute and The Only Way is Essex.