Ocean cruising: a sailing subculture

Just after dawn, an English couple in their 30's haul up their anchor and motor across the stillness of Suva harbour. The hurricane season is approaching and they are embarking on the 2–3 week trip to Bay of Islands New Zealand for the southern summer. Three months earlier, as their yacht lay aground on the fringing reef of uninhabited Suvarov atoll, they wondered if they'd ever reach New Zealand. But, with the help of other cruisers and lucky tides their steel 36 footer was clear and safe in under 24 hours. What was to be a one year trip around the north Atlantic was now happily way off course in the South Pacific and likely to remain so for some time. That is just a glimpse of one small aspect of ocean cruising, the subculture of interest here. However, throughout the paper the ethnography of cruising is developed further. A model is proposed to show how individuals come to share the subculture ideology and then to participate in the lifestyle. Subsequently, I will place ocean cruising in the context of subculture theory by expanding the ethnography and relating cruising to other subcultures.     

An Empirical Investigation of the Assumptions of Risk-Value Models

Do participants make decisions consistent with risk-value tradeoffs? One hundred and five undergraduate business students made risk and preference judgments about lottery pairs in a series of paper surveys. The data indicate that the participants’ responses were generally consistent with the key assumptions of risk-value models, but that some extensions of the theory would improve this consistency. In particular, we find that modifying the risk assumptions of the risk-value theory so they are consistent the concept of the reflection of the risk attitude in the domains of gains and losses increases the agreement between the theory and the participants’ responses.     

The 3 F 2 with Complex Parameters as Generating Function of Discrete Distribution

A new discrete family of probability distributions that are generated by the ₃ F ₂ function with complex parameters is presented. Some of the properties of this new family are studied as well as methods of estimation for its parameters. It affords considerable flexibility of shape which turns the distribution into an appropriate candidate for modeling data that cannot be adequately fitted by classical families with fewer parameters. Finally, three examples in the fields of Agriculture and Education are included in order to show the versatility and utility of this distribution.     

Obtaining a Trapezoidal Distribution

Given a most believed value for a quantity together with upper and lower possible deviations from that value, a rectangular distribution might be used to represent state-of-knowledge about the quantity. If the deviations are themselves known by probability distributions, and the value conditioned on the deviations is rectangular, then the marginal distribution of the value is determined by the distributions of the deviations. Here we show under quite general conditions that conversely, given the marginal distribution, the distributions of the deviations are uniquely determined. The case in which the marginal distribution is trapezoidal is studied in some detail.     

Sampling Returns for Realized Variance Calculations: Tick Time or Transaction Time?

This article introduces a new model for transaction prices in the presence of market microstructure noise in order to study the properties of the price process on two different time scales, namely, transaction time where prices are sampled with every transaction and tick time where prices are sampled with every price change. Both sampling schemes have been used in the literature on realized variance, but a formal investigation into their properties has been lacking. Our empirical and theoretical results indicate that the return dynamics in transaction time are very different from those in tick time and the choice of sampling scheme can therefore have an important impact on the properties of realized variance. For RV we find that tick time sampling is superior to transaction time sampling in terms of mean-squared-error, especially when the level of noise, number of ticks, or the arrival frequency of efficient price moves is low. Importantly, we show that while the microstructure noise may appear close to IID in transaction time, in tick time it is highly dependent. As a result, bias correction procedures that rely on the noise being independent, can fail in tick time and are better implemented in transaction time.     

‘A brutal blow against the democratic normality’: unlearning the epistemology of the political

ABSTRACT

The objective of this paper is to rethink our understanding of ‘the political’ through an examination of two novels by José Saramago, Blindness and Seeing. Both novels tackle directly a central, if not the central, signature metaphor of Western political thought, namely that of ‘seeing the light’. This metaphor takes many forms and recurs throughout the tradition of Western political philosophy as a source, legitimiser, and validator of knowing, and perhaps even a guarantor of knowledge. In particular, this metaphor has served to make knowable whatever it is that is signified by ‘the political’. By extension, it also means that whatever might be outside of this epistemological frame is rendered unknowable, if not unthinkable. Both of Saramago’s novels provide a fruitful means to recalibrate how we might know ‘the political’. The novels call into question the epistemic signatures that frame our commonly accepted understandings of ‘the political’ and in so doing provoke us further to question how we might move towards unlearning the epistemology of the political.     

The unequal impact of Covid-19 on the lives and rights of the children of modern slavery survivors,children in exploitation and children at risk of entering exploitation

This article discusses the unequal impact of Covid-19 on the lives of the children of survivors of modern slavery, child victims of exploitation and children at risk of exploitation in the UK. It draws on research that has analysed the risks and impacts of Covid-19 on victims and survivors of modern slavery. It explores how pandemic responses may have hindered these children's rights to education, food, safety, development and participation and representation in legal processes. It suggests that the pandemic should be used as an impetus to address inequalities that existed pre-Covid-19 and those that have been exacerbated by it.