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We propose a doubly subordinated Lévy process, the normal double inverse Gaussian (NDIG), to model the time series properties of the cryptocurrency bitcoin. By using two subordinated processes, NDIG captures both the skew and fat-tailed properties of, as well as the intrinsic time driving, bitcoin returns and gives rise to an arbitrage-free option pricing model. In this framework, we derive two bitcoin volatility measures. The first combines NDIG option pricing with the Chicago Board Options Exchange VIX model to compute an implied volatility; the second uses the volatility of the unit time increment of the NDIG model. Both volatility measures are compared to the volatility based on the historical standard deviation. With appropriate linear scaling, the NDIG process perfectly captures the observed in-sample volatility.

This article presents arguments in support of teaching about the Holocaust and Nazism in Austria at an early age. To accomplish this, Austrian and German elementary school textbooks were analyzed for the amount of content dealing with the Holocaust and Jews; the results showed that since 1980 the amount of content on the Holocaust increased in Germany, and to a lesser extent in Austria. The article reviews some of the criticism in Europe of the term "Holocaust Education" and explores some arguments about why that is. The author argues that moral education and teaching of Human Rights are important components of, but ought not be the main goal of teaching about the Holocaust. The role of Austria after World War II, and exploration of the so called "victim myth", prevalent until the 1990s are important to understanding history and to how history textbooks were created. After a discussion of how the Holocaust can be taught to elementary and early secondary school aged children, some suggestions are made about approaches to teaching the Holocaust to students in these age groups.

Within the last decade, archaeogenetic analysis has revolutionized archaeological research and enabled novel insights into mobility, relatedness and health of past societies. Now, it is possible to develop these results further and integrate archaeogenetic insights into biological relatedness with radiocarbon dates as means of chronologically sequenced information. In our article, we demonstrate the potential of combining relative chronological information with absolute radiocarbon dates by Bayesian interpretation in order to improve age determinations. Using artificial pedigrees with four sets of simulated radiocarbon dates we show that the combination of relationship information with radiocarbon dates improves the age determination in many cases at least between 20 to 50%. Calibrated age ranges are more constrained than simply calibrating radiocarbon ages independently from each other. Thereby, the precision of modelled ages depends on the precision of the single radiocarbon dates, the number of modelled generations, the shape of the calibration curve and the availability of samples that can be precisely fixed in time due to specific patterns in the calibration curve ("anchor points"). Ambiguous calibrated radiocarbon dates, which are caused by inversions of the calibration curve, can be partly or almost entirely resolved through Bayesian modelling based upon information from pedigrees. Finally, we discuss selected case studies of biological pedigrees achieved for Early Bronze Age Southern Germany by recent archaeogenetic analysis, whereby the sites and pedigrees differ with regard to the quality of information, which can be used for a Bayesian model of the radiocarbon dates. In accordance with the abstract models, radiocarbon dates can again be better constrained and are therefore more applicable for archaeological interpretation and chronological placement of the dated individuals.

We undertook a large-scale study of Neolithic and Bronze Age human mobility on Crete using biomolecular methods (isotope analysis, DNA), with a particular focus on sites dating to the Late Bronze Age ('Late Minoan') period. We measured the strontium and sulphur isotope values of animal remains from archaeological sites around the island of Crete to determine the local baseline values. We then measured the strontium and sulphur values of humans from Late Neolithic and Bronze Age sites. Our results indicate that most of the humans have sulphur and strontium isotope values consistent with being local to Crete, showing no evidence for a wide-scale movement of people from the Greek mainland or other areas away from Crete in these time periods. However, we found four individuals from the late Bronze Age (Late Minoan III) cemetery of Armenoi with sulphur isotope values not typically found in Crete and are instead consistent with an origin elsewhere. This cemetery at Armenoi also has one of only a few examples of the newly adopted Mycenaean Linear B script on Crete found outside of the palace sites, pointing to an influence (trade and possible migration) from the mainland, which may then be the place of origin of these four individuals. DNA (mtDNA) studies of eight Late Bronze Age individuals from Armenoi have results consistent with people living in Aegean region at this time and cannot be used to distinguish between individuals from Crete ('Minoans') and the Greek mainland ['Mycenaeans']).

©2014 Macmillan Publishers Limited. All rights reserved.We sequenced the genomes of a ∼7,000-year-old farmer from Germany and eight ∼8,000-year-old hunter-gatherers from Luxembourg and Sweden. We analysed these and other ancient genomes1-4 with

The population history of Europe is complex and its very north has not yet been comprehensively studied at a genetic level. Here, Mittnik et al. report genome-wide data from 38 ancient individuals from the Eastern Baltic, Russia and Scandinavia to analyse gene flow throughout the Mesolithic and Bronze Age.

This article presents arguments in support of teaching about the Holocaust and Nazism in Austria at an early age. To accomplish this, Austrian and German elementary school textbooks were analyzed for the amount of content dealing with the Holocaust and Jews; the results showed that since 1980 the amount of content on the Holocaust increased in Germany, and to a lesser extent in Austria. The article reviews some of the criticism in Europe of the term Holocaust Education and explores some of arguments about why that is. The author argues that moral education and teaching of Human Rights are important components of, but ought not be the main goal of teaching about the Holocaust. The role of Austria after World War II, and exploration of the so called victim myth, prevalent until the 1990s are important to understanding history and to how history textbooks were created. After a discussion of how the Holocaust can be taught to elementary and early secondary school aged children, some suggestions are made about approaches to teaching the Holocaust to students in these age groups.

Recent research in financial economics has shown that rare large disasters have the potential to disrupt financial sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback effects on the macroeconomy. Research on disaster risks has also actively been pursued in the macroeconomic models of climate change. Our paper uses insights from the former work to study disaster risks in the macroeconomics of climate change and to spell out policy needs. Empirically, the link between carbon dioxide emission and the frequency of climate related disaster is investigated using a panel data approach. The modeling part then uses a multi-phase dynamic macro model to explore the effects of rare large disasters resulting in capital losses and rising risk premia. Our proposed multi-phase dynamic model, incorporating climate-related disaster shocks and their aftermath as a distressed phase, is suitable for studying mitigation and adaptation policies as well as recovery policies.