Full vs. Light-Handed Regulation of a Network Industry

The access pricing problem emerges when a vertically integrated firm (the incumbent) provides an essential service in the upstream market, to an entrant. Both firms produce a final service and compete in the downstream market. The standard treatment of this problem has been to add the access price to the list of instruments available to a regulator who maximizes a social welfare function. Motivated by the international trend to reduce the number of prices set by regulation, we use a light handed regulation approach in which the only tool available to the regulator is the access price, and where retail prices are set by quantity competition in the downstream market. In this setup, we find that a regulator seeking to maximize total market surplus will set an access price that subsidizes the entrant, so that entrants that are less efficient than the incumbent firm can survive in the market. We then compare the outcomes of the full regulation model with those of the light-handed regulation model, in terms of final prices, firm profits, and consumer surplus. When the regulator faces incomplete information about entrant firms' costs and cannot offer a menu of contracts to potential entrants, we find examples in which light handed regulation can dominate full regulation.

The Importance of Borrowers’ History on Credit Behavior: The Mexican Experience

Credit sharing information mechanisms represent the institutional answer to the asymmetric information problems inherent to credit markets. It is generally accepted that sharing information is beneficial for the participant institutions, however, there are few studies that have measured the impact of past behavioral information on risk analysis. Applying a Probit model to the micro level database gathered by the Mexican Public Registry of Credit Information we find that historical variables, like previous defaults and previous missing payments are highly significant in explaining the probability of default. In particular, having defaulted a loan in the past, increases current loan’s default probability in 30 percentage points. We also find that the longer the borrower has been in the market and the larger the loan, the less likely it is that the current loan will be defaulted on. Additionally, we measure the effects of macroeconomic fluctuations over individual loans’ probability of default; we find that inflation significantly increases it while economic growth reduces it. Our results imply that effort should be exerted to develop more complete databases on individuals’ past behavior. This is particularly relevant in the Latin American context were the credit sharing industry is not very developedcredit information, probity modelling, Mexico

Protective coatings for chromium alloys Final summary report, Nov. 1, 1965 - Jul. 13, 1967

Aluminum protective coatings for chromium alloy

Full vs. Light-Handed Regulation of a Network Industry

The access pricing problem emerges when a vertically integrated firm (the incumbent) provides an essential service in the upstream market, to an entrant. Both firms produce a final service and compete in the downstream market. The standard treatment of this problem has been to add the access price to the list of instruments available to a regulator who maximizes a social welfare function. Motivated by the international trend to reduce the number of prices set by regulation, we use a light handed regulation approach in which the only tool available to the regulator is the access price, and where retail prices are set by quantity competition in the downstream market. In this setup, we find that a regulator seeking to maximize total market surplus will set an access price that subsidizes the entrant, so that entrants that are less efficient than the incumbent firm can survive in the market. We then compare the outcomes of the full regulation model with those of the light-handed regulation model, in terms of final prices, firm profits, and consumer surplus. When the regulator faces incomplete information about entrant firms' costs and cannot offer a menu of contracts to potential entrants, we find examples in which light handed regulation can dominate full regulationRegulation, essential input, access pricing, vertical integration, regulatory discretion

No Data -- No Progress: Data Collection in Countries Participating in the Decade of Roma Inclusion 2005-2015

Evaluates the first five years of the common framework for action on the inclusion of Roma communities, the lack of comprehensive data for assessing progress, and barriers to disaggregating data by ethnicity. Outlines best practices and recommendations

Germination of Grindelia ventanensis (Asteraceae), an endemic species from the Ventania Mountains (Buenos Aires)

Germination of Grindelia ventanensis (Asteraceae), an endemic species from the Ventania Mountains (Buenos Aires). In this paper the potential for sexual propagation of Grindelia ventanensis (Asteraceae) is evaluated. It is an endemic shrub of Ventania Mountains (Buenos Aires province) considered critically endangered and with potential economic value as ornamental species. Percentage and media term of germination of seeds were estimated from cultivated and wild populations, exposed and not exposed to cold conditions, and the effect of storage on these variables was determined. Percentage of germination of seeds from wild populations was greater (67%) than that of seeds from cultivated populations (16%), and no effect of cold was detected. Changes in the media term of germination were neither detected when considering the origin of seeds nor the application of cold. Time of storage tested (nine to ten months) significantly reduced the percentage of germination and increased its media term. Reduction in the percentage of germination associated with storage could be result of a loss of viability or an induction of a secondary dormancy. Our results indicate that G. ventanensis is a species with a good potential for its cultivation from seeds. This knowledge could contribute to the conservation of this species.Este trabajo evalúa la capacidad de propagación por semillas de Grindelia ventanensis (Asteraceae), un subarbusto endémico del sistema de Ventania (provincia de Buenos Aires). La especie es considerada en peligro crítico de extinción y presenta potencial económico como ornamental. Se estimaron el porcentaje y tiempo medio de germinación de semillas de poblaciones cultivadas y silvestres, tratadas o no con frío y se evaluó el efecto del almacenamiento sobre estas variables. El porcentaje de germinación de semillas de poblaciones silvestres (67%) resultó mayor que el de las cultivadas (16%), pero no se hallaron diferencias asociadas al tratamiento con frío. Tampoco se observaron cambios en el tiempo medio de germinación teniendo en cuenta el origen de las semillas ni la aplicación de frío. El tiempo de almacenamiento testeado (nueve a diez meses) reduce significativamente el porcentaje y la velocidad de germinación. La reducción del porcentaje de germinación asociada al almacenamiento podría atribuirse a una pérdida de viabilidad o a la inducción de una segunda dormancia. Nuestros resultados indican que G. ventanensis es una especie con buen potencial para el cultivo a través de semillas. Esta información puede contribuir a su conservación.Fil: Negrin, Vanesa Lorena. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto Argentino de Oceanografía. Universidad Nacional del Sur. Instituto Argentino de Oceanografía; Argentina. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia. Grupo de Estudios en Conservación y Manejo; ArgentinaFil: Zalba, Sergio Martín. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia. Grupo de Estudios en Conservación y Manejo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

Transcranial Direct Corrent stimulation (tDCS) of the anterior prefrontal cortex (aPFC) modulates reinforcement learning and decision-making under uncertainty: A doubleblind crossover study

Reinforcement learning refers to the ability to acquire information from the outcomes of prior choices (i.e. positive and negative) in order to make predictions on the effect of future decision and adapt the behaviour basing on past experiences. The anterior prefrontal cortex (aPFC) is considered to play a key role in the representation of event value, reinforcement learning and decision-making. However, a causal evidence of the involvement of this area in these processes has not been provided yet. The aim of the study was to test the role of the orbitofrontal cortex in feedback processing, reinforcement learning and decision-making under uncertainly. Eighteen healthy individuals underwent three sessions of tDCS over the prefrontal pole (anodal, cathodal, sham) during a probabilistic learning (PL) task. In the PL task, participants were invited to learn the covert probabilistic stimulusoutcome association from positive and negative feedbacks in order to choose the best option. Afterwards, a probabilistic selection (PS) task was delivered to assess decisions based on the stimulus-reward associations acquired in the PL task. During cathodal tDCS, accuracy in the PL task was reduced and participants were less prone to maintain their choice after positive feedback or to change it after a negative one (i.e., winstay and lose-shift behavior). In addition, anodal tDCS affected the subsequent PS task by reducing the ability to choose the best alternative during hard probabilistic decisions. In conclusion, the present study suggests a causal role of aPFC in feedback trial-by-trial behavioral adaptation and decision-making under uncertainty

Uptake and accumulation of metals in Spartina alterniflora salt marshes from a South American estuary

Salt marshes are capable of reducing metal pollution in coastal waters, but this capacity is highly dependent on the metal, the physico-chemical characteristics of the sediment, the plant species, the production of biomass, the time of the year, etc. The aim of this study was to assess the uptake and accumulation of Pb, Ni, Cu and Zn in Spartina alterniflora from three salt marshes within the Bahía Blanca estuary (BBE), a human-impacted Argentinean system. Metal concentrations in sediments and plants showed the same order at all sites: Zn > Cu > Pb ≥ Ni. The site with lower organic matter and fine sediment content had lower metal concentrations in the sediments, but not a lower metal content in the plant tissues, meaning that the sediment characteristics influenced the metal concentrations in the sediment and their uptake by plants. Despite differences in sediment characteristics between sites, metals were always higher in the belowground tissues than in aboveground ones and, in general, higher in dead than in live tissues. Some metals were accumulated in plant tissues, but not others, and this is dependent on the metal and the sediment characteristics. Allocation patterns of metals in tissues of S. alterniflora were mainly dependent on metal concentrations, determining higher belowground pools, but the aboveground pools were important in some cases due to higher biomass. Partitioning of metals in above or belowground pools determines their fate within the estuarine system, since tissues can decompose in situ (belowground) or be exported (aboveground). Seasonal dynamics were important for some variables but were less noticeable than the differences between sites and tissues. Our results indicate that S. alterniflora from the BBE is efficient in accumulating some metals, despite usually low metal concentrations in sediments and plants. This accumulation capacity has implications for the whole system through the fate of the tissues.Fil: Negrin, Vanesa Lorena. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto Argentino de Oceanografía. Universidad Nacional del Sur. Instituto Argentino de Oceanografía; Argentina. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia; ArgentinaFil: Botté, Sandra Elizabeth. Universidad Nacional del Sur. Departamento de Biología, Bioquímica y Farmacia; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto Argentino de Oceanografía. Universidad Nacional del Sur. Instituto Argentino de Oceanografía; ArgentinaFil: la Colla, Noelia Soledad. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto Argentino de Oceanografía. Universidad Nacional del Sur. Instituto Argentino de Oceanografía; ArgentinaFil: Marcovecchio, Jorge Eduardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto Argentino de Oceanografía. Universidad Nacional del Sur. Instituto Argentino de Oceanografía; Argentina. Universidad Tecnológica Nacional. Facultad Regional Bahía Blanca; Argentina. Universidad FASTA "Santo Tomas de Aquino"; Argentin

Is a Magnetic-Manual Targeting Device an Appealing Alternative for Distal Locking of Tibial Intramedullary Nails?

Background: In order to enable a radiation-free, accurate and simple positioning of distal locking screws, a combined magnetic and manual targeting system has been developed by Sanatmetal®. Where a low-frequency magnetic field is initially used to detect the position of the first drill hole and three more holes can be found with a mechanical template. Objectives: Our cadaver study was performed to evaluate the accuracy and efficiency of this device. Materials and Methods: In two runs, 30 probands (group 1: 10 students; group 2: 10 residents; group 3: 10 attendings), none of who being familiar with the device, tested the radiation-free system using 60 intact cadaver tibias. Each proband performed the surgical procedure twice in succession. Results: Referring to the first attempts, 9.6, 7.2 and 7.1 minutes were the time periods required to insert the four distal screws and the relevant values for the second attempts were 8.6, 6.3 and 6.2 minutes; in both cases revealing a significant difference between group 1 and 2 and group 1 and 3. Furthermore, the mean values within each group indicated a significant decrease of the test duration. Out of the 240 drillings, only one failure (group 1) occurred, representing an accuracy of 99.58 %. Of the probands, 90 % rated the targeting device better than the free-hand technique and 77 % at least attested a high user-friendliness. Conclusions: Due to our satisfactory test results, the brief training, the steep learning curve and the radiation-free technique the new device has to be considered an appealing alternative for distal locking