Do Markets Prove Pessimists Right?
We study how ambiguity and ambiguity attitudes affect asset prices when consumers form their expectations based on past observations. In an OLG economy with risk‐neutral yet ambiguity sensitive consumers, we describe limiting asset prices depending on the proportion of investor types. We then study the evolution of consumer type shares. With long memory, the market does not select for ambiguity‐neutrality. Whenever perceived ambiguity is sufficiently small, but positive, only pessimists survive and determine prices in the limit. With one‐period memory, equilibrium prices are determined by Bayesians. Yet, the average price of the risky asset is lower than its fundamental value.
The paper discusses the semantic interaction of the negation with certain types of verbal predicates in Russian, which involves, depending on the predicate type and its main valency structure, the emergence of new semantic valencies: the valency of the missing distance, the valency of the missing time span, and the valency of the missing quantity. The first type of valency was discovered by Juri Apresjan for accomplishment verbs like dobežat’ ≈ „run up to‟ as in On dvadcat’ šagov ne dobežal do ukrytija „he did not run the last twenty steps to the shelter‟. We report that the phenomenon is of a much broader nature and range: other types of predicates may develop the valency of the missing time span, as in Ona ne doučilas’ v universitete dva goda ≈ „she did not complete her education at the university, dropping out two years earlier‟, the valency of missing quantity, as in Emu nedoplatili tysjaču rublej „they underpaid him a thousand roubles‟, or, in sophisticated cases, more than one such valency.
This article presents a study of the regulatory role of emotional intelligence in decision-making in real-life situations and of the functioning of intellectual and personal potential using Emotional Anticipation Method (EAM). Expert psychologists used quality analysis techniques to develop a typology of the content characteristics of choices on a sample of military instructors (N = 79). It is important to note that our selective sample included professionals involved in actual professional activity, who are well aware of the consequences of using or ignoring emotional information in their professional activity. Characteristics of emotional intelligence (EI) and tolerance to ambiguity in the system of predictors of personal choice were considered. The hypothesis of discrepancy between the data obtained using objective measurements and EI questionnaires was confirmed. The results show difference between dispositional and situational con- texts of inclusion of EI in the regulation of choices. For each task, we obtained proofs that subjects non-randomly selected one of the proposed alternatives and their choice was the closest to their personal solution. This allows us to consider alternatives designed as having high ecological validity. It was found that in the final answer, the use of illustrative tips led to an increase in the number of choices that minimise uncertainty in a given emotional context. Emotional intelligence serves as a prerequisite for effective use of illustrative tips. EAM procedure can be regarded as an indirect diagnostic tool for evaluation of certain aspects of emotional intelligence.
Manually annotated corpora are very important and very expensive resources: the annotation process requires a lot of time and skills. In Open- Corpora project we are trying to involve into annotation works native speakers with no special linguistic knowledge. In this paper we describe the way we organize our processes in order to maintain high quality of annotation and report on our preliminary results.
This work shows that being must originally be understood as implication. We begin with what Heidegger calls Hegel’s ‘new concept of being’ in the Phenomenology of Spirit: time as history is the essence of being. This concept however, is not univocal—for supersession means destroying-preserving. Hegel shows himself to be the thinker of truth as essentially ambiguous; and the Phenomenology is onto-heno-chrono-phenomenology, the history of the being and unity, time and aspect, of the concept’s ambiguity. For Heidegger however, conceptual ambiguity confirms that Hegel’s history of being is stuck in a vulgar interpretation of time; and the Phenomenology can explain neither the origin of this time, nor the necessity of negation for the historical determination of being—for Hegel cannot think the ground of the concept of being, that is, the grounding of the ground. If Heidegger argues however, that the Phenomenology is predetermined by its ancient point of departure, we must go back to the Greeks, back to Aristotle’s original insight (overlooked by the entire history of philosophy as metaphysics): being and unity imply one another—for they are essentially implications. Thus the question of the meaning of being becomes the question of the meaning of implication.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.