INVESTMENT RISK AND THE TRANSITION INTO HOMEOWNERSHIP*

ABSTRACT This paper investigates the extent to which house–price uncertainty affects the transition of renter households into homeownership. Using a 14‐year household panel from the Panel Study of Income Dynamics during the years 1984–1997 and measures of the time‐varying risk and return to owner‐occupied housing, we estimate a Cox proportional hazard model of the effect of house–price volatility on the transition into homeownership. Results indicate that house–price uncertainty has a negative and dramatic impact on transitions into homeownership. In addition, we find that the low‐wealth renters are particularly sensitive to house–price risk.     

Exile and the Demos: Leo Strauss in America

This article explores the political, as opposed to the philosophical, impact of Leo Strauss’s exile in America on his thought. After a consideration of anti-Semitism and the importance Strauss attached to being a Jew, I argue that the fact that in America he no longer wrote in his Muttersprache but in English was central to his becoming a political theorist rather than a philosopher. Whereas as a philosopher he was unable to speak to the demos, as a political theorist what he needed was a group of “rhetors” who would carry a particular message to the demos.     

Long-term agrarian landscapes in the Troodos foothills,Cyprus

We investigate the temporal and environmental relationships between the terraced hill slopes of Politiko-Koloiokremmos and the adjacent Bronze Age settlement of Politiko-Troullia in foothills of the Troodos Mountains, central Cyprus. Mapping of 102 stone walls on Koloiokremmos is compared with 66 walls farther afield on Cyprus to create a six-part terrace typology. Sherd counts from 174 2-m radius collection circles over approximately 20 ha on Troullia and Koloiokremmos were used to create interpolated sherd density surfaces revealing distinctly different patterns of land use for four major archaeological eras between the Cypriot Bronze Age and Medieval Period. We compared sherd density patterns according to terrace types, length, slope and vegetation cover determined by SAVI (Soil-Adjusted Vegetation Index) from Ikonos and Quickbird satellite imagery.The most robust sherd patterning indicates Prehistoric Bronze Age settlement at Troullia, as confirmed by soil resistivity and excavation, and multi-period land use on Koloiokremmos immediately upslope of the village that may be associated with agricultural terracing. Scattered sherd concentrations indicate later use of this landscape as an agricultural hinterland for the Iron Age city of Tamassos. Sherds and a down slope spread of roof tiles from the Roman through Medieval periods suggest an isolated structure near the crest of Koloiokremmos. Longer terraces correlate with greater vegetation cover and are interpreted as agricultural, while shorter terraces, apparently for erosion control and arboriculture, are significantly related to Prehistoric Bronze Age sherd patterns. Our results suggest that coordinated analysis of archaeological, geographical and remotely sensed environmental data associated with terraced landscapes can be used to infer long-term patterns of agricultural land use.     

The Goldilocks Solution: Exploring the Relationship between Trust and Participation in Resource Management within the New Zealand Commercial Rock Lobster Fishery

Our understanding of the role natural resource users, and the governing institutions they create, has grown considerably in recent years. At the same time, our understanding of the role of trust in human interactions continues to grow. We use the case of New Zealand rock lobster (jasus edwardsii and Jasus verrauxi) to ask the question “What is the role of trust in an individual's decision to participate in natural resource management institutions?” Using data from a survey of constituents of the commercial rock lobster fishery, our analysis shows an inverted “U” relationship between trust and participation. We suggest that this may be described as a “Goldilocks solution” in which having both too much and too little trust is problematic; but a healthy level of is “just right.” Theoretical and policy implications of these findings and directions for future research are explored.     

A Global Journey – Ancel Keys,the FAO,and the Rise of Transnational Heart Disease Epidemiology, 1949–1958

Few people have influenced western eating patterns in the twentieth and early twenty-first centuries as much as physiologist and epidemiologist Ancel Keys (1904–2004). Keys not only developed the K Ration for the United States military, but also advocated for diets that lowered blood cholesterol and famously discovered the health benefits of the Mediterranean diet in the 1950s and 1960s. Keys’ interest in the Mediterranean diet arose from his service on the United Nations (UN) Food and Agriculture Organization (FAO)-World Health Organization (WHO) Joint Expert Committee on Nutrition, which allowed him to explore nutritional status, dietary habits, and regional eating patterns across the globe. This paper examines how Keys’ service as chair of the UN FAO Committee on Caloric Requirements and the UN FAO Expert Committee on Nutrition led him to think globally about the relationship between diet and cardiovascular health, and to launch the first international comparative epidemiological study of diet and heart disease, the Seven Countries Study.