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.     

Nature,Society, History and Social Change

The Nature, Society and History theme is discussed in terms of the conceptual framework of 'biohistory'. Reference is made to its relevance to human health and well-being, societal metabolism and ecological sustainability. The power of human culture as an ecological force is emphasized. The Nature, Society and History paradigm is discussed in the context of the social changes that will be necessary for the achievement of ecological sustainability. It is suggested that it has an essential contribution to make not only in the academic world, but also in the general community.     

Street Youth Labour Market Experiences and Crime*

Dans le cadre de notre recherche, nous étudions la façon dont les expériences dans le marché du travail des jeunes sans‐abri et l'inter‐prétation qu'ils font du chômage sont liées à leur comportement criminel. À partir d'entretiens réalisés auprès d'un échantillon de 200 jeunes homines vivant dans la rue, les données recueillies indiquent que ces jeunes se sentent exclus du marché du travail du fait des expériences négatives qu'ils ont vécues. Ce phénomène est exacerbé par le chômage à long terme, qui détruit la motivation et conduit les jeunes à rechercher d'autres exutoires matériels. En outre, les jeunes en viennent à considérer le système social comme injuste et se sen‐tent inaptes à l'emploi, ce qui augmente le risque qu'ils participent à des activités criminelles. Les jeunes qui restent lies à la société tradi‐tionnelle et continuent de croire à l'idéologie dominante du mérite réagissent par la dépression ou la culpabilité menant à une fuite passive et favorisant le comportement criminel. En revanche, les jeunes qui refusent l'idéologie font étant d'un affect négatif minimal et met‐tent en valeur la supérioritý matérielle et sociale qu'ils accordent aux activités criminelles par rapport à l'emploi qu'ils ont pu occuper avant et qui leur était offert. Les conclusions de cet article s'appuient sur les théories de la contrainte, du contrôle et de la sous‐culture. The research explores how homeless street youths' labour market experiences and interpretations of unemployment are linked to criminal behavior. Using interviews with a sample of 200 male street youth, the data suggest that these youths become alienated from the labour market because of negative experiences in their jobs. This is exacerbated by long‐term unemployment that destroys motivation and leaves the youths looking for other material opportunities. Further, the youths come to see the social system as unfair and themselves as unemployable, making it more likely they will become involved in criminal activities. Those youths who remain bonded to the conventional society and continue to believe in the dominant meritocratic ideology respond with depression and guilt, which lead to a passive withdrawal and inhibit criminal behavior. In contrast, those youth who dismiss the ideology display minimal negative affect and reveal that criminal activities are superior both materially and socially to previous and available employment. Findings are discussed in terms of strain, control and subcultural theories.     

Misestimating Betting Behavior: The Role of Negative Asymmetries in Emotional Self Prediction

This paper addresses the role of negative asymmetries in emotional self-prediction by looking at the extent to which individuals misestimate their own betting behavior in sequential gambles. In a series of three experimental studies, we demonstrate that losses lead to higher than planned bets whereas bets are on average carried over after gains. Such asymmetric deviations from the plan emerge (1) when monetary and non-monetary incentives are used, and (2) when participants face fair and unfair gambles. The asymmetry is based on people’s inability to predict how much the negative emotions generated by a bad experience (e.g. the loss) will influence them to put more effort (e.g. bet more) than planned in an attempt to re-establish a homeostatic state in the prospect of a good experience (e.g. winning).     

Urban and agricultural soils: conflicts and trade-offs in the optimization of ecosystem services

On-going human population growth and changing patterns of resource consumption are increasing global demand for ecosystem services, many of which are provided by soils. Some of these ecosystem services are linearly related to the surface area of pervious soil, whereas others show non-linear relationships, making ecosystem service optimization a complex task. As limited land availability creates conflicting demands among various types of land use, a central challenge is how to weigh these conflicting interests and how to achieve the best solutions possible from a perspective of sustainable societal development. These conflicting interests become most apparent in soils that are the most heavily used by humans for specific purposes: urban soils used for green spaces, housing, and other infrastructure and agricultural soils for producing food, fibres and biofuels. We argue that, despite their seemingly divergent uses of land, agricultural and urban soils share common features with regards to interactions between ecosystem services, and that the trade-offs associated with decision-making, while scale- and context-dependent, can be surprisingly similar between the two systems. We propose that the trade-offs within land use types and their soil-related ecosystems services are often disproportional, and quantifying these will enable ecologists and soil scientists to help policy makers optimizing management decisions when confronted with demands for multiple services under limited land availability.     

Vacant land conversion to community gardens: influences on generalist arthropod predators and biocontrol services in urban greenspaces

Due to economic decline and the recent rise in home foreclosure, many U.S. cities are faced with managing large acreages of vacant land. Interest in local food production on this land has the potential to dramatically reshape the composition of greenspace found within urban landscapes. This study examined how the conversion of vacant land to urban gardens and farms influenced arthropod generalist predator populations and their ability to support biocontrol services. We found that the abundance of Coccinellidae and Syrphidae, and the activity density of Carabidae, Formicidae, and Lycosidae were equivalent among vacant lot and urban garden sites. Dolichopodidae abundance and the activity density of Linyphiidae and Opiliones were reduced in urban gardens whereas Anthocoridae abundance and the activity density of Staphylinidae were greater within urban gardens relative to vacant lots. The biocontrol service supplied by generalist predators was measured using sentinel eggs (Helicoverpa zea (Noctuiidae)) and pupae (Sarcophaga bullata (Sarcophagidae) and Musca domestica (Muscidae)). We found no difference in the biocontrol of H. zea eggs or M. domestica pupae among the focal greenspaces. We found no difference in the removal of S. bullata pupae by predators in June 2010, whereas in August 2010 a greater proportion of pupae were removed in urban garden sites relative to vacant lots. Based on these findings, we discuss the potential of the urban landscape to support generalist predators and sustainable urban gardening and farming.