The Rate of Return on Investment in Wine

Is wine an investment alternative to stocks and bonds? First, we review prior studies regarding the pecuniary rate of return to wine and other alternatives to financial assets. Next, we calculate the rate of return to holding red Bordeaux wine from 1986 to 1996 using a repeat‐sale regression. Finally, we contrast the financial performance of wine, both on an aggregate basis and for various portfolios, to that of other asset classes. We conclude that wine does not yield greater returns than financial assets, especially when the volatility of returns and transaction costs are taken into account.     

ENERGY USE AND TEMPERATURE HABITUATION: EVIDENCE FROM HIGH FREQUENCY THERMOSTAT USAGE DATA

Using micro‐level thermostat data from 27,000 U.S. households, we analyze how home heating/cooling decisions respond to weather. Responses are greater for extreme heat than for extreme cold and persist for at least 30 days after exposure, due in part to transaction costs but also to changes in intrinsic preferences. Failure to understand habit can lead us to overestimate the impact of short‐term policy nudges but underestimate the long‐run impact of small changes. Higher frequency estimates of how behavior responds to weather improve our understanding of climate adaptation as climate change affects not only mean temperatures but also variances. (JEL C55, D03, Q4)     

The Mediating Role of Emotion Dysregulation in the Relation Between Adult Attachment Insecurity and Depression Among Young Gay and Bisexual Men

Objectives: Attachment insecurity may be more pronounced among young gay and bisexual men (YGBM). Further, attachment insecurity is associated with dysregulated patterns of emotion regulation, which can lead to depression. However, pathways linking attachment insecurity to depression are underexplored among YGBM. Methods: This study used pilot data from N?=?67 YGBM to examine if emotion dysregulation mediated the association between attachment insecurity and depression. Results: Results supported the study hypotheses. Attachment insecurity was associated with emotion dysregulation, which was associated with depression. Conclusion: Findings provide preliminary evidence that emotion regulation training may be a useful approach for addressing depression among YGBM.     

Liberalisierungspolitik

Political-economic classics of different schools agreed that capitalism inherently and inevitably leads to a decline of market principles. We analyze indicators of liberalization policies for 21 OECD-countries in five economic and social policy fields and demonstrate that western industrialized countries are subject of a convergent trend towards market-creating policies??in stark contrast to the theoretical expectations of several political economy authors. At the latest during the first half of the eighties, the western democracies entered a new phase of economic liberalization, which continues up to the present. A methodological implication of our findings suggests that the methods of causal analysis of convergent liberalization policies may not be the same as those who have been applied for the analysis of development and consolidation of the varieties of capitalism in the postwar era.     

Intercounty Variability of Net Migration at Older Ages as a Path‐Dependent Process

This article seeks to identify factors associated with the formation and development of nonmetropolitan destinations for older in‐migration, thereby explaining why some U.S. counties are more likely than others to be nonmetro retirement destinations. We contend that most nonmetro retirement destinations are established and developed over time through a path‐dependent process. When amenities are commodified as recreation and tourism, migration streams tend to be established that ultimately produce sustained in‐migration of older persons to selected destination communities. We use data from a variety of official sources and a spatial statistics methodology to examine intercounty variability in net migration rates at ages 60–74. Our findings are consistent with the aforementioned path‐dependent development framework. Counties with a long history of population growth, previous experience attracting older in‐migrants, attractive natural amenities, and a developed recreation and tourism industry are those most likely to be retirement‐age migration destinations. In contrast, agricultural heartland and relatively large population size are associated with lower rates of older in‐migration. Older in‐migration should be seen as neither a panacea for strapped rural communities nor a “pensions and care issue.” Older migrants can be “gray gold,” but they can also pose challenges, such as possibly increased demand for public services as they age in place.     

Georges Bataille's base materialism

Abstract

The French intellectual Georges Bataille (1897–1962) developed base materialism in his work during the late 1920s and early 1930s as an attempt to break with all existing materialism. This essay is an explication of base materialism and its radical implications for contemporary theory. Bataille argues for the concept of an active base matter that disrupts the opposition of high and low and destabilises all foundations. Then he attempts to use this to develop a radical libertarian Marxism, opposed to both Stalinism and fascism. Although it provided a critique of the emphasis in Marxism on production, the active flux of base matter could not be contained in a political discourse. This means that Bataille's thought has an impact beyond the political and into the wider domain of theory. One example of this is the influence of base materialism on Derrida's deconstruction, and both share the attempt to destabilise philosophical oppositions by means of an unstable ‘third term’. This explains why Bataille's materialism does not appear as conventionally materialist, and why it has had little impact within contemporary materialism. Despite attempts to force base materialism into the mold of a new form of materialism it disrupts conventional materialism and the ‘radical’ politics that often goes with it. Bataille destroys the promise of liberated spaces and offers a more radical and disorienting freedom which inscribes instability into all discourses. It is this that defines the importance and necessity of Bataille's base materialism today.     

Point Estimates of Test Sensitivity and Specificity from Sample Means and Variances

In a wide variety of biomedical and clinical research studies, sample statistics from diagnostic marker measurements are presented as a means of distinguishing between two populations, such as with and without disease. Intuitively, a larger difference between the mean values of a marker for the two populations, and a smaller spread of values within each population, should lead to more reliable classification rules based on this marker. We formalize this intuitive notion by deriving practical, new, closed-form expressions for the sensitivity and specificity of three different discriminant tests defined in terms of the sample means and standard deviations of diagnostic marker measurements. The three discriminant tests evaluated are based, respectively, on the Euclidean distance and the Mahalanobis distance between means, and a likelihood ratio analysis. Expressions for the effects of measurement error are also presented. Our final expressions assume that the diagnostic markers follow independent normal distributions for the two populations, although it will be clear that other known distributions may be similarly analyzed. We then discuss applications drawn from the medical literature, although the formalism is clearly not restricted to that application.     

Using GIS in community design charrettes: Lessons from a Japan–U.S. collaboration in earthquake recovery and mitigation planning for Kobe

Charrettes have become popular in the urban design field, especially for use among multidisciplinary teams of professionals and non-professional community stakeholders seeking to incorporate a rich array of expertise in short visioning activities. Geographic Information Systems are among the technologies with potential to provide sophisticated spatial information to charrette participants efficiently. This article reports on a charrette carried out jointly by teams from Kobe University and the University of Washington, Seattle, USA, using GIS to inform urban design in three neighborhoods affected by the Great Hanshin–Awaji Earthquake of 1995 in Kobe, Japan. The article describes the charrette itself, and discusses the utility of GIS, given the challenges of disaster recovery in a context of undeveloped institutions for public participation, and with participants of different linguistic and educational backgrounds. In combination with electronically storable drawing technology, GIS proved useful in enlarging the multidisciplinary and cross-cultural reach of urban design; in incorporating new layers of pre-prepared expert data, and in combining such data with dynamically-generated “advice maps” and design ideas. For GIS-based charrettes to become more widely useful in community-scale design in Japan, however, additional property-scale data need to be available.