Informe de la Cuarta sesión del panel de expertos de la evaluación del stock de anchoveta peruana

Se presenta una revisión de los sucesos de las pesquerías en el lapso desde la anterior reunión del Panel en Julio, 1972 y de lo que se piensa ha tenido lugar en el recurso y en su medio ambiente; se indican diversas líneas de investigación del stock. Se resume la evidencia colateral acerca de los stocks y de su medio ambiente; ésta se relaciona con el fenómeno de El Niño, con las aves guaneras, el aumento de las capturas de sardinas, el contenido graso de la anchoveta y los estadios de maduración de la misma. Cada una de estas entidades indican que recientemente han prevalecido condiciones especiales en el ambiente de la anchoveta, en la biota asociada y en ciertos aspectos de su fisiología. Se ha hecho una detallada revisión de varios tipos de investigación de las poblaciones de anchoveta y de las evidencias que, acerca del estado del recurso, pueden derivarse de tales investigaciones. Se examinó la evidencia obtenida del uso de equipo acústico en el estudio de la distribución de stocks y en la estimación de su abundancia; el trabajo se realizó mediante exploraciones de varias embarcaciones (exploraciones Eureka) y de exploraciones especiales con el barco de investigación SNP-1; también se hizo uso de equipo eco-integrador. Se discuten las fuentes de errores sistemáticos existentes en ese trabajo. Se llega a la conclusión que lo que ese trabajo indicó fue que en Febrero de 1973 existía alrededor de 4 millones de toneladas de anchoveta.

Segundo panel de expertos:informe sobre los efectos económicos de diferentes medidas regulatorias de la pesquería de la Anchoveta peruana

En el informe de su cuarta reunión el Panel de Expertos en Dinámica revisó los datos proporcionados por el Instituto del Mar del Perú sobre el presente estado del stock de la anchoveta. Estos datos mostraron, evidentemente, que el stock de ancho veta se encontraba en una crítica situación a comienzos de 1973. Los mejores cálculos indicaban que la mayor captura que podría obtenerse en 1973 sería alrededor de a millones de toneladas pero que sería conveniente mantencrla muy por debajo de este nivel, especialmente antes de la mayor temporada de desove en Agosto-Setiembre. En 1974 el reclutamiento podía ser muy bajo especialmente si el stock desovante seguía siendo agotado por la pesca, de modo que las capturas en 1974 podrían ser mucho más bajas del promedio aún en el caso de que no hubiera restricciones para la pesca.

Asset pricing with idiosyncratic risk and overlapping generations

A number of existing studies have concluded that risk sharing allocations supported by competitive, incomplete markets equilibria are quantitatively close to first-best. Equilibrium asset prices in these models have been difficult to distinguish from those associated with a complete markets model, the counterfactual features of which have been widely documented. This paper asks if life cycle considerations, in conjunction with persistent idiosyncratic shocks which become more volatile during aggregate downturns, can reconcile the quantitative properties of the competitive asset pricing framework with those of observed asset returns. We begin by arguing that data from the Panel Study on Income Dynamics support the plausibility of such a shock process. Our estimates suggest a high degree of persistence as well as a substantial increase in idiosyncratic conditional volatility coincident with periods of low growth in U.S. GNP. When these factors are incorporated in a stationary overlapping generations framework, the implications for the returns on risky assets are substantial. Plausible parameterizations of our economy are able to generate Sharpe ratios which match those observed in U.S. data. Our economy cannot, however, account for the level of variability of stock returns, owing in large part to the specification of its production technology.

Explaining movements in the labor share

In this paper we study the evolution of the labor share in the OECD since 1970. We show it is essentially related to the capital-output ratio; that this relationship is shifted by factors like the price of imported materials or the skill mix; and that discrepancies between the marginal product of labor and the real wage (due to, e.g., product market power, union bargaining, and labor adjustment costs) cause departures from it. We provide estimates of the model with panel data on 14 industries and 14 countries for 1973-93 and use them to compute the evolution of the wage gap in Germany and the US.

Informe de la primera sesión del panel internacional de expertos para evaluación de la población de la merluza peruana. Marzo 2003

Presentan los resultados del trabajo del panel siguiendo la secuencia establecida en los términos de referencia: estimar el estatus del stock de la merluza peruana, Proveer proyecciones del rendimiento y desarrollo del stock, bajo un escenario pesquero apropiado para el stock de la merluza peruana, comentar sobre medidas administrativas apropiadas de corto y mediano plazo, para la merluza peruana.

Informe de la segunda sesión del panel internacional de expertos para evaluación de la población de la merluza peruana. Marzo 2004

Evalua los resultados del trabajo del Panel de acuerdo con los términos de referencia: actualizar la evaluación y estimar el estatus del stock de la merluza peruana, evaluar el stock desovante y la ojiva de madurez, proponer una cuota para el año 2004, revisar los datos de los cruceros para determinar si existe merluza fuera del área geográfica muestreada, proveer proyecciones del rendimiento y desarrollo del stock bajo esquemas pesqueros apropiados para la merluza peruana.

Killing by lung cancer or by diabetes? The trade-off between smoking and obesity

As the prevalence of smoking has decreased to below 20%, health practitioners interest has shifted towards theprevalence of obesity, and reducing it is one of the major health challenges in decades to come. In this paper westudy the impact that the final product of the anti-smoking campaign, that is, smokers quitting the habit, had onaverage weight in the population. To these ends, we use data from the Behavioral Risk Factors Surveillance System,a large series of independent representative cross-sectional surveys. We construct a synthetic panel that allows us tocontrol for unobserved heterogeneity and we exploit the exogenous changes in taxes and regulations to instrumentthe endogenous decision to give up the habit of smoking. Our estimates, are very close to estimates issued in the 90sby the US Department of Health, and indicate that a 10% decrease in the incidence of smoking leads to an averageweight increase of 2.2 to 3 pounds, depending on choice of specification. In addition, we find evidence that the effectovershoots in the short run, although a significant part remains even after two years. However, when we split thesample between men and women, we only find a significant effect for men. Finally, the implicit elasticity of quittingsmoking to the probability of becoming obese is calculated at 0.58. This implies that the net benefit from reducingthe incidence of smoking by 1% is positive even though the cost to society is $0.6 billions.

The labor market effects of payroll taxes in a middle-income country: Evidence from Colombia

We use a panel of manufacturing plants from Colombia to analyze how the risein payroll tax rates over the 1980 s and 1990 s affected the labor market.Our estimates indicate that formal wages fall by between 1.4% and 2.3% as aresult of a 10% rise in payroll taxes. This 'less-than-full-shifting' islikely to be the result of weak linkages between benefits and taxes and thepresence of downward wage rigidities induced by a binding minimum wage inColombia. Because the costs of taxation are only partly shifted fromemployers to employees, employment should also fall. Our results indicatethat a 10% increase in payroll taxes lowered formal employment by between4% and 5%. In addition, we find less shifting and larger disemploymenteffects for production than non-production workers. These results suggestthat policies aimed at boosting the relative demand of low-skill workers byreducing social security taxes on those with low earnings may be effectivein a country like Colombia, especially if tax cuts are targeted to indirectbenefits.

V panel internacional de expertos en evaluación de la Anchoveta Peruana (Engraulis ringens Jenyns)

Estudia la información sobre los procesos biológicos de la anchoveta y su dinámica poblacional frente a la variabilidad ambiental, en el marco de un enfoque ecosistémico, que permita caracterizar el rol actual de la anchoveta en el Ecosistema de Afloramiento frente al Perú, proporcionando mayores elementos para el desarrollo sustentable de su pesquería.

Nutritional ecology of blowflies (Diptera, Calliphoridae): estimates of critical larval weight for pupation on two different

Under natural environmental conditions, blowflies utilize discrete and ephemeral feeding resources such as decaying carcasses. Competition for food on such feeding substrates is usually very severe, and only the individuals that are capable of attaining the critical larval weight for pupation will be able to survive. This critical weight is hitherto unknown for several blowfly species; therefore, the current work is aimed at obtaining such a critical value for four blowfly species of the genera Chrysomya and Lucilia, deploying two types of feeding substrate, namely, artificial diet and macerated bovine meat. On the whole, the critical weights ranged from 30 to 35 mg. The lowest larval weight which permitted pupation was 30.0 mg for Chrysomya megacephala reared on macerated bovine meat. This species was also the best adapted to pupation at low larval weights in relation to the maximum larval weight for males. Regarding the pupation of females, the best-adapted individual was a C. albiceps specimen exhibiting a critical weight that was equal to 39.20 % of the maximum value obtained. Concerning all the species and diet types, the female individuals exhibited the lowest critical weights that produced viable pupae, probably representing an evolutionary strategy that favoured the survival of females, responsible for the egg formation, contributing to the establishment of future generations. Regarding the loss (in percentage) of adult biomass in relation to the third instar larvae, the females of C. megacephala lost less weight than males in both feeding substrates. On the other hand, such a loss of weight occurred in males of C. albiceps and L. cuprina.

Convergence in panel data: Evidence from the skipping estimation

This paper demonstrates that, unlike what the conventional wisdom says, measurement error biases in panel data estimation of convergence using OLS with fixed effects are huge, not trivial. It does so by way of the "skipping estimation"': taking data from every m years of the sample (where m is an integer greater than or equal to 2), as opposed to every single year. It is shown that the estimated speed of convergence from the OLS with fixed effects is biased upwards by as much as 7 to 15%.

Estimates of patient costs related with population morbidity: Can indirect costs affect the results?

A number of health economics works require patient cost estimates as a basic information input.However the accuracy of cost estimates remains in general unspecified. We propose to investigate howthe allocation of indirect costs or overheads can affect the estimation of patient costs in order to allow forimprovements in the analysis of patient costs estimates. Instead of focusing on the costing method, thispaper proposes to highlight changes in variance explained observed when a methodology is chosen. Wecompare three overhead allocation methods for a specific Spanish population adjusted using the ClinicalRisk Groups (CRG), and we obtain different series of full-cost group estimates. As a result, there aresignificant gains in the proportion of the variance explained, depending upon the methodology used.Furthermore, we find that the global amount of variation explained by risk adjustment models dependsmainly on direct costs and is independent of the level of aggregation used in the classification system.

Protective or counter-productive? Labor market institutions and the effect of immigration on EU natives

We estimate the effect of immigrant flows on native employment in WesternEurope, and then ask whether the employment consequences of immigrationvary with institutions that affect labor market flexibility. Reducedflexibility may protect natives from immigrant competition in the nearterm, but our theoretical framework suggests that reduced flexibility islikely to increase the negative impact of immigration on equilibriumemployment. In models without interactions, OLS estimates for a panel ofEuropean countries in the 1980s and 1990s show small, mostly negativeimmigration effects. To reduce bias from the possible endogeneity ofimmigration flows, we use the fact that many immigrants arriving after1991 were refugees from the Balkan wars. An IV strategy based onvariation in the number of immigrants from former Yugoslavia generateslarger though mostly insignificant negative estimates. We then estimatemodels allowing interactions between the employment response toimmigration and institutional characteristics including business entrycosts. These results, limited to the sample of native men, generallysuggest that reduced flexibility increases the negative impact ofimmigration. Many of the estimated interaction terms are significant,and imply a significant negative effect on employment in countrieswith restrictive institutions.

Spatial and temporal variability of chlorophyll distributions and geostrophic estimates on the Peru shelf at 9°S

Estudio del perfil de la plataforma del Peru a los 9°S. Datos colectados mediante Batfish en zig zag

Inequalities for a new data-based method for selecting nonparametric density estimates

We continue the development of a method for the selection of a bandwidth or a number of design parameters in density estimation. We provideexplicit non-asymptotic density-free inequalities that relate the $L_1$ error of the selected estimate with that of the best possible estimate,and study in particular the connection between the richness of the classof density estimates and the performance bound. For example, our methodallows one to pick the bandwidth and kernel order in the kernel estimatesimultaneously and still assure that for {\it all densities}, the $L_1$error of the corresponding kernel estimate is not larger than aboutthree times the error of the estimate with the optimal smoothing factor and kernel plus a constant times $\sqrt{\log n/n}$, where $n$ is the sample size, and the constant only depends on the complexity of the family of kernels used in the estimate. Further applications include multivariate kernel estimates, transformed kernel estimates, and variablekernel estimates.