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This paper considers a modified constant elasticity of variance (MCEV) model. This model uses the familiar constant elasticity of variance form for the volatility of the growth optimal portfolio (GOP) in a continuous market. It leads to a GOP that follows the power of a time-transformed squared Bessel process. This paper derives analytic real-world prices for zero-coupon bonds, instantaneous forward rates and options on the GOP that are both theoretically revealing and computationally efficient. In addition, the paper examines options on exchange prices and options on zero-coupon bonds under the MCEV model. The semi-analytic prices derived for options on zero-coupon bonds can subsequently be used to price interest rate caps and floors.

A graduate destination survey can provide a snap shot in time of a graduate’s career progression and outcome. This paper will present the results of a Queensland University of Technology study exploring the employment outcomes of students who had completed a library and information science course from the Faculty of Information Technology between 2000 and 2008. Seventy-four graduates completed an online questionnaire administered in July 2009. The study found that 90% of the graduates surveyed were working and living in Queensland, with over three quarters living and working in Brisbane. Nearly 70% were working full-time, while only 1.4% indicating that they were unemployed and looking for work. Over 80% of the graduates identified themselves as working in “librarianship”. This study is the first step in understanding the progression and destination of QUT’s library and information science graduates. It is recommended that this survey becomes an ongoing initiative so that the results can be analysed and compared over time.

A recent opinion piece published in the Sydney Morning Herald expresses a widely held perception that, among young same-sex attracted men in Australia, queer has well and truly supplanted gay as the language and lens through which self and practice is generated. In this article, I discuss findings from a qualitative research project that studied notions of community among young gay men, and argue that this assumption should not be taken for granted. The article explores participants' understandings of the concept of gay community, arguing that the young men studied share a common definition of community: one based on a conventional liberal model which prioritizes sameness and the cooperation of individuals to achieve common goals. This is of particular importance in that problems around fitting in with these understandings are also raised. In examining the potential place for queer alternatives to these formulations, however, the article finds that queer attracts little support among participants, raising questions about the bind young men may find themselves in if they prioritize sameness as fundamental to community, yet feel themselves to be excluded from community by their own or others' perceived difference.

This unique textbook explores core cognitive psychology topics from an innovative new perspective, focusing on key real-world issues to show how we understand and experience the world. The book examines compelling topics such as creativity, problem-solving, reasoning, rationality and language, all within the context of modern 21st century life. Each chapter demonstrates how this vibrant and constantly evolving discipline is at the heart of some of the biggest issues facing us all today. The last chapter discusses the future of cognitive psychology, which includes guidance on conducting rigorous, replicable research and how to use skills from cognitive psychology to be an effective student. Packed with pedagogical features, each chapter includes boxed examples of cognitive psychology in the real world and engaging ‘try it yourself’ features. Each chapter also includes objectives, a range of illustrative figures, chapter summaries, key readings and a glossary for ease of use. The book is fully supported by original online resources for students and instructors. Offering a new model for the study of cognitive psychology that brings the subject alive, the book is essential reading for all students studying psychology and related disciplines.

Research question: We identify the key components of the business models (BMs) of professional European football clubs, introducing a structured business model approach to sport management and presenting a BM taxonomy. Research methods: To derive a picture of European football clubs’ BMs, we develop a BM taxonomy in three iterations. In the first step, we conduct a structured literature review. Second, we analyse case studies and subsequently examine 98 real-world objects. We utilise the 98 clubs as real-world objects of Europe's top five leagues during the 2018/19 season, the last complete season prior to the COVID-19 pandemic. Results and findings: Our taxonomy, consisting of 63 characteristics allocated to 13 dimensions, shows and structures the components of European football clubs’ value creation mechanisms. Our evaluation shows that the clubs follow different BMs, proving our taxonomy's applicability. Implications: We contribute to theory by identifying and illustrating the existence of different BMs in European professional football. Further, our taxonomy assists club managers to analyse their BMs, enabling them to improve their managerial performance for sustainable success and to avoid mismanagement.

This chapter explores how polarisation and resilience are currently framed and experienced within their socio-economic, historic, cultural, and communication-based contexts via a thematic, conceptual analysis. It also examines how the popularity of some conceptualisations of polarisation and resilience have evolved and which now dominate academic, practitioner, and governmental understanding. The data are drawn from the European Commission-funded ‘Building Resilience against Violent Extremism and Polarisation’ (BRaVE) project (2019–2021), which sought to gain a deeper understanding of polarisation and resilience across Europe. The project conducted a comprehensive review of various perspectives on these phenomena, including those of academics from multiple disciplines, practitioners, and governments. Its findings, presented here, suggest a cross-context focus on the themes of group identity, understanding, and (to a certain extent) education, with some contexts foregrounding particular issues, such as the challenges of addressing polarisation in increasingly diverse societies. Moreover, the data suggest that key actors in this space are speaking to differing priorities. The chapter will seek to determine the reasons behind variabilities and shifts in academic, practitioner, and policymaking trends in perceptions and understanding, the real-world impact of observed patterns, and what foci may soon emerge in the discussion and implementation of polarisation and resilience-building in Europe.

This chapter is concerned with two related processes – judgement and decision making. We start off by looking at how we make judgements, specifically considering the role that probability judgements, for example availability and representativeness heuristics, play in people’s probability judgements. We provide some judgement examples for you to try and take a look at how heuristics impact the real-world judgement and decision making example of medical diagnosis. We also explore Bayseian inference and consider whether natural-frequency information (in contrast to laboratory based studies of judgement) facilitates judgement-making. In the last part of the chapter, we explore dual processes of judgement, the idea that we can use System 1 thinking to make fast intuitive judgements and System 2 to make slower more considered judgements.

In this chapter, we explore the remarkable capacity for creativity that humans possess. The first part of the chapter focuses on creative cognition. We start by defining what creativity is and then consider some of the processes underpinning it. We consider whether brainstorming, neurostimulation or mind wandering can facilitate creative idea generation, look at neuropsychological evidence about creativity, and explore theories that attempt to explain creative cognition. The second part of the chapter examines the nature of real-world expertise in domains such a medical diagnosis, which typically involve a mix of routine skills to deal with typical problems as well as creativity to handle complex or novel situations. We explore how experts and novices differ in their knowledge and skills and how they apply them. The final part of the chapter considers the determinants of expertise – is deliberate practice or innate talent more important?

The Routledge International Handbook of Creative Cognition is an authoritative reference work that offers a well-balanced overview of current scholarship across the full breadth of the rapidly expanding field of creative cognition. It contains 43 chapters written by world-leading researchers, covering foundational issues and concepts as well as state-of-the-art research developments. The handbook draws extensively on contemporary work exploring the cognitive representations and processes associated with creativity, whether studied in the laboratory or as it arises in real-world practice in domains such as education, art, science, entrepreneurship, design, and technological innovation. Chapters also examine the sociocognitive and cultural aspects of creativity in teams and organisations, while additionally capturing the latest research on the cognitive neuroscience of creativity. Providing a compelling synopsis of emerging trends and debates in the field of creative cognition and positioning these in relation to established findings and theories, this text provides a clear sense of the way in which new research is challenging traditional viewpoints. It is an essential reading for researchers in the field of creative cognition as well as advanced students wishing to learn more about the latest developments in this important and rapidly growing area of enquiry.

The field of public administration and policy faces ongoing calls to maintain its relevancy to public sector practice. A variety of innovations have thrived in the recent years, striving to fill the gap between theory and practice. Faculty-practitioner exchange is one such attempt. This study examines the micro dynamics of such exchange in Master of Public Administration (MPA) programs in China where the gap was seen to be particularly wide. Using qualitative methods, this study interviewed 13 faculty instructors in Chinese MPA programs with experience of government engagement. We found that the instructors were predominantly driven by a keen awareness of their weakness in real-world exposure. The government engagement experience boosted their self-efficacy when teaching in-service students, and the empathy developed between instructors and students augmented educational outcomes. The engagement service invigorated pedagogical innovations towards enhanced case teaching conducive to the co-production of practical knowledge with practitioners. The engagement service strengthened the faculty instructors’ awareness of the theory-practice gap and their appreciation of students’ needs. They became more cognizant of the usefulness of various theories and more capable of relating theory to practice. © 2022 Informa UK Limited, trading as Taylor & Francis Group.

Growing evidence suggests that social identities may have profound implications for physical activity participation. Real-world examinations of this relationship have, however, been lacking, with research predominantly examining intentions and hypothetical scenarios. To address this shortcoming and further advance understanding in this area, the present study tested relationships between group identification, participation, two exercise-specific outcomes (exercise-specific satisfaction and group cohesion), and a broad health indicator (life satisfaction) among individuals recruited from parkrun. Participants (N = 289) completed questionnaires measuring all variables except participants’ parkrun participation, which was objectively assessed. Structural equation modeling demonstrated that group identification was significantly associated with greater participation, exercise-specific satisfaction, group cohesion, and life satisfaction. Findings provide real-world evidence of the health-related benefits associated with forming strong social identities in exercise settings.

Emerging Practices in Architectural Pedagogy explores the emergent techniques in architectural education that are helping to bridge the gap between the institutional setting and working practice. It demonstrates how teaching and learning can, and should, be directed towards tackling the real-world problems that students will encounter within their professional careers. Architectural and design practitioners are becoming less specialised, they are embracing cross-disciplinary connections and practical problem-solving. Architecture and design schools must align their teaching to reflect this changing world, and evolve from a fact-based acquisition process to a participatory method of learning. This book uses an extended case-study format to examine large-scale issues. Each chapter represents a specific mode of practice, which is linked to the wider debate on architectural and design pedagogy; this includes collaborative workshops and interventions, issues connected to sustainability and climate change, responses to rapid urbanisation, and, the creation of collaborative relationships across disciplines. The book has an international perspective, with contributions from the United Kingdom, United States of America, and Singapore, and includes a timely discussion on teaching in a remote climate. This book will be an invaluable resource for engaged academics and teaching practitioners interested in playing a key role in the future development of the architectural profession.

Conflict and competition arise when involved parties’ preferences and goals collide. This chapter highlights theoretical and empirical perspectives on the emergence and manifestations of conflicts. We outline how conflicts can occur from three perspectives: considering conflicts between individual actors, considering conflicts between individuals in competing groups, and considering conflicts between individuals within their groups. We show how individual-level preferences determine actions taken in dilemma situations in which outcomes are interdependent, leading to cooperative, selfish or competitive behaviour. Further, we summarize key theoretical perspectives about the formation of conflict between groups, and highlight how individual behaviour contributes to such conflicts. We show how individuals may be at odds with other members of their group, experiencing conflict about their relationships and joint tasks. Finally, we outline how coalitions are formed when more than two parties face each other in conflicts. In sum, we consider the potential – both productive and detrimental – that conflict harbours for social exchange.

Musical daydreams are a common occurrence in everyday life, yet study of such experiences has tended to focus on function, frequency plus the relationship between visual imagery, musical attributes (such as tempo, valence) and neural correlates. The phenomenology (subjective feel) of real-world episodes of mind-wandering in conjunction with music remains a less charted area. In this chapter I draw on qualitative data from several research projects to highlight some key characteristics of musical daydreaming, including narrative versus non-linear structure, associations and memories versus spontaneous, contingent imagery, temporal compression or suspension, involvement, detachment, arousal levels, distributed attention, age-related differences in the content and structure of musical daydreams and the phenomenology of multimodal listening, linking examples to conceptualisations of kinds of consciousness. I also explore chronobiological and evolutionary psychological perspectives on daydreaming, including speculation concerning the relationship between daydreaming, time of day and arousal levels (biological cyclicity); similarities and differences between musical daydreams and musical night-dreams; the extent to which musical daydreaming constitutes an adaptive or maladaptive coping mechanism.

This study addresses the problem of facilitating critical thinking about the real-world complexities that underlie the Sustainable Development (SD) concept among university students of architecture. The Socratic Seminar was adopted because of its characteristic exploratory questions that are closely aligned to the question-types used by the lecturer in previous years during student-requested one-to-one tutorial sessions aimed at clarifying SD concepts. The findings of this study indicate that the interactive learning session fostered a collaborative community of critical thinkers as well as a mind-shift in students’ preconceived idea of SD, suggesting that transformative learning had occurred. Furthermore, the Socratic Seminar facilitated observation of whether students in a group setting could critically apply previously acquired theoretical knowledge to assessing SD in the context provided by the multimedia material viewed. The Socratic Seminar was shown to be a useful educational tool for specifically eliciting the complexities of SD among architecture and urban planning students, thereby building on the pedagogy applied in one-to-one student-driven initiatives.

Initially, the rationalist legacy of 18th century Enlightenment resulted in a very clear separation of reason from madness. The madman was characterized by a failure of deductive and inductive logical thinking. In the 1950s, however, this distinction disappeared when cognitive science brought to light a whole series of supposed failures of rational behavior in the normal individual as well. What dealt a serious blow to the theories of human decision-making and judgment formation was the fact that several reasoning flaws that had been attributed solely to the psychiatric patient were, in fact, also found in the normal individual. Over the past few years, the theory that started with the Enlightenment seems to have reversed in a circular way. If we consider rationality as based on the logical coherence adopted in economic theory, then rationality is more apparent in individuals suffering from certain neurological and psychiatric disorders than among people without a disease. Paradoxically, normality seems characterized by irrationality, and abnormality by rationality. Why this paradox? There is a anti-ecological bias at work here: behavioral irrationality is not assessed in its capacity to adapt to the real environment and to solve environmental problems. Instead, it is tested in abstract and artificial situations rather than the real world. The world to which the tests pertain is characterized by risk, but not uncertainty. The paradox lies in the fact that we do not consider the lesson from the theory of bounded rationality, expressed aptly by the Herbert Simon’s metaphor (1990). Often the real environments have an unlimited space of possibilities because they are characterized by uncertainty or they have a limited space but they are computationally intractable. Therefore the classical model of rationality, characterized by coherence with formal norms of logic, probability and utility cannot be applied (Simon, 1978). Judgment of the rationality of human behavior does

The outcomes of a two-pronged 'real-world' learning project, which aimed to expand the views of pre-service teachers about learning, pedagogy and diversity, will be discussed in this paper. Seventy-two fourth-year and 22 first-year students, enrolled in a Bachelor of Education degree in Queensland, Australia, were engaged in community sites outside of university lectures, and separate from their practicum. Using Butin's conceptual framework for service learning, we show evidence that this approach can enable pre-service teachers to see new realities about the dilemmas and ambiguities of performing as learners and as teachers. We contend that when such 'real-world' experiences have different foci at different times in their four-year degree, pre-service teachers have more opportunities to develop sophisticated understandings of pedagogy in diverse contexts for diverse learners.

This chapter illustrates the various stages in the academic career of researchers applying transdisciplinary (TD) research, with the authors reflecting from the perspectives of their different roles. The TD research principles also include flexibility and adaptivity as crucial elements. In the TD context, the rhizome can illustrate research that allows for various, scientific and non-scientific entry and exit points regarding interpretation, planning, development and evaluation. The ambition of TD researchers is often to create impact in the real world through their projects. Acknowledging that dialogues between stakeholders in different positions and with different values and interests are exposed to the dialectics of power relations requires an awareness that transdisciplinary collaboration syntheses and solutions presuppose an environment of hierarchy-free discourses. The essence of TD is to team up with stakeholders and commonly become agents of transformative change for sustainability.

This book argues that ultimately human rights can be actualized, in two senses. By answering important challenges to them, the real-world relevance of human rights can be brought out; and people worldwide can be motivated as needed for realizing human rights. Taking a perspective from moral and political philosophy, the book focuses on two challenges to human rights that have until now received little attention, but that need to be addressed if human rights are to remain plausible as a global ideal. First, the challenge of global inequality: how, if at all, can one be sincerely committed to human rights in a structurally greatly unequal world that produces widespread inequalities of human rights protection? Second, the challenge of future people: how to adequately include future people in human rights and how to set adequate priorities between the present and the future, especially in times of climate change? The book also asks whether people worldwide can be motivated to do what it takes to realize human rights. Furthermore, it considers the common and prominent challenges of relativism and of the political abuse of human rights. This book will be of key interest to scholars and students of human rights, political philosophy and, more broadly, political theory, philosophy and the wider social sciences.

Punishment is crucial to maintain contribution and to prevent defection in societies. Previous research has shown in small groups that cooperation drops (defection rises) and rises (defection drops) immediately when punishment disappears and reappears. I will discuss this effect for large groups (societies), real-world environment in the form of the absence of policing. On the contrary to small group experiments, there are contribution delays and defection delays following punishment disappearance and reappearance. The length of these delays varies and seems to depend on aspects like trust, transparency, media-behavior, or democratic affection. All these aspects have politico-economic implications.

Foresight exercises are increasingly popular among different actors across the globe. Particularly in the context of uncertainties in world affairs, decision-makers are increasingly relying on forward-reasoning to inform their policy. Yet international relations (IR) scholarship is still hesitant to adopt a scenario-based approach. We argue for the use of scenario analysis as a complementary method that is both disciplined and creative. Through scenario analysis, IR scholars simultaneously remain rigorous and provide policy-relevant input that grasps the dynamics of unpredictability of real-world issues. The article discusses the Multiple Scenario Generation method as an unconventional but useful tool, elaborates on its theoretical considerations and concludes with four innovations that scenario analysis can provide for IR scholarship.

Foresight exercises are increasingly popular among different actors across the globe. Particularly in the context of uncertainties in world affairs, decision-makers are increasingly relying on forward-reasoning to inform their policy. Yet international relations (IR) scholarship is still hesitant to adopt a scenario-based approach. We argue for the use of scenario analysis as a complementary method that is both disciplined and creative. Through scenario analysis, IR scholars simultaneously remain rigorous and provide policy-relevant input that grasps the dynamics of unpredictability of real-world issues. The article discusses the Multiple Scenario Generation method as an unconventional but useful tool, elaborates on its theoretical considerations and concludes with four innovations that scenario analysis can provide for IR scholarship.

Kymriah is an innovative cancer therapy which works by removing disease fighting T-cells from patients, genetically modifying or reprogramming the immune cells to attack cancer, and re-infusing them back into the patients. It treats childhood blood and bone marrow cancer. The cost of this new hope-giving gene therapy is CHF 450,000 per treatment. This exorbitantly high price set by Novartis, in exercise of its exclusive rights resulting from patent protection, undermines the real-world impact of this revolutionary therapy. On December 16, 2019, Novartis relinquished its European patent on Kymriah as a result of a successful patent opposition lodged by ‘Public Eye’ and ‘Médicins du Monde’. This case study of Kymriah highlights the potential role of civil society in improving equitable and affordable access to innovative health technologies by using the procedural safeguard of patent opposition. This study finds that patent opposition is an important policy option to alleviate some of the financial burdens of health systems, especially in the wake of COVID-19.

Featuring contributions from scholars from across the globe, Routledge Handbook of Public Criminologies is a comprehensive resource that addresses the challenges related to public conversations around crime and policy. In an era of fake news, misguided rhetoric about immigrants and refugees, and efforts to toughen criminal laws, criminologists seeking to engage publicly around crime and policy arguably face an uphill battle. This handbook outlines the foundations of and developments in public criminology, underscoring the need to not only understand earlier ideas and debates, but also how scholars pursue public-facing work through various approaches. The first of its kind, this collection captures diverse and critical perspectives on the practices and challenges of actually doing public criminology. The book presents real-world examples that help readers better understand the nature of public criminological work, as well as the structural and institutional barriers and enablers of engaging wider audiences. Contributors address policies around crime and crime control, media landscapes, and changing political dynamics. In examining attempts to bridge the gaps between scholarship, activism, and outreach, the essays featured here capture important tensions related to inequality and social difference, including the ways in which criminology can be complicit in perpetuating inequitable practices and structures, and how public criminology aims—but sometimes fails—to address them. The depth and breadth of material in the book will appeal to a wide range of academics, students, and practitioners. It is an important resource for early career researchers, more established scholars, and professionals, with accessible content that can also be used in upper-level undergraduate classes.

Positive self-evaluation is a fundamental human need, enabling individuals to face challenges or pursue new opportunities in their environment. In the past decades, several lines of research have provided support for the overpowering effect of self-enhancement motivation in directing individuals’ attention and behavior relative to other self-evaluation motives. In the current chapter, we briefly summarize the basics of self-enhancement theory, how it has helped understand the psychology of praise and how some long-standing theoretical debates have been solved. In the second part, we review new theoretical issues that have emerged in recent years, summarize new manifestations of self-enhancement in the study of praise and 'real-world' applications of these insights.