Habit Preferences Research Articles

Myrmozercon mites are highly host specific: two new species of Myrmozercon Berlese associated with sympatric Camponotus ants in southern Quintana Roo, Mexico.

Two new species of Myrmozercon, M. serratus sp. nov. and M. spatulatus sp. nov., are described based on adults and deutonymphs collected in association with ants in Mexico. They represent the first records of this genus from the Neotropic s.s. faunal region. Both new species are associated with hosts in the genus Camponotus from the same small area of a coastal lagoon, which share the same nesting habit preferences, providing strong evidence for host specificity. All but one colony of C. atriceps hosted mites, whereas they occurred in only half of the colonies of C. rectangularis. There was a significant positive correlation between the abundance of C. atriceps sexual ants and the abundance of mites. We summarize the known host associations for the genus Myrmozercon and discuss host specificity. Larvae of both mite species were collected on the wings of males and gynes suggesting that egg laying occurs on the hosts reproductive caste. Two hypotheses explaining this observation are discussed, larvae may be phoretic on winged sexuals, favoring mite co-dispersal with hosts, or larvae reside on the alates as a refuge from predation.

Incorporating the life stages of fish into habitat assessment frameworks: A case study in the Baihetan Reservoir

Although it is widely accepted that the construction of dams may alter fish habitats, few studies have followed the life cycles of fish and combined the environmental conditions with the ecological behaviors and habit preferences of fish during reproductive processes to assess its effects of dam construction. In this study, we call for more sophisticated and holistic assessment framework, including effectiveness of technologies intended to mitigate environmental impacts in different life stages. An assessment framework that considers the swimming ability, perception ability of water flow and environmental preference of different fish species during migration, spawning and hatching was proposed. We used the Baihetan Reservoir as an example environment to assess the impoundment effect on the habitat of a tributary upstream of the reservoir. We observed shifts in the habitats of target fish in different life stages which is dominated by reservoir operation of the Baihetan Dam. Combined with the response of fish activities to impoundment, the selection of suitable positions for artificial breeding and release projects and the outlet of the fish transportation system were recommended measures to improve the migration possibilities. Our reassessment results also demonstrated the theoretical possibility and feasibility of joint improvements in spawning and hatching periods using instream structures. Our framework provides a complete set of “assessment-solution” processes for developers and managers to address the aquatic ecological degradation caused by resource development, and its use is strongly recommended for assessments or assessments of damming effects in other regions and on other fish species.

The risk aversion and uncertainty channels between finance and macroeconomics

This paper shows how risk aversion and economic uncertainty affect the expected market risk premium. Under a habit preference macro-finance model with time-varying risk aversion, we show a significant amplifying effect of risk aversion on the expected market risk premium over and above economic uncertainty shocks. Although our full sample period is from January 1961 to March 2020, the results are robust to different sample periods and alternative estimation procedures, including the lower bound expected market risk premium based on option prices.

Macro-Financial Trends in a Model with Concentrated Ownership of Capital

This paper investigates the macroeconomic and asset pricing consequences of the upward trend in financial market participation observed in the U.S. since the late 1980s. In a limited participation two-agent Real Business Cycle model where stockholders feature external habit preferences, higher participation produces an increase in the average equity premium and in stock market volatility, while reducing the risk-free rate and the standard deviation of aggregate consumption. When coupled with a lower volatility of aggregate shocks, this mechanism helps rationalizing a period characterized by milder aggregate fluctuations but increased perceived risk in asset markets, such as the Great Moderation. I show that these results stem from a novel mechanism whereby an increase in the participation rate improves risk-sharing but raises the representative investor's average risk-aversion, with the latter channel dominating the former. Using household-level data on consumption from the U.S. Consumer Expenditure Survey for the sample 1984-2017, I show that the risk-aversion channel is consistent with the empirical evidence.

Why Does the Fed Move Markets so Much? A Model of Monetary Policy and Time-Varying Risk Aversion

We build a new model integrating a work-horse New Keynesian model with investor risk aversion that moves with the business cycle. We show that the same habit preferences that explain the equity volatility puzzle in quarterly data also naturally explain the large high-frequency stock response to Federal Funds rate surprises. In the model, a surprise increase in the short-term interest rate lowers output and consumption relative to habit, thereby raising risk aversion and amplifying the fall in stocks. The model explains the positive correlation between changes in breakeven inflation and stock returns around monetary policy announcements with long-term inflation news.

Housing Risk and the Cross-Section of Returns Across Many Asset Classes

When households consume both nondurable goods and housing services, external habit preference over nondurable consumption generates procyclical demand for housing. Marginal utility falls when housing demand rises and innovations to housing demand arise as a risk factor. Motivated by theory, we use shocks to the ratio of residential-to-aggregate investment to capture the housing demand risk. The single-factor model exhibits strong explanatory power for expected returns across various equity characteristic-sorted portfolios and non-equity asset classes with positive risk price estimates that are similar in magnitude. The model is robust to controlling for other factor models based on durable consumption, financial intermediaries, household heterogeneity, and return-based multifactor models designed to price these assets.

Asset Pricing with Cyclical Consumption

We conduct empirical tests of a simplified version of the ratio habit model developed in Abel (1990), in which habit is extended beyond the preceding period. We show that change in four-year consumption growth---the measure of consumption resulting from our ratio habit preference---explains the joint equity premium--risk-free rate puzzle with a risk aversion coefficient much lower than any existing consumption measures under the standard consumption model. This outperformance of our ratio habit model over the standard model is robust across 18 non-U.S. countries. From 1928-2017, change in four-year consumption growth encompasses other consumption measures in explaining the cross-sectional variation of expected returns on various portfolios and it is the only consumption measure that passes the robust tests of the factor risk premium proposed by Kleibergen and Zhan (2020). While our measure constructed from nondurables does better at pricing the equity premium and risk-free rate, our service-based measure outperforms in explaining the cross-sectional variation of stock returns.

Why Does the Fed Move Markets so Much? A Model of Monetary Policy and Time-Varying Risk Aversion

We build a new model integrating a work-horse New Keynesian model with investor risk aversion that moves with the business cycle. We show that the same habit preferences that explain the equity volatility puzzle in quarterly data also naturally explain the large high-frequency stock response to Federal Funds rate surprises. In the model, a surprise increase in the short-term interest rate lowers output and consumption relative to habit, thereby raising risk aversion and amplifying the fall in stocks. The model explains the positive correlation between changes in breakeven inflation and stock returns around monetary policy announcements with long-term inflation news.

Housing Cycle and Exchange Rates

This paper documents that the housing cycle, measured by the residential investment share, is a strong in-sample and out-of-sample predictor for the dollar up to twelve quarters. Housing construction is negatively associated with risk premia in equity and bonds, but positively with foreign currency premia. We study a model with external habit preferences over tradable nonhousing consumption only, which implies counter-cyclical SDF volatility and procyclical demand for nontradable housing consumption. The predictability for excess returns in foreign currencies and other assets arises endogenously. The currency predictability is robust to a host of additional checks and holds for other G10 currencies.

Breakfast eating patterns and drivers of a healthy breakfast composition

Breakfast has long been described as the most important meal of the day. While breakfast habits and their consequences on children's health and performance are well documented, studies on the adult population are lacking. The present study will fill this gap, providing a comprehensive picture of the Swiss breakfast habits and insights into the determinants of a healthy breakfast composition. Data were collected through a postal survey sent out to a randomly selected sample of 1917 German-speaking Swiss residents, yielding a final sample size of N = 460. Breakfast habits were disclosed, and individual breakfast healthiness scores were assessed by two nutrition specialists. A multiple regression analysis was then performed to investigate the influence of several motivational, socio-demographic, health- and knowledge-related determinants on breakfast healthiness. The sample showed recommendable habits in terms of consumption frequency and quite traditional eating patterns, illustrated by the prevalence of continental breakfasts and equally marked by the frequent consumption of dairy products. Overall, the Swiss breakfast composition is moderately healthy, lacking fruits and whole grain products. Paying attention to healthy food choices in general, higher education level, being a woman and reporting to be fit are factors linked to a healthier breakfast composition; while preferences for low-fat, familiar or convenient foods are correlated to less healthy patterns. Given the parallel between the determinants of a healthy breakfast composition and those of a healthy diet and taking some limiting factors, such as consumers preference for convenience and strong habits, into account, we support the current nutritional advice focusing on balancing the diet over the day or the week rather than on recommendations dedicated to specific meals.

폭염 대응을 위한 고령 남녀의 여름철 행동성 체온조절 반응과 자각적 내열성 비교 분석

This study was conducted to investigate behavioral thermoregulatory responses and self-identified thermal tolerance in summer for elderly males and females. A total of 259 older people participated in this survey: 121 males (76.2±6.7 yr in age) and 138 females (79.2±6.7 yr in age). A questionnaire with 29 questions was used and the questions consisted of self-identified heat and cold tolerances, wearing habits, lifestyles related to the heat, and demographic characteristics. There was no difference in the number of clothes outdoor between older males (5.3±0.9 items) and females (5.5±1.0 items) but older females wore higher number of clothes at home and during sleep compared to older males (P0.01). Older males preferred to wear clothes cooler than older females when they are inside an airconditioned building or vehicle (P0.05). Respondents with vulnerable self-identified heat tolerance were 3.4 times higher than those with invulnerable self-identified heat tolerance while no difference was found between vulnerable and invulnerable self-identified cold tolerances. Only females had correlations between self-identified heat tolerance and wearing habit preferences related to thermal sensation for going out (r=0.343), at home (r=0.334) and during sleep (r=0.328) (P0.01). Anthropometric variables had no correlations with self-identified heat tolerance. Sex difference should be considered when developing the guidelines for the elderly’s behavioral thermoregulation in summer and advising them for improving their health and heat tolerance.

Childhood obesity in Nigeria: causes and suggestions for control

Childhood obesity is fast becoming a global public health concern, not only because of increased Body Mass Index (BMI) but majorly due to attendant health consequences. While it is expected that childhood obesity affects only developed, affluent countries, the current trend shows a gradually shift in dimension towards low income, developing countries like Nigeria. Although, causes of obesity differ intrinsically among nations, the health outcomes appear to be similar, which include, renal, cardiovascular, musculoskeletal, respiratory and neurological disorders, as well as psychological and emotional problems. Identified causes in Nigeria include among others, shift in life style and behaviour, medication, cultural beliefs, taboos, food habits and choices as well as genetic make up of individuals. Suggested approaches towards control would include timely intervention, health education, life style modification, shift in bogus beliefs and taboos, as well as change in food habit and food preferences. The role of parents and the media in the control of childhood obesity will also be highlighted. Keywords: Body Mass Index, obesity; food preferences; life style; adiposity

Formative Research to Understand the Psychographics of 1% Milk Consumption in a Low-Income Audience

A clear understanding of the knowledge, perceptions, beliefs, attitudes, and values of those whose behavior we hope to change is an essential task in a social marketing project. This formative research used mixed methods to identify consumer psychographics about high-fat milk among a low-income priority audience. High-fat milk users believe they choose the type of milk that is the healthiest for them and their families but had poor milk nutrition knowledge and an inaccurate appraisal of low-fat milk. Habit and taste preferences reinforced high-fat milk use but 2% milk users, a group that already adapted to reduced-fat milk, were the audience segment most willing to consider low-fat milk use. Low-fat milk use can be promoted by raising awareness that 2% milk is not low fat and addressing knowledge deficiencies while assuring the priority audience that 1% milk has all of the vitamins and minerals of whole or 2% milk but with less fat. The resonance of the promotion can be enhanced by incorporating words that “work” such as vitamins, minerals, healthy, choice, habit, and avoiding the words “switch” and “skim” that were viewed negatively by this low-income audience.

Habits and Leverage

Many stylized facts of leverage, trading, and asset prices follow from a frictionless general equilibrium model that features agents' heterogeneity in endowments and habit preferences. Our model predicts that aggregate debt increases in good times when stock prices are high, return volatility is low, and levered agents enjoy a consumption boom. Our model is consistent with poorer agents borrowing more and with recent evidence on intermediaries' leverage being a priced factor of asset returns. In crisis times, levered agents strongly deleverage by fire selling their risky assets as asset prices drop. Yet, consistently with the data, their debt-to-wealth ratios increase because their wealth decline faster due to higher discount rates.

Habits and Leverage

Many stylized facts of leverage, trading, and asset prices follow from a frictionless general equilibrium model that features agents’ heterogeneity in endowments and habit preferences. Our model predicts that aggregate debt increases in good times when stock prices are high, return volatility is low, and levered agents enjoy a “consumption boom.” Our model is consistent with poorer agents borrowing more and with recent evidence on intermediaries’ leverage being a priced factor of asset returns. In crisis times, levered agents strongly deleverage by “fire selling” their risky assets as asset prices drop. Yet, consistently with the data, their debt-to-wealth ratios increase because their wealth decline faster due to higher discount rates.

Evolution of genes involved in feeding preference and metabolic processes in Calliphoridae (Diptera: Calyptratae).

BackgroundThe genotype-phenotype interactions among traits governing feeding preference are of fundamental importance to behavioral genetics and evolutionary biology. The genetic basis of behavioral traits has been explored in different taxa using different approaches. However, the complex nature of the genetic mechanisms undergirding behavior is poorly understood. Here, we present an evolutionary study of candidate genes related to parasitism in Calliphoridae (Diptera: Calyptratae). Closely related species in this family exhibit distinct larval feeding habits, most notably necro-saprophagy and obligate parasitism.MethodsTo understand the genetic and molecular bases underlying these habits, expression levels of eight candidate genes for feeding behavior—Cyp6g2, foraging, glutamate dehydrogenase, Jonah65aiv, Malvolio, PGRP-SC2, RPS6-p70-protein kinase, and smooth—were measured in four species using qPCR. Moreover we used expression values and sequence information to reconstruct the relationship among species and the dN/dS rate to infer possible sites under selection.ResultsFor most candidate genes, no statistically significant differences were observed, indicating a high degree of conservation in expression. However, Malvolio was differentially expressed between habits. Evolutionary analyses based on transcript levels and nucleotide sequences of Malvolio coding region suggest that transcript levels were correlated to feeding habit preferences among species, although deviations under a strictly neutral model were also observed in statistical tests.DiscussionMalvolio was the only gene demonstrating a possible connection to feeding habit. Differences in gene expression may be involved in (or be a result of) the genetic regulation of Calliphoridae feeding habit. Our results are the first steps towards understanding the genetic basis and evolution of feeding behavior in Calliphoridae using a functional approach.

Addicted to Debt: Foreign Purchases of U.S. Treasuries and the Term-Premium

This paper investigates the effect of purchases of U.S. Treasury bonds by foreigners on long-term yields and the term-premium. I set up a consumption-based model with habit preferences, calibrate it to match the average slope of the yield curve in the U.S., and find that foreign purchases decreased long-term yields significantly over the period prior to the financial crisis. Half of this change is explained by a drop in the term-premium: in the model, foreign purchases increase domestic agents' consumption above their habit, thus reducing their risk-aversion and decreasing the term-premium. Finally, I investigate the potential impact of a sell-off of U.S. Treasuries by foreigners. I show that such a reversal of foreign inflows would result in a sharp increase in the term-premium and, thus, in long-term yields.

Composition and paleoenvironment of wetland forests dominated by Glyptostrobus and Metasequoia in the latest Pliocene (2.6 Ma) in central Japan

A latest Pliocene (2.6Ma) wetland forest vegetation that was dominated by Glyptostrobus and Metasequoia was reconstructed from in situ woods, fruits and seeds, and pollen assemblages in deposits of the Kobiwako Group exposed in the Yasu River, Shiga Prefecture, central Japan. Based on species composition of stumps and autochthonous plant macrofossil assemblages in the fossil forest beds and their sedimentological assessments, habitat partitioning of Glyptostrobus and Metasequoia was clarified. The forest floor of Glyptostrobus dominant stands were covered by wetland plants, including Cyperaceae and submersed herbs. Size class distribution of stumps indicates that Glyptostrobus regenerated continuously and grew over a long period of time in a stable environment in a water-logged backmarsh. Metasequoia dominant stands were established in environments drier than those dominated by Glyptostrobus, and were accompanied by forest floor herbs and shrubs with mesic habit preferences. The upland forest vegetation reconstructed from allochthonous assemblages in sandy channel-fill deposits was mixed coniferous and deciduous broadleaved tree forest that was dominated by Picea, and included trees now extinct in Japan, such as Sequoia, Cunninghamia, Cyclocarya, and Fagus microcarpa. Sciadopitys and Cathaya, represented only by pollen, grew on mountain slopes and ridges away from the river. Their habitats did not extend to backmarshes in the lowlands during the Neogene and the Early Pleistocene in East Asia. Paleotemperature reconstructed from plant macrofossil assemblages indicates the temperature conditions typical of the lower boundary of the cool temperate deciduous broadleaved forest zone. The occurrence of Glyptostrobus and Metasequoia in another fossil forest in the Early Pleistocene (1.8–1.9Ma) in the same sedimentary basin demonstrates their tolerance to cool-temperate climates.

A Copula-based Habitat Preference Index in Fish Spatial Population Modelling

The habitat preference and spatial distribution of fish populations may depend on a number of environmental factors. For example, the habitat preference for a given species may depend on sea surface height, sea surface temperature and net primary productivity, among others. These variables are however not independent. We investigate an approach for determining a habitat preference index for spatial modelling of a fish population in a non-homogeneous environment. We use copulas to combine univariate habit preference variable distributions into a multivariate habit index. Such an index may be used to estimate a non-homogeneous spatial distribution of a population, with concentrations of fish in ‘favourable’ areas and avoidance of other less ‘favourable’ areas. The efficiency of copulas lies in the ability to study marginal behaviors separately from global dependence.

Preference for Clothing Habits and its Relationships with Thermal Tolerance in Indoor Temperatures Recommended in Summer and Winter

Preference for Clothing Habits and its Relationships with Thermal Tolerance in Indoor Temperatures Recommended in Summer and Winter