Entry and Exit in OTC Derivatives Markets

We develop a parsimonious model to study the equilibrium and socially optimal decisions of banks to enter, trade in, and possibly exit, an OTC market. Although we endow all banks with the same trading technology, banks' optimal entry and trading decisions endogenously lead to a realistic market structure composed of dealers and customers with distinct trading patterns. We decompose banks' entry incentives into incentives to hedge risk and incentives to make intermediation profits. We show that dealer banks enter more than is socially optimal. In the face of large negative shocks, they may also exit more than is socially optimal when markets are not perfectly resilient.     

Visualization for Large‐scale Gaussian Updates

In geostatistics and also in other applications in science and engineering, it is now common to perform updates on Gaussian process models with many thousands or even millions of components. These large‐scale inferences involve modelling, representational and computational challenges. We describe a visualization tool for large‐scale Gaussian updates, the ‘medal plot’. The medal plot shows the updated uncertainty at each observation location and also summarizes the sharing of information across observations, as a proxy for the sharing of information across the state vector (or latent process). As such, it reflects characteristics of both the observations and the statistical model. We illustrate with an application to assess mass trends in the Antarctic Ice Sheet, for which there are strong constraints from the observations and the physics.     

Gambling Behavior of Student-Athletes and a Student Cohort: What are the Odds?

This study investigated the prevalence of gambling, gambling related NCAA violations, and disordered gambling in student-athletes (n = 736) with a comparison cohort of students (n = 1,071) at four universities. Student-athletes reported similar rates of gambling frequency, use of a bookmaker, and disordered gambling as students. After accounting for demographic differences, student-athletes were less likely to engage in sports wagering than students. Several risk factors for disordered gambling were identified, including being male and reporting at least one parent with a history of gambling problems. These findings suggest that problems associated with gambling are a university-wide issue with student-athletes meriting additional attention because of implications for the integrity of intercollegiate sports. Improved prevention and intervention efforts for collegiate gambling are recommended.     

'The grit in the oyster': Community development workers in a modernizing local authority

This article offers a brief overview of the challenges facingUK local authorities, including the need to enhance public participationin decision making and service delivery, improve service performanceand increase partnership working. It explores the potentialcontribution of community development work to meeting thesechallenges, drawing on a case study of one UK county council.The essential tensions and conflicts in the role of communitydevelopment workers in a local authority are highlighted, showinghow the modernization process introduced by the New Labour governmentis adding further layers of complexity and ambiguity.     

Stress and dress: investigating the relationship between social anxiety and appearance management among gay and straight men

This research project explores the relationship between social anxiety and appearance management behaviors (AMB), including both routine and non-routine, among gay and straight men and women. Prior research had found links between AMB and stress (Reilly & Rudd, 2002), stress and (perceived) discrimination (Lee, 1997; Savin-Williams, 1994), and sexual orientation and weight (Brand, Rothblum, & Solom, 1992). An argument is made that links stress with AMB using the foundation of Social Comparison Theory (Festinger, 1954) as a guide. Research questions investigated were: (1) Is there a correlation between stress and AMB; (2) Is there a significant difference between body mass indices of men and women of differing sexual orientations; (3) How do AMB differ between those with gay and straight orientations; and (4) How do AMB differ between men and women? Using a survey design, a questionnaire was posted on the Internet. Measures included the Rudd/Lennon Appearance Management Scale of Routine and Risky Behaviors and the Liebowitz Social Anxiety Scale. A total of 365 usable forms were completed. Results show that social anxiety is positively correlated with non-routine AMB, or behaviors that carry some risk. Gay and straight participants differed on the routine AMB they practiced. Men and women differed on the non-routine or risky AMB they practiced or would consider practicing. Implications are discussed and further research is suggested.     

Parenting skills and early childhood development: production function estimates from longitudinal data

Review of Economics of the Household - We provide evidence on the importance of specific inputs for child cognitive skills by estimating alternative specifications of the early childhood production...     

“To get the word out”: LGBTQ+ Young adults’ motivations for participating in qualitative research studies

Understanding why socially marginalized individuals, such as lesbian, gay, bisexual, transgender and/or queer (LGBTQ+) people, participate in research can improve qualitative research designs, as well as social services and policies. In providing a participant-centered foundation, we interviewed 65 LGBTQ+ young adults and asked “Why are certain LGBTQ+ young adults motivated to engage in qualitative social science studies?” Many LGBTQ+ young people said they were committed to enacting social change and promoting advocacy. Participants also highlighted supporting scientific research and knowledge production. Finally, LGBTQ?+ participants engaged with research to introspectively analyze their identity development processes. These findings can facilitate access to socially vulnerable and underrepresented groups through a methodological focus on participant benefits.     

Interplay Between Sensation Seeking and Parental Rules in the Emergence of Heavy Episodic Drinking

This study examined the parallel mediational processes between sensation seeking and parental rules on alcohol, in the emergence of heavy episodic drinking (HED) in adolescents. Data were drawn from a U.K. clustered randomized control trial (control arm only, N ≈ 6,300, M_age at baseline = 12.5). Using parallel process latent growth curve analysis, stricter parental rules at baseline were found to be associated with greater declines in sensation seeking over time and a lower risk of HED at follow‐up (+33 months). Higher initial levels of sensation seeking predicted a faster relaxation of parental rules and a greater risk of HED. By maintaining strict rules about alcohol, parents may promote a positive reduction in sensation seeking and a lower risk of HED.     

The Impact of Speed of Play in Gambling on Psychological and Behavioural Factors: A Critical Review

Conceptually, there is a common association between gambling games with fast speeds of play and problem gambling. This relationship however, is largely correlational in nature, which comes at the expense of carefully controlled empirical investigation. Research that does exist aimed towards investigating the impact of gambling speeds on psychological and behavioural factors, is in its relative infancy, and the research possesses disparate methodologies and variables of interest. The aims of the current review is therefore to evaluate and summarise the existing body of evidence relating to speed of play in gambling, as well as discuss how this evidence can be used to inform harm minimisation approaches aimed at facilitating self-control during gambling. Eleven studies were selected for review based on the inclusion criteria, comprising nine experimental and two qualitative studies (one self-report focus group study and one observational study). There was a consistent finding across studies that games with faster speeds of play were preferred and rated as more exciting for all gamblers, ranging from non-problem to problem gamblers. Of concern, was the repeated finding that fast games are particularly appealing to those suffering with a gambling problem. Behavioural results were more inconsistent across studies, though the general trend supports the notion that games with faster speeds of play encourage more wagers, longer game play, and caused players, particularly problem gamblers, to experience difficulty in ceasing gambling. The implications of these findings for gambling policy, harm minimisation approaches, and future research are discussed.