Most frequent forest species found in cocoa-AFS, according to the number of trees recorded.
\r\n\tFurther development of geophysical methods in the direction of constructing more and more adequate models of media and phenomena necessarily leads to more and more complex problems of mathematical geophysics, for which not only inverse, but also direct problems become significantly incorrect. In this regard, it is necessary to develop a new concept of regularization for simultaneously solving a system of heterogeneous operator equations.
\r\n\r\n\tCurrently, the study of processes associated not only with geophysics and astrophysics but also with biology and medicine requires even more complication of interpretation models from non-linear and heterogeneous to hierarchical. This book will be devoted to the creation of new mathematical theories for solving ill-posed problems for complicated models.
",isbn:null,printIsbn:"979-953-307-X-X",pdfIsbn:null,doi:null,price:0,priceEur:0,priceUsd:0,slug:null,numberOfPages:0,isOpenForSubmission:!1,hash:"d93195bb64405dd9e917801649f991b3",bookSignature:"Prof. Olga Alexandrovna Hachay",publishedDate:null,coverURL:"https://cdn.intechopen.com/books/images_new/8253.jpg",keywords:"Ill-Posed, Inverse Problems, Geophysics, Seismic, Electromagnetic, Thermal, Magnetic, Medicine, \r\nMathematical, Algorithms, Hierarchical, Nonlinear, Historical Description, Regularization",numberOfDownloads:null,numberOfWosCitations:0,numberOfCrossrefCitations:0,numberOfDimensionsCitations:0,numberOfTotalCitations:0,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"October 7th 2019",dateEndSecondStepPublish:"March 27th 2020",dateEndThirdStepPublish:"May 26th 2020",dateEndFourthStepPublish:"August 14th 2020",dateEndFifthStepPublish:"October 13th 2020",remainingDaysToSecondStep:"a year",secondStepPassed:!0,currentStepOfPublishingProcess:5,editedByType:null,kuFlag:!1,biosketch:null,coeditorOneBiosketch:null,coeditorTwoBiosketch:null,coeditorThreeBiosketch:null,coeditorFourBiosketch:null,coeditorFiveBiosketch:null,editors:[{id:"150801",title:"Prof.",name:"Olga",middleName:"Alexandrovna",surname:"Hachay",slug:"olga-hachay",fullName:"Olga Hachay",profilePictureURL:"https://mts.intechopen.com/storage/users/150801/images/system/150801.jpg",biography:"Dr. Olga A. Hachay graduated with a degree in Astrophysics from Ural State University in 1969. She obtained her PhD from the Pushkov Institute of Terrestrial Magnetism, Ionosphere and Radiowave Propagation of the Russian Academy of Sciences (IZMIRAN) in 1979 with her thesis 'The inverse problem for electromagnetic research of one-dimensional medium.”\nSince 1969, she has been a scientific member of the Institute of Geophysics Ural Branch of Russian Academy of Sciences (UB RAS), Ekaterinburg, Russia. From 1995 to 2004, she served as chief of the group of seismic and electromagnetic research. Her research interests include developing new methods for searching the structure and the state of the Earth’s upper crust, as well as elaborating a new theory of interpretation of electromagnetic and seismic fields. From 2002, she has been the main scientific researcher of the Institute of geophysics UB RAS. Since 2008, she has been a lead scientific researcher for UB RAS in the laboratory of borehole geophysics. 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From chapter submission and review to approval and revision, copyediting and design, until final publication, I work closely with authors and editors to ensure a simple and easy publishing process. I maintain constant and effective communication with authors, editors and reviewers, which allows for a level of personal support that enables contributors to fully commit and concentrate on the chapters they are writing, editing, or reviewing. I assist authors in the preparation of their full chapter submissions and track important deadlines and ensure they are met. I help to coordinate internal processes such as linguistic review, and monitor the technical aspects of the process. As an ASM I am also involved in the acquisition of editors. 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Venkateswarlu",coverURL:"https://cdn.intechopen.com/books/images_new/371.jpg",editedByType:"Edited by",editors:[{id:"58592",title:"Dr.",name:"Arun",surname:"Shanker",slug:"arun-shanker",fullName:"Arun Shanker"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"878",title:"Phytochemicals",subtitle:"A Global Perspective of Their Role in Nutrition and Health",isOpenForSubmission:!1,hash:"ec77671f63975ef2d16192897deb6835",slug:"phytochemicals-a-global-perspective-of-their-role-in-nutrition-and-health",bookSignature:"Venketeshwer Rao",coverURL:"https://cdn.intechopen.com/books/images_new/878.jpg",editedByType:"Edited by",editors:[{id:"82663",title:"Dr.",name:"Venketeshwer",surname:"Rao",slug:"venketeshwer-rao",fullName:"Venketeshwer Rao"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"4816",title:"Face Recognition",subtitle:null,isOpenForSubmission:!1,hash:"146063b5359146b7718ea86bad47c8eb",slug:"face_recognition",bookSignature:"Kresimir Delac and Mislav Grgic",coverURL:"https://cdn.intechopen.com/books/images_new/4816.jpg",editedByType:"Edited by",editors:[{id:"528",title:"Dr.",name:"Kresimir",surname:"Delac",slug:"kresimir-delac",fullName:"Kresimir Delac"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}},{type:"book",id:"3621",title:"Silver Nanoparticles",subtitle:null,isOpenForSubmission:!1,hash:null,slug:"silver-nanoparticles",bookSignature:"David Pozo Perez",coverURL:"https://cdn.intechopen.com/books/images_new/3621.jpg",editedByType:"Edited by",editors:[{id:"6667",title:"Dr.",name:"David",surname:"Pozo",slug:"david-pozo",fullName:"David Pozo"}],productType:{id:"1",chapterContentType:"chapter",authoredCaption:"Edited by"}}]},chapter:{item:{type:"chapter",id:"65595",title:"Current and Potential Use of Timber and Non-timber Resources of the Cacao Agroforestry Systems",doi:"10.5772/intechopen.82337",slug:"current-and-potential-use-of-timber-and-non-timber-resources-of-the-cacao-agroforestry-systems",body:'\nCocoa tree (Theobroma cacao L.) is cultivated in agroforestry systems (AFS) in Mexico. An AFS is a set of land management techniques that combines forest with crops, livestock, or both. It can be established simultaneously or stepwise over time and space [1]. In these systems, cocoa maintains close association with diverse tree species and other useful plants that potentially produce benefits for the families of cocoa growers [2]. In this way, cocoa-AFS possess a broad spectrum of plant associations and strong potential for production of timber, firewood, fruits, medicines, forages, oils, and ornamental plants [3]. Cocoa-AFS is possible since cocoa crop requires low radiation as a C3 plant [4]. Then, it can be established under a tree canopy [5], although in Africa, Malaysia, Peru, Colombia, and Ecuador cocoa production systems under full sunlight have been developed [6]. Having a broad diversity of tree species, cocoa-AFS contain a high diversity of plants, microfauna, and macrofauna and have an important role in the protection and conservation of biodiversity and carbon storage [7, 8]. García [9] reported that the species Erythrina americana Mill, Diphysa robinoides Benth, Gliricidia sepium (Jacq.) Walp, Samanea saman (Jacq.) Merr. and Colubrina arborescens (Mill.) Sarg. are the most outstanding shade trees of the cocoa-AFS in Comalcalco, which is the first municipality cocoa producer in Tabasco, Mexico. Cocoa producers also introduce other species of their preference useful by their timber (Cedrela odorata L.) and fruits such as Mangifera indica L., Citrus spp. and Pouteria sapota (Jacq.) H. E. [9, 10].
\nPlant diversity in cocoa-AFS can be divided into forest timber resources (FTR) and forest non-timber resources (FNTR). Some of them are shown in Figure 1.
\nCocoa agroforestry system and some of their timber and non-timber resources in Tabasco, México. Up, from left to right: Calathea lutea, Mangifera indica, Citrus sinensis, and Cedrela odorata logs. Down, from left to right: Persea Americana, Alpinia purpurata, Firewood, and Capsicum annuum.
FTR provide the society with environmental services (conservation of water, soil and biodiversity, atmospheric carbon sequestration, mitigation of climate change, and global warming). These aspects have not been quantified in most of the cocoa-producing regions of the world [5, 8, 11]. Tangible contributions of FTR are timber products used in the production of lumber (boards, planks, beams, and packing material), paper, veneer and plywood, and for energy (firewood).
\nThe most common uses for trees from the cocoa-AFS are medicinal, timber, pillars for constructing houses, fence posts, tool handles, fruit production, shade for cocoa, firewood, ornamental, and roofing for houses [12]. In the function of their diameter at breast height (DBH 1.3 m), 34% of the trees in cocoa-AFS in Costa Rica and 15% in Bolivia are used for thick boards [13, 14].
\nNon-timber resources are those plant and animal products and services that can be obtained from the forest [15], that is, they are the set of biological resources that include fruit, medicinal plants, ornamental plants, honey, and many others [16]. In many parts of the world, these resources are indispensable for the inhabitants of marginalized areas, who are the main extractors of these products, which may be their only source of personal income [17, 18].
\nIn Mexico, the largest cocoa-producing states are Chiapas and Tabasco occupying an area of 58,084.8 ha, on which 47,000 growers depend. In Tabasco, the area under cocoa is 40,848 ha, which produces 17,403.8 tons of dry cocoa [19, 20]. Of this area, 96% is in the Chontalpa region and 4% in the Sierra region [21]. Cárdenas with an area of 10,487 ha of cocoa-AFS is the second main cocoa-producing municipality of Tabasco [20].
\nCocoa cultivation faces problems of low production and prices. These problems discourage growers who no longer maintain their plantations; thus, fewer and fewer number of farmers now cultivate cocoa. The reduction in area planted in cocoa means the loss of a production system that maintains tree cover and provides FTR and FNTR that could complement grower incomes from the sale of cocoa. In this paper we are reporting the forest tree species present in the AFS and determining the timber volume in cocoa-AFS in the municipality of Cárdenas, Tabasco. Also we are determining and quantifying the current use of FTR and FNTR in the cocoa-AFS.
\nThe study was conducted in 20 plantations (cocoa-AFS) distributed in the populations C-20 (Miguel Hidalgo y Costilla) and C-28 (Gregorio Méndez Magaña) in the municipality of Cárdenas, Tabasco (Figure 2). This municipality is located between 17° 15′ and 17° 40′ N and 90° 59′ and 94° 06′ W, at an altitude of 2–17 m above sea level. Climate is hot-humid with mean annual precipitation of 2643 mm and a monthly mean of 355 mm; mean annual temperature is 26°C with a maximum of 45°C [22].
\nLocation of the study area: C-20 town of Miguel Hidalgo y Costilla and C-28 town of Gregorio Méndez Magaña, Cardenas, Tabasco, Mexico.
Twenty 50 × 100 m sampling sites were established in the same number of plantations (one site per plantation). In each site, age and area of the plantation and number of FTR and FNTR plant species were recorded. Common names of the species were recorded with the aid of people who depend on the cocoa-AFS. For scientific names of the species, the appropriate literature on the vegetation of Tabasco was consulted. A specific questionnaire was given to the owners of each plantation to elicit information on destination and use of FTR and FNTR, as well as on cocoa production. Only the principal use of each species was considered. The social part of the questionnaire included information on family makeup and land ownership. The economic section comprised questions on who works in the production activities, how much is invested in the plantation, and how much is the yield per hectare. The questions relative to the destination of the FNTR of the cocoa-AFS were what products are used in the plantation and how, how much is used of each, and what income is obtained. Average income from the FNTR in the cocoa-AFS was obtained by adding the income of each of the 20 plantations and dividing by the number of plantations. Income from sale of cocoa was obtained by multiplying yield (kg ha−1) by the price per kilogram and subtracting production costs per hectare.
\nThe data were analyzed with descriptive statistics in the Statistical Package for the Social Sciences (SPSS version 20).
\nIn each sampling site, total height (Th) and diameter at breast height (DBH) of each tree were recorded. A Haga pistol was used to measure Th (m), the DBH was measured with a diametric circumference tape, and the result was divided by 3.1415 (π). With the variables Ht and DBH, basal area (BA, m2) and volume with bark (vwb, m3) were calculated for each tree. The formulas used were BA = (DBH/2)2 × π and vwb = BA × ff × Ht, where ff = form factor (0.70) [23, 24]. With vwb, the volume of bark per hectare was calculated (Vwb, m3ha−1). Vwb was used to calculate the physical carbon inventory PCI, t ha−1. The formula used was PCI = Vwb × FEB × FCC, where FEB is factor of expansion of biomass (1.6) and FCC is the factor of conversion of biomass to carbon (0.05).
\nIn the Cocoa-AFS sampled, a total of 3239 trees of 56 species and 27 families were recorded. The average tree density per hectare was 324, varying from 58 to 544. The families Fabaceae and Meliaceae predominate. Table 1 shows the most frequent species. Erythrina americana Mill individuals (1678) account for 51.8% of the total.
\nFTR provide environmental services. Families obtain direct benefits, such as oxygen, lumber, fence posts, forked support posts, window and door frames, and firewood. Incomes per family reported by producers from sale of these items were US$ 155.4 a year. Of this amount, US$ 120.8 is from sale of timber for milling and US$ 34.6 from sale of firewood.
\nAs FNTR, 6308 plants from 29 families and 53 species were recorded. The plants were grouped into six use categories (Figure 3), according to the families who depend on the cocoa-AFS in Cárdenas, Tabasco. The predominating categories were ornamental with 2719 plants, fruit tree with 1776, and vegetable with 1578 plants. Ornamental plants were more common because of their rapid growth and broad distribution. Moreover, since these types of plants do not require high solar radiation, the cocoa-AFS is an ideal habitat. The other highest use categories are those for home use: fruit, vegetable, and medicinal.
\nNumber of plants found in cocoa-AFS, in Cárdenas, Tabasco, Mexico, by use categories.
The 10 most frequent species are listed in Table 2. Heliconia latispatha Benth, considered an ornamental plant, accounted for 26.36% of total (1663 plants).
\nCommon and scientific name | \n\n | Num. trees | \nPercentage | \n
---|---|---|---|
Mote Erythrina americana Mill. | \nFabaceae | \n1678 | \n51.81 | \n
Cedro Cedrela odorata L. | \nMeliaceae | \n349 | \n10.77 | \n
Tatuan Colubrina arborescens (Mill) Sarg. | \nRhamnaceae | \n300 | \n9.26 | \n
Chipilcohite Diphysa robinioides Benth | \nFabaceae | \n188 | \n5.80 | \n
Naranja Citrus sinensis (L.) Osb. | \nRutaceae | \n188 | \n5.80 | \n
Guácimo Guazuma ulmifolia Lam. | \nMalvaceae | \n87 | \n2.69 | \n
Macuílis Tabebuia rosea (Bertol) DC. | \nBignoniaceae | \n81 | \n2.50 | \n
Cocoite Gliricidia sepium (Jacq.) Kunth ex Walp. | \nFabaceae | \n68 | \n2.10 | \n
Guarumo Cecropia obtusifolia Bertol. | \nUrticaceae | \n41 | \n1.27 | \n
Cesniche Lippia myriocephalus Sch. y Cham. | \nVerbenaceae | \n36 | \n1.11 | \n
46 other species | \n\n | 223 | \n6.88 | \n
Total | \n\n | 3239 | \n100 | \n
Most frequent forest species found in cocoa-AFS, according to the number of trees recorded.
Common name | \nScientific name | \nNum. plants | \nPercentage | \n
---|---|---|---|
Platanillo | \nHeliconia latispatha Benth | \n1663 | \n26.36 | \n
Hoja de To | \nCalathea lutea G.F.W. Meyer | \n653 | \n10.35 | \n
Platano Cuadrado | \nMusa paradisiaca L. | \n408 | \n6.47 | \n
Platano Macho | \nMusa balbisiana L | \n386 | \n6.12 | \n
Canna | \nCanna indica L. | \n351 | \n5.56 | \n
Pitahaya | \nHylocereus undatus (Haw.) | \n311 | \n4.93 | \n
Macal | \nXanthosoma sagittifolium S. | \n307 | \n4.87 | \n
Heliconia Pie gallo | \nHeliconia psittacorum L. f | \n292 | \n4.63 | \n
Hierba Mora | \nSolanum tuberosum L. | \n248 | \n3.93 | \n
Papaya Silvestre | \nCarica mexicana (A.DC.) | \n237 | \n3.76 | \n
43 remaining species | \n1452 | \n23.02 | \n|
Total | \n6308 | \n100 | \n
Most frequent non-timber species found in cocoa-AFS.
Of the people who depend on the cocoa-AFS, 90% have the same living conditions. They own their home, which has hard floors and concrete roofs. Three to six people live together and obtain income from sugarcane cultivation. However, 70% do not have any use for the products found in the cocoa-AFS, 20% gather them for home use, and 10% sell them. Cocoa production is the main reason for maintaining the system. What growers receive as income from the sale of cocoa is complemented with income from other crops, such as sugarcane (Saccharum officinarum L.), and from other activities. The 20% that use these products themselves use FTR for carpentry, supporting posts, fence posts, and roof beams, and the residues are used as fuel (firewood). It is estimated that these uses add up to a yearly average savings of US$ 197.50, which can be considered income since, if they were not obtained from the cocoa-AFS, the grower would have to pay out that amount. Some essential FNTR for home use were banana and banana leaves (Musa spp.), wild papaya (Carica mexicana A.DC.), “platanillo” (Calathea lutea Aubl Schult), purple maguey (Tradescantia spathacea Sw.), “amashito” chili (Capsicum annuum L.), yerba buena (Mentha sativa L.), arrowleaf elephant’s ear (Xanthosoma sagittifolium Schott), Mexican cilantro (Eryngium foetidum L.), bitter watermelon (Momordica charantia L.), and achiote (Bixa orellana L.). Their fruits or leaves are used to prepare food. Moreover, the families save by not buying these products. Of the population that has cocoa plantations, 10% sell their FNTR at the local markets, generating incomes averaging US$ 41.9 per year. The producers that do not use products from the cocoa-AFS are interested only in the production of cocoa but not in the diversity of resources nor the uses they might have.
\nAverage cocoa yield reported by growers was 320.8 (±79.6 kg ha−1) (Table 3). This yield provides an average net income from the sale of cocoa in pulp of US$ 456.3 ± US$ 140.1 ha−1, which is not profitable since the estimated cost of production is US$ 345.8 (± US$ 135.9) ha−1. The 70% of the growers reported yields above of the average.
\nPlantation number | \nProduction a (kg.ha−1) | \nNet income cocoa (US$ ha−1) | \nAGB Cb (t ha−1) | \nIncomec from C payments (US$ ha−1) | \n
---|---|---|---|---|
1 | \n500 | \n833 | \n143.29 | \n1074.67 | \n
2 | \n333 | \n417 | \n87.92 | \n659.41 | \n
3 | \n233 | \n417 | \n86.57 | \n649.30 | \n
4 | \n333 | \n667 | \n122.07 | \n915.53 | \n
5 | \n267 | \n500 | \n111.90 | \n839.27 | \n
6 | \n200 | \n333 | \n148.98 | \n1117.37 | \n
7 | \n233 | \n417 | \n215.75 | \n1618.13 | \n
8 | \n333 | \n417 | \n165.79 | \n1243.41 | \n
9 | \n200 | \n333 | \n165.18 | \n1238.83 | \n
10 | \n333 | \n417 | \n122.45 | \n918.36 | \n
11 | \n500 | \n667 | \n117.46 | \n880.98 | \n
12 | \n333 | \n417 | \n99.85 | \n748.87 | \n
13 | \n333 | \n417 | \n115.29 | \n864.70 | \n
14 | \n333 | \n500 | \n160.98 | \n1207.37 | \n
15 | \n367 | \n417 | \n33.04 | \n247.81 | \n
16 | \n333 | \n583 | \n77.83 | \n583.69 | \n
17 | \n333 | \n417 | \n115.53 | \n866.49 | \n
18 | \n333 | \n333 | \n91.42 | \n685.65 | \n
19 | \n250 | \n208 | \n105.39 | \n790.46 | \n
20 | \n333 | \n417 | \n120.27 | \n902.03 | \n
Media | \n320.8 | \n456.3 | \n120.38 | \n902.6 | \n
D. E. | \n79.6 | \n140.1 | \n39.34 | \n295.1 | \n
C. V | \n24.8 | \n30.7 | \n32.69 | \n32.69 | \n
Income (US $) from sale of cocoa in pulp and potential sale of carbon, from cocoa-AFS, in Cárdenas, Tabasco, Mexico.
Dry cocoa.
Carbon in aboveground biomass.
Estimated price of a ton of C = US $ 7.5.
Source: Questionnaire given to cocoa growers 2014.
Two growers have the highest yields and two the lowest. The former can be attributed to good management of their plantations, as the result of their participation in the ICCO-Nestle program. This program consists of training cocoa growers in good management of their cocoa plantations to ensure good yield, which is later marketed by the same program. The lowest yields can be attributed to two factors. First, these growers attach little importance to their plantations because they depend mainly on other crops such as sugarcane, while their cocoa-AFS is only an additional option. The second factor causing low yields is the moniliasis disease caused by the fungus Moniliophthora roreri, which attacks the cocoa pods directly and can cause 20–80% yield losses.
\nThe average estimated production of carbon (C) in cocoa-AFS was 120.35 t ha−1. At a price of US$ 7.50 per ton of C, average incomes were calculated at US$ 914.3 h−1. Thus, sale of environmental services would provide 50% more income than cocoa production. Moreover, payment for C sequestration involves conserving trees, mainly young trees since protecting them increases the amount of C captured by the cocoa-ASF. However, because payment of environmental services is a slow process, an option for cocoa growers is to sell FTR and FNTR to obtain more income from their cocoa-AFS.
\nCocoa-AFS have been caught up in a vicious cycle since 2005 when moniliasis came to Mexico depleting the cocoa production. When the grower considers only cocoa production and obtains low yields (and incomes), he stops investing in his plantation (time invested in its management decreases). With little or no care of the plantation (less pruning, little or no disease control, less or no fertilization), crop yield is reduced. The average yield in dry weight estimated in this study is below the national average (430 kg ha−1) [20] and that of the Ivory Coast (550 kg−1), the largest cocoa producer in the world [25].
\nThe study was conducted in 20 cocoa-AFS in different localities of the municipality of Cárdenas, Tabasco. Experimental plots (50 × 100 m) were set up on Eutric Fluvisols (FLeu) and Eutri-gleyic Fluvisols (FLeugl). These soils are the typical soils of the study area and of the cocoa-AFS [26]. The cocoa-AFS for sampling were defined by interviews to local authorities in order to contact cooperating producers.
\nFor each one of the 20 cocoa-AFS, the age and surface were recorded before the tree sampling. Trees were numbered by painting on them; then they were identified taxonomically and located with a Global Positioner System (GPS, Garmin model GSmap60csx ®) [27]. Tree sampling consisted on record the variables: diameter at breast height (DBH1.3 m, cm) measured with a diametric tape, total height (Th, m), and commercial height (Ch, m) measured with a Haga® Pistol. Basal area (BA, m2) was estimated with the equation BA = (DBH/2)2 × π. Total and commercial volume (TV, CV, m3) were estimated with the equation V = BA × ff × H, where ff = form factor (0.70) and H = total or commercial height [23, 24].
\nTree canopy was classified based on height [28]: <5 m high (very low stratum), ≥5–<15 m (low), ≥15–<25 m (medium), and ≥25 m high (high stratum). DBH data of trees was classified by categories (1–10 cm, 10–20, 20–30 cm, etc.) to calculate the frequency per class [14, 27]. The potential use per tree was defined in function of DBH [29]: DBH < 5 cm (without use), ≥5–<10 cm (firewood), ≥10–<15 cm (posts), ≥15–<30 cm (narrow boards), and DBH ≥30 cm (thick boards).
\nThe total surface sampling was 10 out of 36.5 ha of cocoa-AFS visited. The mean surface per cocoa-AFS was 1.8 ha, varying from 0.5 to 5 ha, which indicate that cocoa-AFS belongs to smallholder producers. In Ref. [13], a mean surface of 1.3 ha per cocoa plantation, varying from 0.25 to 15 ha, is reported in Talamanca, Costa Rica.
\nIn the 10 ha of cocoa-AFS sampled, 2856 forest trees were found, belonging to 67 species, 58 genera, and 28 families. In another work [12], 6 ha in Tabasco Mexico were sampled and 38 species, 35 genera, and 24 families were found. Also in Tabasco, [9] recorded 40 species of 19 families in a survey of 72 producers, while [5] in the Soconusco region in Chiapas, Mexico, recorded 790 trees belonging to 23 families, 38 genera, and 47 species in 7.2 ha. In our study, we recorded more tree families and species than that reported in [9, 5]. In contrast, [30] in Brazil recorded 2514 trees belonging to 293 species and 52 families, i.e., less trees and more diversity than ours. It could be attributed to the cleared rainforests areas where cocoa-AFS were located or due to the larger sampling (15 ha). Besides, [31] in Nigeria reported 487 trees belonging to 45 species and 24 families in 1.3 ha sampled.
\nThe mean number of species per hectare was 14, ranging from 6 to 35. The most common species were E. americana and C. odorata. For Bolivia, [14] reported the species Mahogany (Swietenia macrophylla), Brazilian firetree (Schizolobium parahyba), and Roble (Amburana cearensis) as the more frequent per hectare.
\nIn our study, we found 286 trees ha−1, ranging from 96 to 618 trees ha−1, as mean density. Fabaceae and Meliaceae were the most frequent families. Somarriba et al. [32, 33] recorded 278 trees ha−1 in Panamá and Costa Rica; in Venezuela 300 trees ha−1 were reported [34], while in Brazil 47–355 trees ha−1 were reported [30]. Results obtained from our study are in agreement with four previous studies mentioned here concerning tree density per hectare, and that Fabaceae is the most commonly used tree family for shading cocoa.
\nThe age of cocoa-AFS sampled varied from 6 to 35 years old. In this entire range of ages, Moté (E. americana), Spanish cedar (C. odorata), and Cocoite (G. sepium) were outstanding (Table 4). These results agree with [10] who stated E. americana (25% of the shade trees) in Cárdenas, Tabasco, but differ with the same author for G. sepium (75% of the shade trees). It was cited for Brazil [30] that Schefflera morototoni (Aubl.) Maguire (8%) and Artocarpus heterophyllus Lam. (7%) are the most common shading species in cocoa. In Nigeria the tree species Elaeis guineensis Jacq., Cola nítida (Vent.) Schott et Endl., C. sinensis, Mangifera indica, Anacardium occidentale L., Psidium guajava L., Persea americana Mill., Ricinodendron heudelotii Muell. Arg., Citrus reticulata L., and Cocos nucifera L. summed 76% of the scored trees [31]. In Talamanca, Costa Rica, C. alliodora, Citrus spp., C. nucifera, Inga spp. and C. odorata were outstanding [13], but in Bolivia, the outstanding species were S. macrophylla, S. parahyba, A. cearensis, Centrolobium ochroxylum, and C. odorata [14]. Comparing our results with those of such studies, we found that species are similar, but tree density is different. It is because the shading species in the cocoa-AFS vary among countries and among regions into the same country.
\nCommon and scientific name of the species | \nNumber of trees | \nFrequency (%) | \n
---|---|---|
Moté, Erythrina americana Mill | \n812 | \n28.4 | \n
Spanish cedar, Cedrela odorata L. | \n573 | \n20.1 | \n
Cocoite, Gliricidia sepium (Jacq.) Walp | \n247 | \n8.7 | \n
Tatúan, Colubrina arborescens (Mill.) Sarg. | \n246 | \n8.6 | \n
Chipilcohite, Diphysa robinioides Benth | \n188 | \n6.6 | \n
62 other species | \n790 | \n27.6 | \n
Total | \n2856 | \n100.0 | \n
Amount and frequency of the most common trees in cocoa-AFS from 6 to 35 years old in Cardenas, Tabasco, Mexico.
In 6, 20, and 25-year-old cocoa-AFS, C. odorata was the most frequent shading tree species at 78.0, 41.9, and 15.1% frequencies, respectively. In 15- and 20-year-old cocoa-AFS, the most common species was G. sepium (35.1 and 27.1%). At 18-, 25-, and 30-year-old cocoa-AFS, the most frequent species was Erythrina americana (46, 45.4, 56.6%, respectively). In 18- and 35-year-old cocoa-AFS, Tabebuia rosea was the most frequent species (15.2 and 15.8%). Diphysa robinioides with 47.8 and 38.5% frequencies was the most common species in 27- and 33-year-old cocoa-AFS, whereas C. arborescens with 17.5, 12.8 and 16.9% frequencies was the most common shading tree species in 30-, 33-, and 35-year-old cocoa-AFS (data not tabulated).
\nThe main tree species by the largest BA in cocoa-AFS from 6 to 35 years old were E. americana with 6 m2 ha−1, E. poeppigiana 3.8 m2 ha−1, and C. odorata with 1.6 m2 ha−1. Each one of the other 64 species had ≤1 m2 ha−1 of BA. By age, the smallest BA (12.2 m2 ha−1) and the largest BA (22.7 m2 ha−1) were recorded on the 20- and 25-year-old cocoa-AFS, respectively (Figure 4).
\nTree species with the largest basal areas (m2 ha−1) in cocoa-AFS of different ages in Cardenas, Tabasco, Mexico.
In 6- and 20-year-old cocoa-AFS with 15.7 and 2.2 m2 ha−1, respectively, a main species by BA was Cedrela odorata. In 6- and 18-year-old cocoa-AFS with 0.6 and 1.9 m2 ha−1, respectively, the main species was Guazuma ulmifolia. In 15-, 25-, and 30-year-old cocoa-AFS, with 7.8, 9.1, and 1.9 m2 ha−1, respectively, a main species was E. poeppigiana. In 15-, 20-, and 35-year-old cocoa-AFS with 4.3, 2.7, and 3.5 m2 ha−1, respectively, the main species was Gliricidia sepium. In 15-, 18-, 25-, and 30-year-old cocoa-AFS with 3.3, 8.3, 8.2, and 14 m2 ha−1, respectively, the main species was E. Americana. Mangifera indica was the main species in 18-, 30-, and 33-year-old cocoa-AFS with 1.4, 0.9, and 2.6 m2 ha−1 BA. Samanea saman in 25- and 33-year-old cocoa-AFS with 1.7 and 7 m2 ha−1 BA was the main species. Diphysa robinioides with 3.5, 2.5, and 1 m2 ha−1 BA was the main species in 27-, 33-, and 35-year-old cocoa-ASF (Figure 4).
\nThe mean basal area (BA) of all the scored trees was 18.5 m2 ha−1 and a range of 8.3–34.6 m2 ha−1. In Cárdenas, Tabasco [12] stated 48.2 m2 ha−1 as average BA and S. saman with 12 m2 ha−1, D. robinoides 7.8 m2 ha−1 and G. ulmifolia with 5.6 m2 ha−1 as the main species. Such BA values are greater than ours because their reported species have higher frequency and bigger diameter, e.g., S. saman. In Panamá, a mean of 11 m2 ha−1 was reported; the species C. alliodora (12 m2 ha−1), T. ivorensis (11 m2 ha−1), and T. rosea (10 m2 ha−1) had the largest BA [32]. In Lima, Peru, a mean BA of 5.71 m2 ha−1 was reported; the species with the largest BA were Inga sp., Citrus nobilis, and Piptadenia favia [35]. In Costa Rica, Somarriba and Domínguez [36] reported 4.1 m2 ha−1 of mean BA; T. ivorensis with 52 m2 ha−1, T. rosea 4.5 m2 ha−1, and C. alliodora with 2.8 m2 ha−1 were the main species. By the way, [37] stated 4.8 m2 ha−1 of mean BA in Honduras. Our recorded BA values are higher than those of the four previous authors cited maybe because their sampled trees were younger and smaller on diameter.
\nThere is a large quantity of timber in cocoa-AFS that can and should be used in a sustainable way. A TV of 1923.8 m3 in logs was found in the 20 sampled sites. The average TV was 192.4 m3 ha−1. It ranged from 70.4 to 619.86 m3 ha−1. Ten species accounted for 87.4% of the TV; the outstanding species were E. poeppigiana 33.5% (64.4 m3 ha−1), E. americana 20.9% (40.3 m3 ha−1), and C. odorata 8.1% (15.5 m3 ha−1) (Figure 5). In Panama, the species C. alliodora (90 m3 ha−1), T. ivorensis (81 m3 ha−1), and T. rosea (46 m3 ha−1) were reported as having larger volumes than those of our study [32], as they were established preferentially for shade. The values were similar to those reported in Honduras for the species Cordia megalantha 118 m3 ha−1, Tabebuia donnell-smithii 33.9 m3 ha−1, Cojoba arborea 33.5 m3 ha−1, and Vitex gaumeri 31.6 m3 ha−1 [37]. In Costa Rica, Terminalia ivorensis with 35 m3 ha−1, Cordia alliodora with 21 m3 ha−1, and Tabebuia rosea with 19 m3 ha−1 TV were reported [36].
\nTree species with the highest timber volumes (m3 ha−1) in cocoa-AFS in Cardenas, Tabasco, Mexico.
In the 20 cocoa-AFS sampled, we recorded 526.29 m3 log of CV; the mean was 52.6 m3 ha−1 varying from 21.9 to 146.7 m3 ha−1. The ten main species summed 82.9% of CV; among such species, E. poeppigiana, E. americana, and C. odorata with 27.4% (14.4 m3 ha−1), 18.7% (9.9 m3 ha−1), and 11.9% (6.1 m3 ha−1), respectively, were the most outstanding species (Figure 6). For cocoa-AFS in Costa Rica, the species C. alliodora was stated with the greatest CV (31 m3 ha−1), which is due to its preference for shading tree; in the same study, the species with smaller CV was Cedrela odorata [38], which is in agreement with our results.
\nMain tree species by commercial volume (CV, m3 ha−1) in the cocoa-AFS, in Cardenas, Tabasco, Mexico.
A mean total height of 10.1 m varying from 2 to 35.5 m was registered for trees in the cocoa-AFS sampled. In the very low stratum, the 5.8% of trees were classified. These trees were C. odorata, T. rosea, and C. arborescens young plants. The low canopy stratum included 84.2% of trees, whereas the high canopy included 1% of trees (Figure 7). This 1% grouped species such as E. poeppigiana (Erythrina), S. saman (Samán), and A. altilis (Chestnut). In Cárdenas, Tabasco, some trees of 36 m, mainly of the species S. saman, G. ulmifolia, and C. arborescens, were reported [12], evidencing that cocoa-AFS contains tree species of similar height to those found in the tropical rainforests. In Talamanca, Costa Rica, up to 30 m for the upper canopy of cocoa-AFS is reported [13]. In Panama and Honduras, average heights of 17 and 13 m have been reported [32, 37]; such heights are higher than those recorded in our study.
\nTrees distribution by height (m) in cocoa-AFS in Cardenas, Tabasco, Mexico.
The mean diameter at breast height (DBH1.3 m) was 23 cm varying from 1 to 146 cm. The 91% of the 2856 scored trees had a DBH of between 1 and 40 cm. Among these trees, 53% had 10–30 cm DBH (Figure 8). In Bolivia, 45% of the trees in cocoa-AFS had DBH of between 10 and 20 cm [14], while a maximum DBH of 137 cm for some species was reported in Cárdenas, Tabasco [12]. In Panamá [32] and Honduras [37], average DBH of 25 and 28 cm were reported, which are larger than those found in our study, probably because the authors averaged only three timber species, while we averaged all the timber species found in the cocoa-AFS.
\nCategories of trees by diameter at breast height (DBH1.3m) of the cocoa-AFS in Cardenas, Tabasco, Mexico.
According to the DBH, the main timber uses of the registered trees were narrow and thick boards, 39 and 27.4%, respectively, and 6.9% of the trees were recorded without any use (Figure 9) because they were reforestation species established in areas without shade. Use varies with species, age, diversity, and culture, among other factors. In Talamanca, Costa Rica, 34% of the trees with use for thick boards were registered [13], and in Bolivia 15% with this use were reported.
\nPotential timber use by diameter at breast height (DBH1.3m) of trees from the cocoa-AFS in Cardenas, Tabasco, Mexico.
Cocoa agroforestry systems are made up of a large number of timber and non-timber resources. From cocoa-AFS in Cárdenas, Tabasco, Mexico, information on current use was obtained, and species were quantified. The most common species used as shade trees are E. americana, C. odorata, G. sepium, C. arborescens, and D. robinioides. The species with the largest timber volumes are E. poeppigiana, E. americana, C. odorata, S. saman, and G. sepium. This timber resource can be used sustainably in different ways. The principal uses of these timber resources were in making narrow boards and thick boards, a function of their diameter at breast height (DBH1.3 m).
\nNon-timber resources included 6308 plants belonging to 53 species grouped in 29 families. The 53 species were classified by use into five groups: ornamental, fruit, vegetable, medicinal, and forage. Seventy percent of the people do not use the cocoa-AFS resources; 20% use them in their homes, and only 10% sell them. The products of the cocoa-AFS that are used or sold are square banana and plantain, arrowleaf elephant’s ear, banana leaves, papaya, platanillo, Moses in the cradle, amashito chili, yerba buena, parsley, bitter melon, achiote, and firewood. Cocoa production is complemented with income obtained from the sale of forest timber and non-timber resources. Income from the sale of environmental services could be up to 50% higher than income from cocoa production.
\nThe authors are grateful to Graduate College in Agricultural Sciences, Mexico, for the financial support received to conduct the researches.
\nThe authors declare that they have no conflict of interest.
‘Emotional Finance’, as inaugurated by Richard Taffler and David Tuckett, received a warm reception in the early 2010s from regulators, the financial press, and investment management industry’s main professional body, the CFA Institute. Yet outside their immediate social and professional circles, the wider academic community largely ignored both Emotional Finance’s challenge to Behavioural Finance and its theoretical and methodological approach, which is, at its core, an application of Kleinian psychoanalysis to interpreting the individual psychology of traders and to describing the group psychology of financial markets. A decade after the financial crisis, industry professionals rarely talk about ‘Emotional Finance’ at all, except insofar as they see ‘emotional biases’ as a sub-species of behavioural biases, which hardly amounts to a successful challenge to Behavioural Finance [1]. Because Taffler and Tuckett’s approach is inherently interdisciplinary, few practicing psychoanalysts have felt equipped to comment upon their characterisation of financial markets, and yet fewer finance academics have the training or inclination to reckon with Taffler and Tuckett’s idiosyncratic handling of psychoanalytic theory.
Emotional Finance, as an intellectual project, rests on four related claims: first, that financial assets are categorically different from other kinds of commodities; second, that financial innovation peculiarly lends itself to being experienced as a ‘phantastic object’; third, that regulators can and should design institutional mechanisms that acknowledge the psychodynamics of the dealing room; and fourth, that the recent financial crisis ought to be handled in a manner similar to the post-Apartheid South African regime’s Truth and Reconciliation Commission. While agreeing that financial bubbles are banal and that emotional responses to the vicissitudes of the market are nothing remarkable, this chapter argues that financial assets are not categorically distinct; that the term ‘phantastic object’ is superfluous and its application is a variant of the ‘sharpshooter’ fallacy; that narrative causation is not formally equivalent to causality; that the relationship between group psychology and individual psychodynamics is under-theorised; and that financial instability is not the same as financial bubbles. Finally, there are other bigger threats to financial stability than those identified by the techniques employed by advocates of Emotional Finance, especially given the periods of relative calm in financial markets between the Great Financial Crisis (2007-2008) and its sequelae in the Eurozone Debt Crisis (2009-2012) and the recent crisis caused by the global coronavirus pandemic in Q2 2020.
By far the most problematic claim of Emotional Finance is that financial assets are somehow a special category. In Minding the Markets, Tuckett claims there are three characteristics of financial assets that make them unusually amenable to obtaining the status of a ‘phantastic object’: their volatility, their abstract quality, and the difficulty in determining whether or not a manager’s success was attributable to skill or luck ([2], p. xvii). Of these, the volatility argument is the most straightforward and also most peculiar. While it is certainly true that individual listed securities, futures contracts, or financial derivatives contracts may be highly volatile, financial markets themselves are notable for their lack of volatility. This is straightforward to demonstrate empirically because the volatility of the ‘S&P 500’ (as measured by the implied volatility of index options for the following 30 days) is itself a tradable index called the VIX or CBOE Volatility Index. Its performance since its inception in 1985 can be seen below in Figure 1.
CBOE Volatility Index (VIX) from December 1985 to October 2020 (daily closings). http://www.cboe.com/products/vix-index-volatility/vix-options-and-futures/vix-index/vix-historical-data (CBOE - Chicago Board Options Exchange).
For most of the last thirty-five years, the VIX has hovered around 15 to 25, with a high of 150 during the October 1987 ‘flash crash’. In the fourth quarter of 2008, after the Lehman collapse, it peaked at around 80. What does this mean? The VIX is a measure of volatility over a 30-day period, annualised, such that a VIX of 20 means that the market is expected to move up or down by 5.8% (or 20/√12) over the next 30 days. Even a VIX of 80 in means that the market is expected to move 23.12% up or down over the next 30 days, which most recently occurred in Q2 2020 with the outbreak of the COVID-19 pandemic. The daily volatility, by contrast, is calculated by dividing the number by √256, or the number of trading days in an average year, which for a VIX of 20, means that the market is expected to move up or down by 1.25% daily.
How does this compare to other commodities, say crude oil, or even to gold, that supposedly safe haven? Figure 2 answers this question. In the case of crude oil, the CBOE also publishes an Oil Volatility Index, which is markedly higher than the S&P 500, which compares favourably to a volatility index for gold over the thirty-year period from 1990-2020.
Comparison of Oil, Stocks, and Gold Volatility Indices 1990-2020. http://www.cboe.com/products/vix-index-volatility/volatility-on-etfs/cboe-crude-oil-etf-volatility-index-ovx (CBOE - Chicago Board Options Exchange); http://www.cboe.com/products/vix-index-volatility/volatility-on-etfs/cboe-gold-etf-volatility-index-gvz (CBOE - Chicago Board Options Exchange); http://www.cboe.com/products/vix-index-volatility/vix-options-and-futures/vix-index/vix-historical-data (CBOE - Chicago Board Options Exchange).
Some might complain that this is because oil and gold are exchange-traded and thus subject to added volatility, but, in fact, there is good evidence that exchange-based futures trading lowers volatility rather than amplifies it. We know this because of a natural experiment afforded by the Onion Futures Act of 1958, which banned futures trading in onions [3]. The price volatility of onions is considerably greater than that of either the S&P 500 or of crude oil. The charts in Figure 3 would not surprise economists or finance academics.
Onions vs Crude Oil, Onions vs S&P 500. (a and b) https://www.investing.com/indices/us-spx-500-historical-data (Investing.com Historical Data); https://www.indexmundi.com/commodities/?commodity=crude-oil&months=360 (Index Mundi data archive); https://usda.library.cornell.edu/concern/publications/k643b116n?locale=en (USDA Data Library); https://bsic.it/the-onion-paradox-or-why-futures-are-good-for-the-economy/ (Bocconi Student Investors Club Blog).
As acknowledged above, individual stocks may move more than the market as a whole, but most investment managers hedge this risk by holding a portfolio composed of a variety of different asset classes, let alone constituents among them. Retail investors, rather than professional money managers, may find themselves credit-constrained and forced to sell if a security falls quickly in value, but most fund managers have either automated stop-losses or the discretion with which to cut their losses. Moreover, over longer time horizons, financial assets are not particularly volatile compared to house prices in major markets in last fifteen years as shown in Figure 4.
Annual House Price Inflation Rates, 2006-2020. https://appsso.eurostat.ec.europa.eu/nui/setupDownloads.do (Eurostat Data Archive); https://apps.bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=11#reqid=19&step=3&isuri=1&1921=survey&1903=11 (BEA, National Data).
The volatility of the stock market against the risk-free rate is not especially significant even during the Dotcom Crashes. As many commentators noticed at the time of the Lehman collapse, the problem was that most fund managers had spent the majority of their career chasing returns and had little experience of market snaps of any kind. Additionally, market snaps of the kind experienced during the 2008 crash or even the Eurobond crisis of 2011-12 pale in comparison to economic shocks such as that experienced during the coronavirus pandemic in Q1-Q2 2020 as illustrated in Figure 5.
VIX to 10 yr. Treasury Note Yield Ratio, 1990-2020. https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart (Macrotrends Data Archive); http://www.cboe.com/products/vix-index-volatility/vix-options-and-futures/vix-index/vix-historical-data (CBOE - Chicago Board Options Exchange).
This is why financial engineers worked so hard in the period from 2003 to 2006 to create instruments, like mortgage-backed securities and collateralised debt obligations, that gave investors leveraged access to a much more volatile housing market.
There is no reason to contest much of Tuckett’s characterisation of the problems with the ‘efficient-markets hypothesis’ except to say that it is was originally developed as a simplifying assumption that made certain classes of models tractable. The slippage that allowed it to become a (flawed) description of reality, let alone an operative ideal and normative regulatory goal, is ideological and not the consequence of the internal logic of the idea. Some markets are efficient and do not forecast prices reliably, as Holbrook Working discovered when he explored North American grain markets in the interwar period or securities in the postwar moment [4, 5].
The second quality of financial assets, identified by Tuckett, which makes them amenable to the psychodynamic processes that he describes is their putative ‘abstractness’. This is surely in the eyes of the beholder. As early as Adam Smith [6], economic writers identified two (or three) distinct forms of value: value-in-use and value-in-exchange. Value-in-use can be further distinguished as value-in-consumption or in the income generated by a particular asset, i.e. you could live in a house or rent it out, you could eat the produce of your garden or sell it, etc. Value-in-exchange is what it commands either on an open market or in a barter transaction. For financial assets, there is often little consumable ‘value-in-use’ except at the margins, insofar as some investors may buy Class A or B shares in Berkshire Hathaway in order to meet Warren Buffett at his annual junket in Omaha and other investors (especially aggressive hedge funds) may purchase shares in order to control a company, oust its leadership, merge it with another, or even liquidate it. Most often, however, financial assets either generate income (which Tuckett suggests is usually calculated through a capital asset pricing model) or are sold on for speculative gains or losses. Modern finance theory holds that efficient markets should arbitrage value-in-use (income) and value-in-exchange, so that the dividend is ‘priced into’ the share, but in practice many investors are driven by a combination of dividend income and capital gains, and the protection of the latter in the U.S. and UK tax codes has been distorting investment behaviour these last thirty years or so.
Yet, in practice, these instruments are not abstract to those who trade them. Bonds have par values, generate coupon payments, have interest rates and calculable yields based on their prices. Equities may or may not pay dividends, but can be valued on that basis or on the book value of the firm. A variety of options, including the right to buy or sell a security at a particular price, have been well known for over 500 years ([7], p. 2-3). More complex financial derivatives were not abstract so much as they were opaque, in that they were tied to underlying assets that were, themselves, difficult to value. But even if we were to call that ‘abstraction’, it is by no means obvious that this is the sort of abstraction that lends itself to phantasy. It is equally plausible that relatively simple, graspable items in everyday life are the stuff of phantasies. The very complexity of some of the more recent species of financial assets (especially collateralised debt obligations that were tied to securitised mortgages) made them difficult to value, but the problem was not that investment managers fantasised about them, but rather that rating agencies were put under pressure to score them more highly than they deserved.
Elsewhere Tuckett contrasts financial assets with a television set, where ‘a “rational” consumer can consult a range of information about the price and quality and on that basis make a decision’ ([2], p. 21). He goes on to argue that the buyer might notice he got a bad deal, might observe the prices of televisions fluctuates as models sell out quickly or not at all, or as new models appear, and he might have buyer’s remorse, and even sell it on the second-hand market. Yet Tuckett maintains that ‘with financial assets the situation is very different [from television sets] as they have no intrinsic value but one determined by ambiguous information and varying expectations about an uncertain future that plays out in time’ ([2], p. 21). This is simply untrue. Bonds represent claims, either preferential or subordinated, on the business revenue or tax revenue of the firm or sovereign that issued them, equities represent residual claims against the book value of a firm, whereas financial derivatives (swaps, options, etc) represent contractual arrangements that can, and have, been litigated. The fortunes made by vulture funds that purchased collateralised debt obligations composed of subprime mortgages or of junior Greek debt is an indication that these financial assets do have values that are calculable.
What is more difficult to calculate, and is indeed often uncertain, is the depth of the secondary market at a given time, and hence the liquidity risk. Tuckett commits the same error as proponents of the efficient-markets hypothesis do when he ignores what is known in the trade as “the limits of arbitrage”, in that he assumes that buyers are not credit constrained and only buy or sell because of their sense of the direction of the market. The reality is very different, in that people and institutions can be forced to sell for a range of reasons (to raise money to meet current obligations) and institutions, like pension funds, can be forced to purchase risky assets because they have to match their assets with their liabilities to generate the returns needed to meet obligations that are years away. Liquidity risk is particularly acute in a financial crisis where people are not buying or selling anything at any price, but anyone who has tried to sell a television set near the end of the month can tell you that the used market also depends on the proximity of the average consumer to a weekly or monthly pay day, depending on the price level. Sensitivity to liquidity risk is difficult to know ex-ante, but it is not analytically difficult to grasp.
Moreover, the distinction between risk and uncertainty in Tuckett’s account is problematic. Risk is calculable based on an ergodic assumption that the future will be like the past. To a surprising degree, this assumption holds in financial markets, as the ‘equity risk premium’ (the premium paid to investors for buying equities over government debt securities) has not changed much in 150 years, and, as the finance literature has decisively shown, has made owners of shares better off than those who eschew the risks attendant to them [8, 9].
Moreover, as Figure 6 illustrates, the majority of the ‘total return’ from stocks comes from dividends not from price appreciation, which belies the idea that shares do not have a ‘value-in-use’ or income component that is tangible and real.
Nominal and Real Returns from Stocks and the Stock Index, 1927-2020. (a) https://www.statista.com/statistics/1032048/value-us-dollar-since-1640/ (Statista archive); https://www.macrotrends.net/1333/historical-gold-prices-100-year-charthttps://onlygold.com/gold-prices/historical-gold-prices/ (Macrotrends); https://fred.stlouisfed.org/series/DGS20#0https://www.multpl.com/s-p-500-historical-prices/table/by-year (St Louis Federal Reserve Archive); https://seekingalpha.com/article/4311451-stocks-bonds-bills-and-inflation-returns-for-94-years-ending-december-2019 (Seeking Alpha Blog). (b) https://finance.yahoo.com/quote/%5EGSPC/history?period1=-1325635200&period2=1603238400&interval=1mo&filter=history&frequency=1mo&includeAdjustedClose=true; https://www.officialdata.org/us/stocks/s-p-500/1927?amount=100&endYear=2020 (Yahoo Finance); https://www.in2013dollars.com/us/inflation/1927#:~:text=In%20other%20words%2C%20%24100%20in,inflation%20rate%20was%20%2D1.69%25. (CPI Inflation Calculator).
The returns above are for U.S. equities as an asset class (i.e. they represent ‘beta’), and say nothing about particular securities or vintages. Yet it is precisely because retail investors and professional money managers can buy (and sell) index-funds that active managers have to try to ‘beat’ the market. That is where the pressure comes, to generate ‘alpha’, which Tuckett correctly notices is ephemeral, and, according to adherents of the efficient-markets hypothesis, at best idiosyncratic and at worst a statistical mirage. The money managers that Tuckett identified have an incentive to depict their performance as a result of their skill, but given the survivorship bias (firms that get unlucky fail and disappear), the charge that even the big winners are probably ‘lucky monkeys’ is not without some real plausibility.
So, yes, returns are ‘uncertain,’ but what does this mean? ‘Uncertainty’ refers to the ‘unknown unknowns’ of Knight and Keynes, but hardly matters much to the everyday operation of markets, which have remained remarkably continuous and well-funded in all but a handful of cases (some of the more exotic CDOs still do not trade at any price) through the last crisis. The reason that discussions of ‘uncertainty’ were back in vogue in the 2010s is that markets in 2003-2007 under-priced risk, because the models could not account for uncertainty. Once-in-a-lifetime events (the so-called Black Swans) are important to risk managers, but for Tuckett’s argument to work they have to be an everyday feature of markets, which they, by definition, are not. Tuckett is describing the life of an onion trader not a financial asset manager. This is precisely why more recent work on emotions in financial markets has eschewed the problematic articulated by Taffler and Tuckett in favour of understanding how emotions affect participants in markets under ordinary trading conditions [10].
While a middle class, middle-aged Londoner might indeed see a television as ordinary and mundane and a share as ‘exotic’ and ‘abstract’, but as seen in the London riots of 2011, ordinary people did risk their livelihoods, reputation (and a possible criminal record) and even lives to snatch televisions and trainers from shops. Before globalisation, not so long ago, consumers in emerging markets invested television sets with almost magical properties. If television sets are in the eye of the beholder, it is equally plausible that various financial instruments are mundane, familiar and more or less rationally estimable by people who trade them every day. Is financial innovation, in its first incarnation then, any different?
Tuckett thinks so. He cites tulips, subscription shares (in the South Sea Bubble), and a host of other items ([2], p. 18) as inherently generating outsized excitement because they represented ‘financial innovation’, but these assertions are not proven. In some cases, as with tulips and subscription shares, the characterisation of them as novel financial innovations is just wrong ([7], pp. 2-4), as futures trading in Baltic grain had preceded that in tulips by over half a century, and the Bank of England offered subscription shares to English investors decades before the South Sea Company directors did. In other cases, it is easier to explain the erratic valuations in terms of Akerlof’s lemon problem, which can be summarised as those who cannot tell good wine from bad will overpay for the latter and undervalue the former [11]. This is not to deny that bubbles form in financial markets or that they are further fuelled by fantastic narratives about the value of the assets, which are their focal point. But let us not forget that the ‘bubble’ in the early noughties was not in collateralised debt obligations, but rather in housing market where price rises were fuelled by the advent of subprime mortgages, which are neither especially abstract nor backed by something intangible. The trouble is not with the role of fantasies in bubbles, but rather with the theoretical formulation of these ‘phantastic objects.’ In short, there is nothing unique about financial assets.
The theoretical edifice of Emotional Finance equally depends on the usefulness of the term, ‘phantastic object’, as a plausible unit of analysis. Tuckett [2] gives his most recent definition of a phantastic object as ‘subjectively very attractive “objects” (people, ideas or things) which we find highly exciting and idealise, imagining (feeling rather than thinking) they can satisfy our deepest desires, the meaning of which we are only partially aware’ ([2], p. xi). According to Tuckett, he had ‘coined the term’ as an attempt to explain a situation where ‘a story gets told about an object of apparent desire (such as a dotcom share, a tulip bulb, or a complex financial derivative), which becomes capable of generating excitement in a situation where outcomes are inherently uncertain’ ([2], p. xiv). He reports that ‘the term conjoins “phantasy” as in unconscious phantasy and “object” as in representation.’ What does this mean? Tuckett further explains: ‘the phantasy stimulated is about more than just a story of getting rich. Rather it is a story about participation in an imagined object relationship in which the possessor of the desired object plays with the omnipotent phantasy of having permanent and exclusive access to it and all good things’ ([2], p. xiv). Although Freud and Klein both long ago recognised that all object relationships are ambivalent, Tuckett sees ambivalence (and with it a degree of abstraction, ambiguity and uncertainty) as necessary ingredients of this heady emotional stew [12, 13]. Yet the insistence on ambivalence, for emphasis, is hardly a cardinal sin.
The more serious problem arises, however, when we pick apart this notion of ‘phantasy.’ For Tuckett and Taffler, the usual citation is Freud’s meditation on creative writing and daydreaming [14]. Here Freud develops a theory, no longer accepted even in literary theory, that a child’s fantastical play is very similar to the creative writer, because both the child and the writer are able to distinguish their intensely rich libido-cathected worlds and the characters they create for them from external reality ([14], p. 142-3). Phantasies, both conscious and unconscious, come to replace play, for Freud, as ‘the growing child when he stops playing, gives up nothing but the link with real objects; instead of playing, he now phantasises’ ([14], p. 144). Adults populate their phantasies with their internal objects both in manifest and disguised forms. In that limited sense, Tuckett’s ‘phantastic object’ is simply any object that has found a place in an adult’s unconscious phantasy, or what Freud constructed as the ‘psychical reality’, which is unique to each individual. Exactly how ‘financial assets’ become the paradigmatic ‘phantastic object’ remains to be shown, unless what Tuckett really means is that financial assets evoke some memory of a part-object or maternal breast.
To complicate matters, Freud recognises that children rarely conceal their fantastical play, whereas ‘the adult, on the contrary, is ashamed of his phantasies and hides them from other people. He cherishes them as his most intimate possessions, and as a rule he would rather confess his misdeeds than tell anyone his phantasies ([14], p. 144). If so, it is all the more remarkable that the fund managers whom Tuckett interviewed were willing to tell their ‘phantasies’ to him, over the course of one meeting of 70 minutes or so, unless, if by analogy to Freud’s neurotic patient who hopes for a cure, they confess their phantasies to Tuckett in hopes of absolution for speculative excess ([14], p. 145).
Freud’s explanation of what causes adults to hide their phantasies in shame arises from the fact that they are ‘either ambitious wishes, which serve to elevate the subject’s personality; or they are exotic (sic) [erotic] ones’ ([14], p. 146). But he cautions, ‘we will not lay stress on the opposition between the two trends; we would rather emphasise the fact that they are often united’ and just as often reparative ([14], p. 146-7). Even the most overtly ‘ambitious, egotist wishes’ have some element of sexual gratification involved, if merely auto-erotic in the most narcissistic of states. Freud finishes by comparing ‘phantasies’ to ‘dreams’ and noting their quality of wish fulfilment ([14], p. 148). All of this is very familiar to psychoanalysts, but Tuckett’s neologism has lost the crucial sense, found in Freud, of erotic wish fulfilment, presumably because draining it of the erotic makes the concept more palatable to Tuckett’s audience. The Strachey translation’s tendency to render ‘fantasy’ as ‘phantasy’ (which is now the conventional usage in Britain) further reinforces the impression that it has little to do with sex, however alien the spelling may seem to American readers.
If we allow that conscious and unconscious narratives which adults weave about their internal objects are invested with libido and contain sexual gratification and conquest as elements of their function as wish fulfilment, then there is nothing unusual, let alone alarming, about a particular investment or set of investments acting as the vehicle, in such a fantasy, to unlimited wealth and with those resources the means to sexual conquest. Buyers of lottery tickets do this every day. To the extent that a particular object occupies a stereotyped place in such narratives, such that it becomes ‘very attractive’ and ‘idealised’ to an individual, let alone a group, then we have something closer to a ‘fetish’ or ‘an inanimate object worshipped … for its magical powers or as being inhabited by a spirit’ ([15], p. 57). Fetish objects also provoke the ‘divided states’ that Tuckett describes ([2], p. xi), possess ‘magical powers’ and lead to ‘potency the [fetishist may] otherwise lack’ ([15], p. 57). Whereas many sexual fetishes function by synecdoche (feet, hair, clothes, footwear, etc), others do so by metonymy, offering a substitute object ([16], p. 132). There are two further features that sharpen the similarities between ‘fetish object’ and ‘phantastic object’, namely ‘(a) the fetish has multiple meanings derived by condensation, displacement and symbolisation from other objects, and (b) the fetishist behaves as though [the fetish object] actually were these other objects and is no more disturbed by incongruity or absurdity than a dreamer is while dreaming’ ([15], p. 57). Ironically, Tuckett’s example of Aladdin’s lamp is usually explained as a fetish object rather than a phantastic one. The use of ‘pseudo-psychoanalytic’ language (‘phantastic object’ in place of ‘fetish object’) may be more acceptable to the audience, but it has the consequence of dislocating the concept within a wider psychoanalytic discourse.
Although Tuckett does not acknowledge this in his own discussion, the Emotional Finance presentation of ‘phantastic objects’ also depends on these meanings derived from ‘condensation, displacement and symbolisation’ ([15], p. 57). Before exploring that in detail, it is first worth considering the alternative source of ‘phantastic object’ as offered by Tuckett, namely in the definition of ‘phantasy’ offered by Laplanche and Pontalis in their rival to the Rycroft volume ([17], pp. 317-321), which invokes the principle that ‘the use of the term “phantasy” cannot fail to evoke the distinction between imagination and reality (perception). If this distinction is made into a major psycho-analytic axis of reference, we are brought to define phantasy as a purely illusory production which cannot be sustained when confronted with a correct apprehension of reality’ ([17], p. 315). As they note, ‘certain of Freud’s writings appear to back up this type of approach. Thus in “Formulations on the Two Principles of Mental Functioning” (1911b), Freud sets the internal world, tending towards satisfaction by means of illusion, against an outside world which gradually imposes the reality principle upon the subject through the mediation of the perceptual system’ ([17], p. 315).
For Taffler and Tuckett, the ‘reality’ of financial markets ultimately strips the ‘phantastic objects’ of their value if not their meaning, as the inevitable crash and de-idealisation leads to anger and revulsion [18]. As Laplanche and Pontalis also notice, modern psychoanalytic usage extends ‘phantasy’ to a range of conscious, preconscious and unconscious fantasies, thereby muddling the extent to which repression plays a role ([17], p. 315). They suggest, instead, distinguishing between day-dreams that serve as compromise-formations, common ‘unconscious phantasies’ that appear as precursors to neurotic symptoms, and unconscious fantasies that offer the seeds of wish fulfilment in dreams. With Tuckett’s formulation, the narratives about ‘phantastic objects’ appear to be mostly preconscious, in that the fund managers are not necessarily aware of them until prompted by their interlocutor, but then venture them freely. Whether or not this is plausible in a psychoanalytic sense remains debatable, as Tuckett’s formulation appears to ignore both the roles of secondary revision and of repression.
As with Freud, Laplanche and Pontalis also link phantasies to desire, which does not even merit an index entry in Tuckett [2]. In Laplanche and Portalis, they emphasise the extent to which wish fulfilment evokes the ‘hallucinatory memory of satisfaction’ (1973, p. 318), or the maternal breast, which is a kind of primordial ‘phantasy-object’. Yet they also acknowledge, ‘the relationship between phantasy and desire seems to us to be more complicated than that. Even in their least elaborate forms, phantasies do not appear to be reducible to an intentional aim on the part of the desiring subject …’, and crucially ‘it is not an object that the subject imagines and aims at, so to speak, but rather a sequence in which the subject has his own part to play and which the permutations of roles and attributions are possible’ ([17], p. 318). Read that way, Tuckett’s ‘phantastic object’ is, in effect, a contradiction in terms, in that it is not the object itself that the subject desires, but rather the outcome of the script, i.e. unbridled wealth, beautiful women (or men), and universal gratification. In other words, we’re back to ordinary explanations that turn on greed, lust, and gluttony.
As to the relationship between the internalisation of the so-called ‘phantastic object’ and the processes Rycroft alludes to of ‘condensation, displacement and symbolisation’, these are, in effect, what Tuckett evokes when he describes the ‘divided states’ of idealisation and de-idealisation that he postulates occur in the minds of traders. There may well be a value in thinking about how financial assets relate to Marxian and Freudian notions of ‘fetishism,’ but Tuckett forecloses this possibility with his neologism.
To summarise, there are two separate etymologies of ‘phantastic object’ in Tuckett’s writings with Taffler on the subject. The strain that depends most heavily on Freud is very hard to distinguish from more conventional uses of ‘fetish object’ while the version that depends strictly on Laplanche and Pontalis is oxymoronic. Either ‘phantastic objects’ are essentially fetish objects, denuded of the explicit eroticism, or they are an inherently self-contradictory attempt to bridge the gap between part-objects expressed in paranoid-schizoid states (where what the infant desires is the maternal breast) and vehicles for the realisation of erotic phantasies in less regressed states of mind. The love affair, in short, is not with the financial asset or the car or the suit, but rather still with idea of ‘getting the girl’ or ‘winning the game.’
The latter is simply an instance of superfluity and proliferation of neologisms, which in turn muddles the waters, whereas the former suggests something of the very problematic hermeneutic strategy employed by those who advocate for Emotional Finance.
Interpretation is not explanation; causation is not causality. In the social sciences, this is almost a cliché, but they are important caveats. Causality rests on the identification of a specific mechanism by which X has an effect on Y. Explanations can be realistic in the sense that they try to account for external reality, or epistemic (anti-realist) in the sense that they strive for the internal consistency of the empirical model. Much of Tuckett’s complaint with modern economics is that it strives for the latter, whereas the natural sciences present themselves as interested in the former, except perhaps in cosmology.
In finance, the movement of prices is easy to explain: they rise when there are more buyers than sellers, they fall when there are more sellers than buyers. The willingness to buy or sell is, indeed, partly influenced by individual expectations of future prices, such that for markets to function there has to be heterogeneity of belief. There is nothing at all surprising about that. Predicting the movement of prices is an occult science, whether practiced by ‘chartists’ who do ‘technical analysis’ or by punters who pontificate on the market outlook for a particular stock. Interpreting price behaviour (explaining why markets rose or fell) lies somewhere in between, though much of it depends on normative judgments about ‘value’. To imagine that you are in an asset-price bubble is to imagine that the current prices of an asset have diverged from some ‘rational’ judgement of fundamental value.
Tuckett retains that notion of ‘rationality’, though he attributes it to an uncertain, yet-to-be-experienced ‘objective reality’ rather than to the price discovery mechanisms of the market. Now he is by no means alone in that, as Behavioural Economics speaks of ‘bounded rationality,’ but the problem is whether or not any of this can be apprehended ex-ante. Tuckett identifies the ‘drowning out’ of naysayers as a feature of the euphoria he describes, yet some of these naysayers, like Nouriel Roubini, have successfully predicted ten out of the last three crises, whereas Warren Buffett made an even greater fortune on Berkshire Hathaway’s derivatives book, even as he preached about ‘weapons of mass destruction’. Some people are hypocrites, others are stereotyped market commentators, and even stopped clocks are right twice a day. It should not be forgotten that the people who made the most money in the Great Financial Crisis where those who shorted subprime mortgages, often against the interests of their own clients. The most successful currency trade in modern times, the Black Wednesday bear raid organised by Soros, was, in fact, a mean-reversion trade designed to force sterling out of the European Exchange Rate Mechanism. It just took two billion pounds to do it. In other words, the trick about shorting anything is timing it. To echo the line often mis-ascribed to Keynes, ‘markets can remain irrational longer than you can remain solvent.’
Tuckett [2] variously declaims any attempts at quantification, though his most recent work aims in that direction by attempting to exploit insights from Big Data [19, 20, 21, 22, 23]. Instead, what Tuckett’s approach is offering is an interpretative strategy, which serves mostly as an elaboration of the latter stages of the Minsky-Kindleberger model of an asset-price bubble [24], which identifies states of ‘displacement, new opportunities, boom, euphoria, dismissal, unease, panic, revulsion’ ([2], p. 16). What the Minsky-Kindleberger model describes is not a mechanism of causality but a causal chain. Psychoanalysis, with its roots in Aristotelian casuistry (with the assumption of a relationship, albeit a complex one, between infantile conflicts and adult neuroses), is especially well-suited to such an exercise. Moreover, psychoanalytic theories of causation are also multi-valent. Aristotle identified four cases: material, formal, efficient and final. Freudian psychoanalysis, on the other hand, tends to consider symptoms simultaneously in terms of ‘origins, genesis, function, meaning and expectation’ ([25], pp. 22-36). For example, your euphoria might well have its genesis in the rising price of a stock (or falling if you shorted it), might have its origins in an outpouring of enthusiasm for a new technology in which the particular firm has an advantage, might be a function of the fact that institutional investors have decided they need exposure to that sector, may mean that firms that rely on older technologies will experience hard times, might have been expected given the success of a similar technology in a more advanced country. None of these interpretations of your euphoria have anything to do with causality in any formal sense (that the number of buyers in the market started to outnumber the number of sellers); but rather this strategy reflects a mode of analysis of narrative causation that is liberating because it disrupts established narratives and opens up the possibilities of new ones. This is why Tuckett eventually became interested in ‘conviction narratives’, because that seemed to present a means of moving from causation to casuality [20, 22]. Unfortunately, this strategy creates a hermeneutic circle.
As post-structuralist literary critics subsequently noticed, these narratives generally are organised around one of four tropes: metaphor, metonymy, synecdoche, and irony, which correspond to the emplotments of romance, tragedy, comedy/farce and satire [26]. Tuckett’s case studies of investment managers do all follow similar trajectories, but figural causation is an artefact of the mimetic function of narrative not a feature of reality [27]. The reason that people have not learned from previous crises is because there is less to learn than some might imagine. To suggest otherwise is to suggest that there is some path dependent group psychological structuring of financial bubbles, such that they all have the same denouement, regardless of the particular asset at their core. To the extent that this is true, it is obvious (and just an elaboration of Minksy-Kindleberger), and to the extent that it is not obvious, it is wrong (in that the focal point of bubbles does matter) for reasons that should become clear in the next two sections.
As Tuckett explains, ‘groupfeel’ has replaced his earlier usage of ‘groupthink’ as a way of aggregating the individual emotion states of participants in a market. He is surely correct that groups display elements of ‘consensus seeking, group polarisation, out-group stereotyping, and the suppression of dissent’ ([2], p. 66-67), but what becomes harder to understand is why he sees financial markets as ‘groups’ in the sense that a notion of ‘groupfeel’ would apply. Financial markets are nothing if not competitive arenas, and despite the existence of social spaces in which collusion might occur (c.f. LIBOR-fixing), the notion that the market is subject to these dynamics is implausible. Individual firms may be, which is significant only insofar as some bulge-bracket firms become the dominant dealers in particular financial assets. Tuckett is likewise correct that the structure of the industry means individual managers may be more concerned with short-term performance than with longer-term results, but that has nothing to do with phantastic objects and everything to do with how compensation is structured. This is also one of the few areas in which the market does ‘zero-sum,’ as those managers who outperform the market benchmark are richly rewarded in fees, whereas those who underperform benchmarks get sacked. That said, zero-sum games are not especially known for displaying the sorts of group psychologies found elsewhere.
Behavioural Finance, instead, offers ‘herding’ as a heuristic that mangers use to main-chase the perceived ‘market leaders’. This is not necessarily an emotional response (as one might prefer to think oneself smarter than other traders), but rather a rational one of achieving safe but possibly sub-optimal returns. Even so, it is a simplification to suggest that risk-on/risk-off maps to divided states (paranoid-schizoid and depressive positions), unless one assumes that the ‘market norm’ is one of stagnation, which, at least in equities, is discredited by the data presented in Figure 6. What Tuckett has, in fact, done is taken a typical risk management heuristic of the directors of trading desks on dealing floors, which is to remove from the floor traders who are losing on a given day and to cap the winnings of those who appear to be ‘streaking’, and used it as a synecdoche for the market as a whole. That interpretative strategy makes very little sense, however, when you consider that the reason that the risk manager is pulling the trader is that the frustration and disappointment causes him to exaggerate risk, whereas the success encourages him to underrate risk vis-à-vis the market as a whole. Crucially, in Tuckett’s model, the problem is not the distance between the judgements of individuals and the group, but rather the distance between the phantasies of market participants and his notion of ‘reality’, which can only be apprehended ex-post, but seems in fact to be based upon some notion of equilibrium and rationality that hovers behind the precise notions that he and Taffler try to critique [28], hence the hermeneutic circle.
The final problem with Emotional Finance is the specification of the problem. Financial bubbles are nothing new. One recent work of economic theory written by a former practitioner called them ‘banal’ and ubiquitous [29]. Janeway suggests that problem is not with asset-price bubbles, per se, but rather that some of them are productive whereas others destructive. Asset-price bubbles that focus on ‘general purpose technologies’ or infrastructure (canals, steamships, railways, electrification, information computing technology, etc) tend to be socially beneficial. The rush of speculation generates a tolerance for Schumpterian waste. Once the music stops, individual firms may go bankrupt, but the roads, canals, bridges, and rail lines remain.
Debt-leveraged bubbles, particularly in real estate, can wipe out private wealth and cause contagion to other aspects of the economy, generating great hardship, but those are usually generated by central banks that use household balance sheets to smooth aggregate demand, as happened in the late 1990s and early 2000s. Tuckett’s analysis makes no distinction on the basis of the focal point of the bubble. Bubbles are all equally suspect, in that they are formed around ‘phantastic objects’ that promise fool’s gold. Underlying Tuckett’s work is the peculiar fantasy that it is possible to train regulators to identify asset-price bubbles based on their recognition of a kind of prodromal euphoric state as evidenced in the chatter of traders, particularly on the Bloomberg platform. The idea is then to install circuit-breakers, as a kind of market nanny decides ‘enough is enough.’ The problem with this is that it begs the regulatory equivalent of the Texas sharpshooter fallacy, whereby a gunman sprays the side of a barn with a shotgun and only then steps up to draw the bulls-eye. We can only guess at the number of ‘dangerous’ bubbles that will be so averted!
One final point remains to be made. Tuckett calls for a ‘Truth and Reconciliation’ Commission to investigate the financial crisis in the same manner as the Apartheid-era crimes in South Africa. Leaving aside the question of how successful the latter was, the former is hardly worthy of such an intellectual and moral project. The Great Financial Crisis was not the end of the world as we know it, particularly from the vantage point of 2020 when the effects of COVID-19 lockdowns are so much greater. If the Great Financial Crisis was a searing experience for the Millenial generation, it was not because of economic realities, but because of the political responses to the crisis. Austerity policies which produced widening inequality in the developed world are neither ‘necessary evils’ nor the product of the ‘inner logic of capitalism,’ but rather are ideological and political projects pursued with the blessings of the median-voter.
The most dangerous thing about Tuckett’s proposals for ‘minding markets’ is that they de-politicise the regulatory process, putting it in the realm of regulating human emotion, rather than in the sphere of political economy. For Tuckett, based in the United Kingdom, the irony of the financial crisis is that the neo-liberal experiment in ‘light touch’ regulation and low levels of taxation (especially on capital gains) happened under New Labour. The Tories came to power on the back of New Labour’s mistakes, and have followed the ‘tried and true’ strategy of austerity while blaming the ‘pain’ on their predecessors and on the European Union. The electoral calculus of such a strategy produced Brexit. The glee with which the political elite have pursued these aims and the docility of the electorate in the face them is a much worthier target of study via notions like ‘groupfeel’ and ‘phantasies’ that produce master narratives. Rather than minding impersonal markets, we’d do better to mind our own tendency to deny the damage done by those who used the financial crisis to justify policies that they fully intended to pursue anyway. If 9/11 was George Bush’s excuse for invading Iraq, the collapse of Lehman Brothers in its vicissitudes offered the Tories a pretext for dismantling the welfare state. In the era of COVID-19, the main challenge for regulators and central banks alike will be resisting pressure from politicians the world over to encourage bull markets deliberately in order to maintain consumer and investment confidence in the face of damage to the real economy and especially the attendant job losses. In addressing such questions, ‘Emotional Finance’ has little to offer, despite the sense of Déjà vu involved.
The author would like to acknowledge a number of people with whom she has discussed this subject over the years, including Professor Michelle Baddeley, Dr Stanley H. Shapiro, Dr Frederick Fisher, Dr Margot Waddell, and Dr David Bell, and the members of the London Consortium’s ‘Psychoanalytic Thought, History and Political Life Forum,’ which was where she gave a version of this paper as a seminar in June 2014. Special thanks to the organisers, Dr Shaul Bar-Haim, Dr Benjamin Poore, and Dr Helen Tyson, and particularly to Professor Daniel Pick, Professor Jacqueline Rose, Dr Matt ffytche, Dr Manuel Batsch, and Dr Akshi Singh for their comments. A version was also circulated in September 2015 at the New Imago Forum at Jesus College, Oxford where useful suggestions were made. The author would also like to thank her research assistant, Mr Eskil Välilä, for redrawing the graphs with updated data, which required considerable research, and for rendering them to suit the formatting guidelines for this publication.
The author declares no conflict of interest.
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\\n\\nCo-Author: All other Authors of the Chapter besides the Corresponding Author.
\\n\\nIntechOpen: IntechOpen Ltd., the Publisher of the Book.
\\n\\nBook: The publication as a collection of chapters compiled by IntechOpen including the Chapter. Chapter: The original literary work created by Corresponding Author and any Co-Author that is the subject of this Agreement.
\\n\\n2. CORRESPONDING AUTHOR'S GRANT OF RIGHTS
\\n\\n2.1 Subject to the following Article, the Corresponding Author grants and shall ensure that each Co-Author grants, to IntechOpen, during the full term of copyright and any extensions or renewals of that term the following:
\\n\\nThe aforementioned licenses shall survive the expiry or termination of this Agreement for any reason.
\\n\\n2.2 The Corresponding Author (on their own behalf and on behalf of any Co-Author) reserves the following rights to the Chapter but agrees not to exercise them in such a way as to adversely affect IntechOpen's ability to utilize the full benefit of this Publication Agreement: (i) reprographic rights worldwide, other than those which subsist in the typographical arrangement of the Chapter as published by IntechOpen; and (ii) public lending rights arising under the Public Lending Right Act 1979, as amended from time to time, and any similar rights arising in any part of the world.
\\n\\nThe Corresponding Author confirms that they (and any Co-Author) are and will remain a member of any applicable licensing and collecting society and any successor to that body responsible for administering royalties for the reprographic reproduction of copyright works.
\\n\\nSubject to the license granted above, copyright in the Chapter and all versions of it created during IntechOpen's editing process (including the published version) is retained by the Corresponding Author and any Co-Author.
\\n\\nSubject to the license granted above, the Corresponding Author and any Co-Author retains patent, trademark and other intellectual property rights to the Chapter.
\\n\\n2.3 All rights granted to IntechOpen in this Article are assignable, sublicensable or otherwise transferrable to third parties without the Corresponding Author's or any Co-Author’s specific approval.
\\n\\n2.4 The Corresponding Author (on their own behalf and on behalf of each Co-Author) will not assert any rights under the Copyright, Designs and Patents Act 1988 to object to derogatory treatment of the Chapter as a consequence of IntechOpen's changes to the Chapter arising from translation of it, corrections and edits for house style, removal of problematic material and other reasonable edits.
\\n\\n3. CORRESPONDING AUTHOR'S DUTIES
\\n\\n3.1 When distributing or re-publishing the Chapter, the Corresponding Author agrees to credit the Book in which the Chapter has been published as the source of first publication, as well as IntechOpen. The Corresponding Author warrants that each Co-Author will also credit the Book in which the Chapter has been published as the source of first publication, as well as IntechOpen, when they are distributing or re-publishing the Chapter.
\\n\\n3.2 When submitting the Chapter, the Corresponding Author agrees to:
\\n\\nThe Corresponding Author will be held responsible for the payment of the Open Access Publishing Fees.
\\n\\nAll payments shall be due 30 days from the date of the issued invoice. The Corresponding Author or the payer on the Corresponding Author's and Co-Authors' behalf will bear all banking and similar charges incurred.
\\n\\n3.3 The Corresponding Author shall obtain in writing all consents necessary for the reproduction of any material in which a third-party right exists, including quotations, photographs and illustrations, in all editions of the Chapter worldwide for the full term of the above licenses, and shall provide to IntechOpen upon request the original copies of such consents for inspection (at IntechOpen's option) or photocopies of such consents.
\\n\\nThe Corresponding Author shall obtain written informed consent for publication from people who might recognize themselves or be identified by others (e.g. from case reports or photographs).
\\n\\n3.4 The Corresponding Author and any Co-Author shall respect confidentiality rights during and after the termination of this Agreement. The information contained in all correspondence and documents as part of the publishing activity between IntechOpen and the Corresponding Author and any Co-Author are confidential and are intended only for the recipient. The contents may not be disclosed publicly and are not intended for unauthorized use or distribution. Any use, disclosure, copying, or distribution is prohibited and may be unlawful.
\\n\\n4. CORRESPONDING AUTHOR'S WARRANTY
\\n\\n4.1 The Corresponding Author represents and warrants that the Chapter does not and will not breach any applicable law or the rights of any third party and, specifically, that the Chapter contains no matter that is defamatory or that infringes any literary or proprietary rights, intellectual property rights, or any rights of privacy. The Corresponding Author warrants and represents that: (i) the Chapter is the original work of themselves and any Co-Author and is not copied wholly or substantially from any other work or material or any other source; (ii) the Chapter has not been formally published in any other peer-reviewed journal or in a book or edited collection, and is not under consideration for any such publication; (iii) they themselves and any Co-Author are qualifying persons under section 154 of the Copyright, Designs and Patents Act 1988; (iv) they themselves and any Co-Author have not assigned and will not during the term of this Publication Agreement purport to assign any of the rights granted to IntechOpen under this Publication Agreement; and (v) the rights granted by this Publication Agreement are free from any security interest, option, mortgage, charge or lien.
\\n\\nThe Corresponding Author also warrants and represents that: (i) they have the full power to enter into this Publication Agreement on their own behalf and on behalf of each Co-Author; and (ii) they have the necessary rights and/or title in and to the Chapter to grant IntechOpen, on behalf of themselves and any Co-Author, the rights and licenses expressed to be granted in this Publication Agreement. If the Chapter was prepared jointly by the Corresponding Author and any Co-Author, the Corresponding Author warrants and represents that: (i) each Co-Author agrees to the submission, license and publication of the Chapter on the terms of this Publication Agreement; and (ii) they have the authority to enter into this Publication Agreement on behalf of and bind each Co-Author. The Corresponding Author shall: (i) ensure each Co-Author complies with all relevant provisions of this Publication Agreement, including those relating to confidentiality, performance and standards, as if a party to this Publication Agreement; and (ii) remain primarily liable for all acts and/or omissions of each such Co-Author.
\\n\\nThe Corresponding Author agrees to indemnify and hold IntechOpen harmless against all liabilities, costs, expenses, damages and losses and all reasonable legal costs and expenses suffered or incurred by IntechOpen arising out of or in connection with any breach of the aforementioned representations and warranties. This indemnity shall not cover IntechOpen to the extent that a claim under it results from IntechOpen's negligence or willful misconduct.
\\n\\n4.2 Nothing in this Publication Agreement shall have the effect of excluding or limiting any liability for death or personal injury caused by negligence or any other liability that cannot be excluded or limited by applicable law.
\\n\\n5. TERMINATION
\\n\\n5.1 IntechOpen has a right to terminate this Publication Agreement for quality, program, technical or other reasons with immediate effect, including without limitation (i) if the Corresponding Author or any Co-Author commits a material breach of this Publication Agreement; (ii) if the Corresponding Author or any Co-Author (being an individual) is the subject of a bankruptcy petition, application or order; or (iii) if the Corresponding Author or any Co-Author (being a company) commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with any of its creditors.
\\n\\nIn case of termination, IntechOpen will notify the Corresponding Author, in writing, of the decision.
\\n\\n6. INTECHOPEN’S DUTIES AND RIGHTS
\\n\\n6.1 Unless prevented from doing so by events outside its reasonable control, IntechOpen, in its discretion, agrees to publish the Chapter attributing it to the Corresponding Author and any Co-Author.
\\n\\n6.2 IntechOpen has the right to use the Corresponding Author’s and any Co-Author’s names and likeness in connection with scientific dissemination, retrieval, archiving, web hosting and promotion and marketing of the Chapter and has the right to contact the Corresponding Author and any Co-Author until the Chapter is publicly available on any platform owned and/or operated by IntechOpen.
\\n\\n6.3 IntechOpen is granted the authority to enforce the rights from this Publication Agreement, on behalf of the Corresponding Author and any Co-Author, against third parties (for example in cases of plagiarism or copyright infringements). In respect of any such infringement or suspected infringement of the copyright in the Chapter, IntechOpen shall have absolute discretion in addressing any such infringement which is likely to affect IntechOpen's rights under this Publication Agreement, including issuing and conducting proceedings against the suspected infringer.
\\n\\n7. MISCELLANEOUS
\\n\\n7.1 Further Assurance: The Corresponding Author shall and will ensure that any relevant third party (including any Co-Author) shall, execute and deliver whatever further documents or deeds and perform such acts as IntechOpen reasonably requires from time to time for the purpose of giving IntechOpen the full benefit of the provisions of this Publication Agreement.
\\n\\n7.2 Third Party Rights: A person who is not a party to this Publication Agreement may not enforce any of its provisions under the Contracts (Rights of Third Parties) Act 1999.
\\n\\n7.3 Entire Agreement: This Publication Agreement constitutes the entire agreement between the parties in relation to its subject matter. It replaces and extinguishes all prior agreements, draft agreements, arrangements, collateral warranties, collateral contracts, statements, assurances, representations and undertakings of any nature made by or on behalf of the parties, whether oral or written, in relation to that subject matter. Each party acknowledges that in entering into this Publication Agreement it has not relied upon any oral or written statements, collateral or other warranties, assurances, representations or undertakings which were made by or on behalf of the other party in relation to the subject matter of this Publication Agreement at any time before its signature (together "Pre-Contractual Statements"), other than those which are set out in this Publication Agreement. Each party hereby waives all rights and remedies which might otherwise be available to it in relation to such Pre-Contractual Statements. Nothing in this clause shall exclude or restrict the liability of either party arising out of its pre-contract fraudulent misrepresentation or fraudulent concealment.
\\n\\n7.4 Waiver: No failure or delay by a party to exercise any right or remedy provided under this Publication Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or any other right or remedy.
\\n\\n7.5 Variation: No variation of this Publication Agreement shall be effective unless it is in writing and signed by the parties (or their duly authorized representatives).
\\n\\n7.6 Severance: If any provision or part-provision of this Publication Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted.
\\n\\nAny modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Publication Agreement.
\\n\\n7.7 No partnership: Nothing in this Publication Agreement is intended to, or shall be deemed to, establish or create any partnership or joint venture or the relationship of principal and agent or employer and employee between IntechOpen and the Corresponding Author or any Co-Author, nor authorize any party to make or enter into any commitments for or on behalf of any other party.
\\n\\n7.8 Governing law: This Publication Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. The parties submit to the exclusive jurisdiction of the English courts to settle any dispute or claim arising out of or in connection with this Publication Agreement (including any non-contractual disputes or claims).
\\n\\nLast updated: 2020-11-27
\\n\\n\\n\\n
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The Corresponding Author (acting on behalf of all Authors) and INTECHOPEN LIMITED, incorporated and registered in England and Wales with company number 11086078 and a registered office at 5 Princes Gate Court, London, United Kingdom, SW7 2QJ conclude the following Agreement regarding the publication of a Book Chapter:
\n\n1. DEFINITIONS
\n\nCorresponding Author: The Author of the Chapter who serves as a Signatory to this Agreement. The Corresponding Author acts on behalf of any other Co-Author.
\n\nCo-Author: All other Authors of the Chapter besides the Corresponding Author.
\n\nIntechOpen: IntechOpen Ltd., the Publisher of the Book.
\n\nBook: The publication as a collection of chapters compiled by IntechOpen including the Chapter. Chapter: The original literary work created by Corresponding Author and any Co-Author that is the subject of this Agreement.
\n\n2. CORRESPONDING AUTHOR'S GRANT OF RIGHTS
\n\n2.1 Subject to the following Article, the Corresponding Author grants and shall ensure that each Co-Author grants, to IntechOpen, during the full term of copyright and any extensions or renewals of that term the following:
\n\nThe aforementioned licenses shall survive the expiry or termination of this Agreement for any reason.
\n\n2.2 The Corresponding Author (on their own behalf and on behalf of any Co-Author) reserves the following rights to the Chapter but agrees not to exercise them in such a way as to adversely affect IntechOpen's ability to utilize the full benefit of this Publication Agreement: (i) reprographic rights worldwide, other than those which subsist in the typographical arrangement of the Chapter as published by IntechOpen; and (ii) public lending rights arising under the Public Lending Right Act 1979, as amended from time to time, and any similar rights arising in any part of the world.
\n\nThe Corresponding Author confirms that they (and any Co-Author) are and will remain a member of any applicable licensing and collecting society and any successor to that body responsible for administering royalties for the reprographic reproduction of copyright works.
\n\nSubject to the license granted above, copyright in the Chapter and all versions of it created during IntechOpen's editing process (including the published version) is retained by the Corresponding Author and any Co-Author.
\n\nSubject to the license granted above, the Corresponding Author and any Co-Author retains patent, trademark and other intellectual property rights to the Chapter.
\n\n2.3 All rights granted to IntechOpen in this Article are assignable, sublicensable or otherwise transferrable to third parties without the Corresponding Author's or any Co-Author’s specific approval.
\n\n2.4 The Corresponding Author (on their own behalf and on behalf of each Co-Author) will not assert any rights under the Copyright, Designs and Patents Act 1988 to object to derogatory treatment of the Chapter as a consequence of IntechOpen's changes to the Chapter arising from translation of it, corrections and edits for house style, removal of problematic material and other reasonable edits.
\n\n3. CORRESPONDING AUTHOR'S DUTIES
\n\n3.1 When distributing or re-publishing the Chapter, the Corresponding Author agrees to credit the Book in which the Chapter has been published as the source of first publication, as well as IntechOpen. The Corresponding Author warrants that each Co-Author will also credit the Book in which the Chapter has been published as the source of first publication, as well as IntechOpen, when they are distributing or re-publishing the Chapter.
\n\n3.2 When submitting the Chapter, the Corresponding Author agrees to:
\n\nThe Corresponding Author will be held responsible for the payment of the Open Access Publishing Fees.
\n\nAll payments shall be due 30 days from the date of the issued invoice. The Corresponding Author or the payer on the Corresponding Author's and Co-Authors' behalf will bear all banking and similar charges incurred.
\n\n3.3 The Corresponding Author shall obtain in writing all consents necessary for the reproduction of any material in which a third-party right exists, including quotations, photographs and illustrations, in all editions of the Chapter worldwide for the full term of the above licenses, and shall provide to IntechOpen upon request the original copies of such consents for inspection (at IntechOpen's option) or photocopies of such consents.
\n\nThe Corresponding Author shall obtain written informed consent for publication from people who might recognize themselves or be identified by others (e.g. from case reports or photographs).
\n\n3.4 The Corresponding Author and any Co-Author shall respect confidentiality rights during and after the termination of this Agreement. The information contained in all correspondence and documents as part of the publishing activity between IntechOpen and the Corresponding Author and any Co-Author are confidential and are intended only for the recipient. The contents may not be disclosed publicly and are not intended for unauthorized use or distribution. Any use, disclosure, copying, or distribution is prohibited and may be unlawful.
\n\n4. CORRESPONDING AUTHOR'S WARRANTY
\n\n4.1 The Corresponding Author represents and warrants that the Chapter does not and will not breach any applicable law or the rights of any third party and, specifically, that the Chapter contains no matter that is defamatory or that infringes any literary or proprietary rights, intellectual property rights, or any rights of privacy. The Corresponding Author warrants and represents that: (i) the Chapter is the original work of themselves and any Co-Author and is not copied wholly or substantially from any other work or material or any other source; (ii) the Chapter has not been formally published in any other peer-reviewed journal or in a book or edited collection, and is not under consideration for any such publication; (iii) they themselves and any Co-Author are qualifying persons under section 154 of the Copyright, Designs and Patents Act 1988; (iv) they themselves and any Co-Author have not assigned and will not during the term of this Publication Agreement purport to assign any of the rights granted to IntechOpen under this Publication Agreement; and (v) the rights granted by this Publication Agreement are free from any security interest, option, mortgage, charge or lien.
\n\nThe Corresponding Author also warrants and represents that: (i) they have the full power to enter into this Publication Agreement on their own behalf and on behalf of each Co-Author; and (ii) they have the necessary rights and/or title in and to the Chapter to grant IntechOpen, on behalf of themselves and any Co-Author, the rights and licenses expressed to be granted in this Publication Agreement. If the Chapter was prepared jointly by the Corresponding Author and any Co-Author, the Corresponding Author warrants and represents that: (i) each Co-Author agrees to the submission, license and publication of the Chapter on the terms of this Publication Agreement; and (ii) they have the authority to enter into this Publication Agreement on behalf of and bind each Co-Author. The Corresponding Author shall: (i) ensure each Co-Author complies with all relevant provisions of this Publication Agreement, including those relating to confidentiality, performance and standards, as if a party to this Publication Agreement; and (ii) remain primarily liable for all acts and/or omissions of each such Co-Author.
\n\nThe Corresponding Author agrees to indemnify and hold IntechOpen harmless against all liabilities, costs, expenses, damages and losses and all reasonable legal costs and expenses suffered or incurred by IntechOpen arising out of or in connection with any breach of the aforementioned representations and warranties. This indemnity shall not cover IntechOpen to the extent that a claim under it results from IntechOpen's negligence or willful misconduct.
\n\n4.2 Nothing in this Publication Agreement shall have the effect of excluding or limiting any liability for death or personal injury caused by negligence or any other liability that cannot be excluded or limited by applicable law.
\n\n5. TERMINATION
\n\n5.1 IntechOpen has a right to terminate this Publication Agreement for quality, program, technical or other reasons with immediate effect, including without limitation (i) if the Corresponding Author or any Co-Author commits a material breach of this Publication Agreement; (ii) if the Corresponding Author or any Co-Author (being an individual) is the subject of a bankruptcy petition, application or order; or (iii) if the Corresponding Author or any Co-Author (being a company) commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with any of its creditors.
\n\nIn case of termination, IntechOpen will notify the Corresponding Author, in writing, of the decision.
\n\n6. INTECHOPEN’S DUTIES AND RIGHTS
\n\n6.1 Unless prevented from doing so by events outside its reasonable control, IntechOpen, in its discretion, agrees to publish the Chapter attributing it to the Corresponding Author and any Co-Author.
\n\n6.2 IntechOpen has the right to use the Corresponding Author’s and any Co-Author’s names and likeness in connection with scientific dissemination, retrieval, archiving, web hosting and promotion and marketing of the Chapter and has the right to contact the Corresponding Author and any Co-Author until the Chapter is publicly available on any platform owned and/or operated by IntechOpen.
\n\n6.3 IntechOpen is granted the authority to enforce the rights from this Publication Agreement, on behalf of the Corresponding Author and any Co-Author, against third parties (for example in cases of plagiarism or copyright infringements). In respect of any such infringement or suspected infringement of the copyright in the Chapter, IntechOpen shall have absolute discretion in addressing any such infringement which is likely to affect IntechOpen's rights under this Publication Agreement, including issuing and conducting proceedings against the suspected infringer.
\n\n7. MISCELLANEOUS
\n\n7.1 Further Assurance: The Corresponding Author shall and will ensure that any relevant third party (including any Co-Author) shall, execute and deliver whatever further documents or deeds and perform such acts as IntechOpen reasonably requires from time to time for the purpose of giving IntechOpen the full benefit of the provisions of this Publication Agreement.
\n\n7.2 Third Party Rights: A person who is not a party to this Publication Agreement may not enforce any of its provisions under the Contracts (Rights of Third Parties) Act 1999.
\n\n7.3 Entire Agreement: This Publication Agreement constitutes the entire agreement between the parties in relation to its subject matter. It replaces and extinguishes all prior agreements, draft agreements, arrangements, collateral warranties, collateral contracts, statements, assurances, representations and undertakings of any nature made by or on behalf of the parties, whether oral or written, in relation to that subject matter. Each party acknowledges that in entering into this Publication Agreement it has not relied upon any oral or written statements, collateral or other warranties, assurances, representations or undertakings which were made by or on behalf of the other party in relation to the subject matter of this Publication Agreement at any time before its signature (together "Pre-Contractual Statements"), other than those which are set out in this Publication Agreement. Each party hereby waives all rights and remedies which might otherwise be available to it in relation to such Pre-Contractual Statements. Nothing in this clause shall exclude or restrict the liability of either party arising out of its pre-contract fraudulent misrepresentation or fraudulent concealment.
\n\n7.4 Waiver: No failure or delay by a party to exercise any right or remedy provided under this Publication Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or any other right or remedy.
\n\n7.5 Variation: No variation of this Publication Agreement shall be effective unless it is in writing and signed by the parties (or their duly authorized representatives).
\n\n7.6 Severance: If any provision or part-provision of this Publication Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted.
\n\nAny modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this Publication Agreement.
\n\n7.7 No partnership: Nothing in this Publication Agreement is intended to, or shall be deemed to, establish or create any partnership or joint venture or the relationship of principal and agent or employer and employee between IntechOpen and the Corresponding Author or any Co-Author, nor authorize any party to make or enter into any commitments for or on behalf of any other party.
\n\n7.8 Governing law: This Publication Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. The parties submit to the exclusive jurisdiction of the English courts to settle any dispute or claim arising out of or in connection with this Publication Agreement (including any non-contractual disputes or claims).
\n\nLast updated: 2020-11-27
\n\n\n\n
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I am also a member of the team in charge for the supervision of Ph.D. students in the fields of development of silicon based planar waveguide sensor devices, study of inelastic electron tunnelling in planar tunnelling nanostructures for sensing applications and development of organotellurium(IV) compounds for semiconductor applications. I am a specialist in data analysis techniques and nanosurface structure. I have served as the editor for many books, been a member of the editorial board in science journals, have published many papers and hold many patents.",institutionString:null,institution:{name:"Sheffield Hallam University",country:{name:"United Kingdom"}}},{id:"54525",title:"Prof.",name:"Abdul Latif",middleName:null,surname:"Ahmad",slug:"abdul-latif-ahmad",fullName:"Abdul Latif Ahmad",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:null},{id:"20567",title:"Prof.",name:"Ado",middleName:null,surname:"Jorio",slug:"ado-jorio",fullName:"Ado Jorio",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:{name:"Universidade Federal de Minas Gerais",country:{name:"Brazil"}}},{id:"47940",title:"Dr.",name:"Alberto",middleName:null,surname:"Mantovani",slug:"alberto-mantovani",fullName:"Alberto Mantovani",position:null,profilePictureURL:"//cdnintech.com/web/frontend/www/assets/author.svg",biography:null,institutionString:null,institution:null},{id:"12392",title:"Mr.",name:"Alex",middleName:null,surname:"Lazinica",slug:"alex-lazinica",fullName:"Alex Lazinica",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/12392/images/7282_n.png",biography:"Alex Lazinica is the founder and CEO of IntechOpen. After obtaining a Master's degree in Mechanical Engineering, he continued his PhD studies in Robotics at the Vienna University of Technology. Here he worked as a robotic researcher with the university's Intelligent Manufacturing Systems Group as well as a guest researcher at various European universities, including the Swiss Federal Institute of Technology Lausanne (EPFL). During this time he published more than 20 scientific papers, gave presentations, served as a reviewer for major robotic journals and conferences and most importantly he co-founded and built the International Journal of Advanced Robotic Systems- world's first Open Access journal in the field of robotics. Starting this journal was a pivotal point in his career, since it was a pathway to founding IntechOpen - Open Access publisher focused on addressing academic researchers needs. Alex is a personification of IntechOpen key values being trusted, open and entrepreneurial. Today his focus is on defining the growth and development strategy for the company.",institutionString:null,institution:{name:"TU Wien",country:{name:"Austria"}}},{id:"19816",title:"Prof.",name:"Alexander",middleName:null,surname:"Kokorin",slug:"alexander-kokorin",fullName:"Alexander Kokorin",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/19816/images/1607_n.jpg",biography:"Alexander I. Kokorin: born: 1947, Moscow; DSc., PhD; Principal Research Fellow (Research Professor) of Department of Kinetics and Catalysis, N. Semenov Institute of Chemical Physics, Russian Academy of Sciences, Moscow.\r\nArea of research interests: physical chemistry of complex-organized molecular and nanosized systems, including polymer-metal complexes; the surface of doped oxide semiconductors. He is an expert in structural, absorptive, catalytic and photocatalytic properties, in structural organization and dynamic features of ionic liquids, in magnetic interactions between paramagnetic centers. The author or co-author of 3 books, over 200 articles and reviews in scientific journals and books. He is an actual member of the International EPR/ESR Society, European Society on Quantum Solar Energy Conversion, Moscow House of Scientists, of the Board of Moscow Physical Society.",institutionString:null,institution:{name:"Semenov Institute of Chemical Physics",country:{name:"Russia"}}},{id:"62389",title:"PhD.",name:"Ali Demir",middleName:null,surname:"Sezer",slug:"ali-demir-sezer",fullName:"Ali Demir Sezer",position:null,profilePictureURL:"https://mts.intechopen.com/storage/users/62389/images/3413_n.jpg",biography:"Dr. Ali Demir Sezer has a Ph.D. from Pharmaceutical Biotechnology at the Faculty of Pharmacy, University of Marmara (Turkey). He is the member of many Pharmaceutical Associations and acts as a reviewer of scientific journals and European projects under different research areas such as: drug delivery systems, nanotechnology and pharmaceutical biotechnology. Dr. Sezer is the author of many scientific publications in peer-reviewed journals and poster communications. 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