A simple model of multiple equilibria and default. CEPS Working Document No. 366, 16 July 2012

This Working Document by Daniel Gros presents a simple model that incorporates two types of sovereign default cost: first, a lump-sum cost due to the fact that the country does not service its debt fully and is recognised as being in default status, by ratings agencies, for example. Second, a cost that increases with the size of the losses (or haircut) imposed on creditors whose resistance to a haircut increases with the proportional loss inflicted upon them. One immediate implication of the model is that under some circumstances the creditors have a (collective) interest to forgive some debt in order to induce the country not to default. The model exhibits a potential for multiple equilibria, given that a higher interest rate charged by investors increases the debt service burden and thus the temptation to default. Under very high debt levels credit rationing can set in as the feedback loop between higher interest rates and the higher incentive to default can become explosive. The introduction of uncertainty makes multiple equilibria less likely and reduces their range.

Modeling Habitat Associations for the Common Loon (Gavia immer) at Multiple Scales in Northeastern North America

Common Loon (Gavia immer) is considered an emblematic and ecologically important example of aquatic-dependent wildlife in North America. The northern breeding range of Common Loon has contracted over the last century as a result of habitat degradation from human disturbance and lakeshore development. We focused on the state of New Hampshire, USA, where a long-term monitoring program conducted by the Loon Preservation Committee has been collecting biological data on Common Loon since 1976. The Common Loon population in New Hampshire is distributed throughout the state across a wide range of lake-specific habitats, water quality conditions, and levels of human disturbance. We used a multiscale approach to evaluate the association of Common Loon and breeding habitat within three natural physiographic ecoregions of New Hampshire. These multiple scales reflect Common Loon-specific extents such as territories, home ranges, and lake-landscape influences. We developed ecoregional multiscale models and compared them to single-scale models to evaluate model performance in distinguishing Common Loon breeding habitat. Based on information-theoretic criteria, there is empirical support for both multiscale and single-scale models across all three ecoregions, warranting a model-averaging approach. Our results suggest that the Common Loon responds to both ecological and anthropogenic factors at multiple scales when selecting breeding sites. These multiscale models can be used to identify and prioritize the conservation of preferred nesting habitat for Common Loon populations.

An improved algorithm for generating global window brightness temperatures from multiple satellite infrared imagery

An improved algorithm for the generation of gridded window brightness temperatures is presented. The primary data source is the International Satellite Cloud Climatology Project, level B3 data, covering the period from July 1983 to the present. The algorithm rakes window brightness, temperatures from multiple satellites, both geostationary and polar orbiting, which have already been navigated and normalized radiometrically to the National Oceanic and Atmospheric Administration's Advanced Very High Resolution Radiometer, and generates 3-hourly global images on a 0.5 degrees by 0.5 degrees latitude-longitude grid. The gridding uses a hierarchical scheme based on spherical kernel estimators. As part of the gridding procedure, the geostationary data are corrected for limb effects using a simple empirical correction to the radiances, from which the corrected temperatures are computed. This is in addition to the application of satellite zenith angle weighting to downweight limb pixels in preference to nearer-nadir pixels. The polar orbiter data are windowed on the target time with temporal weighting to account for the noncontemporaneous nature of the data. Large regions of missing data are interpolated from adjacent processed images using a form of motion compensated interpolation based on the estimation of motion vectors using an hierarchical block matching scheme. Examples are shown of the various stages in the process. Also shown are examples of the usefulness of this type of data in GCM validation.

The indoor localization system using vision for multiple mobile robots

This paper presents the development of an indoor localization system using camera vision. The localization system has a capability to determine 2D coordinate (x, y) for a team of mobile robots, Miabot. The experimental results show that the system outperforms our existing sonar localizer both in accuracy and a precision.

Multiple phases of North African humidity recorded in lacustrine sediments from the Fazzan Basin, Libyan Sahara

The Fazzan Basin of south-west Libya is at present arid with less than 20 mm of rainfall per annum. However, regionally extensive limestones, lacustrine sands and coquina (fossiliferous carbonate rock) deposits show that the Fazzan Basin previously contained a large palaeolake, indicating that the climate in the past was more humid. Optically stimulated luminescence (OSL) dating techniques have been applied to key lacustrine deposits within the basin in an attempt to provide an internally consistent chronology for this humidity record. Results indicate that palaeolake sediments within the Fazzan Basin record a very long history of palacohydrological change, ranging from present day and conditions to humidity capable of sustaining a lake with an approximate area of 76,250 km(2). The existence of humid periods in mid oxygen isotope stage 5 and the early Holocene is confirmed. An older lacustrine event, tentatively correlated to oxygen isotope stage 11, is also recognized. In addition, evidence is presented for at least two humid phases beyond the age range over which the conventional OSL dating technique is applicable. This study demonstrates that OSL dating of palaeolake sediments within the Fazzan Basin offers the potential to provide a detailed record of North African humidity spanning several glacial-interglacial cycles. (c) 2006 Elsevier Ltd. All rights reserved.

Single versus multiple occupancy - Effects on toxicity parameters measured on Eisenia fetida in lead nitrate-treated soil

The mortality (7 and 14 d), weight change (7 and 14 d), and metal uptake of Eisenia fetida (Savigny, 1826) kept in Pb(NO3)(2)-treated Kettering loam soil in single- and multiple-occupancy (10 earthworms) test containers were determined. The number of earthworms to dry mass (g) ratio of soil was 1:50 in both sets of test containers. Lead concentrations were in the nominal range of 0 to 10,000 mg Pb/kg soil (mg/kg hereafter). Levels of mortality at a given concentration were statistically identical between the single- and multiple-occupancy tests, except at 1,800 mg/kg, at which significantly (p less than or equal to 0.05) more mortality occurred in the multiple-occupancy tests. Death of individual earthworms in the multiple-occupancy tests did not trigger death of the other earthworms in that soil. The LC50 values (concentration statistically likely to kill 50% of the population) were identical between the multiple- and single-occupancy soils: 2,662 mg/kg (2,598-2,984, 7 d) and 2,589 mg/kg (2,251-3,013, 14 d) for the multiple-occupancy soils and 2,827 mg/kg (2,443-3,168, both 7 and 14 d) for the single-occupancy soils (values in brackets represent the 95% confidence intervals). Data were insufficient to calculate the concentration statistically likely to reduce individual earthworm mass by 50% (EC50), but after 14 d, the decrease in earthworm weight in the 1,800 and 3,000 mg/kg tests was significantly greater in the multiple- than in the single-occupancy soils. At 1,000, 1,800, and 3,000 mg/kg tests, earthworm Pb tissue concentration was significantly (p less than or equal to 0.05) greater in earthworms from the multiple-occupancy soils. The presence of earthworms increased the NH3 content of the soil; earthworm mortality increased NH3 concentrations further but not to toxic levels.