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Droughts are anticipated to intensify in many parts of the world due to climate change. However, the issue of drought definition, namely the diversity of drought indices, makes it difficult to compare drought assessments. This issue is widely known, but its relative importance has never been quantitatively evaluated in comparison to other sources of uncertainty. Here, encompassing three drought categories (meteorological, agricultural, and hydrological droughts) with four temporal scales of interest, we evaluated changes in the drought frequency using multi-model and multi-scenario simulations to identify areas where the definition issue could result in pronounced uncertainties and to what extent. We investigated the disagreement in the signs of changes between drought definitions and decomposed the variance into four main factors: drought definitions, greenhouse gas concentration scenarios, global climate models, and global water models, as well as their interactions. The results show that models were the primary sources of variance over 82% of the global land area. On the other hand, the drought definition was the dominant source of variance in the remaining 17%, especially in parts of northern high-latitudes. Our results highlight specific regions where differences in drought definitions result in a large spread among projections, including areas showing opposite signs of significant changes. At a global scale, 7% of the variance resulted independently from the definition issue, and that value increased to 44% when 1st and 2nd order interactions were considered. The quantitative results suggest that by clarifying hydrological processes or sectors of interest, one could avoid these uncertainties in drought assessments to obtain a clearer picture of future drought change.
We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of more than 100,000 individual investors from a large German online brokerage from March 2010 to December 2015. We find that an increase in ambiguity is associated with increased investor activity. It also leads to a reduction in risk-taking which does not reverse over the following days. When ambiguity is high, the effect of sentiment looms larger. Survey evidence reveals that ambiguity averse investors are more prone to ambiguity shocks. Our results are robust to alternative survey-, newspaper- or market-based ambiguity measures.
Evaluation of radiation components in a global freshwater model with station-based observations
(2016)
In many hydrological models, the amount of evapotranspired water is calculated using the potential evapotranspiration (PET) approach. The main driver of several PET approaches is net radiation, whose downward components are usually obtained from meteorological input data, whereas the upward components are calculated by the model itself. Thus, uncertainties can be large due to both the input data and model assumptions. In this study, we compare the radiation components of the WaterGAP Global Hydrology Model, driven by two meteorological input datasets and two radiation setups from ERA-Interim reanalysis. We assess the performance with respect to monthly observations provided by the Baseline Surface Radiation Network (BSRN) and the Global Energy Balance Archive (GEBA). The assessment is done for the global land area and specifically for energy/water limited regions. The results indicate that there is no optimal radiation input throughout the model variants, but standard meteorological input datasets perform better than those directly obtained by ERA-Interim reanalysis for the key variable net radiation. The low number of observations for some radiation components, as well as the scale mismatch between station observations and 0.5° × 0.5° grid cell size, limits the assessment.
This special issue explores how finance deploys time, structures the future, and interacts with actors and institutions that sometimes function according to very different temporal regimes. Finance capitalism’s logic of recurrence, repetitive cycles, and successive ruptures has long been with us, but the essays in this special issue are particularly interested in how recent decades of intensified financialization have restructured temporal experience. They interrogate the production and dissemination of agency in an age of acceleration, risk, and uncertainty, asking how the temporality inscribed in financial transactions emerges from and simultaneously shapes individual and social practice. Topics covered range from the logic of finance and foundational concepts of financial theory to the intersection between objective structures and social practice, the role of literature, and finally questions of social insecurity, political action, and the possibility of resistance within a context of competing temporalities. In this introduction, the editors delineate some fundamental concepts and questions for our financial times.
Understanding how temperature affects cod (Gadus morhua) ecology is important for forecasting how populations will develop as climate changes in future. The effects of spawning-season temperature and habitat size on cod recruitment dynamics have been investigated across the North Atlantic. Ricker and Beverton and Holt stock–recruitment (SR) models were extended by applying hierarchical methods, mixed-effects models, and Bayesian inference to incorporate the influence of these ecosystem factors on model parameters representing cod maximum reproductive rate and carrying capacity. We identified the pattern of temperature effects on cod productivity at the species level and estimated SR model parameters with increased precision. Temperature impacts vary geographically, being positive in areas where temperatures are <5°C, and negative for higher temperatures. Using the relationship derived, it is possible to predict expected changes in population-specific reproductive rates and carrying capacities resulting from temperature increases. Further, carrying capacity covaries with available habitat size, explaining at least half its variability across stocks. These patterns improve our understanding of environmental impacts on key population parameters, which is required for an ecosystem approach to cod management, particularly under ocean-warming scenarios. Key words: carrying capacity , cod , hierarchical models , North Atlantic , temperature , uncertainty
The Earth's future depends on how we manage the manifold risks of climate change (CC). It is state-of-the-art to assume that risk reduction requires participatory management involving a broad range of stakeholders and scientists. However, there is still little knowledge about the optimal design of participatory climate change risk management processes (PRMPs), in particular with respect to considering the multitude of substantial uncertainties that are relevant for PRMPs. To support the many local to regional PRMPs that are necessary for a successful global-scale reduction of CC risks, we present a roadmap for designing such transdisciplinary knowledge integration processes. The roadmap suggests ways in which uncertainties can be comprehensively addressed within a PRMP. We discuss the concept of CC risks and their management and propose an uncertainty framework that distinguishes epistemic, ontological, and linguistic uncertainty as well as ambiguity. Uncertainties relevant for CC risk management are identified. Communicative and modeling methods that support social learning as well as the development of risk management strategies are proposed for each of six phases of a PRMP. Finally, we recommend how to evaluate PRMPs as such evaluations and their publication are paramount for achieving a reduction of CC risks.
The archaeological data dealt with in our database solution Antike Fundmünzen in Europa (AFE), which records finds of ancient coins, is entered by humans. Based on the Linked Open Data (LOD) approach, we link our data to Nomisma.org concepts, as well as to other resources like Online Coins of the Roman Empire (OCRE). Since information such as denomination, material, etc. is recorded for each single coin, this information should be identical for coins of the same type. Unfortunately, this is not always the case, mostly due to human errors. Based on rules that we implemented, we were able to make use of this redundant information in order to detect possible errors within AFE, and were even able to correct errors in Nomimsa.org. However, the approach had the weakness that it was necessary to transform the data into an internal data model. In a second step, we therefore developed our rules within the Linked Open Data world. The rules can now be applied to datasets following the Nomisma. org modelling approach, as we demonstrated with data held by Corpus Nummorum Thracorum (CNT). We believe that the use of methods like this to increase the data quality of individual databases, as well as across different data sources and up to the higher levels of OCRE and Nomisma.org, is mandatory in order to increase trust in them.
A common practice in empirical macroeconomics is to examine alternative recursive orderings of the variables in structural vector autogressive (VAR) models. When the implied impulse responses look similar, the estimates are considered trustworthy. When they do not, the estimates are used to bound the true response without directly addressing the identification challenge. A leading example of this practice is the literature on the effects of uncertainty shocks on economic activity. We prove by counterexample that this practice is invalid in general, whether the data generating process is a structural VAR model or a dynamic stochastic general equilibrium model.
Representing uncertainty in a spatial invasion model that incorporates human-mediated dispersal
(2013)
Most modes of human-mediated dispersal of invasive species are directional and vector-based. Classical spatial spread models usually depend on probabilistic dispersal kernels that emphasize distance over direction and have limited ability to depict rare but influential long-distance dispersal events. These aspects are problematic if such models are used to estimate invasion risk. Alternatively, a geographic network model may be better at estimating the typically low likelihoods associated with human-mediated dispersal events, but it should also provide a reasonable account of uncertainties that could affect perception of its risk estimates. We developed a network model that assesses the likelihood of dispersal of invasive forest pests in camper-transported firewood in North America. We built the model using data from the U.S. National Recreation Reservation Service, which document visitor travel between populated places and federal campgrounds across the U.S. and Canada. The study area is depicted as a set of coarse-resolution map units. Based on repeated simulations, the model estimates the probability that each unit is a possible origin and destination for firewood-facilitated forest pest invasions. We generated output maps that summarise, for each U.S. state and Canadian province, where (outside the state or province) a camper-transported forest pest likely originated. Treating these output maps as a set of baseline scenarios, we explored the sensitivity of these “origin risk” estimates to additive and multiplicative errors in the probabilities of pest transmission between locations, as well as random changes in the structure of the underlying travel network. We found the patterns of change in the origin risk estimates due to these alterations to be consistent across all states and provinces. This indicates that the network model behaves predictably in the presence of uncertainties, allowing future work to focus on closing knowledge gaps or more sophisticated treatments of the impact of uncertainty on model outputs.
Shallow meritocracy
(2023)
Meritocracies aspire to reward hard work and promise not to judge individuals by the circumstances into which they were born. However, circumstances often shape the choice to work hard. I show that people's merit judgments are "shallow" and insensitive to this effect. They hold others responsible for their choices, even if these choices have been shaped by unequal circumstances. In an experiment, US participants judge how much money workers deserve for the effort they exert. Unequal circumstances disadvantage some workers and discourage them from working hard. Nonetheless, participants reward the effort of disadvantaged and advantaged workers identically, regardless of the circumstances under which choices are made. For some participants, this reflects their fundamental view regarding fair rewards. For others, the neglect results from the uncertain counterfactual. They understand that circumstances shape choices but do not correct for this because the counterfactual—what would have happened under equal circumstances—remains uncertain.