We study a general-equilibrium economy where agents trade assets and derivatives with heterogeneous beliefs along two dimensions: news intensity and content. When intensity disagreement dominates, implied volatility is persistent: quiet periods shift wealth toward calm-world believers, compressing risk-neutral tail probabilities and raising prices. The information structure of the news process governs the persistence of intensity disagreement: in a Poisson limit, intensity disagreement lasts, whereas in a Brownian limit it is eliminated. When content disagreement dominates, volatility is mean-reverting: news shifts wealth between optimists and pessimists. Our framework rationalizes the implied volatility smirk and derivative positions across subjective return beliefs.

GUESSS at a Glance GUESSS has been founded at the Swiss Institute of Small Business and Entrepreneurship (KMU-HSG) in 2003. Since 2016, GUESSS is jointly organized by the University of St.Gallen (KMU-HSG) and the University of Bern (IMU-U). As of today, GUESSS is one of the largest entrepreneurship research projects in the world. For every data collection wave, the GUESSS core team develops a comprehensive online survey. The link to the survey is then sent out to the country teams who forward the survey invitation to their own students and to the national university partners (who then forward it to their respective students). GUESSS-based publications have a strong impact on academia, practice, and policy making. In fact, GUESSS data have been used for numerous influential studies, reports, practitioner-oriented articles, and academic publications in renowned journals. For more information and regular updates about GUESSS, please visit www.guesssurvey.org.

Pervasive myths about sustainability education (SE) — from reductive equations of SE with environmental education to unwarranted assumptions about the linear relationship between educational exposure and behavioral change — impede both the conceptual development and practical implementation of the field and phenomenon. Yet no structured, field-specific infrastructure for identifying and systematically refuting such myths has existed to date. The MYTHSE Navigator addresses this gap as an open, wiki-based refutation toolkit developed at the University of St. Gallen using a design-based research (DBR) approach. Drawing on literature review, analytic autoethnography, and problem-centered expert interviews, the Navigator currently comprises 18 interconnected myth refutations organized according to the evidence-based "fact–myth–fallacy–fact" structure (Lewandowsky et al., 2020). Complementary tools — including myth identification heuristics, a decision tree, and the Educational Myths Refutation Canvas — support educators in critically examining and countering misinformation in SE contexts. The project aims to strengthen transformative learning, critical thinking, and mental immunity against misinformation across higher education and beyond. Future development will include AI-assisted myth detection, categorization via didactic alignment models, and multilingual expansion.

If trade diplomats thought they knew one thing, it was how to cut industrial tariffs. Yet the Doha deadlock rests squarely on the inability to compromise on industrial tariff cuts. This column says that the arguments made for higher levels of ambition don't stand up to much scrutiny and should not be allowed to provide a basis for a continuing impasse.