An Ecological-Economic Integrated General Equilibrium Model

A thorough analysis of sustainable development requires a better understanding of how economic and ecological systems interact over the long run. This paper provides an integrated model to analyze interactions between economic and ecological systems. The linkages between these two systems are generated by a utility function contains both economic outputs and ecological services in the demand side and by introducing land as the common input in production of economic outputs and ecological services in the supply side. The optimal allocation of land between these two systems thus determines the trade-off between economic outputs and ecological services of an ecosystem.sustainable development, ecosystem, general equilibrium, the specific-factor model of trade

The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market

We show that the provision of even incomplete public insurance can substantially crowd out private insurance demand. We examine the interaction of the public Medicaid program with the private market for long-term care insurance and estimate that Medicaid can explain the lack of private insurance purchases for at least two-thirds and as much as 90 percent of the wealth distribution, even if comprehensive, actuarially fair private policies were available. Medicaid's large crowd out effect stems from the very large implicit tax (on the order of 60 to 75 percent for a median wealth individual) that Medicaid imposes on the benefits paid from private insurance policies. Importantly, Medicaid itself provides an inadequate mechanism for smoothing consumption for most individuals, so that its crowd out effect has important implications for overall risk exposure. An implication of our findings is that public policies designed to stimulate private insurance demand will be of limited efficacy as long as Medicaid continues to impose this large implicit tax.

Optimization of 4-Mercaptobenzoic Acid in SiO2-Ag Colloid Aerogel Using Surface-Enhanced Raman Spectroscopy

Aerogels have been studied as potential insulating and conducting materials, but little research has been conducted characterizing organic molecules in aerogel matrices using surface-enhanced Raman spectroscopy (SERS). In this study, SiO2-Ag colloid aerogels were used as enhanced surfaces for SERS. SERS spectra of 4-mercaptobenzoic acid (4-MCBA) adsorbed to acid- and base-catalyzed SiO2-Ag colloid aerogels were obtained. It was observed that acid-catalyzed silver sol gels with 4-MCBA mixed within the matrix provided SERS spectra with sharper and more enhanced peaks than the base-catalyzed silver sol gels

The Constitutional Failure of the Strickland Standard in Capital Cases under the Eighth Amendment

Criminal defendants are guaranteed the right to effective assistance of counsel under the Sixth Amendment, but the Supreme Court\u27s decision in Strickland has given appellate courts overly broad discretion to determine exactly what constitutes ineffective assistance of counsel. Murphy reviews the right to counsel and discusses the crucial role of counsel in capital cases throughout the trial and appellate processes

Supply or Demand: Why is the Market for Long-Term Care Insurance So Small?

Long-term care represents one of the largest uninsured financial risks facing the elderly in the United States. Whether the small size of this market is driven primarily by supply side market imperfections or by limitations to demand, however, is unresolved, largely due to the paucity of data about the structure of the private market. We provide what is to our knowledge the first empirical evidence on the pricing and benefit structure of long-term care insurance policies. We estimate that the typical policy purchased by a 65-year old has an average pricing load of about 18 percent and has a very limited benefit structure, covering only one-third of the expected present discounted value of long-term care expenditures. These findings are consistent with the presence of supply side market imperfections. However, we also find enormous gender differences in pricing -- typical loads are 44 cents on the dollar for men but better than actuarially fair for women -- that do not translate into differences in coverage. And, although purchased policies provide limited benefits, we demonstrate that more comprehensive policies are widely-available at similar loads, but are rarely purchased. These findings suggest that while supply-side market imperfections exist, they are not the primary cause of the small size of the private long-term care insurance market.

Stationary Distribution Convergence of the Offered Waiting Processes for GI/GI/1+GI Queues in Heavy Traffic

A result of Ward and Glynn (2005) asserts that the sequence of scaled offered waiting time processes of the $GI/GI/1+GI$ queue converges weakly to a reflected Ornstein-Uhlenbeck process (ROU) in the positive real line, as the traffic intensity approaches one. As a consequence, the stationary distribution of a ROU process, which is a truncated normal, should approximate the scaled stationary distribution of the offered waiting time in a $GI/GI/1+GI$ queue; however, no such result has been proved. We prove the aforementioned convergence, and the convergence of the moments, in heavy traffic, thus resolving a question left open in Ward and Glynn (2005). In comparison to Kingman's classical result in Kingman (1961) showing that an exponential distribution approximates the scaled stationary offered waiting time distribution in a $GI/GI/1$ queue in heavy traffic, our result confirms that the addition of customer abandonment has a non-trivial effect on the queue stationary behavior.Comment: 29 page