Comparison of recent toll road concession transactions in the United States and France

Recent concessions in France and in the US have resulted in a dramatic difference in the valuation placed on the toll roads; the price paid by the investors in France was twelve times current cash flow whereas investors paid sixty times current cash flow for the U.S. toll roads. In this paper we explore two questions: What accounts for the difference in these multiples, and what are the implications with respect to the public interest. Our analysis illustrates how structural and procedural decisions made by the public owner affect the concession price. Further, the terms of the concession have direct consequences that are enjoyed or borne by the various stakeholders of the toll road.

Evaluating the impact of public subsidies on a firm's performance: A quasi-experimental approach

Many regional governments in developed countries design programs to improve the competitiveness of local firms. In this paper, we evaluate the effectiveness of public programs whose aim is to enhance the performance of firms located in Catalonia (Spain). We compare the performance of publicly subsidised companies (treated) with that of similar, but unsubsidised companies (non-treated). We use the Propensity Score Matching (PSM) methodology to construct a control group which, with respect to its observable characteristics, is as similar as possible to the treated group, and that allows us to identify firms which retain the same propensity to receive public subsidies. Once a valid comparison group has been established, we compare the respective performance of each firm. As a result, we find that recipient firms, on average, change their business practices, improve their performance, and increase their value added as a direct result of public subsidy programs.

An empirical analysis of wealth taxation: equity Vs.tax compliance

Capital taxation is currently under debate, basically due to problems of administrative control and proper assessment of the levied assets. We analyze both problems focusing on a capital tax, the annual wealth tax (WT), which is only applied in five OECD countries, being Spain one of them. We concentrate our analysis on top 1% adult population, which permits us to describe the evolution of wealth concentration in Spain along 1983-2001. On average top 1% holds about 18% of total wealth, which rises to 19% when tax incompliance and under-assessment is corrected for housing, the main asset. The evolution suggests wealth concentration has risen. Regarding WT, we analyze whether it helps to reduce wealth inequality or, on the contrary, it reinforces vertical inequity (due to especial concessions) and horizontal inequity (due to the de iure and to de facto different treatment of assets). We analyze in detail housing and equity shares. By means of a time series analysis, we relate the reported values with reasonable price indicators and proxies of the propensity to save. We infer net tax compliance is extremely low, which includes both what we commonly understand by (gross) tax compliance and the degree of under-assessment due to fiscal legislation (for housing). That is especially true for housing, whose level of net tax compliance is well below 50%. Hence, we corroborate the difficulties in taxing capital, and so cast doubts on the current role of the WT in Spain in reducing wealth inequality.

Lowering blood alcohol content levels to save lives: The european experience

Road safety has become an increasing concern in developed countries due to the significant amount of mortal victims and the economic losses derived. Only in 2005 these losses rose to 200.000 million euros, a significant amount - approximately the 2% of its GDP- that easily justifies any public intervention. One tool used by governments to face this challenge is the enactment of stricter policies and regulations. Since drunk driving is one of the most important concerns of public authorities on this field, several European countries decided to lower their illegal Blood Alcohol Content levels to 0.5 mg/ml during the last decade. This study evaluates for the first time the effectiveness of this transition using European panel-based data (CARE) for the period 1991-2003 using the Differences-in-Differences method in a fixed effects estimation that allows for any pattern of correlation (Cluster-Robust). My results show the existence of positive impacts on certain groups of road users and for the whole population when the policy is accompanied by some enforcement interventions. Moreover, a time lag of more than two years is found in that effectiveness. Finally, I also assert the importance of controlling for serial correlation in the evaluation of this kind of policies.

Are two-part tariffs efficient when consumers plan ahead?: An empirical study

During the last two decades there has been an increase in using dynamic tariffs for billing household electricity consumption. This has questioned the suitability of traditional pricing schemes, such as two-part tariffs, since they contribute to create marked peak and offpeak demands. The aim of this paper is to assess if two-part tariffs are an efficient pricing scheme using Spanish household electricity microdata. An ordered probit model with instrumental variables on the determinants of power level choice and non-paramentric spline regressions on the electricity price distribution will allow us to distinguish between the tariff structure choice and the simultaneous demand decisions. We conclude that electricity consumption and dwellings’ and individuals’ characteristics are key determinants of the fixed charge paid by Spanish households Finally, the results point to the inefficiency of the two-part tariff as those consumers who consume more electricity pay a lower price than the others.

Factors explaining local privatization: A meta-regression analysis

Privatization of local public services has been implemented worldwide in the last decades. Why local governments privatize has been the subject of much discussion, and many empirical works have been devoted to analyzing the factors that explain local privatization. Such works have found a great diversity of motivations, and the variation among reported empirical results is large. To investigate this diversity we undertake a meta-regression analysis of the factors explaining the decision to privatize local services. Overall, our results indicate that significant relationships are very dependent upon the characteristics of the studies. Indeed, fiscal stress and political considerations have been found to contribute to local privatization specially in the studies of US cases published in the eighties that consider a broad range of services. Studies that focus on one service capture more accurately the influence of scale economies on privatization. Finally, governments of small towns are more affected by fiscal stress, political considerations and economic efficiency, while ideology seems to play a major role for large cities.

Productive efficiency and regulatory reform: The case of vehicle inspection services

Measuring productive efficiency provides information on the likely effects of regulatory reform. We present a Data Envelopment Analysis (DEA) of a sample of 38 vehicle inspection units under a concession regime, between the years 2000 and 2004. The differences in efficiency scores show the potential technical efficiency benefit of introducing some form of incentive regulation or of progressing towards liberalization. We also compute scale efficiency scores, showing that only units in territories with very low population density operate at a sub-optimal scale. Among those that operate at an optimal scale, there are significant differences in size; the largest ones operate in territories with the highest population density. This suggests that the introduction of new units in the most densely populated territories (a likely effect of some form of liberalization) would not be detrimental in terms of scale efficiency. We also find that inspection units belonging to a large, diversified firm show higher technical efficiency, reflecting economies of scale or scope at the firm level. Finally, we show that between 2002 and 2004, a period of high regulatory uncertainty in the sample’s region, technical change was almost zero. Regulatory reform should take due account of scale and diversification effects, while at the same time avoiding regulatory uncertainty.

El naixement d'una llei

Treball de recerca realitzat per una alumna d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. S’ha documentat el procés d’elaboració formal i polític la llei de Serveis Socials aprovada pel Parlament de Catalunya.

Caracterització d'oscil·ladors basats en CMOS-M/NEMS i la seva aplicació com a sensors de massa

El present projecte tracta sobre la caracterització d'oscil·ladors basats en ressonadors micro/nanoelectromecànics (M/NEMS) i la seva aplicació com a sensors de massa. Els oscil·ladors utilitzats es basen en un pont i una palanca ressoants M/NEMS, integrats en tecnologia CMOS. En primer lloc s'ha fet una introducció teòrica als conceptes utilitzats per a entendre el funcionament i la caracterització dels dispositius. A continuació s'han realitzat proves per tal de caracteritzar els paràmetres importants per a l'ús dels oscil·ladors com a sensors de massa, com la seva estabilitat en freqüència. Per acabar s'han aplicat aquests sensors en la caracterització i modelització del flux de massa a través d'obertures de dimensions micromètriques.

Estudio de sincronización cooperativa en redes de sensores

En este informe se estudia cómo es posible utilizar redes de sensores inalámbricos (WSN), para la localización de determinados eventos. Se hace un estudio previo de cómo una red de sensores puede llegar a estar sincronizada de una manera cooperativa, interactuando todos los sensores de la red entre sí. Primero se realiza el estudio para la sincronización de dos sensores con frecuencias diferentes, viéndose los parámetros que intervienen para que esta sincronización se realice con éxito, y también los efectos que en ella se produce al añadirle ruido. Seguidamente, se realiza el estudio para la sincronización de redes de N sensores, de manera que interactúen entre ellos de forma cooperativa. Se observan las características de la sincronización cuando todos los sensores llegan a consenso y, después, se busca la forma para que el consenso tienda hacia un valor determinado por mutuo acuerdo de los sensores. Finalmente, a partir de las características obtenidas en el consenso de N sensores, se realiza una aplicación práctica para la localización de eventos por medio del consenso de estas redes de sensores inalámbricos.

La biblioteca està morta, llarga vida a la biblioteca! La pràctica de la biblioteconomia acadèmica i la revolució digital

Com a conseqüència directa de la revolució digital, les biblioteques acadèmiques d'avui dia s'enfronten a la competència com a proveïdors d'informació. Utilitzant les corbes S de tecnologia de Richard N. Foster com a model analític, aquest article mostra que les biblioteques acadèmiques estan enmig d'un canvi discontinu perquè qüestionen un seguit d'assumpcions que recolzen l'actual pràctica de la biblioteconomia acadèmica. Els autors desafien aquestes assumpcions i analitzen la manera en que les comunicacions digitals afecten les biblioteques acadèmiques.

The Complete Information First. Price Auction or the Importance of Being Indivisible

Abstract Despite the popularity of auction theoretical thinking, it appears that no one has presented an elementary equilibrium analysis of the first-price sealed-bid auction mechanism under complete information. This paper aims to remedy that omission. We show that the existence of pure strategy undominated Nash equilibria requires that the bidding space is not "too divisible" (that is, a continuum). In fact, when bids must form part of a finite grid there always exists a "high price equilibrium". However, there might also be "low price equilibria" and when the bidding space is very restrictive the revenue obtained in these "low price equilibria" might be very low. We discuss the properties of the equilibria and an application of auction theoretical thinking in which "low price equilibria" may be relevant. Keywords: First-price auctions, undominated Nash equilibria. JEL Classification Numbers: C72 (Noncooperative Games), D44 (Auctions).

Estudi sobre la relació entre el preu i l’energia aportada per les piles

Treball de recerca realitzat per una alumna d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. Existeixen al mercat una gran varietat de piles de diversos costos. Mitjançant un aproximació teòrica s’explica el concepte de pila, el seu funcionament i els tipus, així com també els fonaments teòrics per fer les mesures de l’energia de cada pila. Posteriorment s’ha mesurat l’energia de tretze piles per tal de: determinar quines són la pila més rendible i la menys rendible del mercat (entenent per rendible aquella que aporta més energia per menys preu, determinar si existeix alguna relació entre el preu i l’energia de les piles (és a dir, si la pila més cara és la que aporta més energia); i, finalment, comparar una pila salina, una pila alcalina i una pila de liti.

Cronobiologia aplicada al treball nocturn i a torns

Treball de recerca realitzat per una alumna d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. La cronobiologia és la ciència que s’encarrega d’estudiar els mecanismes que permeten als éssers vius anticipar-se a les condicions cícliques de l’ambient i assolir la major eficàcia possible: màxim rendiment i mínima despesa energètica. S’ha estudiat aquesta disciplina posant en pràctica una recerca dels els processos d’alteració dels ritmes biològics en persones sotmeses a canvis d’horari motivats pel treball nocturn i per tandes. Després d’una recerca bibliogràfica sobre el tema, es va dissenyar una enquesta per valorar en els afectats les condicions de treball, els ritmes més alterats, els trastorns físics i psíquics de més incidència, les pertorbacions en la vida social, familiar, cultural i d’oci... L’enquesta es va passar a una àmplia mostra corresponent al món sanitari, industrial i de serveis. La recerca es va completar amb entrevistes a tres experts de l’àmbit medicofarmacèutic en cronobiologia i alimentació, membres del grup de recerca internacional de cronobiologia vinculats a la UB. Si es modifiquen els ritmes circadiaris, s’inicia un procés d’encarrilament al nou horari, i s’ha pogut comprovar que mai no es pot assolir completament. Les tandes setmanals i mensuals provoquen un desordre intern més gran que les diàries i permanents, i incideixen en la salut del treballador, en el grau d’adaptació, de cansament, etc. Les persones que malgrat les tandes segueixen hàbits alimentaris regulars pateixen menys trastorns físics i psíquics i gaudeixen de més bona salut. Els trastorns de més incidència són els relacionats amb el son, gairebé la meitat dels enquestats, destacant l’insomni.

Estancia en el Departament de Emergencia y de Aceptación (DEA), estructura compleja de medicina y cirugía de 1º nivel del E.O. Ospedali Galliera, Génova

Proyecto de investigación elaborado a partir de una estancia en el Dipartamento di Emergencia e Accetazione del E.O. Ospedalli Galliera, Italia, entre marzo y octubre del 2006. En los últimos años ha habido un aumento de la población extranjera en los servicios sanitarios de urgencias. Este estudio se propone la observación de las modalidades de llegada en la urgencia de los Latinos, profundizando las manifestaciones, las expresiones de los trastornos y las descripciones de los síntomas por medio de entrevistas profundas llevada a cabo con una muestra de treinta latinoamericanos.