We model a run on a financial market, in which each risk-neutral investor fears having to liquidate shares after a run, but before prices can recover back to fundamental values. To avoid having to possibly liquidate shares at the marginal post-run price—in which case the risk-averse market-making sector will already hold a lot of share inventory and thus be more reluctant to absorb additional s...

We study the role of commitment in a version of the Diamond and Dybvig (JPE, 1983) model with no aggregate uncertainty. As is well known, the banking authority can eliminate the possibility of a bank run by committing to suspend payments to depositors if a run were to start. We show, however, that in an environment without commitment, the banking authority will choose to only partially suspend ...

Nucleus runs ahead of centrosome T he nucleus is not pulled by the centrosome in migrating neurons, according to a new direct imaging study by Hiroki Umeshima, Tomoo Hirano, and Mineko Kengaku (RIKEN Brain Science Institute, Wako, Japan). Previous studies showing the centrosome leading the nucleus in migrating neurons led to the suggestion that the centrosome provides the motive force for nucle...

We have analysed runs of 12 different genetic programming problems. Some of the problems are the ‘toy’ problems used in generic programming research and some are significant real world applications. We have generated log files of the runs and looked for recurring and unusual patterns and whether there are any differences between the toy problems and the real world problems. The major finding is...

1 Center for Cognitive Neuroscience, Dartmouth College, Hanover, NH, USA 2 Department of Psychological and Brain Sciences, Dartmouth College, Hanover, NH, USA 3 Department of Experimental Psychology, University of Magdeburg, Magdeburg, Germany *Correspondence: [email protected]; [email protected] †Michael Hanke and Yaroslav O. Halchenko have contributed equally to this a...