Performing the limits of finance

Recent financial turmoil has put emphasis once again on the very meaning and reach of ‘finance’. In doing so, recent financial crises have also provoked questions about the very ‘ends’ of finance: Where are the borders of finance? Given the expansive reach of financial innovation over the past two decades, are there any serious limits to the kinds of practices that can be converted into financial objects? Does the culture of finance (expansive and all encompassing) encounter meaningful interruptions? This paper explores these questions by reviewing a cluster of public-art responses to the 2008 financial crisis mounted by artists critical of the expansive logic of financial abstraction. This paper pays particular attention to the work of Fergal McCarthy and Fred Forest, two public artists who have confronted finance and its rational culture with practices of gameplay, whimsy, and carnival. In doing so, these artists invoke a strategy designed to lay the all-encompassing claims of financial abstraction alongside its own impossibility; alongside performances which undermine the expansive claims of financial abstraction. These are strategies, I conclude, which can interrupt the technocratic discourses which dominate the contemporary cultures of finance; strategies which, in the words of one artist, evoke ‘plausible states of uncertainty’ about our faith in financial abstraction.     

Coherent Mortality Forecasting: The Product-Ratio Method With Functional Time Series Models

When independence is assumed, forecasts of mortality for subpopulations are almost always divergent in the long term. We propose a method for coherent forecasting of mortality rates for two or more subpopulations, based on functional principal components models of simple and interpretable functions of rates. The product-ratio functional forecasting method models and forecasts the geometric mean of subpopulation rates and the ratio of subpopulation rates to product rates. Coherence is imposed by constraining the forecast ratio function through stationary time series models. The method is applied to sex-specific data for Sweden and state-specific data for Australia. Based on out-of-sample forecasts, the coherent forecasts are at least as accurate in overall terms as comparable independent forecasts, and forecast accuracy is homogenized across subpopulations.     

Towards the price of leasing online

We consider online optimization problems in which certain goods have to be acquired in order to provide a service or infrastructure. Classically, decisions for such problems are considered as final: one buys the goods. However, in many real world applications, there is a shift away from the idea of buying goods. Instead, leasing is often a more flexible and lucrative business model. Research has realized this shift and recently initiated the theoretical study of leasing models (Anthony and Gupta in Proceedings of the integer programming and combinatorial optimization: 12th International IPCO Conference, Ithaca, NY, USA, June 25–27, 2007; Meyerson in Proceedings of the 46th Annual IEEE Symposium on Foundations of Computer Science (FOCS 2005), 23–25 Oct 2005, Pittsburgh, PA, USA, 2005; Nagarajan and Williamson in Discret Optim 10(4):361–370, 2013) We extend this line of work and suggest a more systematic study of leasing aspects for a class of online optimization problems. We provide two major technical results. We introduce the leasing variant of online set multicover and give an \(O\left( \log (mK)\log n\right) \)-competitive algorithm (with n, m, and K being the number of elements, sets, and leases, respectively). Our results also imply improvements for the non-leasing variant of online set cover. Moreover, we extend results for the leasing variant of online facility location. Nagarajan and Williamson (Discret Optim 10(4):361–370, 2013) gave an \(O\left( K\log n\right) \)-competitive algorithm for this problem (with n and K being the number of clients and leases, respectively). We remove the dependency on n (and, thereby, on time). In general, this leads to a bound of \(O\left( l_{\text {max}} \log l_{\text {max}} \right) \) (with the maximal lease length \(l_{\text {max}} \)). For many natural problem instances, the bound improves to \(O\left( K^2\right) \).     

Outsourcing: decision-making methods and criteria during design and engineering

Research to date for decision-making on outsourcing has almost exclusively focussed on strategic and operational levels. Consequently, we know relatively little about decision-making on outsourcing during design and engineering, i.e. the tactical level; that also means that the characteristics of design and engineering – incomplete and inaccurate information and progressive availability of data – are not incorporated in existing frameworks and methods at that level. To fill this gap, a first-of-its-kind framework, based on an extensive appraisal of the literature, is validated; to that purpose, a Delphi survey was undertaken gauging the opinions of two homogeneous groups of academic and industry experts. The analysis of the survey affirms the assumptions made about the role of the progressive availability of data during decision-making on outsourcing. The results from this study should not only inform further research into decision-making during design and engineering but potentially the framework might also have validity for purchasing at the tactical level and strategic decision-making on outsourcing.     

The Future of HRD Research: A SWOT analysis by five leading scholars in the field

This article presents a review of the 11th International Conference on Human Resource Development Research and Practice across Europe through the lens of global mobility. The conference was held in Pécs, Hungary in June, 2010 and the four authors who participated in the conference present their own narratives as agents of global mobility, examine the theme of global mobility in the various aspects of the conference, and conclude with reflections on the factors that supported the learning environment at the conference.     

The Muleteers of Miravet and their Social and Material Spacetime

In this paper I analyze the recollections of the former muleteers of Miravet (Catalonia, Spain) on what they marketed, how they marketed, to whom they marketed, and where and when they did so. The muleteers peddled their merchandise during roughly the first half of this century, a period in which Spain transformed from an agricultural society into an industrial one, and thus these recollections offer their perspective on this transformation. This perspective is brought out by a phenomenological focus on how these muleteers, by their practice of peddling, created and structured a spacetime consisting of dialectically related social relationships through which muleteers purchased and marketed their merchandise, and material characteristics of this merchandise.     

Cans and cants: Computational potentials for multimodality with a case study in head position

As the study of embodiment and multimodality in interaction grows in importance, there is a need for novel methodological approaches to understand how multimodal variables pattern together along social and contextual lines, and how they systematically coalesce in communicative meanings. In this work, we propose to adopt computational tools to generate replicable annotations of bodily variables: these can be examined statistically to understand their patterning with other variables across diverse speakers and interactional contexts, and can help organize qualitative analyses of large datasets. We demonstrate the possibilities thereby with a case study in head cant (side‐to‐side tilt of the head) in a dataset of video blogs and laboratory‐collected interactions, computationally extracting cant and prosody from video and audio and analyzing their interactions, looking at gender in particular. We find that head cant indexes an orientation towards the interlocutor and a sense of shared understanding, can serve a ‘bracketing’ function in interaction (for speakers to create parentheticals or asides), and has gendered associations with prosodic markers and interactional discourse particles.     

Imagined communities, contested watersheds: Challenges to integrated water resources management in agricultural areas

Integrated water resources management is one of the major bottom-up alternatives that emerged during the 1980s in North America as part of the trend towards more holistic and participatory styles of environmental governance. It aims to protect surface and groundwater resources by focusing on the integrated and collaborative management of land and water resources and interests on a watershed basis. In this paper, we draw on the policy network perspective on governance to shed light on the strengths and weaknesses of watershed-based processes of collaboration and integration for water quality protection in agricultural areas. The policy network perspective focuses on the interaction of actors, institutions and ideas within and among policy sectors to capture the intricacies of the policy process in increasingly complex and fragmented societies. Empirically, this study is based on the analysis of agro-environmental strategies for water quality protection in the Province of Ontario over the last 15 years. The contamination of a rural municipal well in Ontario in 2000, with its tragic consequences, translated into an ongoing pluralistic debate and strong attempts to fundamentally change the provincial policy style for addressing drinking water threats, especially agricultural pollution. Based on our analysis, we suggest that meaningful scales for collaboration and integration of land and water resources and interests at the local level, from the point of view of Ontario's agricultural policy network, do not currently include the watershed. We conclude that, instead of forcing watershed-based governance structures, the exploration and examination of more creative and flexible ways of linking watershed imperatives to existing socially and politically meaningful scales in agricultural areas of Ontario and elsewhere is warranted.     

Forecasting functional time series

We propose forecasting functional time series using weighted functional principal component regression and weighted functional partial least squares regression. These approaches allow for smooth functions, assign higher weights to more recent data, and provide a modeling scheme that is easily adapted to allow for constraints and other information. We illustrate our approaches using age-specific French female mortality rates from 1816 to 2006 and age-specific Australian fertility rates from 1921 to 2006, and show that these weighted methods improve forecast accuracy in comparison to their unweighted counterparts. We also propose two new bootstrap methods to construct prediction intervals, and evaluate and compare their empirical coverage probabilities.     

Basil Bernstein: Theory,models and the question of method

The purpose of this article is to address the interpretive synthesis of qualitative research. The article discusses the potential to develop a ‘meta-interpretation’ approach which attempts to maintain an interpretive epistemology congruent with the majority of primary qualitative research. The article identifies and discusses a range of issues in the synthesis of interpretive qualitative research (objectivity, evaluation of studies, sampling, context, interpretation and integrity) that emerge from a review of nine research methods involving synthesis and a broader review of the research synthesis literature. Seven fundamental features of meta-interpretation are outlined and the meta-interpretation procedure is presented. In conclu-sion, the aims of synthesis procedures in general and meta-interpretation in particular are discussed.