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Economic experiments often entail subjects making decisions with payoffs in experimental currency units (ECUs). Earnings in ECUs are converted to cash at the end of the experiment. Such a procedural choice seems to be driven more by habit or tradition than by empirical evidence that this is more appropriate to use. We report results of a private, induced value second price auction (SPA) experiment in which we manipulate the exchange rate between ECUs and cash. We find virtually no relationship between a stronger/weaker experimental currency and the ability of theory to predict observed outcomes. The only significant effect relates to the comparison of the cash-only condition to the one-to-one exchange condition. The latter produced greater behavioral deviations from theoretical predictions. However, we find that this effect is largely driven by a handful of subjects. The results suggest that the use of ECUs is not a hindrance for experimental practice, at least not in the context of an induced value SPA.
A Decentralised Autonomous Organisation (DAO) is a new form of digital enterprise that operates on blockchain networks. It enables a new model of collaboration through diverse capital contributions and equitable sharing of benefits and risks. This paper explores the legal dimensions of DAO token transferability, a vital aspect for the expansion of DAO operations. First, it evaluates how property law (including the proposal by the Law Commission of England and Wales for a third category of digital asset ownership) might apply to DAO tokens so as to mitigate legal risks and ensure smooth transferability. Secondly, it investigates the potential for DAO software protocols to implement contractual transferability restrictions and examines their technological design. Finally, it looks at the legal enforceability of such restrictions and the policies needed to support their legal recognition.
Digital assets have burst onto global markets as a new class of assets for investment, trade and finance. Their growing popularity and economic relevance have been, however, accompanied by legal uncertainties and regulatory concerns. Together with domestic and regional responses, a strong case for international harmonisation is to be made. This Paper explores the emergence of principles and best practices on proprietary rights, insolvency and enforcement as a crucial process of international legal harmonisation of rules for digital assets.
How do children process language as they get older? Is there continuity in the functions assigned to specific structures? And what changes in their processing and their representations as they acquire more language? They appear to use bracketing (finding boundaries), reference (linking to meanings), and clustering (grouping units that belong together) as they analyze the speech stream and extract recurring units, word classes, and larger constructions. Comprehension precedes production. This allows children to monitor and repair production that doesn’t match the adult forms they have represented in memory. Children also track the frequency of types and tokens; they use types in setting up paradigms and identifying regular versus irregular forms. Amount of experience with language, (the diversity of settings) plus feedback and practice, also accounts for individual differences in the paths followed during acquisition. Ultimately, models of the process of acquisition need to incorporate all this to account for how acquisition takes place.
This contribution discusses some critical aspects of the upcoming Markets in Crypto-assets (MiCA) Regulation. There is already extensive and comprehensive literature on the MiCA proposal, and the scope of these brief notes is to consider some – necessarily not all – of the issues that MiCA (as it stands in the original proposal) raises, and that might be considered in the next steps of the legislative process. In particular, we discuss the relationship between MiCA and MiFID-Prospectus rules, the issues raised by DeFI, tokenisation of assets, and some general commercial and civil law aspects.
Tokens are underutilised artefacts from the ancient world, but as everyday objects they were key in mediating human interactions. This book provides an accessible introduction to tokens from Roman Italy. It explores their role in the creation of imperial imagery, as well as what they can reveal about the numerous identities that existed in different communities within Rome and Ostia. It is clear that tokens carried imagery that was connected to the emotions and experiences of different festivals, and that they were designed to act upon their users to provoke particular reactions. Tokens bear many similarities to ancient Roman currency, but also possess important differences. The tokens of Roman Italy were objects used by a wide variety of groups for particular events or moments in time; their designs reveal experiences and individuals otherwise lost to history. This title is also available as Open Access on Cambridge Core.
Ethnographers have recorded many instances of tokens donated as gifts to attract new partners or strengthen ties to existing ones. We study whether gifts are an effective pledge of the donor’s trustworthiness through an experiment modeled on the trust game. We vary whether the trustee can send a token before the trustor decides whether to transfer money; whether one of the tokens is rendered salient through experimental manipulations (a vote or an incentive-compatible rule of purchase for the tokens); and whether the subjects interact repeatedly or are randomly re-matched in each round. Tokens are frequently sent in all studies in which tokens are available, but repeated interaction, rather than gifts, is the leading behavioral driver in our data. In the studies with random pairs, trustors send significantly more points when the trustee has sent a token. Subjects in a fixed matching achieve comparable levels of trust and trustworthiness in the studies with and without tokens. The trustee’s decision to send a token is not predictive of the amount the trustee returns to the trustor. A token is used more sparingly whenever salient — a novel instance of endogenous value creation in the lab.
This chapter looks at what vocabulary and how much vocabulary needs to be learned. It is useful to use frequency and range of occurrence to distinguish several levels of vocabulary. Distinguishing these levels helps ensure that learners learn vocabulary in the most useful sequence and thus gain the most benefit from the vocabulary they learn. Making the high-frequency/mid-frequency/low-frequency distinctions ensures that the teacher and learners deal with vocabulary in the most efficient ways. High-frequency words are the most useful words of the language and should be learned first. There are 3,000 high-frequency words. These should be followed by mid-frequency words or specialised vocabulary. The mid-frequency and low-frequency words should not be taught but should be learned through extensive listening and extensive reading, along with the use of vocabulary learning strategies such as flash cards, word part analysis. and dictionary use.
All the conspirators could read, and most could write, more or less. Radical newspapers and tavern trade clubs and societies provided their political education. ’Low’ radicals in regency London were as deeply influenced by the agrarian socialist Thomas Spence as by Tom Paine, but, either way, their values drew on Enlightenment. They believed in the people’s right to resist oppression, and some hoped for the redistribution of landed property throughout the kingdom.Spence propagated his ideas through slogans, songs, graffiti, and tokens as well as pamphlets and books; and after his death in 1814 they were propagated through the Society of Spencean Philanthropists and Wedderburn’s ‘chapel’ in Soho, to both of which key conspirators belonged.
We define a linguistic distribution as the range of values for a quantitative linguistic variable across the texts in a corpus. An accurate parameter estimate means that the measures based on the corpus are close to the actual values of a parameter in the domain. Precision refers to whether or not the corpus is large enough to reliably capture the distribution of a particular linguistic feature. Distribution considerations relate to the question of how many texts are needed. The answer will vary depending on the nature of the linguistic variable of interest. Linguistic variables can be categorized broadly as linguistic tokens (rates of occurrence for a feature) and linguistic types (the number of different items that occur). The distribution considerations for linguistic tokens and linguistic types are fundamentally different. Corpora can be “undersampled” or “oversampled” – neither of which is desirable. Statistical measures can be used to evaluate corpus size relative to research goals – one set of measures enables researchers to determine the required sample size for a new corpus, while another provides a means to determine precision for an existing corpus. The adage “bigger is better” aptly captures our best recommendation for studies of words and other linguistic types.
This piece explores what the representation of the emperor on lead tokens can reveal about the dynamics of imperial ideology formation. In particular, I explore what effect mass (re)production had on the imperial image in the Roman world. Although representations of the emperor on large media and in important locations were often tightly controlled, on small media that were mass-produced, the image of the emperor escaped the control of the imperial authorities. Paradoxically, this meant that the imperial image increased in power, gathering innumerable associations and meanings as a ‘shared’ image. Allowing the inhabitants of the Roman Empire to be co-creators of imperial ideology meant that ultimately a more personalised, and thus more powerful, connection to the emperor was generated.
The chapter focuses, in the area of property and security rights, on the interface between the virtual and transnational dimension of transactions on the blockchain on one hand and the “real” world of compulsory and public policy rules applying on a given territory and on given property on the other. The author takes the perspective of a continental lawyer analyzing the validity of transactions, the validity and integrity of the property title electronically created and transferred. In doing so, he relies not only on the traditional legal tools but also on the most recent legislative initiatives, especially in France, introducing a legal framework encompassing new ways of transferring property (based on blockchain technologies) and new titles (e.g., tokens in the context of initial coin offerings). Through this analysis, the core issue is to determine whether these new transactions and these new property titles can be effective, in a national and international context. The author raises questions and concerns about the actual legal uncertainty and the best (local and global) regulatory responses to the technological challenges.
The financial struggles that Castilla underwent during the second half of the 16th century forced the Crown to look for new ways of funding. The monetary changes encompassed the use of copper coins known as piezas de vellón. . Throughout the 17th century, there were 25 laws decreed altering in one way or the other the monetary value of the coins. These adjustments did not go unnoticed, having a direct impact on the monetary system creating instability and dramatic price fluctuations, on top of countless protests and rejections. The Government, conscious of the severity of the situatíon, made several attempts to resolve the imbalances, which only triumphed once the underlying fiscal problems disappeared. We see in this century co-ordination between monetary and fiscal policy in which monetary policy had to finance the deficit incurred by the fiscal authorities.
The species-area problem in biology and the type-token problem in literary studies are analogues of one another but have nearly disjoint literatures. Here their relationship is treated, a critique of models used in each is made and Markovian models are provided for two well-known empirical models from the species-area literature. Finally, some of the assumptions underlying each of these models are considered in the light of literary data.
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