Private borrowing during the financial revolution: Hoare’s Bank and its customers, 1702-1724

The financial revolution improved the British government s ability to borrow, andthus its ability to wage war. North andWeingast argued that it also permitted privateparties to borrow more cheaply and widely.We test these inferences with evidencefrom a London bank.We confirm that private bank credit was cheap in the earlyeighteenth century, but we argue that it was not available widely. Importantly, thegovernment reduced the usury rate in 1714, sharply reducing the circle of privateclients that could be served profitably.

Audit quality: Attributes, private safeguards and the role of regulation

This article examines the private mechanisms used to safeguard quality in auditing, with a view to defining rules capable of facilitating the performance of market forces. An outline is given of a general theory of private quality assurance in auditing, based on the use of quasi-rents to self-enforce quality dimensions. Particular attention is paid to the role of fee income diversification as the key ingredient of private incentives for audit quality. The role of public regulation is then situated in the context defined by the presence of these safeguard mechanisms. This helps in defining the content of rules and the function of regulatory bodies in facilitating and strengthening the protective operation of the market. By making sense of the interaction between regulation, quality attributes and private safeguards, the analysis helps to evaluate the relative merits of different regulatory options.

An approach to costs and energy consumption in private urban Spanish Mediterranean landscapes from a simplified model in sprinkle irrigation

The number of private gardens has increased in recent years, creating a more pleasant urban model, but not without having an environmental impact, including increased energy consumption, which is the focus of this study. The estimation of costs and energy consumption for the generic typology of private urban gardens is based on two simplifying assumptions: square geometry with surface areas from 25 to 500 m2 and hydraulic design with a single pipe. In total, eight sprinkler models have been considered, along with their possible working pressures, and 31 pumping units grouped into 5 series that adequately cover the range of required flow rates and pressures, resultin in 495 hydraulic designs repeated for two climatically different locations in the Spanish Mediterranean area (Girona and Elche). Mean total irrigation costs for the locality with lower water needs (Girona) and greater needs (Elche) were € 2,974 ha-¹ yr-¹ and € 3,383 ha-¹ yr-¹, respectively. Energy costs accounted for 11.4% of the total cost for the first location, and 23.0% for the second. While a suitable choice of the hydraulic elements of the setup is essential, as it may provide average energy savings of 77%, due to the low energy cost in relation to the cost of installation, the potential energy savings do not constitute a significant incentive for the irrigation system design. The low efficiency of the pumping units used in this type of garden is the biggest obstacle and constraint to achieving a high quality energy solution

Factors influencing privatization of urban solid waste collection: some evidence from Spain

In this paper we analyse some of the organisational aspects of the urban solid waste collection and, in particular, the privatization modality of contracting out. We start by discussing some of the theoretical aspects of contracting out. We then specify and estimate an explanatory model on a sample of municipalities that we surveyed. Our purpose is twofold: on the one hand, we identify the economic factors at work when deciding to contract out the service and, on the other hand, we analyse the role of ideological factors in choosing between the public production of the service or contracting it out. The results show a significant effect of the demand for waste collection on contracting out. There also appears to be a neighbouring effect as the municipalities close to other cities that contract out are also more prone to do so. Finally, the decisions to contract seem to have been motivated by pragmatic rather than ideological reasons.

Willigness to pay for long-term care coverage: the role of private information and self-insurance

Both public and private insurance for long-term care is undeveloped in some European countries such as in Spain and empirical evidence is still limited. This paper aims at exmining the determinants of the demand for Long Term Care (LTC) coverage in Spain using contingent valuation techniques. Our findings indicate that only one-fifth of the population is willing to pay to assure coverage decisions are significantly affected by private information asymmetry and housing tenure in giving rise to self-insurance reduces the probability of insurance being hypothetically purchased.

Factors influencing privatization of urban solid waste collection: some evidence from Spain

In this paper we analyse some of the organisational aspects of the urban solid waste collection and, in particular, the privatization modality of contracting out. We start by discussing some of the theoretical aspects of contracting out. We then specify and estimate an explanatory model on a sample of municipalities that we surveyed. Our purpose is twofold: on the one hand, we identify the economic factors at work when deciding to contract out the service and, on the other hand, we analyse the role of ideological factors in choosing between the public production of the service or contracting it out. The results show a significant effect of the demand for waste collection on contracting out. There also appears to be a neighbouring effect as the municipalities close to other cities that contract out are also more prone to do so. Finally, the decisions to contract seem to have been motivated by pragmatic rather than ideological reasons.

Willigness to pay for long-term care coverage: the role of private information and self-insurance

Both public and private insurance for long-term care is undeveloped in some European countries such as in Spain and empirical evidence is still limited. This paper aims at exmining the determinants of the demand for Long Term Care (LTC) coverage in Spain using contingent valuation techniques. Our findings indicate that only one-fifth of the population is willing to pay to assure coverage decisions are significantly affected by private information asymmetry and housing tenure in giving rise to self-insurance reduces the probability of insurance being hypothetically purchased.

Fecal pellets collection as a method for assessing egesta of the marine cave-dwelling mysid Hemimysis speluncula

Egesta of a cave-dwelling mysid (Hemimysis speluncola Ledoyer, 1963) was studied in a submarine cave of Medes Islands, NW Mediterranean by in situ fecal pellet collecting. Fecal pellet production and gut fullness of mysids during incubation experiments are used to estimate mysid egestion rates. Intrinsic factors related with the natural history of this species such as population structure, density of mysids, daily rhythms and pellet decomposition rates are tested for their influence on the egestion rate. The effects of methodological artifacts, such as the stress induced by both incubation and preservation procedures, are also studied. An average mysid egests about 2.5 pellets per day into the cave. The time of day is the main factor affecting egestion. The highest deposition rate is between 2 to 4 hours after sunrise when about 38 % of the total daily pellet production becomes egested. Fecal pellet morphology changes with mysid demographic classes: immature mysids produce slender and thick pellets, whereas mature mysids produce only thick pellets. Immature classes show higher percentages of full guts than mature ones. Mysid density in the incubators does not affect the results on gut fullness, but it causes a decrease in the number of pellets collected after incubation. Coprorhexia seems to be the only plausible process to explain this paradox. The incubation procedure does not increase deposition rate significantly. Time of incubation is critical because the half-life of fecal pellets is about 2.5 hours. Fixation with liquid nitrogen decreases gut fullness and also deposition rates. Higher values are obtained with 70 % ethanol and 5 % formalin solutions which show very similar results for both gut fullness and pellet deposition rates. Nevertheless, ethanol is not suitable as fixative because it enhances the opacity of the body. Several suggestions are given in order to optimize the reliability of further in situ experiments for evaluation of egesta of Hemimysis speluncola in submarine caves.

La Secció d'Arqueologia del GEiEG

Amb aquesta recerca es pretén donar veu a un tipus d‘investigació científica articulada a partir de les excursions científiques i que actualment està quasi en desús. Els integrants del GEiEG que es dedicaven a l'arqueologia havien de compaginar aquesta afició amb la professió i la majoria no havien estat formats en història, sinó que la seva era una formació autodidacta. Diversos personatges relacionats amb el món cultural gironí dels anys 30 foren qui van posar en marxa la investigació arqueològica. Amb aquest treball es vol recuperar un episodi de la història de l‘arqueologia gironina, molt poc investigat i quasi oblidat i directament vinculat amb el context històric i social de la Segona República. Concretament hem investigat la formació de la Secció d‘Arqueologia del GEiEG, com es va anar creant, qui la formava, com van anar dotant-la de bibliografia bàsica sobre arqueologia, el local que tenien, la seva col•lecció, les seves publicacions. Hem volgut veure què va passar amb el fons arqueològic, si les col•leccions que formaven el fons foren entregades intactes, si hi havien altres col•leccions privades dins aquest fons. Volíem saber si totes les peces provenien del GEiEG o d‘altres fonts. També volíem saber si els altres socis tenien col•leccions privades. Per una altra banda també volíem estudiar i investigar la creació de la col•lecció de peces arqueològiques anteriors a la formació del grup, així com veure qui eren les persones interessades en l‘arqueologia. I finalment volíem conèixer els usos del fons des de la seva donació fins els nostres dies. Alhora ens ha permès veure com des de les comarques s‘intentaven realitzar troballes al marge de Barcelona i com es van localitzar important jaciments de Girona i els seus voltants a partir de les excursions científiques i les sortides del GEiEG

Drosophilid collection in the Font Groga site, Barcelona (Spain)

During October 23rd and 24th and November 2012 we collected a sample of drosophilids at Font Groga (Barcelona). This site is located on the foothills of the Tibidabo mountain, which is located on the northwest edge of Barcelona and at approximately 400m above sea level. The vegetation is typical for the area, and it is mainly composed of a sparse pine forest (Pinus pinea) with some oaks (Quercus ilex) and Mediterranean brushwood. Flies were netted over 12 baits containing fermenting bananas. A large proportion of D. simulans males was found. The invasive species D. suzukii (Calabria et al. 2010; Cini et al. 2012) was detected in a non-negligible quantity. Taking into account the number of males and females, the estimated Ne for D. suzukii in the Font Groga sample was 33.70. A similar value was obtained for D. subobscura (34.97). Finally, in the study of species diversity the values obtained for H" (Shannon diversity index) and J (Shannon uniformity index) were 0.678 and 0.421, respectively. These estimates are very similar to those obtained in September 2009 in Montpellier by Calabria (2012), who reported H" = 0.679 and J = 0.422, but differ from those reported by the same author in a Font Groga sample of October 2007 (H" = 0.904 and J = 0.505).

Effects of unit - based pricing on the waste collection demand : a meta - regression analysis

We perform a meta - analysis of 21 studies that estimate the elasticity of the price of waste collection demand upon waste quantities, a prior literature review having revealed that the price elasticity differs markedly. Based on a meta - regression with a total of 65 observations, we find no indication that municipal data give higher estimates for price elasticities than those associated with household data. Furthermore, there is no evidence that treating prices as exogenous underestimates the price elasticity. We find that much of the variation can be explained by sample size, the use of a weight - based as opposed to a volume - based pricing system, and the pricing of compostable waste. We also show that price elasticities determined in the USA and point estimations of elasticities are more elastic, but these effects are not robust to the changing of model specifications. Finally, our tests show that there is no evidence of publication bias while there is some evidence of the existence of genuine empirical effect.

Beyond pure public and pure private management models: Partial privatization in the European airport industry

The use of private funding and management is enjoying an increasing trend in airports. The literature has not paid enough attention to the mixed management models in this industry, although many European airports take the form of mixed public-private companies, where ownership is shared between public and private sectors. We examine the determinants of the degree of private participation in the European airport sector. Drawing on a sample of the 100 largest European airports, we estimate a multivariate equation in order to determine the role of airport characteristics, fiscal variables, and political factors on the extent of private involvement. Our results confirm the alignment between public and private interests in partially privatized airports. Fiscal constraints and market attractiveness promote private participation. Integrated governance models and the share of network carriers prevent the presence of private ownership, while the degree of private participation appears to be pragmatic rather than ideological.

The determinants of contractual choice for private involvement in infrastructure projects in the United States

Reliance on private partners to help provide infrastructure investment and service delivery is increasing in the United States. Numerous studies have examined the determinants of the degree of private participation in infrastructure projects as governed by contract type. We depart from this simple public/private dichotomy by examining a rich set of contractual arrangements. We utilize both municipal and state-level data on 472 projects of various types completed between 1985 and 2008. Our estimates indicate that infrastructure characteristics, particularly those that reflect stand alone versus network characteristics, are key factors influencing the extent of private participation. Fiscal variables, such as a jurisdiction’s relative debt level, and basic controls, such as population and locality of government, increase the degree of private participation, while a greater tax burden reduces private participation.

Beyond pure public and pure private management models: Mixed firms in the European Airport Industry

The use of private funding and management enjoys an increasing trend in airports. The literature has not paid enough attention to the mixed management models in this industry, although many European airports take the form of mixed firms or Institutional PPP, where ownership is shared between public and private sectors. We examine the determinants of the degree of private participation in the European airport sector. Drawing on a sample of the 100 largest European airports we estimate a multivariate equation in order to determine the role of airport characteristics, fiscal variables and political factors on the extent of private involvement. Our results confirm the alignment between public and private interests in PPPs. Fiscal constraints and market attractiveness promote private participation. Integrated governance models and the share of network carriers prevent the presence of private ownership, while the degree of private participation appears to be pragmatic rather than ideological.

Recovery Risk and Labor Costs in Public-Private Partnerships : Contractual Choice in the US Water industry

We use an ordered logistic model to empirically examine the factors that explain varying degrees of private involvement in the U.S. water sector through public-private partnerships. Our estimates suggest that a variety of factors help explain greater private participation in this sector. We find that the risk to private participants regarding cost recovery is an important driver of private participation. The relative cost of labor is also a key factor in determining the degree of private involvement in the contract choice. When public wages are high relative to private wages, private participation is viewed as a source of cost savings. We thus find two main drivers of greater private involvement: one encouraging private participation by reducing risk, and another encouraging government to seek out private participation in lowering costs.