An economic bubble or asset bubble is a situation in which asset prices appear to be based on implausible or inconsistent views about the future. It could be described as trade in an asset at a price or price range that exceeds the asset's intrinsic value. While some economists deny that bubbles occur, the causes of bubbles remain disputed by those who are convinced that asset prices deviate from intrinsic values. Many explanations have been suggested, research has shown that bubbles may appear without uncertainty, speculation, or bounded rationality, in which case they can be called non-speculative bubbles or sunspot equilibria. In such cases, the bubbles may be argued to be rational, where investors at every point are compensated for the possibility that the bubble might collapse by higher returns; these approaches require that the timing of the bubble collapse can only be forecast probabilistically and the bubble process is modelled using a Markov switching model. Similar explanations suggest that bubbles might be caused by processes of price coordination.
More recent theories of asset bubble formation suggest. For instance, explanations have focused on emerging social norms and the role that culturally-situated stories or narratives play in these events; because it is difficult to observe intrinsic values in real-life markets, bubbles are conclusively identified only in retrospect, once a sudden drop in prices has occurred. Such a drop is known as a bubble burst. In an economic bubble, prices can fluctuate erratically and become impossible to predict from supply and demand alone. Asset bubbles are now regarded as a recurrent feature of modern economic history dating back as far as the 1600s; the Dutch Golden Age's tulip mania is considered the first recorded economic bubble. Both the boom and the bust phases of the bubble are examples of a positive feedback mechanism; the term "bubble", in reference to financial crisis, originated in the 1711–1720 British South Sea Bubble, referred to the companies themselves, their inflated stock, rather than to the crisis itself.
This was one of the earliest modern financial crises. The metaphor indicated that the prices of the stock were inflated and fragile – expanded based on nothing but air, vulnerable to a sudden burst, as in fact occurred; some commentators have extended the metaphor to emphasize the suddenness, suggesting that economic bubbles end "All at once, nothing first, / Just as bubbles do when they burst," though theories of financial crises such as debt deflation and the Financial Instability Hypothesis suggest instead that bubbles burst progressively, with the most vulnerable assets failing first, the collapse spreading throughout the economy. There are different types of bubbles, with economists interested in two major types of bubbles: 1. Equity bubbleAn equity bubble is characterised by tangible investments and the unsustainable desire to satisfy a legitimate market in high demand; these kind of bubbles are characterised by easy liquidity and real assets, an actual innovation that boosts confidence.
Two instances of an equity bubble are the dot-com bubble. 2. Debt bubbleA debt bubble is characterised by intangible or credit based investments with little ability to satisfy growing demand in a non-existent market; these bubbles are not backed by real assets and are characterized by frivolous lending in the hopes of returning a profit or security. These bubbles end in debt deflation causing bank runs or a currency crisis when the government can no longer maintain the fiat currency. Examples include The Great Recession; the impact of economic bubbles is debated between schools of economic thought. Within mainstream economics, many believe that bubbles cannot be identified in advance, cannot be prevented from forming, that attempts to "prick" the bubble may cause financial crisis, that instead authorities should wait for bubbles to burst of their own accord, dealing with the aftermath via monetary policy and fiscal policy. Political economist Robert E. Wright argues that bubbles can be identified before the fact with high confidence.
In addition, the crash which follows an economic bubble can destroy a large amount of wealth and cause continuing economic malaise. A protracted period of low risk premiums can prolong the downturn in asset price deflation as was the case of the Great Depression in the 1930s for much of the world and the 1990s for Japan. Not only can the aftermath of a crash devastate the economy of a nation, but its effects can reverberate beyond its borders. Another important aspect of economic bubbles is their impact on spending habits. Market participants with overvalued assets tend to spend more richer. Many observers quote the housing market in the United Kingdom, New Zealand and parts of the United States in recent times, as an example of this effect; when the bubble bursts, those who hold on to these overvalued assets experience a f
The fauna of the Faroe Islands is characterized by the islands' remote location in the North Atlantic Ocean. There are few terrestrial species, but many breeding seabirds and marine animals; some subspecies and breeds are endemic. All land mammals were introduced by humans; the bird fauna of the Faroes is dominated by seabirds and birds attracted to open land like heather due to the lack of woodland and other suited habitats. There are special Faroese races of eider, wren and black guillemot. Puffins and guillemots, are common seabirds in Faroe. Gannets are common around the islands, but only breed on Mykines. Black guillemots and shag are common around the coast and the fulmars which immigrated to the islands in the 19th century have a growing population. There are six species of seagulls and the storm petrel colony on Nólsoy is the largest in the world. Inland birds are fewer in numbers. Oystercatcher, common snipe and Arctic tern are common on the heather hills; the Faroese starling is the biggest starling in the world, is common in and around human habitation together with house sparrow.
In years starlings they have been joined by blackbirds, which are growing fast in numbers. Hooded crows and the Faroese-Icelandic subspecies of raven are very common around human habitation; until the 19th century a special coloured raven, the pied raven was common on the islands. This was not a special race. In the same nest, three youngsters could be black; this colour variation was unique to the Faroe Islands, maybe because of this, the demand from foreign collectors was big for these ravens. This might be a reason; the land mammals of Faroe have all been deliberately by people. Although nine species of wild land mammal have been reported on the Faroe Islands, only three have survived and are thriving on the islands today: mountain hare, brown rat and the house mouse. Mountain hares were introduced from Kragerø in Norway in 1854; the first years, some of the hares developed a white coat in winter, like their ancestors from Norway, but after a few decades, due to the oceanic climate with its lack of snow cover, the Faroese hares had adopted common traits with the Irish hares staying brown most of the year and turning grey in winter.
Hares are present on all but three of Koltur, Stóra Dímun and Lítla Dímun. The Faroese house mouse was introduced accidentally from Britain by the Irish monks as early as the 6th century, it has earlier been labelled as Mus musculus. This naming has been used to name the subspecies which has evolved in the isolated island populations; the Nólsoy house mouse is a subspecies called and the Mykines house mouse is a subspecies called. However, a recent study, based on DNA-analyses, has shown that mice on the most remote islands are characterized as M. m. domesticus, whereas the mice on the better connected islands are mixed and have both M. m. musculus and M. m. domesticus genetic elements. Furthermore, the investigation indicated that the majority of the mice have their origins in south-western Norway, in agreement with human historical data, while the mice on the island of Sandoy may have arrived from the British Isles or from Denmark; the M. m. musculus. The wood mouse or field mouse was recorded on the Faroe Islands in the 17th century, but has not been recorded since.
These recordings might have been mistaken. The house mouse is present on the islands Mykines, Fugloy, Hestur, Nólsoy and Sandoy. From time to time they have been located on Eysturoy, but they have never managed to establish themselves there due to the presence of the brown rat; when the black rat first came to the Faroes is unclear, but it is given the blame for having spread the plague, the Black death in 1349, since there have been several reports of the rat going extinct in part or in whole across the archipelago, only to return at dates. The reasons for its many disappearances vary, from legends about the use of magic to environmental reasons and disease, it has since been exterminated by the more aggressive brown rat. The brown rat is common in and around human habitations as well as in the outfield, doing big damage in bird colonies, it reached the Faroe Islands on the Norwegian ship Kongen af Preussen, which wrecked on the Scottish Isle of Lewis. The wreck drifted to Hvalba in Suðuroy in May 1768.
The brown rat replaced the former black rat, common in human habitation in Faroe before. It has spread to the islands Suðuroy, Eysturoy, Vágar, Kunoy. To Borðoy, Viðoy it is only known that it came prior to World War II, but at the same time, it is known that it were people from Klaksvík who brought the rat to Kunoy, hinting
The pGreen plasmids were first described in 2000. The supporting web page provides supplementary information and ongoing support to researchers to request their plasmid resources; as these plasmids have been taken up by the research community, the plasmids have been developed, expanding the resources available to the community. Researchers are encouraged to contribute to this research community by submitting their vector sequence to genbank and providing a description of the plasmid on the site. PGreen is the original pGreen plasmid. PGreenII features plasmid backbone modification to improve plasmid stability. PGreenII 0000: minimal T-DNA with Left and Right border, lacZ gene for blue/white selection during cloning multiple cloning site derived from pBluescript pGreenII 62-SK: derived from pGreenII 0000, the LacZ blue/white cloning selection has been replaced with a 35S-MCS-CaMV cassette that allows the insertion of a gene of interest into a 35S over-expression cassette; the multiple cloning site is derived from pBluescript.
PGreenII 0800-LUC pGreenII 0029: derived from pGreenII 0000, a nos-kan cassette has been inserted into the HpaI site of the Left Border, providing resistance to kanamycin during plant transformation selection. PGreenII 0029 62-SK: derived from pGreenII 0029, the LacZ blue/white cloning selection has been replaced with a 35S-MCS-CaMV cassette that allows the insertion of a gene of interest into a 35S over-expression cassette; the MCS is derived from pBluescript. PGreenII 0179: derived from pGreenII 0000, a 35S-hyg cassette has been inserted into the HpaI site of the Left Border, providing resistance to hygromycin during plant transformation selection. PGreenII 0229: derived from pGreenII 0000, a nos-bar cassette has been inserted into the HpaI site of the Left Border, providing resistance to bialaphos or phosphinothricin during plant transformation selection.pGreenII 0229 62-SK: derived from pGreenII 0229, the LacZ blue/white cloning selection has been replaced with a 35S-MCS-CaMV cassette that allows the insertion of a gene of interest into a 35S over-expression cassette.
The MCS is derived from pBluescript. This is the helper plasmid that provides the replicase function for the pSa replication origin of pGreen. PSoup is tetracyclin resistant and a complementary incompatibility group such that it can co-exist with pGreen in the Agrobacterium cell. PSoup: the original help plasmid for pGreen. PGreen will not replicate in Agrobacterium; the pGreen research page