Optimal feedback control rules sensitive to controlled endogenous risk-aversion

The objective of this paper is to correct and improve the results obtained by Van der Ploeg (1984a, 1984b) and utilized in the theoretical literature related to feedback stochastic optimal control sensitive to constant exogenous risk-aversion (see, Jacobson, 1973, Karp, 1987 and Whittle, 1981, 1989, 1990, among others) or to the classic context of risk-neutral decision-makers (see, Chow, 1973, 1976a, 1976b, 1977, 1978, 1981, 1993). More realistic and attractive, this new approach is placed in the context of a time-varying endogenous risk-aversion which is under the control of the decision-maker. It has strong qualitative implications on the agent's optimal policy during the entire planning horizon.

Authoritarian Responses to Foreign Pressure: Spending, Repression, and Sanctions

This paper explores how international sanctions affect authoritarian rulers’ decisions concerning repression and public spending composition, and how different authoritarian rulers respond to foreign pressure. If sanctions are assumed to increase the price of loyalty to the regime, then rulers whose budgets are not severely constrained by sanctions will tend to increase spending in those categories that most benefit their core support groups. In contrast, when constraints are severe due to reduced aid and trade, dictators are expected to greatly increase their levels of repression. Using data on regime types, public expenditures and spending composition (1970–2000) as well as on repression levels (1976–2001), we show that the empirical patterns conform well to our theoretical expectations. Single-party regimes, when targeted by sanctions, increase spending on subsidies and transfers which largely benefit more substantial sectors of the population and especially the urban classes. Likewise, military regimes increase their expenditures on goods and services, which include military equipment and soldiers’ and officers’ wages. Conversely, personalist regimes reduce spending in all categories, especially capital expenditures, while increasing repression much more than other regime types when targeted by sanctions.

Lack of CB1 receptor activity impairs serotonergic negative feedback

Serotonergic and endocannabinoid systems are important substrates for the control of emotional behavior and growing evidence show an involvement in the pathophysiology of mood disorders. In the present study, the absence of the activity of the CB1 cannabinoid receptor impaired serotonergic negative feedback in mice. Thus, in vivo microdialysis experiments revealed increased basal 5-HT extracellular levels and attenuated fluoxetine-induced increase of 5-HT extracellular levels in the prefrontal cortex of CB1 knockout compared to wild-type mice. These observations could be related to the significant reduction in the 5-HT transporter binding site density detected in frontal cortex and hippocampus of CB1 knockout mice. The lack of CB1 receptor also altered some 5-HT receptors related to the 5-HT feedback. Extracellular recordings in the dorsal raphe nucleus revealed that the genetic and pharmacological blockade of CB1 receptor induced a 5-HT1A autoreceptor functional desensitization. In situ hybridization studies showed a reduction in the expression of the 5-HT2C receptor within several brain areas related to the control of the emotional responses, such as the dorsal raphe nucleus, the nucleus accumbens and the paraventricular nucleus of the hypothalamus, whereas an overexpression was observed in the CA3 area of the ventral hippocampus. These results reveal that the lack of CB1 receptor induces a facilitation of the activity of serotonergic neurons in the dorsal raphe nucleus by altering different components of the 5-HT feedback as well as an increase in 5-HT extracellular levels in the prefrontal cortex in mice.

Financial Repression in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714

If financial deepening aids economic growth, then financial repression should be harmful. We use a natural experiment – the change in the English usury laws in 1714 – to analyze the effects of interest rate restrictions. We use a sample of individual loan transactions to demonstrate how the reduction of the legal maximum rate of interest affected the supply and demand for credit. Average loan size and minimum loan size increased strongly, and access to credit worsened for those with little ‘social capital.’ While we have no direct evidence that loans were misallocated, the discontinuity in loan receipts makes this highly likely. We conclude that financial repression can undermine the positive effects of financial deepening.

The importance of relative performance feedback information: Evidence from a natural experiment using high school students

We study the effect of providing relative performance feedback information onperformance, when individuals are rewarded according to their absolute performance. Anatural experiment that took place in a high school offers an unusual opportunity to testthis effect in a real-effort setting. For one year only, students received information thatallowed them to know whether they were performing above (below) the class average aswell as the distance from this average. We exploit a rich panel data set and find that theprovision of this information led to an increase of 5% in students grades. Moreover, theeffect was significant for the whole distribution. However, once the information wasremoved, the effect disappeared. To rule out the concern that the effect may beartificially driven by teachers within the school, we verify our results using nationallevel exams (externally graded) for the same students, and the effect remains.

Debt sustainability in historical perspective: The role of fiscal repression

This article examines the debt history of two contenders for European hegemony: 16th-centurySpain and 18th-century Britain. We analyze their fiscal behavior using measures of overborrowingand fiscal policy functions. Our results suggest that stringency was not key for Britain ssuccess in avoiding default. Instead, fiscal repression allowed the United Kingdom to borrowat below-market rates, thereby outspending its continental rivals.

The benefits of limited feedback in organizations

In most firms, managers periodically assess workers' performance. Evidence suggeststhat managers withhold information during these reviews, and some observersargue that this necessarily reduces surplus. This paper assesses the validity of thisargument when workers have career concerns. Disclosure has two effects: it exposesthe worker to uncertainty about future effort levels, but allows him to use current effortto influence his employer's beliefs about future effort. The surplus-maximizingdisclosure policy reveals output realizations in the center of the distribution, butnot in the tails. Thus, it is efficient for firms to reveal some but not all performanceinformation.

Is confidence in decisions related to feedback? Evidence-and lack of evidence-from random samples of real-world managerial behavior?

Confidence in decision making is an important dimension of managerialbehavior. However, what is the relation between confidence, on the onehand, and the fact of receiving or expecting to receive feedback ondecisions taken, on the other hand? To explore this and related issuesin the context of everyday decision making, use was made of the ESM(Experience Sampling Method) to sample decisions taken by undergraduatesand business executives. For several days, participants received 4 or 5SMS messages daily (on their mobile telephones) at random moments at whichpoint they completed brief questionnaires about their current decisionmaking activities. Issues considered here include differences between thetypes of decisions faced by the two groups, their structure, feedback(received and expected), and confidence in decisions taken as well as inthe validity of feedback. No relation was found between confidence indecisions and whether participants received or expected to receivefeedback on those decisions. In addition, although participants areclearly aware that feedback can provide both confirming and disconfirming evidence, their ability to specify appropriatefeedback is imperfect. Finally, difficulties experienced inusing the ESM are discussed as are possibilities for further researchusing this methodology.

The provision of relative performance feedback information: An experimental analysis of performance and happiness

This paper studies the effect of providing relative performance feedback information onindividual performance and on individual affective response, when agents are rewardedaccording to their absolute performance. In a laboratory set-up, agents perform a realeffort task and when receiving feedback, they are asked to rate their happiness, arousaland feeling of dominance. Control subjects learn only their absolute performance, whilethe treated subjects additionally learn the average performance in the session.Performance is 17 percent higher when relative performance feedback is provided.Furthermore, although feedback increases the performance independent of the content(i.e., performing above or below the average), the content is determinant for theaffective response. When subjects are treated, the inequality in the happiness and thefeeling of dominance between those subjects performing above and below the averageincreases by 8 and 6 percentage points, respectively.

Modelling state dependence and feedback effects between poverty, employment and parental home emancipation among European youth

Youth is one of the phases in the life-cycle when some of the most decisivelife transitions take place. Entering the labour market or leaving parentalhome are events with important consequences for the economic well-beingof young adults. In this paper, the interrelationship between employment,residential emancipation and poverty dynamics is studied for eight Europeancountries by means of an econometric model with feedback effects. Resultsshow that youth poverty genuine state dependence is positive and highly significant.Evidence proves there is a strong causal effect between poverty andleaving home in Scandinavian countries, however, time in economic hardshipdoes not last long. In Southern Europe, instead, youth tend to leave theirparental home much later in order to avoid falling into a poverty state that ismore persistent. Past poverty has negative consequences on the likelihood ofemployment.

Turn-on-time statistics of modulated lasers subjected to resonant weak optical feedback

We present analytical calculations of the turn-on-time probability distribution of intensity-modulated lasers under resonant weak optical feedback. Under resonant conditions, the external cavity round-trip time is taken to be equal to the modulation period. The probability distribution of the solitary laser results are modified to give reduced values of the mean turn-on-time and its variance. Numerical simulations have been carried out showing good agreement with the analytical results.

Feedback control of unstable cellular solidification fronts

We present a feedback control scheme to stabilize unstable cellular patterns during the directional solidification of a binary alloy. The scheme is based on local heating of cell tips which protrude ahead of the mean position of all tips in the array. The feasibility of this scheme is demonstrated using phase-field simulations and, experimentally, using a real-time image processing algorithm, to track cell tips, coupled with a movable laser spot array device to heat the tips locally. We demonstrate, both numerically and experimentally, that spacings well below the threshold for a period-doubling instability can be stabilized. As predicted by the numerical calculations, cellular arrays become stable with uniform spacing through the feedback control which is maintained with minimal heating.

The Francoist repression in the Catalan Countries

This article offers an overview of Francoist repression in the Catalan Countries from the outbreak of the Civil War to the first decade after the establishment of the dictatorship. It covers both physical violence and measures such as economic repression, imprisonment, professional purges and the social and moral control to which the population as a whole was subjected. First the type of violence and domination exercised by the insurgents in the territories occupied is briefly examined. Then the author offers an account of the events: she commences in the summer of 1936 in Majorca, the only Catalan-speaking territory to remain in rebel hands, then proceeds to the Lleida region, which was occupied in the spring of 1938, and concludes with the final offensive against Catalonia and Valencia, launched in the winter of that same year. Special stress is laid on the repercussions of the 1939 Law of Political Responsibilities and the meaning attached by the occupiers to the pacification and reconstruction of the conquered territories.

Feblesa de tutories: manca de feedback i autoregulació en l'estudiant d'infermeria. Valoració de l'avaluació continuada en l'assignatura Ciències Psicosocials Aplicades a la Salut en el Grau d'Infermeria (EEES), (2009-2010)

Resum: En el nou model derivat de l"Espai Europeu d"Educació Superior (EEES), l"ensenyament aprenentatge (E-A) es centra en l"estudiant, enfront del rol més destacat del professor en l"ensenyament tradicional. El procés d"experimentació al que assistim en el nostre medi, requereix la valoració de les primeres experiències. Objectiu: L"objectiu d"aquest estudi és identificar si la metodologia utilitzada en l"assignatura Ciències Psicosocials Aplicades a la Salut, en el Grau d"Infermeria a l"Escola d" infermeria de la Universitat de Barcelona, està ben enfocada per assolir una avaluació continuada de qualitat. Metodologia: Es presenta a traves d"un estudi descriptiu. La població estudiada mitjançant un qüestionari, ha estat els estudiants dels quatre grups de primer curs, del primer any de desenvolupament del Grau d"Infermeria en el nostre Centre, passades el curs acadèmic 2009-2010, amb una mostra total de 221 alumnes. Conclusions: Els resultats permeten tres franges interpretatives: 1) qualificació de notable que fa referència a la modalitat disciplinar i experiència docent del professorat, 2) qualificació entre notable i aprovat referida a la metodologia didàctica i organitzativa, 3) qualificació d"aprovat que fa referència a les tutories.

Feblesa de tutories: manca de feedback i autoregulació en l'estudiant d'infermeria. Valoració de l'avaluació continuada en l'assignatura Ciències Psicosocials Aplicades a la Salut en el Grau d'Infermeria (EEES), (2009-2010)

Resum: En el nou model derivat de l"Espai Europeu d"Educació Superior (EEES), l"ensenyament aprenentatge (E-A) es centra en l"estudiant, enfront del rol més destacat del professor en l"ensenyament tradicional. El procés d"experimentació al que assistim en el nostre medi, requereix la valoració de les primeres experiències. Objectiu: L"objectiu d"aquest estudi és identificar si la metodologia utilitzada en l"assignatura Ciències Psicosocials Aplicades a la Salut, en el Grau d"Infermeria a l"Escola d" infermeria de la Universitat de Barcelona, està ben enfocada per assolir una avaluació continuada de qualitat. Metodologia: Es presenta a traves d"un estudi descriptiu. La població estudiada mitjançant un qüestionari, ha estat els estudiants dels quatre grups de primer curs, del primer any de desenvolupament del Grau d"Infermeria en el nostre Centre, passades el curs acadèmic 2009-2010, amb una mostra total de 221 alumnes. Conclusions: Els resultats permeten tres franges interpretatives: 1) qualificació de notable que fa referència a la modalitat disciplinar i experiència docent del professorat, 2) qualificació entre notable i aprovat referida a la metodologia didàctica i organitzativa, 3) qualificació d"aprovat que fa referència a les tutories.