The Impact of Uncertainty on Banking Behavior: Evidence from the US Sulfur Dioxide Emissions Allowance Trading Program

In this paper, we study empirically whether uncertainty has an influence on trade in the US sulfur dioxide allowances market. In particular, we investigate the role of uncertainty on banking behavior. To do this, we introduce a tractable, structural model of trading permits under uncertainty. The model establishes a relation between banking behavior and risk preferences, especially prudence in the Kimball (1990) sense. We then test this model using data on allowances, for utilities submitted to the US Environmental Protection Agency’s Acid Rain Program, carried over from one year to the next. Evidence is found of imprudence, namely, utilities bank permits in order to favor higher profits. Another finding is that larger utilities do not adopt behavior significantly different from that of smaller ones. This paper was presented at the “International Workshop on Uncertainty in Greenhouse Gas Inventories: Verification, Compliance & Trading” in Warsaw, Poland, September 2004, under the title “Portfolio Management of Emissions Permits and Prudence Behavior.”     

EEG bioeffects on cochlear deaf from cellular phones

Objectives This paper aims to provide evidence of an inductive electromagnetic bioeffect on the human brain, which is independent from sound waves and produced by mobile phones, in proximal field, through correlating the EEG data obtained from electrodes placed on both normal and cochlear deaf individuals. Methods Two groups of subjects are placed under controlled electromagnetic conditions inside a Faraday chamber, 12 healthy and another 12 suffering from cochlear deafness). Each is sitting on a chair, fitted with additional support, and holding a cellular phone 2 cm away form the right auricular, in order to avoid a thermal effect as much as possible. All of them, relaxed and with their eyes closed, are EEG recorded in a basal state with their mobile phones off. Then, each of them is again recorded under the same conditions but with the mobile on and listening to the same conversation. In order to assess the observed EEG changes, a statistical analysis by means of the FFT (Fast Fourier Transform) was carried out. Results For both, healthy and cochlear deaf, assimilation or integration of the mobile phone signal by some electrodes is to be found. This is due to the increase of amplitudes for alpha and theta waves, whereas the signal is not integrated in other electrodes. By correlating the spectra of frequencies of corresponding EEG records for the same brain areas, we have not observed significative differences for both groups. Conclusions A possible electromagnetic direct inductive, non-thermal, bioeffect on the human brain is observed. This effect is produced by the use of mobile phones and it bears no relation to the sound waves.     

Thermal and hydrometallurgical recovery methods of heavy metals from municipal solid waste fly ash

Heavy metals in fly ash from municipal solid waste incinerators are present in high concentrations. Therefore fly ash must be treated as a hazardous material. On the other hand, it may be a potential source of heavy metals. Zinc, lead, cadmium, and copper can be relatively easily removed during the thermal treatment of fly ash, e.g. in the form of chlorides. In return, wet extraction methods could provide promising results for these elements including chromium and nickel. The aim of this study was to investigate and compare thermal and hydrometallurgical treatment of municipal solid waste fly ash. Thermal treatment of fly ash was performed in a rotary reactor at temperatures between 950 and 1050 °C and in a muffle oven at temperatures from 500 to 1200 °C. The removal more than 90% was reached by easy volatile heavy metals such as cadmium and lead and also by copper, however at higher temperature in the muffle oven. The alkaline (sodium hydroxide) and acid (sulphuric acid) leaching of the fly ash was carried out while the influence of temperature, time, concentration, and liquid/solid ratio were investigated. The combination of alkaline-acidic leaching enhanced the removal of, namely, zinc, chromium and nickel.     

Influence of different levels of dissolved oxygen on the success of Greenland halibut (Reinhardtius hippoglossoides) egg hatching and embryonic development

The aim of this study was to determine the influence of different levels of dissolved oxygen (DO) on embryonic development (ED) and hatching success of Greenland halibut (Reinhardtius hippoglossoides) eggs. Fertilized eggs from six females were exposed to five DO levels: severely hypoxic (10 and 20?%sat [percent saturation]), moderately hypoxic (35 and 50?%sat), and normoxic (100?%sat). Greenland halibut eggs were highly tolerant to hypoxia, with hatching occurring at levels as low as 20?%sat. In severely hypoxic conditions (10?%sat), ED was impaired and no hatching occurred. Lipid composition, during ED, changed as a function of female origin and DO levels. Phospholipids were the dominant lipid class in eggs. Although triacylglycerols were a minor lipid class in terms of abundance, they were only used under severe hypoxia. The results suggest that severe hypoxia (between 10 and 20?%sat) has detrimental effect on the early development of Greenland halibut and may result in reduced recruitment and lower population abundance if the decreasing trend in the DO levels observed in the bottom waters of the Gulf of St. Lawrence continues in the future. Other species that share similar life histories may also be at risk.     

The liver but not the skin is the site for conversion of a red carotenoid in a passerine bird

Carotenoids may provide numerous health benefits and are also responsible for the integumentary coloration of many bird species. Despite their importance, many aspects of their metabolism are still poorly known, and even basic issues such as the anatomical sites of conversion remain controversial. Recent studies suggest that the transformation of carotenoid pigments takes place directly in the follicles during feather growth, even though the liver has been previously recognised as a storing organ for these pigments with a certain potential for conversion. In this context, we analysed the carotenoid profile of plasma, liver, skin and feathers of male Common Crossbills (Loxia curvirostra). Interestingly, the derivative feather pigment 3-hydroxy-echinenone was detected in the liver and in the bloodstream (i.e. the necessary vehicle to transport metabolites to colourful peripheral tissues). Our results demonstrate for the first time with empirical data that the liver may act as the main site for the synthesis of integumentary carotenoids. This finding contradicts previous assumptions and raises the question of possible inter-specific differences in the site of carotenoid conversion in birds.