Simian Stock Traders

Abstract from Chen, Lakshminarayanan and Santos, "How Basic are Behavioral Biases? Evidence from Capuchin Monkey Trading Behavior" Journal of Political Economy, June 2006

Behavioral economics has demonstrated systematic decision-making biases in both lab and field data. Do these biases extend across contexts, cultures, or even species? We investigate this question by introducing fiat currency and trade to a colony of capuchin monkeys, and recovering their preferences over a range of goods and gambles. We show that capuchins react rationally to both price and wealth shocks, but display several hallmark biases when faced with gambles, including reference-dependence and loss-aversion. Given our capuchins' inexperience with trade and gambles, these results suggest that loss-aversion extends beyond humans, and may be innate rather than learned.

A handy paper to send to your favorite derivatives trader.
h/t to Brad DeLong.

Headlines

Ripped from today's MassLive/Springfield Republican headlines:

Springfield Mayor Domenic Sarno says city to launch war on the streets to combat latest spate of killings
A War on Killing! Where's George Carlin when we really need him?

Canton Selectman Bob Burr Ends Campaign for Ted Kennedy's Senate Seat
Now that really narrows the field. (His "campaign" ended when he failed to get enough signatures).

Doubthat

Brad DeLong points to this critique of Ross Doubthat but why presume there is actual thought behind Ross's scribbling? At least David Brooks pretends to do research.

Wish list

A new Canon 1D Mark IV, Zeiss lens...then there's Leica's M9.

Note to self: hit lottery or find job with major money center bank.

For folks with real money and conspicuous consumption syndrome, Christmas is coming.

Polaroid's passing, part 2

Friday, the Telegraph reminds us, was the "use by" date for existing packages of Polaroid film. Unlike standard film, you're not supposed to store Polaroid materials in the refrigerator or freezer to extend useful life. Using out of date materials is something of a sideline among "analog" photographers so its demise will be extended for a bit. Given the fall color, I should unearth the last packs of 669 from the back of the bookshelf and go shoot some.

Polaroid had a profound impact on photography by providing for "instant" snapshots, proofing material for commercial photographers and a platform for fine art types. The company hired photography notables to work with its products (think St. Ansel in color) and amassed a considerable collection of photographic art, which will now be sold off in bankruptcy. Gone are the huge view cameras that William Wegman and others made good use of.

Supposedly Edwin Land discouraged experimenting with his products but the company developed an artsy sideline, promoting techniques like transfers (above) of the Polaroid inks or emulsion. Sitting off in the corner is the Sunpack slide printer, bought cheaply went Ritz decided to discontinue it eons ago, which I used for an occasional transfer. Support for the arts faded then disappeared when the ailing company got bought out, and a management scandal or two sunk it completely, leaving only the name as a commodity with any value.

Fuji still makes instant film (I'm not certain about its compatibility with 'roid holders) and there's an attempt underway by some investors to restart production of Polaroid materials in Europe. Head over to the UMass Fine Arts Center to see how Andy Warhol used the stuff.

The New York Times Does Not Like the European Welfare State

Along with Krugman, Dean Baker is a must read.

Mayoral Politics

While Bill Dwight's email has managed to really roil NoHo's mayor's contest, Agawam is really where the action is. Current lame duck Susan Dawson gets herself into another fight, once again at the Hall of Fame complex (what is it about that place). Dawson claims to have a "personal relationship with Jesus" and will now be issued a no trespass order courtesy of the guy who owns the restaurant (see the Republican for details).

Meanwhile, the leading vote getter in the mayoral primary, Derek Benton, admits to an arrest at a downtown Springfield strip club for destruction of property and assaulting a police officer. Benton, a former aid to Brian Lees (and presumably a good law and order Repub) calls the whole flap "petty politics" and notes that "its not me" who was arrested. If it wasn't him, who was it?

Moral of the story: when an Agawam politician promises to "fight" take them literally and be concerned about the assault rate in downtown Springfield.

Dedicated follower of fashion

Someone on Ralph Lauren's crew over did it with the Edit --> Transform --> Skew function in Photoshop. My favorite remark in the comments: "I had no idea Pez had a "Fashion Week" dispenser line." Boing Boing among others is having some fun with this and RalphCo's reaction.

Power portraits

Mitch Epstein, who hails from down the road in Holyoke, is on a quest. The NYT reviews his efforts at making images of America's energy sources. Epstein is a remarkable photographer and his book based on the family's business (the late Epstein Furniture) is compelling.

Don't just do something, stand there.

From Lowering the Bar:

There are many sad examples of innocent bystanders and police officers being injured as a result of high-speed chases, and so it is understandable that some cities might direct officers not to engage in those kinds of pursuits, on the grounds that it usually isn't worth the risk. But Wellford, South Carolina, is probably the only place where police have been directed not to chase suspects at all, even on foot.

World's Oldest Man

Walter's 113 and still going.

Leslie's Leaving

Leslie Kerwin's resigning as Secretary of Administration and Finance, heading off to a deanship at Harvard. Her leaving is a real loss. She's a very capable person, lots of talent. Leslie is also someone who understands municipal government and knows about towns. She'll be missed.

Dropped Objects

The Gazette (no link) reports that not much detail is forthcoming in the Air Force report about the wheels that fell from a C5 over Belchertown. I had the opportunity to review and comment on the environmental impact statement prepared in the early 80's when bringing the C5's to Westover was planned. Noise was the predominant concern at the time but a couple other details in the EIR stuck in my head.

One was that the C5 had the highest rate of dropped objects of any large aircraft. You had to search out side the report for a definition of dropped object -- essentially its a part of the plane that should stay attached but doesn't. The report also carefully listed all the landfills in proximity to the base. Much further in the report was a mention that the C5 is very prone to bird damage. One had to come to the conclusion on your own that where there are dumps, there are likely to be dump ducks & other fowl.

Slow turning but he finally gets it....

Andrew Sullivan sez:

The pattern is now clear: the imperative to play the political game has won on the right. The longer-term pattern is just as clear: a faction of congressional Democrats sometimes backed Bush on his initiatives (such as his tax cuts). No one in the Congressional Limbaugh-run GOP will back anything this president does. Not only that; they will assault him, race-bait him and insult him in a continuous reel of populist bile.

(De)tox

Arbonne International, LLC ("Arbonne") has voluntarily recalled one lot of its Seasource Detox Spa® Foaming Sea Salt Scrub.

This voluntary recall was initiated by Arbonne as a result of discovering the presence of Pseudomonas aeruginosa bacteria in the recalled lot. No other lots are affected. The organism Pseudomonas aeruginosa may cause dermatitis, soft tissue infections, bacteremia, and a variety of system infections, particularly with users who are immunosuppressed. Because the Foaming Sea Salt Scrub is used to exfoliate the skin’s surface, there is a possibility that inadvertent introduction of the tainted product directly into any skin abrasions could result in infection.

No illnesses have been reported in connection with this product.

Too Much Time on His Hands

Christy Mihos wants to be Governor, no wait a minute, Senator. After all, he's made millions giving folks the opportunity to buy Fritos and Red Bull at 2:00 AM, why shouldn't he be a policy maker?
He's rich, so he must know sumpin'.

The Dummie Dozen

Salon provides a field guide to the knuckleheads of the Senate.

Volvo for sale?

According to Reuters: "China's Geely Automotive said on Wednesday its parent wants to bid for Ford's Volvo Car Corp -- the latest Chinese automaker to chase a foreign brand in a global industry overhaul."
Volvo owners may have to contemplate the consequences of owning a Commonist car.

Oops

Looks like Greenfield will get the room occupancy excise tax increase anyway, since the Mayor failed to inform the City Council as to why he vetoed their approval of the increase and its now to late to overturn the decision. The Recorder reports he hasn't asked the council to reverse themselves either.
So I guess Greenfield is now semi-business friendly.

Good For Hadley.

Hadley town meeting quickly and decisively accepted the optional excise taxes. Now lets see how many businesses flee to Greenfield where the Mayor is taking a "pro-business" stand and rejecting the revenue. Doubtless there will be traffic backed up on the I-91 exits as diners flock to the culinary center Greenfield will become.

By October 1, virtually no one will remember which towns have the excises and which don't, although the prospects of someone setting up a web site to remind us remain high. Overall, there seems to be less opposition to the room occupancy excise than the meals, probably because of the notion that folks from elsewhere stay at hotels. Neither tax will amount to much in terms of consumer demand and for many communities won't raise a significant amount of revenue or cover the loss in state aid. A band-aid solution to the whole issue of local revenues and sustainability.

Spare me the "anti-business" argument. The real local barriers to entry for businesses lie in overly zealous zoning and land use regulations, painfully slow and complicated permitting, and inadequate infrastructure.

As for the obligatory New Hampshire comparison, you can live free or die but pay an 8% meals tax and a 9% occupancy tax.